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tv   Bloomberg Technology  Bloomberg  November 18, 2016 12:00am-1:01am EST

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♪ >> it is 1:00 in hong kong. i have an update of the top stories. malaysia is intervening in the currency market. policymakers contend with exchange-rate volatility. to theggit dropped .4% lowest level since january. fears of capital controls are "baseless." has become the first world leader to meet donald, saying they held frank discussion. the prime minister is confident trump will be a success. he would not comment further. estate cooled off
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slightly in october. the government's push to protect the property bubble caused a rise in 62 cities checked by the government compared to 63 month earlier. global news 24 hours a day powered by 2600 journalists and analysts in 120 countries. let's look at the market. mix back in asia following yellen's overnight remarks a trait -- rate hike could come soon. hong kong hovering around 3200. that is it on the market check for now. ♪ ♪
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emily: i am emily chang, and this is bloomberg technology. tesla gets the green light on the merger with solarcity putting elon musk closer to a one-stop shop. big tech sends donald trump it's wishlist. we speak with representatives from facebook and google. and a tech ipo rebound may be on hold until president-elect trump's policies become more clear. tesla and solarcity shareholders approved a merger between the companies. the man who runs it all, elon musk, shared his gratitude. >> i would like to thank the shareholders that voted in favor of the transaction. by an overwhelming margin. i think your faith will be rewarded.
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i think there will be some amazing stuff that comes out. emily: joining me now is david the senior research analyst at robert baird. david, what does this say about elon musk's ability to sell a a controversial deal through? reporter: it was controversial. over the course of the summer, some of those who opposed the deal, some of the shareholders who were not in love with it, started to settle down. theyrock, bailey gifford, also held shares in solarcity. they really believed in the idea of putting the companies together. if you own shares in solarcity and the company has a rough balance sheet, and tesla can help them keep going approving a , deal that will help solarcity made a lot of sense.
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really helped tesla get the deal together. emily: there are still folks who do not think it is the right thing to do. we spoke to jim chanos yesterday. take a listen to what he had to say. >> the combination is absurd. i have said that. i do not know if i can sugarcoat it more. their shareholders have to have their heads examined. emily: what do you think? >> i think he is a little absurd. thank you for having me on. he paints a very broad brush and it is hard to criticize a man of his stature, but one of the difficulties with the solar city business model is that it is complex. a lot of the things that are said about it being a capital draw, that they will not be able to get positive, we have already
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seen the steps going forward to help them get to that point and some of the things that they outlined is an evolution to show investors that they are pivoting at solarcity and there is some technology that can be codeveloped. i think it is less of a distraction to be under the tesla umbrella rather than elon focusing on what they are doing wrong. the good thing about this deal is we can get back to the main thing, ramping up the tesla model three production. emily: what do we and don't we know about what the new company will look like? reporter: elon wants to put all this under one roof. you can buy your model three, get a solar roof and a battery system, the battery can charge your car.
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it is this one-stop shop. the synergy is there. thes not clear why companies need to be together. you are not doing a lot of production of the batteries in the auto plant. it is not that kind of synergy. what there is, the synergy of the tesla brand. you have 400,000 people who put money down to get the model three. when you put stuff under the tesla name and bring that together as one big product, i think that is what elon is pushing for. emily: what do you think the impact will be of a trump 's vision, an elon's candidate who does not believe climate change exists?
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>> just one point on the acquisition, it is important to note that one of the things that worried us about solar city was the buffalo manufacturing plant. it was good to see them come to the table and offer to help out. i think having it under tesla's umbrella helps them. as far as the political climate, the political climate across many sectors is facing a lot of uncertainty. trump and his staff has been clear that they are not going to be supportive of climate change. the investment tax credits that driversrive, one of the , was shepherd in by paul ryan.
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i do not think they will go after tax credits. it is still a risk and it is something that people are talking about. the vision is to get down to a cost that you are competitive of. there are companies on the verge of that. we have a difficult solar environment right now. a major glut we have not seen five years because of oversupply, ramping up capacity. in the medium-term solarcity benefits from that because we are seeing prices drop dramatically -- that will help. emily: what are the new products that tesla and solarcity will offer? reporter: you are going to see a solar roof. these are actually architectural roofs and look pretty good. it is a total one-piece unit that is the entire roof of a house. that will be key for solar city. for tesla, the big thing is obviously the model three which will come out in 18 months.
