Skip to main content

tv   Bloomberg West  Bloomberg  June 22, 2016 11:00pm-12:01am EDT

11:00 pm
mark: i'm mark crumpton. you are watching bloomberg west. let's begin with a check of your first word news. donald trump and hillary clinton stepped up their verbal attacks today. during an appearance in new york, trump said clinton has spent her entire life making money from special interests. mr. trump: she has made plenty of money for them, and she has been taking plenty of money out for herself. hillary clinton has perfected the politics of personal profit and even theft. mark: during an appearance in raleigh, north carolina, mrs. clinton said mr. trump's policies lacked specifics. ms. clinton: donald trump offers no real solutions for the economic challenges we face.
11:01 pm
he just continues to spout reckless ideas that will run up our debt and cause another economic crash. mark: senator bernie sanders is thinking about "where we go from , here." his campaign says that is the theme of his press conference in new york. there were 11th hour appeals before the landmark vote on membership in the eu. the latest opinion polls show rival camps running neck and neck. israeli prime minister benjamin netanyahu and u.s. secretary of state john kerry are scheduled to meet in rome on sunday. from bloomberg world headquarters, i'm mark crumpton. "bloomberg west" is next. ♪
11:02 pm
emily: i'm emily chang, and this is "bloomberg west." coming up, will they stay or will they go? we will examine the potential impacts of a brexit on the tech industry. and musk plays defense. the billionaire having a hard time selling his $3 billion proposal for a tesla-solar city merger. we will break down why some investors are skeptical. the global entrepreneur conference kicks off. ahead with our interviews are john kerry and reid hoffman, we will hear from steve case. but first, to our lead. britain is on the brink of a monumental decision about whether to remain in the european union. campaigners issued 11th hour appeals in the so-called brexit debate with london mayor calling up the fight of our lives. his predecessor calls it the last chance to take back control. polls waver between a dead heat and narrow lead for each camp.
11:03 pm
joining us now to put it all into perspective for tech investors is alex webb who , recently relocated here from southwest england. and angela mclaughlin, who has backed or than a dozen u.k. companies and is also british. alex, i will start with you. it is amazing we are at this what does a brexit mean? point. what could it mean for business? >> there are so many huge things that could happen here. thinking about businesses and talking about venture capital in london, it's going to be much harder for british businesses to grow and trade inside europe. >> and you think about the broader repercussions if the u.k. does leave, that could set off a chain reaction across europe, wales and scotland leaving the united kingdom, but european union states beginning to dislocate as well. everything we have fought so hard for over the last 50 years
11:04 pm
could very quickly unravel. emily: obviously potential, i know the polls show very difficult to put a number on how many people want to leave, but there are a lot of people who want to leave. what are the benefits of that? >> the argument made by the lead campaigners is the famous red tape argument. on the right of the equation, they talk about it in the u.s. as well. namely that there's a lot of legislation coming out of europe and largely to do with finicky things like the size of the lightbulb or health and safety regulations, and that makes it harder for small businesses to grow because they have a lot of really tory hoops through which they need to grow. if that is correct, it could have implications for startups and tech businesses, but the arts -- the odds are the brits would have to come up with its own legislation anyway. emily: there would be huge implications for the global markets. impact on the pound, confidence in investing in europe. tech is a big sector in the u.k.
