tv Bloomberg West Bloomberg June 23, 2016 6:00pm-7:01pm EDT
betty: you are watching a special coverage of britain decides -- history unfolding before our very eyes. we wait for the results of one of the most important votes in british and european history. will britain stay in the european union or break the relationship that has lasted more than four decades? it is 11 p.m. in london and the polls have been closed for over an hour. ad weathered through and train delays to show up at voting stations. unlike in the general election, there will be no official exit polls tonight. 52%reporting a poll that have chosen to stay while 48% want to leave. the pound in the meantime, climbing above 1.50 for the first time since december. we will bring you all the latest developments this hour. we will bring you special
coverage from the global entrepreneurship summit which the u.s. is hosting at stanford university. we will hear from leaders across the tech industry. legendary investor -- investor , tim draper -- a huge lineup throughout the hour. but with brexit polling in a dead heat, investors have an skittish. here's a look at how u.s. futures are trading. slightly higher -- nikkei futures also in action right now and you can see we are showing a slight rally here come a carrying through from what we saw in the u.s. trade top i want to get straight to london for the latest on this historic vote. my guest was spot on in his forecast in the british general election.
the voting andt the atmosphere. what was it like today? say if i describe it in one word, i probably would describe it as heavy. a real sense of vote today. i went to cast my vote earlier is not going that to come a say -- come as a surprise to many as we had torrential rains. there were disruptions on the trains and other public transport and we don't know if that has affected voter turnout. of polling stations had to relocate because the weather was so bad. you can see pictures there of actual flooding in the u.k. betty: we are hearing reports of this historic turnout. initial poll.s
what does that mean? not an official exit poll. done on opinion poll the day. some evidence of a slight shift toward remain. -- it's a big sample but the margin of error is pretty small. that's what we are looking at at the moment. surprising that it is at such a small margin? : it has been for several months before the campaign really got going.
much digger --a much bigger lead for the remains side. they have managed to shift the debate on to the sorts of issues where they have an advantage beyond immigration and when that happens, they have gained quite a bit ground. , they weret of pulls putting leave in the lead, but in the last seven to 10 days, a lot can happen. the status quo has been gaining back and that's the story over the last few days. in terms of how it had been looking, it's looking like a few but that'shings, where we seem to be at the moment. betty: we're going to get to the impact if we get a close call, but walk us through the timeline we are looking at.
markets are going to be closely watching some of the indications of where the vote actually turns out. these first caveat is timings are approximate and do not always come as they say they will. we are expecting the first results to start coming in in just under an hour, so midnight is where we expect gibraltar and then newcastle coming at 12:30. i did read that we could get sunderland earlier than that. the city of london due to report at 12:45. is one of the smallest areas to get results from even though it is expected to be largely in favor of remain where those northern these like sunderland then newcastle are expected to be more in favor of leave. they will get a real flurry
around 3:00 a.m. u.k. time and to get a then start clearer picture of where we are going and then get final results around 7:00 a.m. or 2 a.m. eastern time. betty: our bloomberg news reporter and an election analyst . they will stay with us throughout the hour and we will continue to bring you the developments on this landmark vote. the pound continuing to search ahead of the official results, but go ahead, we had to the global entrepreneur summit with airbnb throwing its weight behind hillary clinton. we will hear from the ceo himself. later in the show, we are heading to the cutting edge of genetic tech. you are watching special coverage of britain decides. keep it here on bloomberg television.
