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tv   Bloomberg West  Bloomberg  September 21, 2016 11:00pm-12:01am EDT

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mark: i'm mark crumpton. bloomberg west. let's start with a check of your first world news. the united states and russia today blamed each other for syria failing cease-fire. at a meeting of the united nation's treaty counsel, secretary of state john kerry and the russian foreign minister presented strikingly different views of the country's civil war. the un's special envoy for all hearties trying to stop the violence. if cease is to be made, they
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are to be saving their own country, there's a need for genuine readiness to negotiate and compromise and be president at the next talks. this is the opportunity we would like to offer them. mark: the u.n. announced it would resume a delivery in syria after they were suspended after a deadly attack on humanitarian convoy. house speaker paul ryan says congress has the votes it needs to override an expected presidential veto of a bill that would let 9/11 victims sue saudi arabia. president obama believes the measure could leave u.s. officials open to retaliatory lawsuits in foreign courts. for the second time in two weeks, u.s. bombers flew over south korea in a show of force aimed at the north. pyongyang recently tested its biggest warhead ever. i'm mark crumpton in new york. "bloomberg west" is next. ♪
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emily: i'm emily chang and this is "bloomberg west." coming up, apple's plan for self driving car is a tie with formula one franchise mclaren. how about electric scooter maker lit motors? we will discuss. plus a flurry of startups pricing their ipos this week. we will look at how investors feel about deal activity in silicon valley. and president obama highlighting how text is driving growth in africa. we will sit down with one of the ceos of one of the country's most promising startups. but first, a flurry of reports attempting to look under the hood of apple plus highly secretive car plan. people say the iphone matter is taking a strategic stake in mclaren. this brand is known for its formula one racing franchise. the financial times is reporting apple may want to buy the company outright which would likely be its biggest
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acquisition since its $3 billion beats. mclaren denies talking to apple and the ceo said " i can confirm is not a discussion with apple about any potential investment. " we have learned apple is talk to buy lit motors and bmw audi are in hot pursuit. all of this is a secret. apple acknowledged of its heartland, so-called project titan. joining us is a william blair analyst on the phone from chicago. and a bloomberg view columns in portland. with me here is our bloomberg apple reporter. let's start with mclaren. what do we know? what discussions have taken place? guest: we know apple is currently in talks with mclaren about some sort of strategic investment. this would mean bringing cash into the business and taking a percentage of the company. this would allow apple to choose
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one of the two paths they are considering for a car. their own, org partnering with a another automaker and giving them the apple form. by partnering with mclaren, it opens the door for a future apple-maclaren triumph. emily: this is a company we looked at in 2014. we interviewed the ceo. this is an electric scooter company. why would apple want a scooter company? guest: after speaking to multiple people who are familiar with the company, we have learned they are really proud of their patent portfolio and have 10 patents specific to self driving. one of the components of project titan is the self driving system. and theirmpany customers combined with their engineering resources would be able to assist apple with that part. and self driving, the system behind that is critical. emily: of all the carmakers out there, mclaren is not into mass
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production. what do you make of both of these potential deals? guest: mclaren has been moving toward a lectern and hybrid technologies. -- electric and hybrid technologies. that is part of the picture, but i think it's interesting because apple is not getting into cars to be another car company. a very challenging and intimidating business. they have to be doing it with a fresh sheet of paper, like a -- being able to bring a new value proposition to mobility rather than just making a car. i think what both of these and apple'sflect, interest in them shows. i don't think apple wants to put its badge on mclaren or i don't think they want to make a self-leveling motorcycle. i think it wants to acquire both patents and intellectual
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property, but also r&d capabilities which mclaren brings to the table. they want to take a high-end, cutting-edge approach to developing their own vehicles, whatever they end up being. emily: how are you sizing up this news, especially given that cars in general are a low margin business? we have no idea what apple is working on. guest: good afternoon and thank you for having me. i come from the world of stocks, and as a stock analyst, the gross margins and profitability is something i focus on. you are absolutely right. short of apple getting out a full-blown car with their end -to-end, getting out of this