11:05 pm
how is the tech sector be impacted in particular? >> you have to look if it can remain separate, or is everything will move over to new york? london does a few things really well. we saw the acquisition of magic pony, and ai company, for $150 million, and we know that there are great companies that will be coming up with acquisitions in the future. but the question is will they stay in london or will they move somewhere else where they have access to a larger market? emily: a big issue is of course, immigration on both sides and it echoes some of , the arguments around immigration here in the united states. talk to us about the potential impact on immigration. in the u.k., unlike the united states, immigrants can move even more freely between borders and it certainly has impact on skilled workers and talent. >> i would not classify myself
11:06 pm
as a skilled worker, but i have been a beneficiary of this. i lived in germany without a visa or anything. a lot of people say it aloud perhaps lower cost labor to be shipped in from eastern europe and therefore undercut labor costs. for people who are already in the u.k. the flipside is if you think about the golden triangle oxford, cambridge, london, where growth,is a lot of tech ceo do have a hugely diverse workforce. a lot of these people are coming from the eu. it makes it hard to bring talent in on short notice, 20 months or so if you are not a european union member. londonrevious company in we have a huge number of people , from all over europe in our engineering team. the fact that we can move quickly and easily as always -- was always hugely attractive. emily: i benefited from it as well when they had the highly
11:07 pm
skilled migrant program, i was able to move their fred -- able to move their for a bit of time. with this impact your decision to back u.k. startups? you have certainly invested in the past. >> one of the reasons i like investing in u.k. companies is because they have a big international view from day one. they can trade in european borders and look to the u.s. and take advantage of that special relationship made it very appealing. the question now is what it is leaning on, will it continue to have a u.k.-europe good relationship? something obama spoke about yesterday was that may not be the case. would it be something i would do in the future but it definitely makes it harder. emily: alex, good the polls could the vote drag out in any , way? >> there are instances, where in the general election, the last constituencies take longer to report their results.
11:08 pm
that results in general elections, a race where some report first. it depends on how quite close it is. polls tend to indicate that it is very close, but there is always this on tangible element of people who are undecided and what they do alone with the balance sheet is hard to tell. emily: thank you both. we are going to follow this very closely all day on bloomberg television all day tomorrow. thank you both. we continue our countdown to the uk's brexit at this hour as well, but first a roundup of , where u.s. tech companies have cited in the debate. microsoft is one of the largest companies to come out against the referendum. the software giant employs more than 5000 in the u.k. and have been there since microsoft says 1982. the u.k. being part of the eu is one of several important criteria that make it one of the most attractive places in europe for investors. ac enterprises, the u.k. chief
11:09 pm
mentioned it. if we were to leave the u.k. -- the leaders of cisco, ge, and airbus and others in the business community voiced support of a stay vote in the referendum. still to come, brexit fever and the price of bitcoin. explanation this hour. ♪
11:10 pm
11:11 pm
emily: there are more than a billion cars on the road worldwide today, and only 0.1% of them have a plug. opec contends even in the year 2040, electric vehicles will make up just 1%. but don't be so sure.
11:12 pm
what if people just stopped buying oil? this episode of the animated series "sooner than you think congo, we have -- " sooner than you think,," we have that. >> the world is running out of oil. at least that was the ideal behind the peak oil hypothesis that dominated economic thinking for decades. but it turns out that with fracking, deepwater drilling, oilsands, there is a lot more oil than we thought. the peak oil theory isn't happening. but what if instead of running out of oil, we just stopped buying the stuff? most of us scoff at that idea. there are more than one billion gas guzzling cars on the road today, and only 0.1% has a plug. opec intends that even in 2040, electric vehicles will make up just 1%. but don't be so sure. consider the s curve. s curve is used to describe new technology overtime like early
11:13 pm
refrigerators and color tvs. growth starts slow and when the product will start to connect with everyday people, they left off. eventually the market gets saturated at the top. for electriccurves cars is extremely difficult because we are making assumptions about demand for a type of vehicle that doesn't even exist yet. fast, affordable, and spacious cars that have an electric range of at least 200 or 300 miles. here is we know. in the next few years, tesla, nissan, and chevy plan on selling long-range electric cars in the $30,000 range. and other carmakers and tech companies are investing billions on dozens of new models due out in the next four years. by 2020, some of these will be faster, safer, cheaper, and more convenient than their gasoline counterparts. to start an oil crash, you don't need to replace all the cars on the road.