betty: you are watching special coverage of written decides. i'm betty liu. all are officially closed across the u.k. as we await the results of the landmark referendum vote on whether to remain in or leave the european union. the latest on whether they are conceding defeat -- he never conceded that she looked the prevailing weather and was honest. we're not saying it's over, we have not had a ingle bloody vote counted. that is the temperament from that side. let's look at how the markets are reacting. the currency side, we have seen the pound surge, though it was
steady throughout the trading session in the u.s. and we are looking at a slight increase in the asian markets and in u.s. futures. we're also live, switching gears, from stanford university at the global entrepreneurship summit. and redstone are standing by. you been sitting down with his as leaders and government officials all day long. aboutybody talked to you exit concerns? emily: we did, but we were not allowed to talk about it on television it is something we were talking about. the people we talked to are for the most part in the remain camp but it could have major implications for business and technology businesses. this summit was started by president obama a few years ago and the idea is 10 or 20 years
ago, it was all about exporting democracy and now it is about exporting entrepreneurship. we have heard from some of the likeeaders in technology the ceo of airbnb. brad stone and i have been moderating and participating in sessions, but why supporting entrepreneurship? brad: and the president himself is speaking tomorrow. ,he belief is entrepreneurship women entrepreneurs, connecting to the internet can be fuel for change around the world for the president has made this a priority. this year, they're bringing it to the heart of silicon valley. emily: president obama is on the cover of bloomberg business week. he says he would make a pretty good entrepreneur. brad: he makes the point that he's a little bit like a ceo but
a ceo who can't hire any of his employees and half of whose board thinks he's doing a terrible job. it's a great interview and he's defending his legacy and you get the feeling he feels his business legacy has been underestimated. emily: i spoke with secretary of state, john kerry. he gave a big speech and i talked to him about whether exporting entrepreneurship could be a vehicle for exporting democracy. kerry: in terms of communication and speed, the freedom to invest, the nature of risk taking, it tends to want openness and i think it works more effectively, but it is not exclusive to that. are raging capitalist enterprises going on in authoritarian governments, in countries with authoritarian governments.
china is an example. there's a one party's stone, and authoritarian government and it is competing voraciously around the world for ely: secretary of state, john kerry. and you spoke to commerce secretary, penny pritzker. brad: it is interesting. been celebrated, airbnb has been celebrated by the federal government, yet there are all of these local problems like in new york. we talked to him about that. asked how candy we have an on-chip nouriel ecosystem, how can we have our own silicon valley? i think it is absolutely fitting that the last ges the president will be added as in the heart and hub of innovation. : you and your cofounders
added your name to business leaders supporting actor terry hillary clinton or president. why add your voices to the presidential scrum? her.: we met with she did a summit for the sharing economy and she is really focused on investing in research and infrastructure. these are core things to create the foundation for entrepreneurship. we felt she was deeply committed to what we are doing. brad: do you think other programs might he imperil under president trump? i think the demand for supporting entrepreneurs is so great that any future president is going to embrace it. just look at what is going on here. this is about growing our economy, about growing relations around the world. brad: airbnb is a pro-globalization company. doesn't it feel like the
anti-trade rhetoric right now around the world has had a worrying high? i think the challenge is to separate what is going on. anxiety is that because we have globalization, we have automation, we have disruptive companies. i think trade is getting unfairly blamed. if you step back and think about how we make products, how we make goods and services, we need each other. 95% of customers are outside the united states and most things made in the u.s. have some part of it, whether it is a watch, a bicycle or a large piece of machinery, there is some component that may be made some other place in the world. critical for the vibrancy of the american economy thate have to take part anxiety and do a better job of explaining what are we doing to address those challenges of
automation, of localization. disparity, and focus on that as opposed to saying if we don't trade with other countries, that's going to solve the problem. it will not. it will make it worse. today, 10gine a child or 20 years for now, are they going to be more closed off from the rest of the world than they are today or are they going to be more connected to other countries? i think it's very clear the future is going to be increasingly connected. more cultures and more countries being connected in the world feels even smaller than it does today. we have about three point 2 billion people online and that goes to over 5 billion by 2020. we are just more and more connected and we need to use trade and trade agreements as a way to shape globalization as
opposed to somehow just saying we're going to put up a wall. to ask fort something's on with your business. , a big part of your business, passed a law making it illegal to advertise airbnb listings for unoccupied apartments. what do you think of the bill and how will he react mark guest: we have done a number of holes and surveys about how new yorkers feel about airbnb. they are sharing the homes that they live in and i think telling a middle-class family who depends on airbnb that they cannot advertise their homes on airbnb is not going to be best for new york and i hope governor cuomo will see that. we have the benefit that we are global and we are in 34,000 cities. this experiment is being played out all over the world.