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tough business, any initiative that would help the margins or the top line would be welcomed by me and my peers. i think it touches upon a very interesting point. i agree about the ip and the technology. but when we look at what is going on with automotive cars, i cannot think of anyone -- any one particular sector of our global economy witnessing some amazing transformation, whether it is the driving, electrification, fencing, infotainment, intelligence. i cannot think of any other thing. i think apple is putting a stake here. they're looking at it over the next 5-10 years, and as the other two gentlemen point out, you could have some very interesting and innovative outcomes beyond our normal sense of thinking of what is a typical car. emily: there has been a lot of the people within the
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organization at project titan. that layoutsted plans have changed. latest you think is the in terms of what direction apple is really going? guest: when apple started work on this a few years ago between 2013 and 2014, it was run by an executive who's a former engineer of until 1999 ford. he came to apple, worked on many iphone generations, but this group is very focused on the car. bob mansfield, who retired from apple, returned when the engineer left and organized the entire organization into three components. one, focus on self driving sensors, one focused on the hardware and the other on the software. you could theoretically see apple building a car platform
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rather than just a car. now, apple has two different roads where it can go. it can make its own car start to finish, or it can make its own platform. what we don't know is what apple is going to do and that will be exciting to see in the years ahead. emily: apple is not the first to do a smartphone or tablet but they came to the market with something better than anyone else. do you think it is possible in the car market when you have many companies that have a head start, whether it is tesla were google for these more traditional automakers that are presenting themselves as forward thinking? guest: clearly, what companies like tesla and google have proven is that silicon valley can provide the car industry with a real jumpstart. i think the car industry has become somewhat come out of five commodifiedfied -
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and there's still a tremendous amount of innovation and it's a challenging business. but it has lost the excitement that characterized the first 50 or 75 years of the automobile. silicon valley is bringing them back, but tesla is showing this is really hard to, especially if you go at it. we are a silicon valley company and will go anymore-way. production issues and quality issues tesla has and continues to face really shows how challenging this is. i think what apple has that other silicon valley firms don't is a focus and appreciation of the value of manufacturing, what it actually takes and the logistics. how much work that is. they don't do their own manufacturing, so a lot of people overlook the expertise they have in this area and its one of the mistakes, it is working to understand that is
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one of the things that separate apple from any other company in the valley. emily: apple as always been a supersecret company, this is one that goes all the way back to steve jobs. does apple over wall street more of an explanation or our investors is going to have to put up with the secrecy? guest: in a nutshell, they can be secret if they want. i do not think they own anyone anyone-- oh anything to on some level. one of the secrets of apple and one of the fascinating aspects of apple was the ability to surprise. in that context, upside surprises, downside surprises, things we do not call into thought are things we see moving. we have seen a little more leaks but we see stock getting priced in. when we look back, i think they are fine. i think they should be
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secretive, they should not reveal their hands right away. emily: i'm sure we will continue to be surprised. thank you so much for weighing in. thank you all. turning to a story of the following, the eu investigator is defending a controversial ruling that would require ireland to collect more than $2 billion in back taxes from apple. critics say she was unfairly training her sites on american companies. we asked her about all of those claims earlier today for >> i -- earlier today. we are not in international tax authority. i don't have control over taxation. what we do is enforce legislation that goes all the way back to 1958. our founding fathers thought we should have control and any trust in order to have a fair competition and a level playing field.
