tv Best of Bloomberg Technology Bloomberg September 22, 2019 12:00pm-1:00pm EDT
♪ >> this is the best of bloomberg technology where we bring you all of our top interviews from this weekend tech. coming up, ipo woes. roadshow on the big this week but complications to lay the ipo. in, is it the right time for facebook to tout a device that can listen to you in your living room? --talked to
rapid climate adaptation. investtes wants to help nearly $2 trillion over the next decade to help the world become more resilient. his thoughts on and potential solutions for climate change. for we work it was the roadshow that wasn't this week. highlythe most anticipated public debuts of the year is postponed until october. the shared office space provider is looking for more time to calm investors down about dropping valuation, governance problems and financials. at one point this was supposed to be a $47 billion company. billionber is now $15 and could be even smaller. joining me was the cofounder and chief revenue officer of equities and -- equity's end, an ipo market. things tove a lot of
address before they can go up to investors and ask them for money. they were looking for $47 billion valuation and now we are hearing it could be as low as 12 to 15. they have made a lot of changes through corporate governance. investors are looking at valuations, where they will improved performance financials and whether more changes are needed in the governance structure for investors to be convinced about the valuation they want to get. taylor: this morning on the open they spoke with the cofounder, he had some comments as it related to the valuation part of wework. >> that valuation is really a wake-up call to private investors that the public markets are holding them accountable and the specific reason this report reflected ,hat is the amount of cash burn what is a consistent theme in your set up here is that companies that are losing a lot
of money are being held to a lower valuation. is $1.5ase of wework it billion over the last year which is more than tesla loss. react to those comments on valuation. is in a space of its own having lost $2 billion in 2018. -- i a mist of -- a mix of think we have seen the largest losing companies coming out of the pre- ipo textbased. among these groups of companies we see companies that are burning only $100 million or $200 million in cash. is an exception to the norm but writing off $37 billion in value over three or four weeks is going to catch the attention of a lot of venture capital investors in public market investors. taylor: we can joke on twitter all year long about --
on a very serious note, how do you value this company? tol: with wework we tried look at multiple revenue instead of competitors that are publicly traded. what we found through our research is that competitors at 1.5 orere trading two times the revenue. a $47 billion valuation seemed ludicrous on its own. the toughest thing for wework is trying to defend itself as a technology company when it really is a real estate company that happens to have some technology bells and whistles. this is a wake-up call for them to recalibrate expectations in q4 or later in 2020. about the me more valuation, what do the private markets see that public markets are missing? phil: one interesting thing we saw at equity zen is that there was not that much interest for , particularly at the
valuations it had obtained from other investors in primary capital raises. markets forlthier companies that went public recently in 2018 and 2019, companies like doc you sign or or slack thatign were more popular for investors. we expected something similar for wework because the brand was ubiquitous. there was hesitation from investors. when you get north of $20 billion in valuation you are not talking about unicorns, the number drops precipitously and when you have that valuation coupled with losses north of $2 billion i think that was a recipe for disaster here. one thing i think about is that we have been in a bull market in public stocks and private stocks and that has led to founder friendly terms on how they raise capital. at some point you are going to have the pendulum swing. when you have this type of headline cut in valuation will
really start to shift those types of numbers over to investors and they will start to ask for more corporate governance, more reasonable valuations and other parts within the structure they will get more comfortable with. we talkedystal, when about bondholders you mentioned that $6 billion financing was contingent on raising $3 billion in that ipo. assuming that does not happen, when does wework need to get more cash and where do they get it? answer ishe simple they always need to get more cash as soon as possible. if the ipo does not happen by the end of the year they may look into tapping into softbank for more funding. talks about softbank being willing to put in another couple hundred million dollars but that would not move the needle. they would want to do an ipo to recapitalize. islor: any ideas on when there dropdead deadline for raising more cash?
phil: they may want to put this in 2020. with the amount of cash available to them things could 2020essy here in q1 especially with a lot of lenders that effort -- that have promised to give them capital if they raise their ipo before the end of 2019. quarterspend this tightening the belt and trying to overhaul spending and show great numbers at the end of q4. taylor: that was the cofounder and chief revenue officer of equity zen and bloomberg's crystal zse. apple told a european court it was unfairly painted as a tax dodger. an apple lawyer said the company taxpayer. they are urging the eu general court to overturn an order from the eu general commission that they pay $14 billion in back taxes and ireland. this report from luxenberg.
