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tv   Bloomberg West  Bloomberg  November 10, 2015 6:00pm-7:01pm EST

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moving guantanamo detainees to the united states. josh earnest says the decision the president's desire to close the prison. the olympic committee is asking for discipline to ban russia from the 2016 olympics. a report found that russia's federal security resources interfered with a moscow lab checking for doping. the hurricane season may be remembered for a subpar number of storms. the season produced tropical hurricane joaquin in october, and tropical storm kate, the 11th this year. helmut is schmidt.
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he died today at his home in ham burg at 96 years old. cory: i am cory johnson, in for emily chang. coming up, emily sits down for an interview with one of the top executives of xiaomi. apple shares drop after wall street analysts say there is weak demand for the latest iphone. t-mobile betting that free video streaming will drive user growth. will the move hurt more than it helps?
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hourly bottom betting that -- shopathon will reverse a plunge in market capital. ma will answer the call for national champions in technology. emily chang is in beijing with this report. emily: we are here at the water cube, the olympic venue where michael phelps won 8 gold medals. is kickingre alibaba off single day, the biggest shopping day of the year. it dwarfs cyber monday, black friday. last year, $9 billion were conducted in transactions on alibaba's platform.
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this is a day they invented to encourage shoppers to go out and buy for themselves. we are seeing more international brands participating this year, including apple, costco, macy's. on majority of the buyers this holiday are still right here in china. i will be sitting down with jack ma, chairman and founder of alibaba to talk with him about his vision for the future of the company, his strategy for international expansion, and how he thinks this singles day will go down in the records book. cory: emily will sit down with jack ma tomorrow morning at 9:30 eastern. xiaomig of singles day, is selling up to sell 2 million phones tomorrow.
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$45 billion profit valuation. by some estimates, fourth largest smart phone maker in the world. since 2011, they have made moves to expand out of china. we sat down with the vice president of global operations, hugo barra. we asked for an update on business outside of china. >> we started with our global business two years ago. we added markets in singapore and malaysia and finally entered india and brazil. 2014 was just getting started for us. 2015 is the beginning of acceleration, particularly with india, 3 million phones sold in one year. it is really beginning to form a meaningful part of the business. i will not give you a specific breakdown yet. maybe next year. but it is meaningful enough that it really matters.
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emily: how much of the business is still smartphones? >> smartphones are the flagship product. have a very significant line in consumer electronics, particularly smart devices. it ranges from mobile accessories like powerbands, audio products, speakers. emily: of those devices, which are doing the best? which are getting the most traction? >> probably the most popular smart device is actually this one, our first wearable product. we sell about 1.5 million a month. it tracks your sleep, exercise. it has a battery that lasts 45 to 60 days. is doing well around the world. when did you see these accessories becoming a meaningful part of the business? >> they are already a meaningful
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part of the business. ideas, newy neat ideas in consumer electronics, are really beginning to define us as more than a smartphone brand. emily: is that part of the business profitable? >> this part of the business is very profitable. emily: we are coming up on singles day in china. what kind of promotions are you offering? what does this event mean for you? 11-11, is one of the biggest days of the year for e-commerce. as the third-largest e-commerce company in china, we have to be ready. we have prepared 2 million smartphones to sell in one single day. we have prepared new accessories, new wearables with a heart rate monitor. we are launching a professional grade headphones. a new power bank. a few other things on this day.
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all the planning we have done for the last two month is for one day. emily: and they are discounted? >> some of the products are discounted. inly: xiaomi always comes up the u.s. when they talk about the reorganization of the smartphone hierarchy. i know xiaomi and apple have been jockeying for the top spot. how much does it matter? >> it does not really matter to us. we are such a different type of company. i almost cringe when someone compares us with other smartphone brands. we are an e-commerce company operating at a different frequency. we care about different things. we care about engaging users, care about users using our services. emily: how are you guys handling slowing growth in the chinese economy? >> china is still a very large smartphone market.
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over 400 million smartphones a year. , it willhat plateaus be the largest market for the next decade in the world. what matters to us is not so much whether the market as a whole is continuing to grow, but what is happening to e-commerce. over the next decade, you will see retail in china go from 10% today to 50% or more. that is the way we are riding. we are fundamentally an e-commerce business. 70% of our products are sold online. that growth is not going to slow. emily: last time we spoke, you said you will be launching phones in the united states. what is the timeline? >> no timeline yet. but it is on our radar, we are thinking about it. it is a complex market that requires operational efficiency on the next level, which we are working towards. emily: it is on your radar or it is going to happen? >> it is going to happen.