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david: apple says it paid an effective global tax rate in 2015. how do you square the reason why are the estimate so different? >> the numbers we have are obviously apple numbers because when we do this kind of work, we go on the information we get from the company for i hope we will be able to publish as much of the decision as possible. it is now in the hands of apple in ireland and if they want to redact some of the things in the decision if they find them to be confidential, i think it's better for everyone to put it out in the open the decision because then you can check as well as anyone else. david: you talk about redaction, i wonder how difficult it is to get your hands on data like this? how forthcoming are companies with this kind of data? brexit czar to the question
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asked that said. for them, none of this was public. data control has been public ever since the beginning. the secret was the sample data in the apple data and tax rulings in question. david: what has the level of dialogue been like between your office and apple? was there a robust dialogue? how would you characterize the conversations with apple ahead of this decision? works asd say the case a relationship between us and the irish government and the cooperation has been constructive and open. we disagree on the results of the decision, but to enable the conversion to take place, they have been accommodating. david: could they face penalties as large as this or larger? if you had a smaller company,
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it would have been much more of a number even if they could do the same thing. david: you met with treasury secretary jack lew and said it was a frankness that should you have. the treasury department submitted a white paper ahead of the decision and wrote a letter head of the decision as well. are you optimistic there will be some middle ground with the treasury department here? >> i think we will continue to disagree on this decision. also, because of the fact we have very different legal traditions, i have learned in the u.s. that it is absolutely the order of the day for a business to negotiate tax breaks with the state where they are situated. you have the clash of understanding about how this should be played out. emily: that was the eu competition commissioner standing her ground with gura.erg's david
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coming up, a startup that a big on africa's tech talent and earning a visit from mark zuckerberg in his recent trip to nigeria. this is bloomberg. ♪
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emily: mark zuckerberg and his chan, arepriscilla pledging to spend more than $3 billion over the next decade work on during the. the facebook ceo took the stage at a initiative event on wednesday. mark: this is a big goal and we got this was really aggressively got started. but we spent less few years going out and talking to dozens and dozens of top scientists and experts believe this is possible. emily: bill gates also appeared on stage to support the new
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program. >> one of the things that's great about doing science right now is the enthusiasm and interest in doing science. often, philanthropist in the past may have funded a hospital for some very specific disease focus, but now you see a lot of philanthropists the value of science to bring the solution from an early stage. i think bill gates has been a leader in this area. mark and priscilla are stepping up and making a fantastic investment. emily: after the birth of their daughter, max, zuckerberg and 99% of their wealth toward philanthropy. speaking of that initiative, the company that claimed his first andela andela investment was. the company secured it on in
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june and specializes in giving them full-time role that international tech companies. technology and its role in spring economic growth to center stage at the second annual africa summit. the end a la cofounder joined in cofounder joining us, thank you so much. explain it to us. i understand the acceptance rate and it's harder to get into than harvard. jobs for four years at various technology companies from facebook to google. tell us how it works. guest: thank you for having me. simple. we create a platform to find the brightest, most driven development to work with the world. we do that by providing data summary around the application process. we have had about 45,000 applicants to the program, we combine it with outstanding
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education technology and are creating a cadre of africa 's first elite engineering teams. emily: i think that is interesting. explain that, too. how many engineers are looking for work and looking for better training and hoping to get into the broader technology industry? guest: newly to look at it and of andela isbelief brilliance is pretty evenly distributed around the world. part of the reason we started ratio was to change that and connect great engineers with tough companies. it turns out there are a bunch of really talented engineers, inhnologists, and scientists
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the space across the continent which is 1.1 billion years old and the youngest continent on the planet. there are quite a few folks interested in this space. emily: mark zuckerberg visited on his trip to nigeria and i'm curious what you learned from him? how has it helped you? guest: mark and i spoke early on about andela and the education space. mark and priscilla were interested because of the ability to unlock human capacity and expand human capacity around the world. he knows little bit about software development and we did not know when we were going into early discussions that there was a chance to help him on his first trip in africa to experience some of those extraordinary developers, but it has been a fun journey working with them on it. emily: africa has been plagued by blackouts and power disruptions. not good you are in technology. how have you navigated these kinds of challenges and what