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the vehicle has to go off without a hitch because it will sell at high volume and generate cash to keep the enterprise going. after that, he has talked about a delivery truck, pickup truck. my guess is that we will see the pickup truck first. you will see the fleet of vehicles, assuming the model three goes well, coming out over the next several years. emily: we will cover every step of the way watching how this vision comes together. david, ben, thank you both. salesforce reported earnings in their results topped forecasts. the company also gave an upbeat outlook for the fourth quarter. lifted by software contracts with larger clients. marc benioff is pushing investment into a broad range of services from marketing to
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artificial intelligence. still to come, silicon valley tries to make peace with the incoming president after early hints they will clash on key issues. what they want from president-elect trump next. ♪
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emily: verizon cutting 500 jobs, 8% of the workforce. tim armstrong told employees the company has added 1500 staffers and needs to consolidate to improve operation. he also says that aol will add more jobs in areas driving growth. verizon bought aol last year.
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the internet association making peace with president-elect donald trump. this is the group representing 40 of the biggest internet companies in the world, including facebook and netflix. silicon valley largely opposed trump's candidacy and found itself on the opposite side of the agenda but in a letter addressed to the administration, they are trying to start a new dialogue, starting with congratulating the new president. ceo michael beckerman joins us now. have you gotten a response from the trump administration? have they acknowledged your letter? >> thank you for having me on. we have been in conversations with the transition team since before the election. as part of this process, we are looking for an open dialogue. we think our priorities will be received well by the donald
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trump administration because we talking about competitiveness at home. emily: the tech industry came out almost universally against donald trump save for peter thiel. do you have fear of retaliation? on one hand, it seems like a big chill could set in between washington and silicon valley or a fight waiting to happen. >> we have an opportunity. the election is over. we want to start with a clean slate. i think every industry is looking to start with a clean slate in january. it is the president's job to make sure our economy grows. the story of permission less innovation has helped our companies grow and create value in this country. emily: what have companies sent to you about what they are most concerned about? >> a number of issues.
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i think some of the rhetoric on the campaign was a worry for many of our companies, but when you look at issues like encryption, something we had strong disagreements with the obama administration as well we , want to educate the white house that encryption is part of our security and not something that we need to have backdoors. obviously, an issue like immigration reform was front and center during this campaign. i think after they get done with border security and some of those issues, we can come around to high skilled workers in making sure that these companies can grow in the united states. emily: let's talk about trade. you guys support the transpacific partnership. trump does not. what are the risks if things do not go your way? >> it is still in republicans'
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dna for free trade because it brings value to our economy. when you look at our industry, the internet is an american export. 80% of internet users exist outside of the united states. 80% of the valley is at home. some of the proposals that we had in our letter will enable our companies to be competitive around the world and create value in every state across the country. i know both candidates were very during thetpp campaign, but that does not mean we cannot move forward with other trade programs to ensure that our companies can grow. what about net neutrality ? it is unclear what trump believes from a policy perspective. what would you like to see happen when it comes to net
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neutrality when there could be changes to current policy? >> on neutrality, all we are asking for is to make sure that consumers have access to the entire internet and you do not have gatekeepers. really, that is a bipartisan desire, both republicans and democrats have said that service providers should not be blocking or throttling content. that is what we have now with the proposals that the fcc put in. we are going to work with the new administration to make sure that the end result of an open internet enables for competition to happen exist. emily: donald trump is in the process of building is leadership team. the current cto is megan smith. she worked for a very long time at google. who would you like to see in that position in particular or any cabinet positions? are there any folks that you
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think would be more sympathetic to silicon valley? >> i think it is important that we have that dialogue and people from the technology industry and specifically from internet companies go into the government. the staff, the appointed positions, so many positions in government will decide what kind of landscape we have for innovation going forward and i would like to see more people like megan smith that have gone into the government from our sector continued to do so. this is our country. we want to make sure that people in government understand that the internet is one of the greatest engines for economic growth that we have. it is people like that that will ensure that continues. emily: i understand a desire to work with the president-elect and congratulate him, but this is an industry that came up so vehemently against donald trump.
