ed ludlow, bloomberg news, san francisco. emily: coming up, one of the biggest data breaches in history. we will give you the latest on the capital one hack that compromised the data of over 100 million customers, next. this is bloomberg. ♪ emily: cryptocurrencies took center stage on capitol hill this week. the u.s. senate banking committee held a hearing tuesday to discuss regulatory framework for crypto and blockchain. planss facebook's libra continue to draw backlash. while the conversation circled around regulation, jeremy allaire the only industry representative to testify. caroline hyde spoke to him following the hearing. take a listen. jeremy: there were certainly openness to learning. i think the increased global awareness of this asset class, the movement of very significant scale internet companies into the market is bringing a lot more attention both from regulators and from policymakers and lawmakers. in general, i think i saw a readiness to learn. i think there was very real discussion around, you know, is the

i am emily chang in san francisco. this is "bloomberg technology." coming up in the next hour -- >> this is a watershed moment in privacy governance. and privacy enforcement. emily: u.s. federal trade commissioner noah phillips joins us to discuss facebook's record $5 billion penalty to put privacy violations behind it. facebook has announced it is being formally investigated by the ftc on antitrust. plus, facebook marching forward with at least one ftc settlement in its rearview mirror. the company posted second-quarter results, shares are up more than 50% this year as most of wall street says fundamentals remain strong. tesla resorts second-quarter results, the ev maker misses on cutting losses and wall street reacts. we will break down what went wrong and right. our top story, facebook out with second-quarter earnings, proving the company can grow advertising and users while feeling the heat from regulators worldwide. hours after facebook announced a settlement with the u.s. federal trade commission to end a probe i

i'm emily chang in san francisco. fresh off a bullish sales and profit forecast for the quarter, cisco is not standing still. cisco whose equipment makes up the backbone of the internet and corporate networks and announced it would buy acacia with a deal worth $2.6 billion. cisco pays $70 a share. that represents a 46% premium to the closing price on monday. that company makes products for cloud infrastructure operators and communication service providers. the deal is expected to close in the second half of fiscal 2020. to tell us more, we have liana baker in new york and ian king who covers cisco for us. ian, what is the motivation behind this deal? ian: if you are cisco, you don't want to be selling the same box everyone else is. they are getting technology, optical technology to put in that box and hopefully differentiate what they are offering and make the likes of google and aws come back to them and say we need cisco technology. emily: talk to us about what this does for cisco competitively in a market where we

joining us now in san francisco is the nasdaq head of western u.s. listings. jeff thomas. congratulations. l.is is a big hau you claim to have won 88% of vc-backed deals. how do you hope to continue this? >> it has been an incredible first half of the year. as you mentioned, we had 97 new members join the nasdaq emily. year. family this we have a great lineup for the second half. we will continue working with companies throughout all phases of their life cycle from the earliest stages through nasdaq private market, helping companies evaluate the right time to go public and providing great support to them throughout their lives as public companies, and, hopefully, the markets will cooperate. caroline: in some cases, it felt like it didn't quite caught rate, particularly for the older generation, if it's lyft listing on nasdaq or uber, which did not. how do you and sure that the investor base doesn't think the companies are waiting to long to come public market? >> one of the major differences now and between five and 10 years ago is the amount of capital available on the pr

for more, i want to bring in ian king in san francisco. i kept hearing that huawei was a national security threat. how are these chipmakers now making the case that it is not? ian: yeah, very good question. they are not outright saying, look, we need to give huawei a pass on this. what they are saying is the action, or the nature of the action taken by the u.s. is actually being counterproductive. by basically hurting semiconductor makers will create a situation where u.s. security is threatened because this country needs a very strong chip industry. china is their largest market. taylor: what has been the reaction from the trump administration? it seems like a little bit of an about-face. ian: as we have all heard, there have been various things said. the message has been refined. it is safe to say everybody is still sort of scrambling, trying to find out how this is going to work out once we get to the actually policy space. at least from the initial pronouncements, tweets, it seems like the administration has accepted a certain percenta