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needs to be done for things to get better? guest: there are components of that that are true but the reality of africa today is much different. it is very different from what most people think of it as. we had, for instance, a better internet connection in nigeria than i do in manhattan, right now. so yes, there are challenges, no question, but if you think about an event and how you are going -- think about it in advance and how you are going to build out the infrastructure and how you are going to work around those challenges, you can make an things happen. emily: how do you intend to scale this up? how you increase the number of applicants? guest: .7% of over a billion people is a big number. andela is not going to be facebook. we will never have a billion people working with us. that is not the intent. it's a mix of rhodes scholarship with pivotal labs for these
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engineers in africa. when we think about scale, it looks more like training 100,000 extraordinary developers over the next decade. with that process, i believe we can change the way the tech world views talent and what an engineer looks like. emily: fascinating stuff you are working on. thank you for joining us. coming up, we speak to the company of a cofounder cited as one of the most eagerly anticipated ipos in the pipeline for 2016. this is bloomberg. ♪
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emily: bloomberg is teaming up with twitter as the exclusive streaming partner for the 2016 presidential debates, starting with the first debate on monday. tune in or follow the politics. if you like bloomberg news, check us out on the radio. you can listen on the bloomberg
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bloomberg.com, and in the u.s. on sirius/xm. this is bloomberg. ♪
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he said it is in the public inflation, deliver and policymakers are not "inflation lovers." hasthe september rate hike been passed upon, as expected. expected toase is
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be seen before the end of the year. the decision was far from unanimous, with three of the 12 members voting for an increase. this is all the more appropriate given the short-term interest rates. this means we can more effectively respond to strong inflation pressures in the future. >> korean air agreed to provide emergency funds. $50 million is going to be supplied immediately, but the forper needs 10 times that fuel and cargo handling cops -- costs. news, 24 hours a day for
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120 countries. this is bloomberg. with get a look at the market right now, sherry? >> we are seeing stocks rally again. south korea and taiwan are leading the game when it comes to sectors in technology and basic materials, they are in the green. these stocks are moving today because of a major chinese conglomerate. to rise aspected much as 344%. the country's largest coal isducer, shanghai group, gaining ground. let's take a look at oil prices. have a fallenes
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to the lowest since february. we are looking out $145.76 a barrel. angie? into: thanks sherry. emily: this is "bloomberg west." i'm emily chang. finally on monday, setting up a range of $11 to $13 a share, setting prices for their ideas -- for setting prices for their ipos this week after one of the slowest years yet for tech listings. joining me to discuss the changing dynamics in the ipo market is the ceo of a new startup and our bloomberg news ipo reporter in town from new york. i will start with you, why now?
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they have been pushing the ipo months. why is now the right time? guest: what happened early this year is the ipo climate changed early this year. investor sentiment changed from looking to growth for one where they started looking to profitability. -- thet of the company companies held back their ipos and started shifting gears. they are changing gears to attract investors and my speculation is they took that time, a couple of months, to change gears. emily: to understand the mechanics, they have never been profitable, but revenue grew 85% year-over-year. what is the path to profitability and how do they get there? guest: i'm pretty sure they will come up with great results when they speak about their results in the future.
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emily: what is behind the scenes, what are investors saying? guest: the evaluation or their road show right now, what they are pitching at is about the same level they were valued in their last funding round in 2014, about $2 billion in market value it seems like they are pulling with a scene with the ash -- they are pulling what we have seen with the number of the ideas and have chosen to go out recently. they are pricing it conservatively, pricing it to sell. investors are hungry for it but it seems like some of these deals are priced to get a bit of a pop on day one. i will point out i hear from my sources that the profitability is on top of mind for equity investors these days. that is where they're going to have a lot of questions. emily: at a $2 billion market , is it a window do you see
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as an opportunity? guest: i think is the right call. the important thing is to make it a success. look at where they are today. it is important to have a successful ipo, but the demand is there. the market follows that demand. emily: they are not the top 67%. his net leaving a lot of money on the table for the company and for you? what you will hear guest: i'm not trying to undermine my job as the ipo reporter but the company future extends past that thursday for the that amount being left on the table is so small in comparison of what the company hopes to grow into over time. what i can say though is that everyone wants to see the ipo market start to open.
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you have a succession of deals that can do well and do perform, it in sets of eyes is investors investorsncentivizes to get in. they focused on wins against the life of vmware and cut competition. that's going to be key to the narrative so they can outperform going forward and should as long returns. emily: and make your job more exciting. do you think about the fact that investors are leaving a lot of money on the table? guest: what they are raising is , a small knotge of equity. with the orton is the company does well long-term. just because they raise money at slightly lower valuation than they could have come in the big -- could have, in the big scheme of things, it is not a big deal. emily: do you think it will invigorate the ipo market? guest: it should.