we have agreements with 160 cities around the world and this is the idea that it is here to stay. brad: it seems like city, state and country governments around the world are struggling to regulate these new sharing economy companies. what's your advice to the governor of new york or any regular looking at a company like airbnb? the digital economy is creating a whole new set of issues that governments are having to deal with. important isis that we engage with one another. leaders of innovative companies are working with government and governments are reaching out to the private sector and we better understand what are the challenges being created for governments, but the government needs to understand the benefits being brought to communities because of airbnb and companies like it.
the more we communicate, the more we will get the policy right. commercee u.s. secretary there with the ceo of airbnb and with our own red stone. brad: the bill is on the governor's desk and he said he will take until he end of the year two either veto it or sign it. , itt passes, quantitatively may not be that significant. they partner with many cities, but new york is a huge market and san francisco, their home city, they are having problems. mean airbnb is illegal, it means you just have to either there to rent out your apartment on the right. i will send it back to you, buddy. we have more from the global entrepreneur summit coming up. bring you the
with the business community already choosing sides on this. tell us how the business community is split on brexit. has in between larger and smaller companies. there was a letter written by ftse 100 bosses very much in favor of remain whereas companies on the smaller side, the ftse 250 side have an edging toward the leave. this split has been interesting to watch, especially now as we approach getting the results. be markets very much seem to pricing in remain ahead. we've seen the pound absolutely rally, hitting 150 for the first time this year and the issue at
side hasthe remain been focusing on the impact that there could be on the u.k. economy if we do get a brexit, pointing to reports from the likes of the bank of england and likelihood ofthe a possible recession where the leave side has an focusing on immigration and sovereignty. betty: talk about regions and different cities. what are the different cities -- talk about the differences and we are hearing results from sunderland versus london. matt: the biggest predictors of how people vote is demographics. the differences you get between cities, a lot of that varies with the democratic care -- them a graphic characteristics. somewhere like london, which is ethnically knee --
diverse and lots of people with a university education, that is somewhere that is very much toward remain. somewhere like sunderland is a more postindustrial place and hasn't had the best time economically over the past few decades, few university graduates and so on. those places tend to be much more toward leave. so a lot of it does correspond simply to demographics. back on the business angle, the fact that it seems like we are leaning toward remain judging by some of the polling, does that mean for large businesses and business leaders that they were successful or more successful getting their point across and effective? an interesting question.
thisesult being called by unofficial poll is very close. we had a note put out by leave wasaid if the , we couldfive point see another referendum called by 2025. at the moment, it looks very close and the feeling is if we don't get a strong lead for remain, that leaves a lot of uncertainty in the u.k., certainly for the government, david cameron, for business and for markets. stay with us on this special on the u.k. ♪
polls closed an hour and a half ago after one of the most important posts in modern british history. more than 46 million people to cast ballots in the brexit debate to decide if britain remains in the european union. poll showsyougov remain voters with a slightly. puerto rico has bond payments due in eight days, and its governors has violent will default on its obligations, even if services are halted. protesters marched the streets of baltimore today after a judge acquitted officers caesar goodson in the death of freddie gray. goodson was behind the wheel of the police band in april 2015 , a 25ay, a 20 -- gray euro black man, suffered spinal injuries. goodson was cleared of all charges. the supreme court locked president obama's immigration plan that would have kept millions leaving -- living in the u.s. illegally from being deported.