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what are folks saying to you behind closed doors? are they scared? nervous? if so, what are they nervous about? >> we are still in the early days right after the election. i think everybody is still digesting. there is a recognition that we need to move forward. the election is over. this is not really our company. internet companies have gotten a lot of attention on this but i do not believe there any fortune 100 ceos that were formerly for president-elect trump like they were for mitt romney. i am sure the president-elect wants to work with our companies like we want to work with incoming government. we will move forward. emily: michael beckerman joining us from l.a., thank you so much. coming up, chuck robbins joins us on the economic uncertainty weighing on corporate spending. this is bloomberg. ♪
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emily: airbnb has taken its first step to shift focus to a full-service travel company unveiling an updated platform , which will give travelers tools to plan their entire vacation. the new app will make restaurant reservations, city tours, and purchase concert tickets. they will launch in a dozen cities. cisco shares saw the largest drop in a year after reporting earnings on wednesday. while sales rose to the company $2.4 billion, also projected slow growth in corporate spending. chuck robbins spoke with us earlier. we asked him how the company is doing amidst its transition to a software and services operation. >> we have been transitioning
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elements of our portfolio, our security portfolio, and that management of our networking devices to more of a cloud model. the revenue associated with that transition was up 48% this quarter. our security business continues to be strong. while we talked about weakness in the service order space, we had 5% growth in the enterprise business. >> one thing less than expected was the new product business. it was down 12% what happened there? >> over global service provider , new orders was down 12%. this is a business made up of very large customers. when several of them pause on it results in a short-term challenge. it does not mean that there is long-term issues. as we talked about, there are
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three or four different areas that can lead our customers to slow their expansion. you have certain service providers around the world that are dealing with currency challenges. you have some service providers that are dealing with political uncertainties, regulatory uncertainty. if you look at the reports for spending through the first three calendar quarters, they have all been slightly lower than expected. again we are pleased with the , balance of our business. lots of strong point in the report. cap-ex,you talk about companies do not like uncertainty and we have a new president coming in and that raises some uncertainty. what will that mean? for example, you can have trade problems. on the other hand, you can have fiscal stimulus. what is your take about what a donald trump presidency could
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mean for cisco? >> what you are hearing from donald trump is most of what he is saying is really about how do we drive the u.s. economy? his policies are pro-business because he believes that if business is strong, the economy will strengthen, create jobs. and that is being reflected through what you are hearing from him. i think that will come through in policies. the things that we care about obviously, patent reform, the , h-1b immigration program, and tax reform. based on his desire to lift the u.s. economy, he will end up looking at those policies favorably. anytime the u.s. economy gets stronger, that is good for cisco. >> you have $60 billion in cash overseas. if you have a repatriation tax holiday, which you do something with that money other than by back stocks? >> this has been a popular
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question, as you can imagine. we have been moving in these areas, with dividends and buybacks. we made 17 of those since i was named in this role. as we are allowed to bring back more of that cash at reasonable tax rates, you can assume we would use a combination of all three of those opportunities and our teams have been working on scenarios for years, as we have been large proponents of tax reform. we are optimistic and we will leverage that cash for all three of those. emily: cisco ceo chuck robbins. apple has plans to outfit the next iphone with oled displays four mainfuor -- suppliers will not have enough to support production capacity. oled is just enough to use
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in just one gen of the iphone. coming up, charles rivers ventures will be joining us for the next hour to talk about the venture capital climate after the donald trump win. ♪
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>> it is 1:30 in hong kong. the dollar is heading toward its steepest two week advance in 28 years after janet yellen signaled a rate hike could be imminent. it had climbed 7% over two weeks. peers shows0 major the highest level since february. forpboc set the yuan lower an 11 straight days, setting a decline of .2%.
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goldman sachs has named its to a dollar. seven he had fromaid talks with donald trump in a warm atmosphere. the tycoon offered the post of national security advisor to retired general, michael flynn, a longtime supporter. bobcat jumped on trump's proposed infrastructure policy. dusan earns three quarters of its revenue in north america. day,l news 24 hours a powered by 2600 journalists and analysts in 120 countries -- this is bloomberg. check on how- markets have been trading in the asia-pacific. >> we are seeing money come off
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the table in late trade, weakness from the emerging markets. malaysia down .4%. we see the ringgit falling. the central bank of asia did intervene in the currency market. a little bit of money coming through in malaysian stock. down .2% fromis 10 months highs. kong, a little bit of upside coming through, around .1%. the ceo of the hong kong exchanges says it could be a few more days before we see the hong kong -- shenzhen link coming in. japanese equities are now heading towards a bull market territory, up nearly 20% from lows earlier in the year. you are seeing a seventh session of gains in japanese equities.