. ♪ i'm emily chang in san francisco and this is "bloomberg technology." a $34 billion deal with red hat. plus, ibm isn't the only one making deal headlines. buy. agreed to facebook unveils new diversity goals aiming to double the amount of female employees globally over the next five years. my diversity seems to be the next -- why diversity seems to be the next problem big tex can solve. ibm purchases redhat. withas once synonymous mainframe computing. the company is playing catch-up market leaders and offering software and services over the internet. bloomberg's david westin spoke to the leaders of both ibm and red hat earlier. >> i think, a lot of times people think everything is going to move to one public cloud. that is not what we see clients need, want, or are targeted to. estate, like a house, i want to modernize it. i'm going to put it where i want and i'm going to manage and secure all. betweenthem a platform red hat and ibm, that runs on it and manageure it. that is a distinct capability and that is what i mean by the hyper cloud. others talk it

♪ emily: i am emily chang in san francisco and this is "bloomberg technology." coming up, alphabet advances, shares spike after the tech giant says it managed to keep at business growing study. i spoke to alphabet cfo about how they keep it up in the midst of rising antitrust scrutiny. we will tell you what she had to say. plus, amazon falls. shares tumble after the company reports profits missed estimates . third-quarter profit guidance also a miss. up in smoke. jules defense of its marketing policy goes proof. the company is grilled by lawmakers in washington who say more teens are getting hooked. first to our top story, a tale of two earnings as amazon and alphabet report second-quarter results. shares of the parent company jumping while amazon is heading in a different direction. alphabet reported revenue that beat the highest estimates, calling concerns of slowing growth at the heart of the largest digital ad company. sales in the cloud unit grew by 37%, but not enough to top estimates. joining us to discuss -- you cover alphabet and amazon, so what is happ

♪ emily: i am emily chang in san francisco and this is "bloomberg technology." coming up, tech giants visit the whitehouse. the trump administration posts some of the biggest u.s. tech kohl's to talk about fail-out from the trade waist with china. and the proclaimed air gaps of silicon valley. the pitch to lawmakers presum bus. we will ask him how it is impact the broader crypto market. from trump, to owe wal-mart, to zuckerberg. no one is safe from doctored videos that are so good that you can't tell they are fake. one company says it can. first to our stop story. big tech companies were back in washington monday, but not to discuss crypto currency or anti-trust, trump's top advisor and treasury secretary called a meeting to talk about the impact of the trade war with china. one stood out. the administration's fight against that and whether the ban should stan. representatives from microsoft, intel, qualcomm and more. to discuss in d.c., we have jenny. what is the latest we know about this meeting? who was there and what was discussed? >> what we know is that t

i am emily chang in san francisco and this is "bloomberg technology." coming up, no love for libra on capitol hill. jay powell says he has serious concerns about facebook's cryptocurrency. plus you will hear from the global chief diversity officer. she tells us how they plan to double the number of female employees globally in the next five years. internet for all, it is going to take thousands of satellites to do it. will the price of global broadband be a polluted night sky? we will take a look at an emerging debris problem. to our top story, facebook plans to create its own crypto muchncy, libra not getting love from u.s. lawmakers, in fact, getting skewered. you can now add fed chair jerome powell to that list. take a listen to what he told the financial committee earlier. while the project -- libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability. these are concerns that should be thoroughly and publicly addressed. facebook has a couple billion plus users. you are looking at the possibili

i'm emily chang in san francisco. apple and goldman sachs' new credit card is weeks away from launch, possibly as early as the first half of august. the apple card was announced on stage at an event in march, enticing consumers with no fees, iphone integration, and a privacy-centric approach. meantime, speaking of apple, the trump administration has rejected the smartphone giant's bid to avoid tariffs on computer parts it manufactures in china. "apple will not be given a tariff waiver for mac pro parts made in china. make them in the usa. no tariffs." apple had requested key components to its new mac pro be exempt to 25% import tariffs after shipping production of the computer to china. larry kudlow echoed the president's remarks. mr. kudlow: they have operations in china and he has encouraged the ceo -- we are very friendly with mr. cook. i meet with him a lot. he'd like to see the apple operations moved. i know there was some talk they would be moving production facilities to texas. i think that would be a good thin