the justices deadlocked 4-4. in another victory for supporters of affirmative action, the high court upheld the right of the university of texas to consider race in its admissions process. global news, powered by more than 2600 journalists and -- in more countries than 100 20 countries. it is just after 6:30 p.m. eastern thursday here in new york. all allen has a look at the markets. good morning. good morning. earlier, we had the u.k. independence leader nigel farage appearing to concede that the vote-- that the remain appeared to hedge. markets have other ideas. new zealand have the first opportunity to react to that historic vote. showing positive gains. exit up 3/10 of 1% after 30 minutes of trading.
the currency is going sideways, but we expect the market of us really a to show positive gains. futures pointing to a positive start, up more than 66. -- more than $.60. the aussie dollar also surged to a two high. taking a look at the nikkei, it looks like risk on there as well. futures indicating a positive start to the day. at one point, may be up 2% to 3%. meanwhile, the yen has been showing the kleins all day compared to the u.s. dollar. i'm hall alan for bloomberg -- paul allen for bloomberg tv in sydney, australia. ♪
betty: you are watching special coverage of "written decides." we are awaiting one of the most important votes in european history. outcome, asat the you saw earlier, this is going to affect to the global markets. voting has been closed for over an hour. started.ting has there are no official exit polls at this time, but sky is reporting they have a you go poll showing -- yougov pulled 51% paul showing juice to stay, 40% juice to leave. choose toto stay, 48% leave. matt, right now we have been quoting this poll over and over again, but i am curious to show what the bookies are saying about remain or exit.
what are you seeing in those numbers? as guidedse today betting markets towards remain. day, it had of the been's adjusting about a 25% chance of a brexit. it has come down to about half of that. when comparing odds and polls is that polls are a snapshot, odds are a prediction and a probability. depending on how much confidence you have in the polls, you could say if you thought that the yougov poll is right, the margin confidence a 95% interval, so that is quite issonable to think that poll right. we will have to rate -- weight to seethe real -- wait
the real results, but the two seem fairly consistent. betty: there is some confidence here, and you are seeing that reflected in the markets, without the currency is trading, and other futures are, and even how the u.s. markets were trading today. is that kind of dangerous? what if we get a surprise? that could result in a huge reaction in the market. i was talking to a trader earlier who was saying if we do get a brexit, if britain does vote to leave, it will be pretty much chaos in the markets, because what we are seeing is sterling rallying. it hit $1.50 today for the first time since december. we just got a headline saying that sterling one-month implied volatility has dropped to a third week low. one week volatility is coming down as well. as match was saying, the bookies
seem to be pricing in a remain. it is the same for the markets at the moment. it looks like that is what they are expecting. in the run-up to this vote, it looks like we are seeing a skewed to the downside. we will really see a move to the downside if the brexit does happen but because of this you poll too. yougov betty: but my and reaction, we are pretty close, right? let's say we are 45 points different, could that -- four or five points different, could that result in turmoil? >> perhaps, but where we are at the moment with this four-point lead, the traitor i was talking to said that could be a solid remain. i'm not sure if we got something close to what we are seeing in this you go paul at the moment poll, you can never
predict this with any huge istainty, but one tank that for sure is, what ever happens, there is going to be chaos awaiting david cameron. call,do get a close people like jpmorgan are saying anything less than a five point lead for remain could mean we have another referendum. people are starting to call this the never-endum. that's something to watch closely, what will happen in the political fallout. there have been a lot of euro skeptics in cameron's party pushing against him. saying,ot of people are is where cameron will be safe, but we are nowhere near 60% with the yougov poll. thank you guys. you are staying with us as we continue to monitor all the latest developments out of the u.k. it will be going on all night long. straight ahead, we go back to
are watching special coverage of the u.k. referendum vote. we are awaiting the first polling results. we have just gotten our first one, from gibraltar. it is the first of the 382 areas that are reporting the results. the turnout was about 80%. remember, gibraltar is a very tiny portion of the entire electorate, but they are in favor of remaining in that you. -- in the eu.