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i just cannot tell you when. i have to ask my obligatory ipo question. looking at the future of xiaomi, do you see an ipo? what does the future look like? >> no ipo plans. being independent allows us to be super nimble, move in the directions we need to. we are a profitable company and do not need an ipo. no ipo news for the time being. cory: that was xiaomi's vice president, hugo barra. up today, butsing apple shares were down solidly. the iphone maker lowered orders by as much as 10%. sat down with a
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credit suisse analyst. >> fundamentally, the iphone business is mature. $150 billion in revenue. are thetive drivers active users still growing. 500 million users this year, heading towards 600 million. that will be good for sales going forward. installment has had a positive impact. cory: other analysts were defending their calls on the company, saying, here we go again. we will see. hugo barra. with xiaomi is more than a phone maker. emily chang got a chance to test drive the nine bot. details on that later. really. is office
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cory: we continue with a inside look at xiaomi's business ahead of singles day tomorrow. they are trying to carve out a market in india, taking advantage of a booming indian economy. hugo barra explained what it takes. in one year, we sold 3 million phones. we just passed our first quarter ever where we sold over one million phones in one quarter. this is primarily an e-commerce business. these are all phones that we sell online. we have been growing at an astonishing pace. , 45% quarter15
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over quarter growth. the demand in india is well above expectations. emily: you are also building out the e-commerce business, which is what makes xiaomi a different kind of company. tell me about that. >> we are an e-commerce company, an internet company and an online branding india. almost every single smartphone we sell their is sold online. five months ago, we launched our only commerce operation in india, in five months, without investing one dollar in advertising, we had 10 million visits over the last month. we sell through a mobile app. pp ine the number 8 a india. without advertising.
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it is all coming from the demand for smartphones in a market going so quickly. more people are accessing the internet, in most cases, from a mobile phone. e-commerce is beginning to thrive in india. emily: one of the interesting things you are seeing in india as people buying new phones on a phone. >> you go to your phone and you buy a better phone. e-commerce at traffic and transactions in india, already, half, if not more for some websites, are coming from mobile phones. theh is very different from u.s., where people use their phones to shop for products. but they end up making the purchase from a pc. in india and china, it is very different. mobile is such an important sales channel. emily: how many are made in india start to finish? >> we started manufacturing in
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august, so it has only been a few months. are most popular model is actually manufactured in india. we have a manufacturing facility in partnership with foxconn. we have branded the phones made in india. every model we launched with the word "prime" in it is manufactured in india. emily: why is it significant to have a phone made in india versus elsewhere? >> supply chain efficiency. we reduce the time it makes -- takes to deliver a phone to a customer. that is really important. the economy gets better locally because you shorten the cycle. there are tax benefits to manufacturing in india as well. really latched on to the fact that the product is made in india. is "made in india" label
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important for us and has actually increased demand. people are more proud to buy the product. the indian market different than the china market you are used to? localizeyou doing to the futures of the phones? v india market is growing as fast as china was growing five or seven years ago. e-commerce is an important part of that. how we localize the experience to a market with a totally different culture is what we have been working on for the last six months. india has been growing as fast as china was seven years ago. in localizing the e-commerce experience, all of that has been important. what we have done on the e-commerce site is incorporate aspects of indian culture into the business. theexample, this week is christmas and black friday in
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india altogether. campaign and created a special game just for the indian consumer that is very quirky, very indian in how it is designed. we had 5 million people play the game over the course of a week or so. that brought so much traffic to our e-commerce site. a million users a day, which translated into selling in three days what would have taken two months to sell. all because we are focused on being localized with our message. emily: tell me about internet services. we have seen facebook trying to break in with, giving free basic services and facebook. what are you doing with your phones in india when it comes to the internet? >> we are an internet company. a lot of the work we do in china is to build internet services on top of the offerings to make people's lives easier.
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we brought the same philosophy to india. in india, what we are trying to do is, what are some key problems we can solve with the mobile phone? one of them is data charges. consumery expensive to mobile data in india. incorporate technology from a partner in two the operating system to compress all the traffic in and out of your phone by 50%. it is cheaper to use your phone. another thing we did is solve an interesting problem. everyone accesses your mobile phone bill by phone. press one for this, press two for this. in india, we created a special service that shows the options you would listen to on the phone on your screen. instead of pressing the right button, you just choose the screen. it makes life so much easier.