11:14 pm
you just need to reduce demand enough to cause a glut of unwanted oil. consider the oil crash that started in 2014. that was caused by too much supply, when producers started pumping out an extra 2 million barrels a day. when electric vehicles are able to displace that much on the demand side, it could also cause a crash. when might that happen? tesla is building factories to go from about 50,000 sales last year to 500,000 and 2020. let's assume tesla can meet its own forecast and let's assume other carmakers can retain their market share for plug-ins. if each vehicle displaces 15 barrels a year, here's the impact on oil from all the ev's worldwide. at this rate, we get the benchmark of 2 million barrels of oil a day displaced as early as 2023. that is an oil crisis, and the thing is, it's just the beginning. it's not at all unreasonable to assume that by 2040, nearly half
11:15 pm
the world's new cars will have a plug. sure you are skeptical. , the price of electric cars still needs to come down, and there are not enough fast charging stations for long-distance trips. many drivers in developing countries like china and india are still going to choose gasoline and diesel, but imagine a future where the rumbling streets of new york and new deli suddenly fall silent with electric engines. what if global demand for oil service to fall, at first by a trickle, and then by a rush? trillions invested in oil will be lost while trillions in new energy will be wn. --won. the power of nations will be shuffled. that's the promise of the new peak oil, and it may be coming sooner than you think. emily: that was bloomberg's tom randall reporting. meantime tesla shares closing , more than 10% lower a day after elon musk put forward a city foruy out solar
11:16 pm
$3 billion where he is also chairman. he said it was a no-brainer, but investors are skeptical. does it make strategic sense for tesla to buy solar city, and what does it mean for the wider solar power sector? i am joined by the editor at large cory johnson and liam jenning. liam, you open your piece on the post merger with elon musk talking about this being part of the non-weird future, yet you allude it is weird that he is letting on. explain. liam: very heavy on long-term vision. this vision of of a future powered by renewable energy where tesla was not only going to sell you your nice electric vehicle, but also solar panels to go on your house and so forth. what wasn't there was really a clear explanation of what the
11:17 pm
benefits of this deal would actually be to investors and what the savings would be. really, why this in -- idea that a one-stop shop is needed in renewable energy. that was not clear either. emily: tori what are investors , saying now that they had 24 hours to digest this? cory: it was interesting to watch the trade in solar city. the stock actually came down a little bit. first of all, it never reached near the bid price is expected in the acquisition that looks not even friendly, family-friendly acquisition. but the shares fell off a little bit today as people start to realize this deal might not even happen. it is so illogical. i was shocked to see so many analysts agree with me that this does seem illogical. it did not have a lot of common sense. one of the concerns here is that solar city, looking at other estimates, a lot of them are lowering their numbers on the strategic stock. as well.of sells
11:18 pm
but there is a suggestion that solar city has really serious as a heart attack concerns about its ability to raise cash over the course of this year. maybe merging it with a balance sheet might make tesla able to more easily borrow than solar city can. maybe that is in trouble now because solar city is seen as being so toxic that could hurt tesla's ability to borrow. tesla does not have the money to hold the factories and cars it set out to build. adding the billions of dollars in expected losses, that will make it even more difficult for tesla to achieve its goals which one of the analysts called unachievable, and that was a list analysts. emily: elon musk is a guy best known for taking on impossible tasks. even though investors night -- might not believe in this merger,ar in verdure -- why now? why is proposing this now? liam: if you go back, both
11:19 pm
these stocks were flying high. both companies were burning cash , but shareholders did not seem to care. in tesla's case, the stock is still rated high. same city cannot say the since october when it pivoted on its strategy. it has been dropping quite radically. it just doesn't look like they can raise the capital they need. musk in the call today was in pains to point out that everything was fine at solar city they could raise money if , they needed to. the question you have to ask yourself is, this is a very low priced bid compared to solar city's history. and so if they really were fine, , why would they go for this deal? it will be telling if they do actually recommend this deal because it would be a sign they have sort of lost faith in their own future. cory: the free cash flow burns are so disconcerting for solar
11:20 pm
city because it would suggest maybe the company wouldn't even survive or would at least have a lot of risk if the markets are not open for them. emily: we will keep watching. cory johnson, liam denning, thank you so much. coming up, the ipo market gets a test after a very slow start to 2016. we will break down twilio and why the company is choosing to go public now. ♪
11:21 pm
11:22 pm
emily: the lackluster check mark for 2015 is getting its first ipo. twilio, the communications software provider, is pricing of ipo as investors it on this guidelines in an uncertain market. the announcement makes the san francisco-based company just the sixth tech company to go public in 2016. compare that to the 24 companies that went public by time last year. does it signal the end of the ipo drought? joining us from the university of florida is jay ritter.