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this year has been slow for successful ipos, but as successful ipos happen in the and that pop happens, more ideas become possible and more companies get brave enough to go out there and showcase what they have. emily: we will be expecting to ipo to happen sometime next week. thank you for joining us. coming up, we will continue our ipo coverage. this week is turning out to be the busiest of the year for public listings. and to nin for the next episode of our six part series, big problems, big thinkers, tackling the biggest threats to the future of humanity from climate change to nuclear war and how to solve them. this episode will focus on the financial crisis with warren buffett. that is 8:00 p.m. new york time. this is bloomberg. ♪
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emily: a story we are following, viacom announced today is cutting its quarterly dividend and have an planning to cap the debt market to produce liquidity. the company is hamstrung by more than $12 billion in debt. five, also announced its interim ceo, tom dooley, is leaving the company. he was well liked on wall street and considered a close ally of the house ceo. fight, is looking to find a replacement by the time he steps down in november. continuing our conversation about ipos, when they traded in trading on nasdaq. a positive first a trade and this week turning out to be the busiest year for ipos. joining me now to tell us more about the climate is the
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president for the western region listings and our bloomberg reporter who covers ipo's breadth. your job just got a lot more exciting. i know it has been a dry spell. what do you make of this week in particular? do you think this will be an inflation point? guest: i think we're getting ready for exciting time here. the first part of the year was a dry spell on the ipo side, but as we have seen coming up later this week, we are looking forward to a busy fall. emily: you interviewed the ceo of trade death. here is what he had to say. >> that's a fact that we are both profitable and the fact that we grew by 156%, we have a financial profile that is really appealing to investors and when , you look at the macro landscape, there have not been many ipos and they are looking for things growing at that sort of rate with profitability.
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because of that shortage, now is a fantastic time for us to go public. emily: what are your comments? >> it has become an interesting mix because they have topline growth and profitability in -- and that cocktail is making for what the buy side really wants. equity investors are at a time where they want to buy into new issuance. there's just not a lot of companies that look like trade out there is ready to go. we are at this interesting point that the ceo, jeff green, got at in our conversation this morning. i would be interested to hear -- your background was in private market as well and you are familiar with the conversation going on with the optics around a potential down round or flat round when they go out. how is playing out the companies -- playing into the dynamic of
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companies listing in the last half of the year? guest: if you look get the one one thing the ipo needs, it is critical because as you are recruiting talent, you need to put real value in your equity by provide the liquidity for your employees. a lot of companies are looking to do that this fall through ipos others are working through , the nasdaq private market to find liquidity. we have had a record year as well. emily: are you excited about the private funding side as well? guest: guest: there has been a pullback in terms of expectations. those fundings will come with different liquidation preferences in terms. everything converts to common and there's a level playing deal. and talking about the tech companies, because that is your bread and butter, what do you see in the pipeline for the rest of the year? guest: we are excited to see companies go out and start exploring the public market.
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if you look at our win rate, we have run 80% of the tech deals that have come to market. we are looking to continue that through the fall. emily: talk about the competition with the new york stock exchange and how you see that evolving and what your strategy is. guest: we are really invested here on the west coast. next year is the anniversary of the nasdaq on for nouriel center. -- entrepreneurial center. it is based in san francisco where we educate the next great generation of entrepreneurs. and as that private market is a huge as of this, giving us a chance to engage with these companies before they go public and when they are looking at an ipo and going public, our best in class service offering. emily: you guys watch the companies so long before they get to this point. for the companies that have been waiting or watching, are they getting any?