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small things like that. hugo barra.'s record posted a third-quarter profit. online sales doubled, increasing mobile growth and demand for video content. titles surged as game and subscription did well. but shares fell as outlooks suggested slower growth. up, the new york attorney general calling it securities fraud on steroids. the lessons learned from j.p. morgan. ♪
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one of the biggest
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cyberattacks in recent years, three men have allegedly been charged with busting 12 financial institutions, including j.p. morgan. the cyber criminal ring allegedly stole 83 million customer records from the bank and several other financial institutions. federal prosecutors are calling ft ofhe largest the customer data from a financial institution in history." joining me now from san francisco, brian white of red owl analytics. what is unique about these charges? >> this one is interesting because it demonstrates you have a criminal enterprise operating in cyberspace. as thek about cyber chinese, and this is a criminal enterprise led by an israeli with partners in russia and
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china to engage in activities to gain money. they are seeking financial gain. cory: imagine that, people on the internet seeking financial gain. what was their technique? what do we know about that? >> it is ingenious. they were essentially compiling millions and millions of customer records from household name banks, fidelity, jpmorgan. they were harvesting this information to do the classic scheme, dump artificially inflating a stock price, getting people to buy the stock. they were just doing it quicker. the classic method is very slow and took time to a mass information. now, you can get her so much information and be in and out of so many securities quickly. when you read of indictment, it
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is quite complex. cory: it is fairly amazing they were able to jack the stocks around, using the leverage of the market to make even more money before they took it out of accounts. >> exactly. really suggests that you continue to need to focus on understanding behavior inside your organization, continue to invest in security. these are some of the most well defended networks. but they are so sprawling. we also think about some of these banks, that they must have complete control. in their defense, they have done so many acquisitions over the years, i have so many various points in a network, that it only takes one. it is often the classic technique of going in via spe arfish. they take that information and harvested to gain money,
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leverage that information. they took the information, harvested it, and almost did an e-mail marketing campaign with it. a sophistication behind how the enterprise operated that continues to suggest that we need continued investment and security and we need to stop focusing on security and look at it as defending your perimeter. you need to understand the people in your organization. cory: jpmorgan among the companies most focused on cyber security. glad we had you on. brian white, thank you very much. "bloomberg west" will be right back. ♪ the only way to get better is to challenge yourself,
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and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20.
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it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. cory: i'm cory johnson in for my work wife emily chang and this is "bloomberg west" at 6:30 in the evening here on tuesday in new york but wednesday morning at 7:30 in hong kong. we'll have a look at the top
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stories in asia. >> thanks, cory. looking ahead to another big day of economic data out of china here in asia today. following weak export and consumer price reports earlier this week we'll get further indication of the economy with industrial production which economists believe will be little changed from last month. coincidence or not on singles day we'll also get retail sales figures analysts predicting the best back-to-back monthly performance so far this year. more of the big banks expect the international monetary fund will grant china's currency reserve status this month. several say beijing has fulfilled most of the imf criteria to entry. china wants to underline its growing influence in the global economy. it's been a year since the shanghai hong kong exchange line opened for business. while most thought it would narrow the price difference it has actually done the opposite.
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valuations on the mainland are growing more expensive than their hong kong counterparts with the gap about 40% bigger than when the bank was established last november. cory, it seems tim cook has to convince india's prime minister that the iphone is cutting edge. india is relaxing rules for foreign companies to enter the market so long as they can prove their technology is state-of-the-art. the move paves the way for apple to open stores in india set to become the world's second largest smartphone market in the world. cory: that is a wild story to me, the notion they can actually get around this rule by somehow claiming innovation. >> absolutely. i don't know -- they certainly want to take a big slice of this market which currently they only sell 2% of apple phones in india and they want to increase that, obviously, cory. cory: wild story indeed.