11:23 pm
what a day to go public, the same day as the referendum and u.k. that could have wide-ranging implications on the market. what do you make of twilio's decision to do this now? guest: i think they are counting on the fact that the tech market and being based in san francisco is going to be shrugging off what happens in london. emily: this will be the first silicon valley, silicon valley-backed ipo. for the year. what does it mean for the broader market? guest: i don't think it means a lot. there have been a limited number of tech ipos, but other industries including biotechnology have had a very limited number of ipos this year. emily: twilio has not been profitable in the last eight years, the eight years it has been in existence. is that a red flag? guest: yes. but the vast majority of tech stock ipos have not been
11:24 pm
profitable when they have gone public. investors have cared much more about growth and rationally so . a lot of companies including twilio if they wanted to focus , on short-term profitability, could become profitable by cutting research and development expense and not hiring as many people to cut their short term costs. but investors instead would much rather have a company with utter -- better growth aspects. emily: twilio is heavily dependent on facebook's whatsapp for revenue. 15% comes from that part of their business. how big a risk factor is that? guest: it is a risk factor when you've got one big client, however facebook, whatsapp is a really important, big player, so it is not surprising that it's having such a big market share. emily: if this goes well, would
11:25 pm
that open the door for other silicon valley companies or not? guest: i don't think there's going to be a big effect one way or the other. what is a little unique about twilio is that it is a b2b company, unlike facebook or it over. -- or uber. consumers are not the customers and the vast majority of b2b , successful startups for the last 15 years have not gone public and remained as an independent company. instead, they have sold out in trade sales, and rather than growing organically, they become part of a larger organization , and i don't think that long-term pattern is going to be changing. emily: what your expectation for the number of ipos that will happen this year, and will we see a big pickup next year?
11:26 pm
guest: well the first part of , this year has definitely been slow, and i think there will be higher activity for the rest of the year unless the stock market takes a dive. but i don't think we are getting to really high levels of ipo activity. biotech prices are not as high as they were a year ago, and the last couple of years biotech , ipos have been a large fraction of the ipo market. i think we will probably come in probably something like 2010 or 2012 with less than 100 ipos for the year. emily: all right, university of florida professor jay ritter, thank you very much. we will of course be following twilio's ipo. don't miss our interview with the ceo on the first day of trading. coming up, what does brexit mean for the venture capital community? we spoke with steve casey who also talked about the global
11:27 pm
implications. if you like bloomberg news, you can listen on the radio. bloomberg app, on the sirius xm. ♪
11:28 pm
11:29 pm
>> top stories this hour, asian stocks have edged higher with less than three hours to go before the u.k. brexit vote begins. shoring up against all 31 major peers, we will see a one in four chance of an exit from the eu. the benchmark was near a two-week high as crude oil prices. been's gm motors have ranked number one in the gm survey of new vehicle quality. it is the first time in 27 years i you are the maker has taken top stock -- top spot. they reported 100 vehicles in ownership,0 days of
11:30 pm
one fewer than porsche. shopping in south america, sources say china's favorite flcrse is in talks by brazil energiagia. at 1.8s evaluated billion dollars, not including premiums. global news sunday four hours a day, powered by 2600 journalists in more than 150 news countries. the latest from the markets now, it is awaiting day. 3.5 hours away from when voting gets darted. i will show you in a few moments. markets are trading bad. looking at the markets across asia, just to drive a point, asx 200. it is not so much it is trading, they are not. they are on top of the thin volume that can be seen, very defined what these limits are in
11:31 pm
the markets. if you look at australia, for example, that is a 15, 17 points swing. when look at the hang seng index, 100, maybe 120 points, the range is not very thin, but it is, the point, you put together with volume very thin, you see volumes that underscore this lack of appetite on the big stakes. looking at the nikkei 225, doing 60,001.4.lunch break, it is not a lot. across, have a look at what is happening across currency. saly different story. 464 dollar-yen. level,ens from that 14795. asia looking like this.