coming face-to-face with european regulators on the biggest tax case in the world. the company has appealed a 13 billion euro fine dictated by the european commission in 2016. the idea behind this is that apple receive special tax treatment from the irish government which allow the company to pay artificially low taxes. apple says this is not the case and has appealed that decision. if you are hoping to get a sorry moment from the company that was not the case. apple says it is the company that pays the most tax in the world. it claims the decision from the eu lacked any logic and they believe the numbers were tweaked in a way that presented apple in a bad light in front of public opinion. they say the goal was to portray the company has paying no taxes. on the european side they still
believe they are right and that it is obvious that apple has set out a tax structure in europe to pay the least possible amount. they believe if the arguments are validated and vindicated by the court they can continue to get tough on american tech companies to make them pay more in europe. those tax cases happening as tensions play out between the united states of america and europe over big american tech. the president has said many times this is only happening because the europeans cannot compete on the innovation so they compete on the taxation. the eu denies this and they want everyone to pay their fair share. taylor: coming up part of our exclusive interview with ibm ceo , why she thinks blockchain is all about trust. if you like bloomberg news check us out on the radio.
taylor: ibm announced wednesday it would open the first quantum computation center in an effort to expand its fleet of quantum computers and realize the business potential of the technology. the real-world application of quantum and blockchain is what caroline covered when she sat down with the ibm ceo ginni rometty. the future of at technology, we are all about applying that to business but we built some of the world's leading technologies here. cloud and ai, everyone talks about that, much more to be done there by the way. the next two, blockchain and quantum. the case with new
technology people overestimate them in the beginning and underestimate them in the long term. " whatain, if you said is one word would associate with blockchain?" i would say trust. you have to use the right kind of blockchain. my simple thing, what blockchain should do, people who put trust between parties who don't know each other, it would make trusted donsactions and it would with the internet did for communication between lots of parties. a great example on trust in blockchain, what it allows you to do is, you and i can share a transaction together and i don't have to see anything you don't want me to see. once the transaction is completed it cannot be erased. why do we each keep our own checking account, delete trust what the bank says?
it is the same idea with blockchain. -- one out ofion 10 people get sick, they get some form of illness from food safety. you have seen it when there are recalls on spinach. we started something called food trust. , therebout this, walmart are competitors in the world all being willing to join on, nestle, you'll lever, driscoll -- unilever, driscoll, they are saying we will all put our data on here on what row in the farm this came from. so when there is an issue, and we have done millions of transactions already through this, i can pinpoint where the bad spinach is versus calling
all back. a third of the food is wasted in this world. to me that is one. and quantum, i jump over the quantum. you think trust, quantum will solve problems that today traditional computers matter how fast they are cannot solve. it is because traditional computers are zero and one. quantum bits have internet you -- infinite space. there are problems that even if you have the best supercomputer it could not model. i'm exaggerating a little bit to show you that. biology, why do they still do -- they cannot get an exact simulation done. what quantum will do is things like, the first things will be drug discovery and material sciences, risk management,
logistics, -- if you were to watch -- if you were to truly model a molecule of caffeine you would need a computer the 10th of the size of this planet if you wanted the actual simulation. with our quantum systems we have made commercial ones available through a cloud because they operate at colder than outer space. working on newr materials like batteries and cars. jpmorgan is working on how to price different kinds of options and how to look at risk differently. drug discovery, we have a huge network of clients because now is the time to start to get used to it. i would add only one other side of quantum, there is a dark side. quantum can break from a traditional encryption. that is protected most of the world. we announced some new systems last night and they are to
prepare for quantum. already our security, and to secure what is inside our systems and run all those mission-critical systems are quantum safe. we have been equally building something called lattice ofptography which is a type encryption that quantum cannot break. i'm going to build a tool that is that powerful i/o it to society to ensure that if it has a downside i address the downside. we put as much effort into that as we did to create something that prevents it from being that powerful. taylor: that was part of bloomberg's exclusive interview with ibm ceo ginni rometty. listening in. resumek confirms it will transcribing audio and from its in-home portal. we hear from the vice president for augmented and virtual reality. later, corporate ventures, i