the turnout, according to the press association, 84%. extremely high for this referendum. let's turn back to the global entrepreneurship summit underway at stanford university. emily chang is standing by with another of her big interviews there today. emily? emily: thank you, betty. entrepreneurship is a major theme at the summit. also, how you can get through problems that arise as an entrepreneur or, how you can also solve the problems of tomorrow. nobody has dealt with these problems more than 23 and peco anne wojcicki. she has had a widely publicized problems with the fda, although they have really weathered a lot of those issues. she also came out along with a group of tech ceos, business leaders supporting hillary
clinton for president of the united states. stone andnd i -- brad i interviewed her. take a look at what she had to say. to makethink it is time it clear, hillary is going to point this country in the right direction. there has never been a candidate that will potentially enter the white house with as much experience as she has. i think she will do a phenomenal job, and it is important to show that there are women business leaders who are strongly supporting her. on thegive us an update regulatory issues. are you completely through them? anne: we still have a ways to go. we had our first approval that we got. we are looking to get more approvals in the future. we are hopeful, but we are working with the fda, so we are always hoping that we can actually get more out there for the consumer. brad: what have health care entrepreneurs learned? lessonhe most important
is that you have to be transparent and went over your peers. your peers can really take you down. we did not look at the finishing community enough, initially. you often see the regular. it is critical that you win open -- whenever the different groups. with theranos, you have to make sure you get your data out there. but she has a conference coming up. brad: do you think she will recover? anne: i think the beauty of the u.s. and the beauty of silicon valley is that you can always come back. this is a country with incredible opportunity where, if able have a comeback story -- love a comeback story. without a doubt, she has the right intent and has real scientists behind her, and she has a real team. clearly there is the right intent.
how that comes out, i'm on pins and needles for the data. we are here at the global entrepreneurship summit, where we have hundreds of entrepreneurs coming here for advice. are3andme, you guys encountering more challenges than most. what do you tell the people who are looking to learn from 23andme? one of the things i have taken away from the whole process is that if you are trying to make a big difference in the world, you can't expect that the path will be smooth. and if you have a long-term vision, sometimes you need to just work with the groups that you never thought you would have to work with, and that compromise will lead to success. i did not think we needed to be regulated initially. i have had to make all kinds of compromises. changingndamentally
the path of the system, paving a way for consumer health care. for me, that is actually what i am most proud of. emily: five years, where do you see 23andme? anne: without a doubt, we will partner -- we will have our own drug involvement that we are pursuing and continue to do partnerships. --elieve partnerships believe in partnerships, and that the more we work with other groups, the stronger the system will be. what i am most excited about is the path forward with consumer health care. you see more and more trends happening -- 23andme will be one of the first groups where you can get all the genetic testing yourselves. now you can buy it easily online. being able to get more health in a retail store, seeing doctors cheaply and not having to go through insurance, i think paving this hallway for
direct to consumer is going to open up a new kind of health care. 23andme ceo anne wojcicki with our very own brad stone. daddy, back -- betty, back to you. betty: thank you very much. we are staying on the latest headlines out of the u.k. to baltimore voting -- gibraltar voting to stay in the eu. we are also getting more headlines out of nigel farage, saying that he believes the u.k. .as voted to remain in the eu he is also telling the press he hopes mythat, sense of this is wrong. he is also hoping the voter deadline content the balance. we will stay on top of the headlines as we continue to cover the results of this u.k. referendum. stay with us. ♪
♪ betty: you are watching special coverage of the u.k. referendum vote, "britain decides." results are starting to come in. leave campaigner nigel farage, though, is saying to the press association that he is has a mystic of the u.k. vote to leave the eu. at a campaign event, he said if the eu remains, or if britain remains in the eu, it is doomed anyway. he says he hopes his sense of this is wrong and that voter registration deadline extensions may tip the bed lines of this -- the balance of this. days ago, he was telling the press that he felt there was momentum behind leaving. let's turn back to the global entrepreneurship summit underway at stanford university. emily chang and brad stone are
standing by for one investors take. guys? emily: thank you, betty. we are here with draper fisher jermaine jones -- draper fisher-johansson's tim draper. etson's tim draper. first, brexit. you guys invest all over the world. how does this impact your conference? >> it is great. i was in london, and i did a poll as i went through, and it was 8-3 in favor of staying in the eu. i feel staying in the eu is the right decision. brad: the global entrepreneurship summit is like a three-day college in the entrepreneurship. a thing called draper university where you teach people how to be entrepreneurs, and i understand you have some news.