11:32 pm
i wonder what is going on there? asia is looking like this. i will leave it there. you get the picture. we are looking at markets, moving ahead of the vote. ♪ emily: the global entrepreneurship summit is underway at stanford university. it is the seventh installment of a takata by president obama that aims to bring together entrepreneurs from around the world to talk about how startups tackle global challenges together. we caught up with steve case at the summit. i began by asking how a possible exit by england would affect the venture capital community and technology industry. take a listen. >> i think it would rather -- let loose on places like london. startups are doing great, that they would lose some of that
11:33 pm
momentum, get mark obligated in terms of talent and immigration. complicated in terms of talent and integration. hopefully the decision will be to remain and the eu will prevail. emily: you just announced a new fund. how much do you invest in that? >> it is mostly in the u.s.. we did make one in a company in switzerland called sport radar because they were expanding in the united states and wanted some help with the partnerships in the united states. emily: president obama has been doing this summit for a couple of years. how successful have the administration been in exporting entrepreneurship and an american brand of entrepreneurship? guest: i think it was very helpful. i went to the first one, i went last year when it was in africa. i think there's a sense entrepreneurship is alive and well a lacrosse the world. -- all across the world. it's important for the united
11:34 pm
states and the message we are trying to do everything we can to work entrepreneurs all over the world. they are the job creators that drive the economic growth that lead to stable democracies. even africa, when i was there, it is remarkable how quickly it has transitioned from a decade ago. most people perceived africa as a problem to solve. many entrepreneurs from africa here -- it's really staggering and bodes well for the future of that whole region and also for a more prosperous, stable world. emily: is it important to export entrepreneurship or american kind of entrepreneurship? >> every country is different, and silicon valley, it is not just a place but also an idea. we have thinking and perspective networks. i don't think people in lagos or nairobi should be trying to replicate silicon valley, but they can learn how there is a fearless culture around risk-taking and trying to see how rice people -- how people
11:35 pm
are willing to put risk capital into these early-stage companies and create a dynamic around it. building those networks all around the world i think are very important, and i think you will see economies rise as a result of that. entrepreneurs change the world and we want to make sure they virginity. we want to level the playing field, everybody everywhere, and that is what seemed like the global entrepreneurship helps do. emily: what does a hillary clinton white house mean for entrepreneurship? guest: i try to stay out of politics, but i had a chance to work with here over a few -- her with a few years. she understands innovation, the importance of entrepreneurs. donald trump does as well. emily: you made the point that that 20 years ago, the president would be focused on exporting democracy. today it is about entrepreneurship. why is that important? >> democracy is important.
11:36 pm
but entrepreneurship creates a sense of stability with jobs, and the best way to create jobs is have entrepreneurs who have ideas to create companies that can actually grow and expand and in the process kind of lift up the people. we've seen that in the country, with cities like baltimore and new orleans and detroit creating new companies that are changing the world their community. and helping support that is true around the world. emily: microsoft and linkedin? is that a thought? >> i think it is smart. i think microsoft sees it as a strategic value. i don't have all the details but it struck me as a strong -- smart, strategic move. emily: what does it mean for tech m&a, or the ipo market? guest: i think things are heating up. you will see more and a day and -- m&a more ipos. , the private capital markets were pretty robust and late stage valuations were pretty high. it has come down a little bit and i think you will see an , acceleration in the next
11:37 pm
couple of years of both ipo and m&a emily: that was my interview . with aol cofounder and revolution ceo steve case. we will have much more tomorrow from the global entrepreneurship summit. do not miss our conversations. we are speaking with social founder and more. in this edition of "out of this world," a record launch for the indian space program. they lost payloads for the u.s. canada, germany and indonesia. , the prime minister congratulated the indian scientists behind the launch and applauded them for breaking new barriers. russia holds the record for most satellites delivered in one launch at 37 and and it is trash 2013. day for the international space station. -- age sickness cargo ship large cargo ship from the space station reentered the atmosphere today and burned up over the
11:38 pm
pacific ocean. it had been carrying more than 4000 pounds of garbage. space contractor orbital ack plans to send another cargo craft on a resupply mission next month. a programming note do not forget , to tune in tomorrow with our exclusive interview with u.s. secretary of state john kerry from the global partner. ♪
11:39 pm
11:40 pm
11:41 pm
emily: this is "bloomberg west, i'm emily chang. israel has been warned. this month, eric schmidt told investors in tel aviv, beijing and northern europe are poised to steal its nickname of startup nation. we have the report on israel's shifting economy.