confirmed itook will resume collecting and transcribing some user audio clips from its in-home video device, portal. spoke to their vice president for augmented and virtual reality, andrew bosworth at the launch of a new generation of portable devices. he oversees hardware and devices that facebook. >> i'm so excited about our new products. a 10 inch and eight inch hd screen that are oriented towards connecting people with the ones they love the most through video calling. these were designed to look like picture frame so they can fit into any home as naturally as if they were picture frames. it will show pictures when not in use. >> another cool thing you are
launching is the tv portal. tell me about that. advantage oftakes the biggest screen and the home and turns it into an immersive video calling device. >> the one thing that stuck out was the price point. you are really trying to push into what is already a competitive space. you have roku and apple tv, how do you stand out? >> we think the most important thing people do is connect with each other. until now, all these devices are not focused on that, they are focused on connecting unit content. when it comes to connecting with the people you care most about that was missing. with portal you can use facebook, messenger or whatsapp to connect with the people you way most about in a rich with cameras that are fully around the room and hands-free and you and your kids can connect with grandparents or friends without having to worry
about holding a phone and your arm getting tired and trying to fit everyone in the shot. taylor: you mentioned cameras. on the portal there was that button where you could turn the camera off. huge concern,en a was that the focal point of making sure it was very easy for me to turn the camera on and off? >> when you're introducing new devices, people have not experienced anything like this before that has a camera and microphone. we wanted to make sure we were in control of the experience. they don't just have control to turn off the camera and microphone, integrated shutters that cover the camera so you can see it is not seeing you. >> what about the microphones. >> they have an active light when they are disabled so you know that they are disabled. you can decide to leave the microphone off if you want to use any assistant. portal" am i hey being recorded? hears that it sends a
recording up to the cloud to get an answer back to you. if you have storage enablement is a default we may analyze those recordings to improve the quality. you can disable those on the device or your facebook activity log. >> privacy data has been a big focal point of facebook. is now the right time to be launching new products where there is a camera, microphone when there is so much scrutiny and arguably the least amount of trust in facebook? >> i think now is the best time. connecting with someone you care about is the essence of what facebook does and that's what the portal devices are centered around, video calling to people you care most about. we've taken every precaution to make sure people feel comfortable with the devices in their homes and the control they have with those devices. when they have the experience of connecting with someone they care about they will experience
something special. comes at a time when antitrust scrutiny is at the highest. when you think of facebook a lot rightple -- is now the time to the expanding your technicals and showing people how big you are, going into tech, homes, and tv? >> the smart display device category is so new. early and everyone wants to experiment and see what kind of value we can create there. it is not very big but it is growing. if people decide they are excited about video calling for the home and we think they will be, i think this is a great fit. taylor: joining me to discuss this is bloomberg technology reporter kurt wagner who covers facebook. i want to talk about the privacy issues and the opt out button. does that go far enough to quell our concerns about privacy? kurt: i think the big issue we have seen with these
transcription happenings that have been a big issue with tech is that people did not know about it, they were not aware that the audio they were giving these companies was being transcribed at all. at the very least facebook is acknowledging this and they are talking about how they made the opt out thing part of their presentation to the press. it is not necessarily them saying privacy is important, you think they would make that the default if that is how they truly felt. at least they are now acknowledging it in a way that none of these companies have. themat do you think of launching in your living room cameras and microphones when trust in that company is at an all-time low? >> you asked them that and i asked him that yesterday, it seems crazy for the timing for facebook to not only be adding a device for your -- device to your home but one that has a camera and microphone. it does not seem like the right time.
at the same time when is the right time for facebook? i kind of understand why they are pushing forward with this. you don't know when is going to be the " right" time for that. they have been dealing with this privacy issue and there is a trust issue. someone's to get into living room and people don't trust you. click this is a very competitive space. you have comcast making announcements and you had a company like roku. this is very competitive, how does facebook stand to change themselves? >> they>> said the differentiator is the video calls. they think people will use , you might call a facetime call on your phone with this would be through the hardware and maybe even through your tv set. they think that differentiates them from all the others. we asked, what about the idea of having netflix or hbo on these devices?