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australian market up .4%. new zealand up .6%. mixed picture for the asian market today. we are live from london at the top of the hour. this is bloomberg. ♪ emily: this is "bloomberg technology." i'm emily chang. ahead of the u.s. election, investors have been beginning to hit pause. in the v.c. world, both the value and number of deals slowed down in the third quarter. that hesitation could spill over into the rest of the year. what about next year? my next guest recently published a report saying consumer brands are showing more potential than traditional tech firms. he is a partner at charles with several notable clients, including dropbox and twitter. you came out with a very, very strong anti-trump message, took over your entire website, leading up to the election.
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how have you been digesting this within the firm? >> yeah. i think all of us in silicon valley are largely in shock. you know, our statement at crv was really a statement early on about immigration and specifically some of the comments that donald trump had made about muslims, about mexicans. as we try and get a handle on what's happened, i think this election really is about jobs. and sort of first needs of -- if i think of the hierarchy of needs, i think that the data says we really have to embrace the message of americans wanting jobs, specifically in the midwest. and i guess i'm hopeful -- i think all of us are hopeful that at least we have someone here in silicon valley, peter teel, that i think has a bridge to the administration. i know personally, you know, i've reached out to peter, i think a number of us are trying to figure out, hoping he takes a role in helping us figure out how to get engaged and how to help. emily: what did you ask peter?
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>> for us, it's like, how do we basically get involved? there's a group of us that want to secede from the country and i think there's a group saying this is a reality. i think it's a real wake-up call for many of us. what do we do to be a part of those conversations and really be helpful to the trump administration? emily: do you have any concerns about retaliation? you know, venture capitalists, the large tech company start-ups, they all have their own interests and washington can help. >> yeah. maybe it's the entrepreneur in me. i have to go into this with hope that trump really does want to bridge the divide we have. it feels like there's a crack in our foundation that i feel like we haven't felt in a long time. i guess, for me, from -- for me to move forward, my way of coping, i guess, is just to be positive. to reach out to folks like peter, to try and engage and figure out what we can do to be helpful. i haven't spent too much time thinking about whether i'm on a bad list somewhere and folks are gonna come after us.
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emily: ha ha! president barack obama even came out today calling out fake news on the internet, on facebook in particular. do you think companies like facebook need to take greater responsibility for the gigantic role they play in american society? >> i think it's a great question, emily. i think that the broader question i think we'll see take place is not just about fake news but about the algorithms and the ai that is not only influencing the news we read but a whole number of other decisions we're making in our lives. my guess is this is kind of an early theme that we'll see get played out quite a bit. i know for facebook, many of my friends are quite shocked at the way things have turned out and their responsibility potentially is weighing on them as to, you know, how they're influencing behavior, based on fake articles, based on us only reading news from our friends. >> should they have more human involvement in what people see?
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>> that's right. emily: do you think they should? >> i think it's very early, us understanding what moral or ethical impact and rules facebook needs to have. but it wouldn't surprise me if we do have humans helping edit the machines in the near term. emily: what are you telling your portfolio companies? >> it's a good question. mostly we're waiting to see -- to me, it wasn't the election that's the news. i think it will be the presidency that's the news and the actions being taken. i can tell you that, in different sectors, were seeing different reactions. if you're a hardware start-up, trump has said he wants apple to manufacture computers here in the u.s. does that mean, if i'm a hardware start-up, i won't be able to manufacture my goods in china? if i'm a start-up importing things and i thought the international markets were really going to work for me, it turns out there's a lot of elasticity with consumers.