♪ emily: i am emily chang in san francisco. and this is "bloomberg technology." coming up in the next half hour, tech companies being grilled on capitol hill. grilled currency and antitrust. what can congress do to alter the course? plus, president trump has an eye on google. he wants the attorney general to look into peter thiel's allegation that google's work with china is "seemingly treasonous." should google be worried? amazon is in the crosshairs facing antitrust. margaret vester prepares for a summer finale to her five-year crackdown on u.s. tech giants. but first, to our top story, big tech in the eye of the storm on capitol hill. facebook, amazon, apple, google, all appearing in washington to answer lawmakers' questions. the first to be baked over the raked over the coals, facebook's david marcus was the -- david marcus. the co-creator of the cryptocurrency project. senator brown: facebook is dangerous. now, facebook might not intend to be dangerous, but surely they do not respect the technologies they are playing with, like a toddler who has gotten a hol

. ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." in the next hour, crypto concerns. treasury secretary steven mnuchin joins a line of critics of facebook's libra as the social network prepares to testify at multiple hearings this week. amazon enlists celebrities to push its products on prime day with competitors like walmart and target. the chips are off the table. symantec and broadcom have halted deal talks. where does that leave them now? first, to our top story. big tex the big issue on capitol hill this week. tech the big issue on capitol hill this week. tuesday and wednesday, they will hear from facebook on libra. before the testimony steven , mnuchin taking aim at the social network. >> the treasury department has expressed serious concerns that libra could be misused by money launderers and terrorist financiers. emily: also tuesday, representatives of facebook, google, apple and amazon will defend their companies in front of the house judiciary in a hearing on antitrust. their goal is to convince lawmakers they do not stifle

i'm emily chang in san francisco. boris johnson, the public face of the brexit campaign, was elected tuesday as the next british prime minister, with a landslide win. he promises to take the u.k. out of the european union by the october 31 halloween deadline, but how will tech be impacted by the leadership change? alex webb explains. alex: boris johnson is the u.k.'s new prime minister after defeating jeremy hunt in a vote of conservative members today. it was quite a substantial victory. what did it mean for tech? well, one of boris johnson's most ambitious targets is the desire to bring high-speed broadband to every household in the country by 2025. the existing target was 2033. a goal that johnson called laughingly unambitious. he doubled down on that target today, even though a lot of people said no real detail on how we will achieve it and how he will get there. there is a suspicion that one of the reasons he set such a target was his core constituency would have been in the region's in the countryside, people wh

i am emily chang in san francisco, and this is "bloomberg technology." coming up in the next hour, microsoft defies gravity. the company beating expectations with a big lift from the cloud. plus, the congressman who says facebook's cryptocurrency libra "may do more to endanger america than 9/11." we will talk to california democrat brad sherman after blistering hearings for big tech. stocks died. , $15s fall the most billion wiped off the board. will the streaming giant recover? our top story, microsoft shares topping after fourth-quarter results that topped estimates. strength inontinued the cloud business. the ceo is working to keep up a steady flow of cloud deals to narrow the gap with market leader amazon and offering bundles including office, windows, and other security products as well. to unpack it all, we are joined by cloud reached ceo aaron paynter, who spent 14 years at microsoft in the u.s., brazil, france, and china, where he served as gm for a few years. also, a reporter from bloomberg intelligence. another big order from microsoft as expec

i'm emily chang in san francisco. the peter thiel-backed company n26 -- valuing the company at $3.5 billion. it is one of europe's most highly-valued firms. and, the highest valued german start up-to-date. n26 has made waves with its mobile banking app and just launched in the u.s. last week. joining us to discuss is n26 co-founder maximillian tayenthal. thank you for joining us. tell us how it works. big banks are not perfect, but why should i give you my money? maximillian: when we entered the space, we believed the financial service area is ready for disruption. for many years, the banks have failed to provide a good user experience and still charge unfair fees. i think, like a growing number of customers, these 50% are not using the bank branches anymore and traditional banks are investing heavily in the bank networks even though they cannot differentiate themselves from the competition by these networks. we actually came to the market to provide a great product, like for a young audience that likes to be on the s

♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." a bloomberg scoop, a bumpy ride for lyft. why the company coo is leaving and why the founder plans to split up the job. trade commissioner joins us to tell us why she voted against record $5 the ftc's billion fine on facebook. trump's topjob as spy. what that could mean for national security. .xecutive shakeup at lyft chief operations officer jon mcneill is leaving after joining last year from tesla. founders say they won't hire a replacement. why is he leaving? mark: that is a very good question that we don't quite have the answer to yet. it is an intriguing situation. he didn't even last two years. wheres also a situation you are a very experienced executive coming in with a mandate to oversee operations but you also have two founders of the company and you have ideas of how the company should be operating. we note in the story that his , came from and coo amazon, didn't last three years. there are questions about whether they could sustain somebody in that role. it may be telling t

the complaint focuses on services in new york and san francisco. cities -- by approving this transaction we get 5g not only their but builds out again in 99% of the country. which closes that digital divide. i think this undermines a lot of their actions in this case. i leave it to the department of justice to work out where that comes from. the lens that i look through this from is how do we make sure that consumers see the benefits of competition. today feelericans like they have one or no choice for in-home high-speed internet. by combining the assets of sprint and t-mobile together you get some disruption of home in the broadband market. >> speaking of the department of justice, there was diversions between the fcc and the doj. the doj took longer. why was there a split? agencies have separate statutes and lenses -- and lenses. i respect the process they run over there. int does it take to compete this new 5g world? the next three years in wireless may be different than the last five. you have a third provider that scalee the same scope and . a

♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." tech giants visit the white house. the trump administration hosts some of the top companies to talk about the ban on huawei. libra pitch tok lawmakers somewhat presumptuous. and, deep fakes. from trump to pelosi to obama to zuckerberg, no one seems to be safe from videos that are so good that you can't tell they are fake. we speak to one company who says they can. heads of companies back in washington on monday. trump's top economic advisor in secretary called a meeting to talk about the trade war with china. one topic stuck out, the fight with huawei and whether the ban should stand. representatives from microsoft, intel, qualcomm, and more. what is the latest we know about this meeting? who was there? what was discussed? >> the meeting was called basically to hear a view from a business perspective. we do hear a lot about the huawei fight from the hawks and the administration and on capitol hill who obviously are in favor of a total decoupling of supply chains. this is a chance for

indiscuss, let's bring tesla in san francisco. 88,000 is not much to reach the so-called record quarter elon musk has been bragging about. wast: the all-time record 90,700 and the fourth quarter. an elon musk urge them to go out and break the record. i think it comes down to how they did over the weekend. a lot of analysts put out their note before the weekend and there was a lot of deliveries. they could have made it. we are waiting to find out if they made it and if they beat the record by how much. caroline: you have a great story showing how tesla's double-edged sword in terms of deliveries. but even if they sell the number of model 3's they are pushing out, some of the buyers, maybe not as lucrative as they had hoped. dana: the number of deliveries is super important. if tesla can show they rebounded from a dismal first quarter and broke a record, that would do a lot. the big question is margin and mix. if they sold a lot of lower end model 3's, that will impact growth margins. there is concerned model 3 is cannibalizing the model s, which has been the more expensive car. i spoke t

. ♪ emily: i am emily chang in san francisco. and this is "bloomberg technology." text --p in the next next tax hour, -- the next half hour, being grown on capitol hill. plus, president trump has an eye on google. he would like the u.s. attorney general to look into peter thiel's allegation that google's work with china is "seemingly treasonous." should google be worried? margaret vester prepares for a summer finale to her five-year crackdown on u.s. tech giants. story, bigto our top tech in the eye of the storm on capitol hill. facebook, amazon, apple, google, all appearing in washington to answer lawmakers' sques -- questions. the first to be raked over the of thethe cocreator cryptocurrency project. >> facebook is dangerous. now, facebook might not intend ly theyangerous, but sure do not respect the technologies they are playing with, like a toddler who has gotten a hold of a book of matches. their motto is to move fast and break things. you mean them a chance to experiment with people's bank accounts. >> we will take the time to get this right. wouldn't it be e

♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." big tex under antitrust scrutiny -- big tech under antitrust scrutiny. opening a broad antitrust review. facebookazon, google, all in the crosshairs. softbank looking to launch a second tech fund on top of its vision fund. oh, snap. bullish bets payoff. four more users per day than percted -- far more users day than expected but can growth keep up? department of justice is set to open a broad antitrust review into big tech. they are looking specifically into whether u.s. tech companies hurto big that they competition. joining us to discuss, tom got gurman, and, mark ben rhody in washington. ben: we don't know a whole lot. we are looking at here is a sort of complement to a task force that the federal trade commission announced. doj share antitrust oversight. what is especially interesting that theye believed had split up the companies, the doj would only be looking at google and apple. now it looks like they could be looking at something more high-level. they could be doing criminal r

emily: i'm emily chang in san francisco, and this is "bloomberg technology." microsoft extending its lead at the world's biggest company by market cap, and the only member of the trillion dollar club on the strength of azure. we will break down tech earnings so far and look ahead to next week. plus, what a week it has been for big tech execs on the hill. facebook and apple grilled by lawmakers. how these last few days have shaped silicon valley's future. moon choose to go to the and these other things not because they are easy, but because they are hard. emily: and we mark the 50th anniversary of the first moon landing. i speak with the captain for moonshot on nasa's legacy and why we should not be going to mars. first, to our top story, what else but big tech earnings? shares of microsoft jumping after strong fourth-quarter results thursday. the tech giant has benefited from ongoing strength in the cloud computing as your business. and microsoft has extended its lead over amazon, apple, and alphabet for the title of world's most valuable company. joining us t

you are obviously making the case here in san francisco this week to put a bet on tennessee. >> the biggest thing we can do is show to them our commitment for workforce. jobs requirelated a workforce of the future. they require an education system that i believe understands the needs of the workforce. thereated something called give act. the futures workforce initiative. those are legislative initiatives that in fact create workers of the future. it changes the way our middle schools and high schools look. skillsges the type of that people and workers in tennessee have. be a place that when lyft is looking to expand their operations in tennessee, they know that they can add the thousand jobs they need to or amazon will know that the 5000 jobs they need to fill that there will be a workforce out there to do it. our investment and that is very important. >> do you see a risk that nashville or tennessee might not learn the lessons of seattle which saw a rising housing costs, a traffic crunch because it didn't move fast enough when amazon came calling? >> what i think is most important and we a

i'm emily chang in san francisco. amazon has announced it will spend $700 million to retrain about one third of its u.s. workforce. the goal -- to give 100,000 workers skills needed to thrive economy.w amazon says this will allow workers to move into more highly skilled jobs in the company or elsewhere.reers joining us as our senior tech editor brad stone and josh adelson. josh, tell us how the new program will work. reporter: amazon is pitching this as one of the largest workforce investments of this kind that any company has made. they say it will help people who are in jobs like warehouse jobs get into better, more appealing jobs. they say it will help workers who want to get better jobs outside of amazon eventually get training, get schooling, move onto something. clearly, it's about some combination of making those less appealing amazon jobs more appealing as well as helping people move into potentially more appealing ones. emily: so you're saying if you are packing boxes and warehouse, you could potentially beco

i am emily chang in san francisco. it is a question asked all week, is big tex too big? one says yes, starting with facebook. >> is facebook in your view a monopoly? >> no, congressman. >> i assume the reason is because in your view facebook has a number of competitors and products the company offers, is that a fair characterization? >> yes, correct. >> what is the largest social media network platform company by active users in the world, do you know? >> congressman, i don't. i know we had 2.7 billion users. >> i can tell you it is facebook, number one. emily: joining us now is max election, who cofounded paypal and invested in startups. he joins me now in the studio. that exchange was on, whatsapp, instagram, facebook messenger, all under the facebook umbrella. do you think facebook is a monopoly? technical answer is relatively nuanced. i'm sure there are pieces of the market that understand. they are, in fact, the dominant player, to the point where they can't be displaced. if i was arguing facebook side, china, zero facebook there, plenty of their own companies. i'm