a ton of, there are places you can go to do that stuff. our differentiator is the video camera. i think it would make sense if they had both. facebook come out with their version of the google home or the amazon alexa, a device that you can talk to? >> you can talk to this one. you can either talk through anda or say " hey portal" that will wake it up for basic commands or requests. those are the things they are collecting. the bigger question is when will they have their own assistant? right now they don't have any and buildemove alexa their own thing. with the hey portal software they are getting started. taylor: what does the $17 billion data analytics company due to diversify? if you are splunk you enter the
taylor: welcome back to the best of bloomberg technology. data analytics company splunk made a splash as it entered the venture capital world. the company announced two investment funds totaling $250 million. the first is an innovation fund while the other is a social impact fund. splunk ceo doug merritt touted the move. corporate classic funds. we are passionate about data and the power it can bring to solve some of the world's problems.
those funds are constructed to help investment companies that have more of a commercial purpose on using data to solve different issues around the world from health care to consumer issues to privacy issues. we are open to investing outside of the splunk ecosystem. the other is a more social fund. from ansformation industrial economy to the more services and data driven economy . there are a lot of great organizations helping with everything from reskilling populations all the way through two different beneficial programs in areas like human trafficking that would not be commercial entities but doing amazing good using data. analysts are bullish on the stock. bullish onally future growth opportunities. where do you see that growth? onwe classically focused
technical departments within organizations because they are fully digital already which means they have overwhelming amounts of data at their disposal and they need to craft a signal. is itnius of that data can also be used for manufacturing optimization, supply chain optimization. so early inus is the journey, we look at that market as being less than 5% penetrated. of our focus remains on cybersecurity, i.t. resiliency, developers, and helping those buyers serve the rest of the organization by taking that same data and using it for other renters enter -- revenue-generating or customer serving activities. taylor: on wednesday post market rose as much as 2% on news that cisco had tried to make an acquisition of data dog.
the point is the broader m&a landscape. splunk do you assume -- do you assume splunk makes acquisitions or do you get bought out? >> we cannot control who we focus on. we are actively always looking at additional technologies that could add to our full been helping our customers. i would anticipate more for the future. we had to relatively big ones. we see so much opportunity. we are at the beginning and end they can turn data into doing and not be overwhelmed by it. taylor: within the cloud space how you compete with the big guys. like amazon and oracle who not only have a cloud about their own data analytics company? >> right now we are adding value
to different data services those vendors provide. we are enhancing and enriched -- enhancing and enriching. the reality that any of us live in when you are participating microsoft, and amazon is you have to add value. that is going back to acquisitions and maximum investment in r&d. they come out with really compelling services and we find ways to add more effective values to those services and also draw from the multi-cloud horizon and operate data centers and then taking that value up even higher for organizations that have these very heterogeneous landscapes. taylor: j.p. morgan analyst onraded the stock today advance bookings or future bookings, really strong going out into the year. how do you forecast future bookings? >> the economy is an interesting
state. what we have seen in the last few quarters is while people are -- there is a lot of change and they are trying to digest the change. this digital transformation we have been talking about for a decade remains top of mind for leaders. when you are facing cloud vendors that bring new business models to customers you must keep investing in the digital transformation journey. so far we are not seeing any big impacts in our outlook for our , it is always quarter by quarter. taylor: how is the broader tech spending environment? do you fluctuate with tariffs, trade, internationally versus domestic? we were a secondary impact. as organizations bear the burden of tariffs that takes a budget than they have to reevaluate
budgets and what they want to spend money on. we do sell internationally and currency is an issue for us there. we tend to be in u.s. dollars and that has not had an effect on us because now they have to quantify what the new price is based on their own currency fluctuations. it is not the same impact as manufacturers shipping physical goods but ultimately we are at the service of our customers and trying to drive them forward and their budgets translate back into what they can spend. >> you introduced some recent price changes, how much more of a tailwind is that for you going forward? >> the main focus we were driving is serving customers. customer success is our number one business criteria. this was a key element we thought was critical. within our modeling we think it is a tailwind that provides a lot more leniency for what they can do with the software and there is so much data that with an easier pricing metric they
can put a lot more data in and get more value out. taylor: that was doug merritt, the ceo of splunk. splunk's rival data dog joined new york this week. the enterprise software company went public on thursday. and hammond caught up with the ceo at the nasdaq. >> you have to solve a real problem for real customers. is wey we spend all day focus on how to make things simpler as they run applications. how do you grow in terms of market share? you have a lot of on premise competitors. it's a very crowded space. how do you compete with the big companies? it's a very big market. it's a market that's very fast. there is room in the market for many companies to be successful.