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fantastic stuff. thank you very much. ♪ cory: breaking news this hour. new york state attorney general has reportedly slapped a cease and desist order on fanduel and draft king. the "new york times" says the attorney general eric sneiderman has told the two biggest fantasy companies they can no longer accept bets in new york. he says they are games constituting illegal gambling under new york state law. both draft kings and fan dual have responded draft king contacting the attorney general's office and fanduel saying it's a game of sport and legal under new york law. this is a politician telling hundreds of thousands of new
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yorkers they are not+++ play a game they love and share with friends, family, co-workers, and players across the country. okay. this is going to allow free video streaming on phones without increasing data plans. the service is calling it binge on. works with 23 services including netflix, hbo, and houleo. we spoke with them to explain how t mobile will be helped to compete with at&t and verizon. >> first of all, these moves have driven t-mobile to capture more than a hundred percent of all the post paid growth in the industry over the last three years. people wait for these events. what we did today is doubled the size of all of our data buckets, announced family match which allows a family to choose higher speed data, get twice as much as no extra cost.
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we announced binge on. we have updated data streams to your mobile device for what is required to watch dvd quality video but not the huge wasted amounts of data that come into -- 24 companies to start. if you join and opt in for binge on you will stream free not using your data buckets and so far the biggest question anybody is asking is how are you doing this? i really want it. i lake it. i kind of like it in that spot. makes our competitors very nervous. >> in talking about that, your subscription growth has been crushing the competition but you've been able to sustain your shrinking profit margins because you are able to sign up o many people.
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>> somewhere you said shrinking profit margins. our growth and profitability has been huge and our ebitdaa margins were up 25% year over year so the profitability of the company as announced in our last earnings -- >> true, john. but it is less than verizon, though. >> well, you know why. because verizon are the biggest robbers in the world. they have the $2.4 billion in the industry of overage charges, $45 billion which are over purchasing driven by these guys and $24 billion worth of line charges so it's low hanging fruit. for us, now, what we were able to do is optimize the video stream for what you need and here's the real trick. it's highly profitable and beneficial for us because it's much better utilization of our network. so ultimately what i mean with investors what you'll see is a very highly profitable business case, huge customer
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acquisition, and better utilization of our network. as i've used the slogan in an old commercial, it tastes great and it's less filling. it's both. it actually could be and it's proprietary technology. i love where it sits right now and i want people to think about how do they do this? >> if you look at your average revenue per user on this point it is much lower than the competition because you're able to sign up so many subscribers that's okay for you. what happens when you run out of levers to pull? how much more free stuff can you give me? >> first of all what the uncarrier is about is solving customer pain point. that's what we did. uncarrier 10 is a big pain point day to day. do you really think we'll run out of room to solve pain points? here is the most important part of it, which is that your questions are relative to verizon and at&t, who are losing customers incredibly.
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they have excess margins and they're in a heap of trouble. our profitability is growing beautifully, as is our cash flow, as is our revenue. the model works. and this move will not only grow our customer base but it will increase our profitability relative to guys that are in big trouble and most of what we're able to do is because of the way they do things not focused on customers and gouging customers. we reach in and do them with a good return but focused on customers. that's who we are. >> the point of my question, john, at some point there are just not going to be enough things you can offer customers to get me away from verizon or at&t when they're also trying now to compete with you in price and also in benefits like video, for example. >> yeah. this isn't about price. they're not trying to compete with us on video. verizon's focused on creating content. by the way, go 90, which is the verizon platform, is free now
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on t-mobile. we added directv free. what i would tell you is that in the last 11 quarters since we started this uncarrier movement we have controlled 102% of the industry post paid phone growth this year alone in 2015 we've controlled 150% of the growth and last quarter 126%. we only have about 17% share. so by the way, the times of the low hanging fruit from at&t and verizon has a long lead way to go. i bet you that there are millions of verizon and at&t customers right now getting ready to take their go 90 and their directv on over to big john and hopefully you're one of them. >> if you didn't know that was mobile's c.e.o. john legare earlier today. these days, a big seller of shares of facebook according to s.e.c. filings andreason has
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sold nearly half of his personal stake in facebook october 30 to november 6 andreesen sold more than 920,000 shares of facebook, about 96 million bucks. it's 45% of his facebook position held in the industry and living trust. he still owns some 750,000 shares in facebook. coming up, teaching old line tech workers how to reinvent themselves in a digital age. we'll sit down with the c.e.o. of general assembly. plus a hands free segue type machine that takes you around the office at 10 miles an hour. office surfing with emily chang. don't miss this, next. ♪