11:42 pm
reporter: technology has been powering the israeli economy for the better part of two decades , but there are signs now the so-called startup nation may be experiencing a bit of stagnation. between 1998 and 2009, tech growth exceeded gdp growth every year. since then, it managed to do so only once. israel is slipping down and rankings, and you have got tech people like google and others warning northern europe and beijing are becoming worthy contenders to the crown of startup nation. israel has also most recently lost its coveted top spot it comes to the percentage of gdp invested in research and development. it has been supplanted by south korea. now one of the biggest , challenges is a lack of talent. israel needs 10,000 highly skilled engineers, but it can't get them if they can find them in its country. it's almost impossible to bring them in from outside the country unless they are jewish.
11:43 pm
and if they are and they are young enough the military is , likely to nab them for compulsory military service, which is one year were women and two-year for men. on top of that, you have got some taxation and regulation that make startups difficult in other countries -- compared to other countries. that's not to say there's not a lot going for the israel tech scene. you have got more per person on any other place. outside of silicon valley, you have investment in tech still growing, particularly overseas and you've got global tech , companies and venture capitalists still happy to put money into israel, parliament being one of the most recent to announce plans to set up shop. the government and officials say they are not immune to the from the sector. they are trying to do things about it to make it easier to get a hold of talent and make it easier to do business, but if officials and ministers want to pepper every speech they give
11:44 pm
here and abroad with the fact that israel is of course the startup nation, then they are very aware that something needs to be done so countries run the -- around the world don't only supplant israel but also stop calling it the stagnation instead. bloomberg's middle east editor in tel aviv. to a stock we are following sprint shares rose as much as , 7.5% in wednesday trading, marking a seven-month high in its third straight day of gains. the outlook comes on the heels of the south bank air apparent -- air apparent announcing his departure from the company. coming up, brexit fever may be handing bit coin a moment in the sun. we will explain the correlation. and don't forget to tune in this weekend. we will bring you all the best interviews including they've interview with the linkedin cofounder. this is live at 2:00 eastern. the best of bloomberg west's
11:45 pm
this weekend on bloomberg television. ♪
11:46 pm
11:47 pm
emily: london's latest unicorn is urging people to press positive until britain decides on the eu membership. transfer wide allows customers to make inexpensive money transfers and is recommending that users hold off on any transactions involving british pounds until after thursday's vote. we caught up with the cofounder and ceo in our london headquarters. guest: i think on the kind of broad scale, it would be a complete disaster for europe and for u.k. for brexit to happen.
11:48 pm
, we've built a great capital in london, and if the u.k. decides to leave europe, we will definitely see london would lose , its position as a global capital. there are a lot of things speaking for a single europe. we have one regulatory regime , going for one regulator, you have access to 500 million consumers. it makes the whole market under. -- bigger. europe is a 500 million market versus individual countries. the free movement of talent is incredibly powerful. if we are recruiting in london, they can come from anywhere in europe without any issues of visa. all these arguments can make europe great, and if it were to lose the income, it would be a much different place. reporter: would you have started the company in london if it was not part of the european union? guest: no. reporter: why not? guest: i don't think it would be
11:49 pm
such a magnet for entrepreneurs or as company headquarters if it wasn't part of europe. i don't think the status of being a global finance capital would have been achieved if it were outside of europe. israelis, london would not have attracted this number of people. london is the tech capital of europe and all of these things are at risk. there is free movement of labor. riskf these things are at if london leaves. the future generation of these people would rather go into berlin or maybe to paris or barcelona or stay home and stockholm hotel and -- stockholm or talent. -- talinn. reporter: some of the concerns are that these are overstated and if britain goes home, you
11:50 pm
can rewrite the rules. you could make it more tech friendly, get more people here. isn't there some promise or opportunity to create some new rules that are more favorable to the technology industry? guest: i think there's a lot of wishful thinking in these statements, and if we look at the people who are favoring leaving, i don't think we see them as being techno-optimist. we would see a change of government, and i am doubtful the people would be in power, to make tech the first priority. there is so much stuff to sort out. this would fall through the cracks. reporter: with the polls showing it, it is too close to call. what contingencies can you make in the event that this prevails and the u.k. decides to leave the eu? how does europe respond? guest: all europeans would get on the train friday morning. we would go over the channel and
11:51 pm
set up camp's. i think it is so uncertain what will happen in how the actual leaving would be implemented. it is very hard to make contingency plans for that. we would start simple, getting regulated on the european side. we would start thinking about what does this mean for our hiring. we are continuing to grow the company, we are 600 people now. we will continue to grow. we will start thinking about how , where we set up our office in europe, whether we go to berlin or somewhere else. over time, that might become our headquarters if u.k. doesn't make sense anymore. >> your businesses money transfer, linked to currency markets where there has been some volatility because of this vote. hasn't had any sort of material effect on your business?