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in?etting how are they feeling behind the scenes? guest: for the companies that are not probable, they have to profitable, they have to go out and look for funding. do they want to continue to tap the private market? long-term, the liquidity that company can get in the private market is not in comparable to what you get in the public markets. ultimately, they are looking at a public event or m&a. it depends on their long-term vision. emily: alex, what is your vision for the next four months? alex: we talked about this a little bit that you have all of these unicorns and all of these investors. they have to get an investment, so hopefully it's a little busier but it might not be -- but hopefully it will not be as busy on the ipo front. and they will become a bigger views of this equation has valuation when reality sets in. our new -- our bloomberg
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news reporter who covers ipo's and jeff thomas of nasdaq, thank you very much. turning to another story we are watching, the world cup tech fund has decided facebook is cheap enough to buy. company, onech average, delivers a return of 16% according to bloomberg data. they started certifying facebook -- started buying facebook in july. they believe any sale deceleration is already priced in. tomorrow, we are following up on today's fed decision to keep key rates on hold. we will hear from former fed chair alan greenspan. then former blackrock ceo, larry think. coming up, as reports swirled about apple's plans for a self driving car, does the company have the mapping know how to find its way to market? this is bloomberg. ♪
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ourcrowd just raised $72 million in its latest round of funding. it has made $36 million of funding this operation, the largest investing in a crowdfunding company. our technology reporter down with the ceo and asked about his plan for the remaining funds. john: we invest in every single deal that comes up on the platform. 5% ofghly every 4% or every deal is our capital from a call our general order that was to do what we were investing just a couple of million dollars out of my pocket and my friends pocket. and now we are at hundreds of millions of dollars a year. and we need to raise money so we have matching capital. emily: ourcrowd has helped to
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facilitate funding to 100 startups since it was founded in 2013. apple maps has come a long way since its troubled launch and parity -- parities. odies. how bad is it yaqui --? it's not iphone 4 bad is it? don't tell me it is zune bad. >> sorry, it's apple mavs bad. -- apple maps bad. emily: but helping it can be with industry leaders like google and waze, the tech giant acquired a handful of stand and startups and reversed engineered the last one to find bugs in the algorithms. one of the deals for this app
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offers real-time directions for walking, biking and public transportation around the world. is apple mapping software finally up to speed and who is the leader in this space? joining me now is the senior leader of the website applicator digg.me and founder of pop stop. thank you for joining us. is apple maps up to speed? guest: thank you very much. i think apple is backed -- back and the product offering is right on par with apple and the other map platforms out there. keep in mind doing maps is extremely difficult. you have the data for the maps, the algorithm, the user experience. for you to have a delightful map experience, you need to be able to deliver on all three fronts and i think apple done a
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-- apple has done a wonderful job with its new release. emily: where would you rank it against competitors like google? it is always waze or google maps that uber drivers are using. guest: google maps started quite a few years before apple entered the game. google with the data route. wenthe most -- weight -- the data route. part,, for the most controls most of the data and it has taken time to build that expertise and is not something that can easily be done. but apple has really caught up with what the other competitors. emily: do you think if they will get to a place with a can combine these capabilities with a potential self driving car that may or may not exist or will apple have to continue to improve and step it up even more?
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guest: it's an exciting time to be in the mapping space. with self driving cars, lots of it requires spatial intelligence and a deeper data set around those points and movements. the more reliable and safe for driving -- safe self driving cars. so even when we go to mars, i'm sure the company will be mapping mars. so it is a long game, and i think apple i think apple, far from not having real expertise and focus, they have done a wonderful job catching up with the competition. emily: we have been talking about the u.s.-africa summit and spoke with the ceo of andela earlier. mark zuckerberg is an investor, and you are an investor. what do you think makes this company so special? guest: andela is a wonderful place for delivering national as well as social results.
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i'm sure jeremy talked about it but they essentially look, starting in nigeria, they look anda nigerian with aptitude connect them with u.s. or international involvement and teams that work. it a wonderful way to create income and employment for nigerians and africans in general, and also being able to transfer skills they can use to create other companies within nigeria. to give a sense of size, nigeria has a population of 180 million. the unemployment rate among graduates is 50%, about half a million graduates go out each year, around 250,000 of them do not have jobs. it's a huge problem. and the government policies have failed. andela i think, under jeremy
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johnson leadership has shown -- jeremy johnson's leadership, has shown there is a way to deliver value and create social change as well. it is a wonderful company. emily: you are a multitime entrepreneur, now you're running another company. unfortunately we are out of time, we will have to have you back to talk about that. thank you so much for joining us. time to take a trip back in time with this day in tech. 13 years ago today, nasa and the mission for its first spacecraft. it was the first spacecraft to orbit jupiter and spent eight years studying the planet. it was the first spacecraft to fly by an asteroid and snapped images showing that asteroids could have moons. nasa and the journey by hurling
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it into jupiter's atmosphere at a speed of more than 30 miles per second. that does it for this edition of "bloomberg west." tomorrow, don't miss our interview with linkedin ceo, jeff weiner, right here on bloomberg television and bloomberg radio. that is 1:00 a.m. p -- 1 p.m. new york time. ♪
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yousef: markets extend the post-fed gains and interest rates steady, scaled-back for increases this year. angie: shipping surges on emergency fundingm but receivership court says the company may be on rescue. we are told they must find a sustainable way of sustaining the oil price. angie: and turkey announces a range of measures

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