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cory: the true value of private technology start-ups and today the mutual fund added more fuel to the fire. fidelity did. marking down the value of its own investment in snapchat. s.e.c. filings show fidelity reduced the estimated value of its stake by 25%. fidelity invested in snapchat last may when the message chat gave it a post evaluation of $16 billion fidelity now saying it's worth less. in the cordele world just as in the natural world -- in the corporate world just as in the natural world, adapt or die. one firm here in new york up in the world's biggest and most established -- helping the biggest and most established companies evolve in a digital age. clients from american express to viacom to train their employees with work shops including data science, digital marketing, and weapon
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development. joining us now the c.e.o. good to see you. i think what you're doing is so interesting because so many companies are trying to sort of help workers adapt for a digital age. tell me about your unique approach. >> well, you know, most people know us really as an education to employment company on the student side. we educate people every year and get them placed into great jobs in the digital sector. >> finding individuals and helping people learn a thing they don't know how to do. >> absolutely. though i would say our programs are a lot more intense than anything online. they're 12 weeks, fully immersive. we have a placement rate for our students around 99% within 180 days of graduating. >> simply amazing. >> it's a lot of work and we put a lot of time and energy into everything from the curriculum to instructor
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training to making sure that the students have a great experience throughout the whole process. the whole philosophy is return on investment. they put money in. they put time. they put energy. they put their passion into learning this new skill. and they expect a return just not only in the short term but in the long term as well. now, there's another side of that equation which are the companies. and the employment side of education. cory: while they may not have a lot of open jobs they certainly have a ton in certain things like software, engineering, application writing. >> absolutely. some of these job categories are growing by triple digit percentage over the last few years which means there are a lot of open seats. now the other -- the flip side is that they have a lot of existing look fors which they like. they don't want to get rid of. but they know it needs to continually be upscaled for changes their industries are undergoing. upskilled. >> up skilled. >> maybe you should take credit
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for that. it is official he made the word up. >> okay. put it on wikipedia. okay. so there is a really interesting moment right now for tons of these large companies. companies like you mentioned american express and viacom to two partners we're really excited about that just came on, lincoln memorial and lloyd's of london. can't -- loreal and lloyd's of london. a big shift is around digitalal marketers and to reach your consumers means using all sorts of different channels and techniques and integrating those approaches into your products. >> you have set up a 12-week course around digital marketing to take someone who is currently working and coach them up so they can be ready for digital marketing? >> we do have that program and it does happen. however, a lot of what we do inside companies is around creating a base of understanding, empathy, and literacy around the new topics for a large, large groups of
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these employees on the teams in the marketing function, in the sales function. really to help fuel the whole organizational desire to get more digital, you know, be more plugged into what's happening right now. from the consumer perspective and then through the digital marketing thing as well as there is a huge new problem which is the availability of data but also the sense that data is the pathway to competitive advantage. and data analytics has gone from a tiny little business intelligence function into a core, strategic initiative that goes all the way up -- cory: it's all about big data, big data, artificial intelligence. >> that's right. some of these executives, you know, may say big data on the air but a lot of them aren't necessarily sure what it means. cory: it is very apparent sometimes. >> and the clients we work with are fortunately the ones that really recognize there's an opportunity to build more internal capabilities, get broader levels of
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understanding, and then use that to fuel their strategy moving forward. so we do two, three-day work shops on big data. data analytics, how to lead a change inside an organization on that, how to manage that, how to think about it. >> so do you tend to sign up clients or students in big fwrupes? because a company will come and say i need people to fix this problem, i need 50 students? >> absolutely. sometimes it's 50 and sometimes it's a thousand. we also have a big online solution and we really are wig believers in the blended approach that there are times when in person education, focused and intense, you keep everyone in the room, is really productive and there are times when sort of consistent access to content is the better solution. and so we really mix and match those two solutions for companies and allow them both to, you know, get the big decision makers and managers and v.p.'s involved in the learning process and get them up to speed. but also have online solutions