11:52 pm
has any changes been as a result of that? guest: we are seeing in the past few days that there's a lot of activity. lots of people are taking advantage of the uncertainty in making transfers which would i would advise. happened over the coming weeks or months. in the end, it's not good for consumers. in my mind, and in the business, we are not in the business of speculation. in that sense it's not great for , our consumers, but it has increased volumes in the past days. emily: bloomberg news, adam a, with another story we are following, erickson and its anticorruption program. investigators are hoping to get in the information on what types of erickson is embroiled in, and investors talking about the issues. among the issues is nordea bank.
11:53 pm
erickson shares tumbled, valuing the company at $26.5 million. now to iceland cutting fish is a , tough job for humans. in this installment of "hello world," ashlee vance visits a factory there to learn how the flex he cut -- flexicut is changing the dish slicing game -- fish slicing game forever. ♪ >> i traveled to a fishing village on the country's sure to see how far iceland's fishing industry has come. boats arrive here every morning , packed full of god and redfish -- cod and redfish, and then get transferred to nearby processing plants. inside one of these plants sits one of the most advanced fish slicing gear on the planet. it uses algorithms to carve up
11:54 pm
the fillets that end up on your plate. i've prepped for the mechanized river of death with a mechanical engineer turned operations guru who has spent the last few months overseeing the installations of these machines. this is the machine, furry of text lasers. ferrari of fish slicers. first, it x-rays the fish to spot bones and then a waterjet slices the fish with great precision. dozens of programs run to slice the fish just as customers want. if tony stark wanted to make fish sticks, this would be his machine. what is the key technology behind that machine? >> to be able to see the philae and cut it each time and every et and be able to
11:55 pm
cut it each time and every time the same. >> when you are doing the x-ray, what is the software doing voter >> you need to be very accurate. >> it is amazing how quickly that decision -- >> you have less than a second to take a picture, estimate, and cut. >> is everyone worried the machines are going to come and take your jobs? >> that is usually a worry when you have technology. we say we are actually creating technological jobs instead. >> the reality is that humans will find it tough to compete with these kinds of machines. perhaps with a bit of luck, a human touch will be required for the fishy leftovers they hope to process next. emily: our very own ashlee vance. you can catch the full episode of "hello world" this friday.
11:56 pm
time now to find out who is having the best day ever, and today's winner is twitter. it is close to announcing additional deals to stream or more live events like sporting matches to political debates. this comes after the company experienced higher than demand for advertising. -- higher-than-expected demand for advertising. twitter agreed to stream 10 nfl games during the 2016 season. tomorrow, our interview with u.s. secretary of state, john kerry, starting at 5:00 new york time, and many more guests joining us from the global entrepreneurship good in callaway ventures, strike ceo, strike cofounder, air bep -- airbnb ceo. that's all today from san francisco. ♪
11:57 pm
11:58 pm
11:59 pm
12:00 am
♪ manus: put jobs first, but the economy first, put your children's future first, put our future first as a country. >> this is about democracy and our ability to be our own country. and let us take back control. .anus: away from brexit and data shows


info Stream Only

Uploaded by TV Archive on