emily: i am emily chang in san francisco, and this is "bloomberg technology." coming up in our next hour, netflix losing subscribers in the u.s. for the first time since 2011. what it means as the competition terms of the volume. plus, facebook's crypto crisis, facing a second lawmaker interrogation over the company's plan. congresswoman maxine waters called for the social network to "stop development immediately. " says narrow link has successfully in place wires into its brain and enabled a control a computer. first, netflix tumbling after the streaming giant reported a loss of u.s. customers for the second quarter. netflix that it lost 130,000 customers in the united states as a result of higher prices and a weaker slate of shows. it is signed up 2.7 million subscribers globally, also missing projections. joining us now to discuss the underwhelming results, michael luca, who of's course covers the company. michael, this is the first time the company has lost subscribers since they split the dvd and streaming business. what is the type line here? michael: you

in san francisco, and we are live streaming on twitter. check us out @technology. be sure to follow are breaking global breaking news network @tictoc on twitter. this is bloomberg. ♪ paul: welcome to daybreak australia. i am paul allen. kathleen: i am kathleen hays. sophie: i'm sophie kamaruddin. we are counting down to asia's major market open. paul: here are the top stories in the next hour. hong kong street protests taking a new term. -- turn. they fire police guess. taking stock of of the new tech board

. >> max, give me your take in san francisco. you heard craig say good news, but you wonder about profitability. is this good news for elon musk? or do we face clear headwinds on the horizon? >> any time you blow estimates out of the water you have to look at it as a win. coming into the end of this quarter, you had sort of two concerns, one with demand and the other piece was logistics. could tesla literally get these cars to people in a timely and cost-effective manner? on the logistics piece they are performing well despite some acknowledged difficulties. on the demand side, as craig says, the real question is what happens in the long run. you obviously have consumers in the u.s. are rushing to buy these model threes and take advantage of the tax incentive. , which is going to shrink. that will shrink. you also have people not buying more expensive cars. we don't know how this will shake out. tesla is still a relatively new brand. it will be interesting to see what happens if and when they refresh these luxury lines. that coul

in san francisco, and we are livestreaming on twitter. check us out and follow our global breaking news network on twitter. this is bloomberg. ♪ ♪ >> coming up on bloomberg best, the stories that shaped the week in business around the world. deutsche bank swings the ax. the ceos new plants reshapes the business and slashes workers. >> we have taken the decision to retrench and step back. >> the big issue is capital. it continues to be capital. this whilearound all balancing cuts is something that continues to be a question mark. [inaudible] streetys here with wall are leaving we are going to get a rate cut. >> the big surprise would be i

in san francisco. we are live streaming on twitter. follow our global news network tictoc on twitter. this is bloomberg. ♪ > alix: the big red line. what could draw iran and the west into a war no one wants, and what it would take to get iran and the u.s. back to the negotiating table. the battle, investor carl ichan vs vicki hollib. occidental says he does not know what he is talking about. the fight over occidental's acquisition of anadarko. and the cost of doing business with warren buffett. and another roundup, another round of lawsuits over monsanto weedkiller roundup. we speak to lisa safarian, bayer's head of crop science in north america on new technology for farmers. ♪ alix: i'm alix steel, and welcome to "bloomberg: commodities edge." it'3

in san francisco, and we are live streaming on twitter. check us out @technology. be sure to follow are breaking global news network tictoc on twitter. this is bloomberg. ♪ david: it was a triumph of social media marketing. a feel-good exuberance mob in new york's iconic grand central station at the dawn of the instagram age. ♪ remo: there is media in general. it's not anymore newspaper, magazine, tv, radio. today's media means you have to attract, sort of attract a community. you really have to talk with them every day. ♪ david: when moncler's chief executive, remo ruffini, staged his new yor