programve a two-month for hero training. an entrepreneur has to strip away all the high school hangups and get ready to do something extraordinary, because they have to overcome big barriers, particularly if they are successful, like theranos, they are successful and up against all the powers that be, trying to beat them back down. we started a master program, and the masters program does the hero training, but we also allow them time to create their business. read: masters and entrepreneurship? >> absolutely. there and mentioned is. you wrote one of the first seat checks to elizabeth holmes. what went wrong with their nose, and should elizabeth still be the one leaving the company -- leading the company? >> just the way uber was attacked by taxi drivers, and bitcoin was attacked by the banks, there werebeing attacked by the powers that be, big
pharma and her comparators, in the world of insurance, medical insurance, people in government, who are going to be very much affected by a really cheap, really effective, wonderful solution. you don't have to give much blood. brad: haven't they failed to demonstrate the proof of the reliability of the results again and again? >> hurray is the joke. none of their competitors have had to do this. the governor has never gone and inspected any of their competitors. pharma is saying, go inspect these guys, go create turmoil, see if you can shake them up, maybe put them out of business. we should be focused on the consumer. the consumers love it. the parents, we get these ,etters from parents saying thank you so much, my child does
not want to give two pints of blood to a vampire, instead they want one drop of blood -- emily: quickly, what about elizabeth? what is your faith in her? >> she is brilliant, she is awesome. she is one of the greatest female entrepreneurs, and we are lucky to have her. i hope eventually that whoever thatlling the wires for guy at the wall street journal, i hope they finally cut is wires. of time, butout congratulations on the first silicon valley back to ibm so far this year, and it's already june. tim draper, thank you. betty, i will send it back to you. betty: thank you so much, guys. quite an interesting interview. emily chang and brad stone. that's recap what we know so far. gibraltar has just counted their votes. they are voting to remain.
thisurnout is 84% at point, according to the press association. also, this yougov poll shows that 52% chose to stay, 42% want to leave. let's go back to london. we have been getting these headlines out from the u.k. already later, nigel farage, kind of pretty much conceding defeat. are you surprised by this? >> am i surprised? farage often nigel can't come out with surprising things. at the moment, it is so early in the night, it is hard to judge which way this is going to go. you did mention that result from gibraltar.
this is a very small territory in the u.k., so it is hard to make any sort of judgment on how the rest of the night is going to go based on that. we are waiting for even more results at the moment. expected, by the way, the gibraltar would vote to remain? >> it was. and there was a poll carried out in april showing you -- showing it would be 88% remain. what i have been told is that this is because that included some of the fight it -- some undecideds as well. that is why this has gone eight points higher, 96% remain, 4% leave. to sort of mix things up here a little bit, we are getting another poll showing voted to remain and 45% wanted to leave. that is much more of a dead heat and what we saw in the yougov poll. >> absolutely.
the expectation on a lot of fronts is that this could be very close. i know we've got odds checker, rexgo, thek at b probability, that has dropped to 85% remain. we were seeing that above 90% earlier this evening. i don't know whether that is being based on some of the polls that are coming out. betty: it is certainly going to be a long day for you guys. we are going to be watching this throughout our night. thank you so much, nejra cehic. special,atching our "britain decides." ♪
>> it is midnight in london. the city at the center of world attention as we wait on the outcome of the referendum on the eu. this is "daybreak asia." ♪ >> choice made, searches on speculation that the u.k. has decided to stay in the european union. stocks have gained, leading the s&p within 1% of the record. the pound is above $1.50 the first time since december.