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a nest that costs $100 versus $500, huge variance in demand. i think we can expect tariffs. i think those will very much influence demand in international markets. i think in other sectors, like energy, we've got issues like, you know, if solar subsidies go away. i think it will have a big impact on funding related to energy start-ups. and lastly, in terms of just the pure funding market, there's been a lot of chinese money coming into the states that's been funding not just things like angel lists that we've seen and kind of early seed stage starters but also a lot of growth rounds in vr and ar. companies,umber of asian investors in particular who i think have just sort of stopped everything while they wait to see what happens. emily: have you hit pause as well? >> we haven't hit pause. what we do is early stage investment. emily: but still, you're seeing investors have been hitting
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pause. >> for us, usually it takes years for our companies to figure out what they're actually doing, so we're still very active, still taking meetings and still actively investing. i will say, on the talent side, one of the things that's been interesting to me is, you know, core to us building companies is recruiting. and in the larger organizations that we tend to recruit from -- older employees that have seen a few cycles know how tough it can be to work at a start-up, when the funding dries up. a number of my friends at larger companies like google, facebook, who thought that 2017 would be the year they would take risks and join a start-up, they've put those plans on pause. emily: we're going to talk about immigration, about ipo's, coming up. more on that story today. president obama is weighing in on the fake news that is circulated during the
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u.s. presidential election. at a news conference in berlin, obama said democracy will break down if we cannot differentiate between serious arguments and propaganda. he said fake articles can poison politics and, quote, we won't know what we're fighting for. coming up, the globe ipo market has declined 35% this year. what does the future old for public offerings under a trump presidency? ♪ >> and this week, we bring you all of our best interviews from the week, including our interview with joe lawnsdale. will the security company go public in the age of trump? tune in this saturday for the best of bloomberg. this is bloomberg. ♪
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emily: a story we are watching. microsoft will tie executive bonuses to workforce diversity goals, this after the company saw a second consecutive year of decline in the percentage of women employees. women working at microsoft have fallen 25.8%, from 26.8% this fall. it is largely due to the company's phone handseta's market. global ip volumes have fallen 25% compared to last year, after trump's election victory, many were left wondering how the market will be affected in the future. in the latest edition of bloomberg businessweek, alex wawrinka writes about uncertainty in the business market. still with us, our partner at charles ventures. still a lot of uncertainty. still a lot of wait and see. when it comes to the i.p.o.
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market, in particular, what are we expecting under a trump presidency? >> you have to think about what plays into the i.p.o. market to kind of get to that answer. if you look on the issue side, like you said, it's been a really slow year. so there are a lot of companies that maybe were thinking they could get out in 2016 that are in the pine line. all of my sources are saying that the backlog for companies ready to go is pretty deep. so when it comes to getting out, then, the other big piece of the equation are the markets. i.p.o. bankers, companies going real uncertainty because it can cause volatility in equities. if stocks are volatile, you cannot take a company public. the fact there are questions around policy, how it will affect u.s. stocks going forward, these are all things that on a macro level will make it more difficult to go. i have not heard of any notable companies that have delayed
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actually going out. if anything, they are accelerating the process to get out early next year before any kind of impact from the donald would play into u.s. stocks. emily: snapchat, of course, we know now has filed for its i.p.o. they did file before the election. you guys are investors in dropbox, which is considering going public in the future. any change of plans? >> not for dropbox specifically. emily: would you advise a company to stay the course at this point or to wait and see, wait it out a little bit? >> yes. there's a number of companies that were waiting to see how the election played out, knowing there would be uncertainty in the market. that was when we largely expected hillary to win. there is that backlog. many of my banker friends are active with companies that need to get out. the thing that's interesting to me about the snapchat i.p.o., we have a number of companies here in silicon valley called the
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decacorns. those companies haven't felt pressured because there's been a ton of private investor business. they have stayed private. so a lot of the companies that have gone out have been the ones that have almost needed to go out. pure storage and some others. i think for me what's interesting about snapchat, they're actually one of the few companies that, in the spirit of transparency, in the spirit of a number of things, are going public. and i think hopefully we'll sort of break the dam for a number of other companies to come out. emily: what about some of those decacorns ? snapchat has at least beaten these guys to filing. how do you think a trump presidency and this uncertainty will impact some of these companies that have been planning to go public sometime in the next couple of years? >> it seems like the wheels are