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that can be spread sort of far and wide throughout the organization. cory: imagine that. cool school. thank you very much. >> thanks for having us. cory: turning back to xiaomi told you about the smartphone business, wearable business, but how about the business for hands free scooters? xiaomi a major investor in 9 ot, maker of a segue-like -- segway-like scooter. >> this is one of our latest products called the 9 bot mini. it is easy to use. you're learning so fast. >> the company that made this actually bought segway, right? >> yes. just a few months back. then we launched this product in partnership with them. >> all right. other than just for fun where do you actually use these? >> i use it to get around buildings, my neighborhood. you can actually go pretty fast. you can go 16 kilometers an hour. in theory i could usually get
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home because you can go 22 kilometers on one charge. you can even go up steep inclines, 15 degrees without a problem. so you know, next gem transportation, $300. >> that's not bad. there was a time when people thought everyone was going to be riding around on segways and that didn't happen. do you think there's still potential for that? do you see this as a niche market, something just for fun? >> here in china it is kind of happening already. we're not the only brand. there are a lot of similar products on the market. this is the coolest. in other places we'll see. there are legislation issues. like m in hong kong you can't ride them on the streats. in the u.s. people are using them. silicon valley you start to see a lot of these and similar ideas. we're hoping to launch this one in the u.s. soon. >> how fast can you go on this? >> 16 kilometers an hour. you want to race? >> no, no. you go. cory: she is a native of hawaii. of course she can surf anywhere. emily chang with with xiaomi
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v.p. hugo barra on the ninebot mini. we'll tell you about the new claim to fame after the break. ♪
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>> this time volkswagen poaching one from apple. the troubled company hired the former director of mac computer systems and special projects to lead a new digital strategy group. the apple exec has some experience with the automotive industry. before working at apple he rked for the r&d center of mercedes-benz in silicon valley. now the fourth richest man in
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the world according to data ompiled by bloomberg, jeff bezos. carlos slim has slipped to fifth place. jeff bezos actually sold some amazon shares this year but still doing quite fine thank you. >> he is the best performing billionaire in our index largely because of the amazon stock which is up basically more than a hundred percent year to date. so his fortune despite that share sale has risenbout 30 billion. he is now around the 68 billion mark. carlos slim as you say, a mere $57 billion now but of course slim used to be the world's richest man so two divergent fortunes there. bezos' closing in as the richest man in tech. cory: interesting. as it relates to bezos his sales have actually, he's had a few in the last few years after holding on to all of his shares for so long, about an 18% stake
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in the company but what do we see if we try to read the tea leaves of how he is selling or the way he's reducing his stake? >> well the big issue, i think t was a million shares and really all you -- cory: that should do him okay for a while right? half a billion dollars? i mean, a guy can live on that for a little while. >> exactly. he might be using it to fund other investments. he bought "the washington post" a few years ago and you got blue origin the space exploration company. whenever we see these guys sort of liquidate what is still a fairly large investment you might be expecting maybe not immediately but starting to look at other investments. maybe we'll see him making investments on the personal side or privately funded companies. >> among all the other tech we've seen a bunch of stocks really rocket, pun slightly intended, a bunch of tech
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stocks do quite well this year including some billionaire c.e.o.'s like facebook. >> absolutely. it's quite interesting. you've got the new tech guys who we sort of classify as mark zuckerberg, the google founders. they're up sort of $9 billion, $10 billion this year. you compare that with bill gates, the older techs and they're down a couple billion apiece. then bezos is sort of in the middle there. that shows just how great a company or how widely sort of appreciating the market is of amazon right now. cory: we've seen amazon shares fall by more than 80% twice in history. maybe he's cognizant having been through this a couple times that maybe take a little money off the table and get out while the getting is good. >> i'm sure he's got some investors probably pulling their hair out about how under diversified he is right now in terms of his fortune, 90% if
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not more is in amazon stock still so he may be getting a little pressure just for safety's sake to get out of it. >> all right. tom metcalf bloomberg's billionaires' reporter in our san francisco bureau, thanks. that does it for this edition of "bloomberg west." tomorrow emily chang will sit down with the alibaba founder and the president mike evans to tally up the company's single day sales figure. don't miss jack ma live tomorrow morning at 9:45 eastern, 6:45 on the west coast. on "bloomberg west" tomorrow solar city c.e.o. joins us tomorrow, an interesting interview from a really interesting company. we'll see you right here tomorrow. ♪
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>> from our studios in new york city this is "charlie rose." charlie: we have the executive editor of the "new york times" here. it is a top position in the newsroom. he took over in may of last year, succeeding jill abramson who was the paper's first female editor. he became the first african-american to hold the post. the digital era has disrupted the business of journalism as many of you know and it has presented challenges and opportunities. many traditional news organizations have reduced their staff in face of significant competition from digital outlets. the "new york times" has with stood the industry wide downturn. last month it reached a


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