in san francisco, and we are live streaming on twitter. check us out @technology. be sure to follow our breaking global news network tictoc on twitter. this is bloomberg. ♪ >> a fall from grace. fca weighs in on the new air. we speak to morningstar after its money managers flagship funds to its lowest rating. shaking off the shackles as wall street quietly moves beyond oversight. we look at jamie dimon for one last deal. do not pass go. congress scrutinizes facebook libra as monopoly money. how harsh for the regulation be? welcome

in san francisco. and we are live streaming on twitter and be sure to follow tictoc on twitter. this is bloomberg. ♪ david: he calls himself a full-time nomad, born of a german father and a puerto rican mother in hempstead, new york, he took his new phd in economics with him to asia in the middle of the vietnam war, doing research in markets largely ignored by the west. mark mobius turned to investing after he correctly predicted a downturn in the hong kong stock exchange, and by 1987 he was running a successful business in taiwan. that's where he was when john templeton asked him to start the first emerging markets equity fund in history, starting at with $100 million, and growing

in san francisco, and live streaming on twitter. follow our global news network tictoc on twitter. this is bloomberg. ♪ we're the slowskys. we like drip coffee, layovers- -and waiting on hold. what we don't like is relying on fancy technology for help. snail mail! we were invited to a y2k party... uh, didn't that happen, like, 20 years ago? oh, look, karolyn, we've got a mathematician on our hands! check it out! now you can schedule a callback or reschedule an appointment, even on nights and weekends. today's xfinity service. simple. easy. awesome. i'd rather not. ♪ carol: welcome to "bloomberg businessweek." i'm carol massar. jason: i'm jason kelly. we're here at bloomberg headquarters in new york. carol: this week, elizabeth warren. an in-depth look at a candidate with a plan to beat trump at his own game. jason: and the brexit campaign. boris johnson is now then you british prime minister. he vowed that the u.k. will leave the

. >> max, give me your take over there in san francisco. you heard craig say it's good news, but you wonder about the profitability. is this a clear win for elon musk, or do we still face some clear headwinds on the horizon? >> i mean, any time you kind of blow the estimates out of the water this way, you have to look at it as a win. you know, coming into the end of this quarter you had sort of two concerns. one was demand, as craig said. the other piece was logistics. could tesla literally get these cars to people in a timely and cost-effective manner? and so i say on the logistics piece, they're performing well, despite, you know, some acknowledged difficulties. on the demand side, as craig says, the real question is here like, what happens in the long run? so you obviously have consumers in the u.s. kind of rushing to get -- to buy these model 3's now and take advantage of this tax incentive which is going to shrink. and you also have people not buying the more expensive cars. and again, we just don't know how this will shake out. tesla

in san francisco. we are live streaming on twitter. follow our global news network tictoc on twitter. this is bloomberg. ♪ hey! i'm bill slowsky jr., i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. david: he calls himself a full-time nomad, born of a german father and a puerto rican mother in hempstead, new york, he took his new phd in economics with him to asia in the middle of the vietnam war, doing research in markets largely ignored by the west. mark mobius turned to investing after he correctly predicted a downturn in

in san francisco, and we are livestreaming on twitter. check us out @technology and be sure to follow our global breaking news network on twitter. this is bloomberg. ♪ ♪ francine: how do you insure for products that do not exist yet? that is a key challenge facing zurich insurance. it is one of the biggest players in the industry and has to contend with the technology and risks of the future. things like driverless cars, space travel, and a little closer to home, the internet of things. today on "leaders with lacqua," we meet zurich insurance chief executive mario greco. how much will your industry, the insurance industry, change in the next five years?

in san francisco, and we are livestreaming on twitter. check us out @technology and be sure to follow our global breaking news network tictoc on twitter. this is bloomberg. ♪ this is bloomberg. ♪ paul: welcome to daybreak australia. i am paul allen. rishaad: i am shery ahn -- shery: i am shery ahn. sophie: file sophie kamaruddin. we are cap -- i am sophie kamaruddin. we are counting down to asia's major market open. ♪ here are the top stories we are covering in the next hour. china's trade war wounds will be on display later with retail sales and industrial gdp showing how much tariffs are hurting. earnings from big banks, j.p. morgan,