the way we compete is we focus on the cloud, companies that are moving to public and private clouds and we build on that. focus on getting to the maximum level of reach with those companies, being used by as many of their engineers as possible and that makes a difference. >> what is the point of differentiation for this company? towe started the company reconcile between teams that were not seeing eye to eye and did not look at the same kind of data. our focus was to bring all the data from various sources into one place and make it accessible. we get deployed by more teams and get more users. >> obviously everything in the public market at the moment is overshadowed by what is going on with wework and their troubles. having just done an ipo, a fairly successful one in terms of day one pricing what would
you revise be to someone looking to go public? >> i don't have much to say about wework, we use wework in a number of cities for our offices. to do is always focus on your customers and focus on having a business that is healthy in terms of the metric and profitability i guess, that is what we do and we keep doing that. it has been a subject where there has been some controversy shouldy in terms of companies have so much control -- was there any discussion about going back on that? >> for us what matters and what is important is we are building for the long term. we want that to remain a case as a public company. it was important for us -- we serve investors. we deliver returns to investors and run a business that is
healthy for investors. that weo make sure focus on the long-term. >> another story that has been in the news overnight is interest from cisco, talk to us about that and why does it make whye for a company like -- does it make sense for a company like data dog to be independent and set up under the auspices of a big company like cisco. therethe market we are in are many more problems we can solve for our customers and there are much bigger and -- there is a much bigger and more successful company we can build. do you see you as acquiring yourself or selling it to someone else? >> we have had acquisitions in the past. might
-- taylor: that was the ceo of the data dog with ed hammond. coming up, and internet unit napsff of south africa's berg traded publicly for the first time in europe this week. we check in on the performance with its ceo next. richestd's second person on climate change, we hear from bill gates and his kind of the action we can take now to protect the planet. this is bloomberg ♪.
tencent holding. i caught up with the ceo and asked what he sees in prosus that investors should be open to. was quite positive and we expected it to be somewhat volatile. and thenew listing shareholders have not received their shares. ony will only get them monday. there will be more activity going forward. generally i think people are excited to have a large consumer internet group listed in europe, we are the largest consumer internet group in europe. taylor: is now the right time to ipo? business is very profitable in classifieds in payments and we are growing very organically so i think the timing is great. business youe next would direct list or ipo? .> we are focused on prosus
we are a growth company and we want to see the growth happen and get the right investor base into the new prosus listing. taylor: what sectors are you investing in next? >> there is so much we are excited about. we are investing in food delivery and that is very rapidly growing. we see it everywhere in the world. people are using more occasions to order in. we think that is a big growth opportunity. >> talk to me more about food delivery. the competition is heating up in that space. you have more companies coming out trying to invest in that market. how do stand out and differentiate yourself? >> it is important to have excellent local operations. what we see in markets like india, what its required to be successful there is different than in other markets. on thellent operator ground really understands his
customers and understands what restaurants need and has an efficient and scalable operation. taylor: when you talk about the local market in india, talk to me about the local market in china. investorna we are an in tencent, we have 31% of the shares. as a market it is probably the most attractive internet market in the world, the biggest internet market in users. i think tencent has a fantastic position in the market, probably the best leadership team. we are happy to be active in the market with tencent. >> you talk a lot about food delivery. know you are a big investor in ai is all the rage, cloud product software and outside food delivery where you see the next frontier? >> if you look at technology that is going to make a massive difference in our lives i would say machine learning is the one that stands out. it will be as transformational maybe even more so than mobile
phones have been over time. it is really changing how people interact with the internet and i think it will be relevant in all the businesses we have. machine learning is huge for us. taylor: a big thing in the market recently has been finding the path to profitability. as you look at what companies you do and don't like, looking at different sectors, how important is it to be able to see that roadmap to a pastor profitability? -- path to profitability. >> if you understand the business model well we find we did that in classifieds and now we turn profitable. as long as you know the model you are investing and you are confident with a couple years of losses but you need to make money. taylor: we have talked about a india and china but not the u.s.. on do you continue to focus
investments in emerging markets and would you ever consider big investments in the u.s.? >> it is a good thing we speak about that. , were a growth company invested quite a bit in the u.s. in the last few years. which is called let go helping to let people sell things they don't need any more on their mobile phone. taylor: tell me more. by the founderd , what itto my heart does really well is make you don't need anymore as easy to sell is throwing in a way. taylor: a broader question about being in the midst of the u.s. china trade war. ,ou have been focused on china have the tariffs or trade war impacted the relationship between the u.s. and china?