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in motion for snap. they are looking to raise as much as $4 billion in the first quarter of 2017. airbnb -- both have regulatory roadblocks. uber sold its china business to didi and needed to resolve that issue. there are issues around big companies that they need to work through. it seems like, if they want to go and get out and go public, they will be able to. i will point to the interview that lawnsdale had with bloomberg television. he admitted his idea of when to go public might be different than others around the company. a lot of factors will lay into that's -- play into this. for smaller, the mystic-based
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companies, the one policy trump has been clear on is the fact that he wants to get done is bringing the tax rate down from 35% for corporate entities to 15%. when it comes to future earnings , that would be a good thing for these companies that are mostly based in the u.s., do not have interesting overseas tax arrangements, and are paying 35 percent. smaller companies, some of the policies we know of, could be a positive. it definitely seems like it is going to be about, are they ready? can they get out at a decent valuation? sar, sticking with me here in studio. coming up tomorrow on bloomberg, james bullard will be on bloomberg t.v., in frankfurt, 7:00 eastern, just weeks before
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the fed holds its final meeting of the year. there are tens of thousands of u.s. tech workers whose future is in doubt thanks to donald trump's comments about immigration. ♪
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emily: one of the signature issues that won donald trump the white house was immigration. in businessweek, we report more worthalf u.s. startups more than half of a billion dollars have immigrant founders. trump has flip-flopped on the h1b's do not count as highly skilled work. he said the program is meant to bring in cheap labor. join us to discuss, alan hewitt, who wrote the piece, and sar
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gyr. the headline of the piece is americans got no talent. tech workers are in limbo. what are you hearing? >> we are talking to tech workers relying on the existence visas, people working throughout silicon andey, creating huge value, they are unsure of what might come next. we are talking to people who are weighing buying a house, continuing to raise their children in silicon valley with a feeling they do not feel as welcome as they once were. it is a personal and professional question. emily: mark zuckerberg has been fighting to increase the cap on h1b visas. now you are fighting to maintain the status quo. if some of these policies change, how big of an impact would it have? >> it is a huge impact.
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facebook is a great example of a company that said their headquarters would only be here, and it would not have big offices outside of silicon valley. it has been hard to recruit talent into facebook. we have offices in new york and london. add a cap or restrict immigrants, you will see the london office expanded significantly relative to what zuck had planned. emily: we are still waiting and seeing. a lot of uncertainty. some of the quotes from steve bannon have been unearthed, where he basically indicates silicon valley has too many asian ceo's. said, io his credit, believe we should be bringing in skilled workers and talented people. it is unclear where he is going to fall. >> i talked to people who looked to comments from trump on that
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same point. we need to keep and recruit talented people in the u.s. as a beacon. it is hardr hand, not to take his comments about the h1b program without fear. that is a major tool by which a lot of people recruit. it is in such huge demand. to have anyone talk about making it more restrictive strikes fear. emily: there are other ways to tackle this problem aside from, you know, raising the cap on visas. education. why don't we have enough people in the united states who can do these jobs? this election is forcing us to look at the displacement of technology with the rest of america. that is the core issue. clearly, everything we have been doing has not been enough.
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to me, that is the key question that has rattled silicon valley to its core. i do not have answers for you today. we have invested in companies like udacity that are trying to make it easier for folks to learn things like programming. but we have a long way to go. emily: other than waiting and seeing, what are people doing? how can we be part of this? is anyone taking action? >> we have companies like charles river ventures offering to make it easier for foreign founders to come to the u.s. and start businesses. that has been an issue close to the heart of silicon valley, that we could have people come to the immigrants and not take jobs but create jobs. thatis another visa dream has more of a shadow on it after trump vowed to undo obama's
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actions around startup visas. that is something we could see become less likely. emily: looking forward to seeing your piece in business week tomorrow. thank you so much for stopping by. it has been great to have you. in this edition of out of this world, the soyuz rocket blasted off thursday. the crew includes veteran whoonaut peggy winston, will celebrate her birthday aboard the iss and become the oldest woman in space. she was the first woman to serve as space station commander in 2007, and remains the only woman to head the male-dominated ash not core. the six month mission will push her beyond the record set for astronaut jeffrey williams. remember, all episodes of bloomberg tech are live
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streaming. that is all for now. ♪
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yousef: the hike before christmas. janet yellen signals an interest rate rise could be imminent. the dollar extends its weekly search. in trump we trust. if shinzo abe expresses confidence in the president elect after the two meet in new york. what is next at the second-largest closing retailer? numeral ahead is a great unknown. >> the underlying problems of the british economy have been there a long time before the


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