>> if you look at the investment we have in china, i think tencent is mainly operating domestically. t is a strong chinese franchise. the operations of the businesses have not been impacted but it has impacted investor sentiment. are you purposely focusing on companies that are locally operated with china that don't have that international exposure that are subject to the trade headlines between the u.s.? >> we take a long-term perspective on the world. it serves us well over time. when we do an investment we take a 10 year horizon. in thed not worry about here and now, we look ahead. taylor: that was the naspers ceo. clearing the fog on climate change. we talk sustainable investing in here how the world's second
taylor: the united nations climate action summit is due to be held next week and most americans agree climate change needs to be addressed. bloomberg is part of the covering climate now project that includes more than 100 news outlets. recently conducted a poll that found 56% of americans think we should be addressing climate change right now. bill gates has invested billions in clean energy to tackle climate change but his latest strategy is not to try and prevent it. wants to help those hit hardest by climate change and that is geared towards adaptation. to eriktly spoke schatzker in seattle. afford airan't
conditioning and if your crop fails you don't have a savings account to get past that, and your children don't have enough to eat, if you live near the equator where the absolute temperatures are higher than it is in the temperate zones -- climate change is caused by middle income and rich people but the people who suffer the most will be the poor. , evenvery unjust eventually for the wealthy people the problems will be very next 30 or 40 years most of it will hurt the subsistence farmer. erik: why focus the efforts of the foundation on mitigation and adaptation to climate change instead of combating the root emissions?rbon not an arean is where the foundation gets involved in. that's where you try to switch
to green energy or electric cars or meat that is made without cows. that is big private sector stuff. i invest billions in those things including nuclear reactors and all sorts of things to help there. adaptation which is taking the fact that there will be climate problems and we need to help those who are hurt by it by giving them better seeds that can deal with the drought that , thosee productive things the foundation is very involved in. most people think about this mitigation of producing the mission, how you minimize the damage which they call adaptation, that gets very little attention. others who created a commission of this adaptation year itat later this
will make it more clear that there is work to be done there. erik: do you think climate change is stoppable or reversible at some point? >> we are not going to have the year where the world is cooler than it is today. the average global temperature will go off a lot and in the next 50 years it won't go down. deciding how much it goes up, by two degrees or three degrees or four degrees, that is in our hands, if we ignore the problem you are going to head to something like a four degrees an area which in terms of natural ecosystems like forest fires, days were humans cannot go outside near the equator, it is a pretty extreme case. knowing how seriously people
will take it and what types of innovations will come along will determine where in that two to four degrees range we are by the emd of this century. i hope we don't run the experiment of being higher than two degrees but it will take a a bit ofmmitment and luck on innovative breakthroughs to be able to get there. erik: there are a number of different ways of fighting climate change, renewable energy is clearly one of them. do you think government should subsidize renewable energy or be dictated by market forces alone? >> the cost of wind and solar has come down dramatically. some of that has helped to drive the volume that drives up the learning curve and the prices go down. they are not going to come down much more. should benefits there shifted into things that are like energy storage
or offshore wind which still has a huge premium price. places where we need the market to get going. the process of solar wind is very helpful but the sun does not shine 24 hours a day if you are far away from the equator. this is just for the electricity piece that is only 25% of emissions. we need a lot of efforts. that optimization and that is oneated rollout that of the few advances that we have, it is less than 10% of all energy generation, the global economy has a lot of energy of theion, it is one good things that has been developed. taylor: that doesn't it for this edition of the best of bloomberg technology. we bring you the latest in tech throughout the week. tune in at 5:00 p.m. new york in 2:00 p.m. in san francisco.
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nejra: wall street's big win. banks may get a $40 billion reprieve from trump era regulators. the bid for lse. the u.k. watchdog promises a high level of scrutiny over the hong kong bourse's bid for london's exchange. calming the money markets, the fed steps in with repo operations for the first time in a decade. welcome to "bloomberg markets: rules and returns." i'm nejra cehic in london. "rules and returns" is the show where we delve into the regulatory challenges and opportunities for financial markets around the globe. first, let's get a roundup of this week's news. here's sebasti