tv Best of Bloomberg Technology Bloomberg December 17, 2016 11:00am-12:01pm EST
one billion users. what does it mean for the verizon deal? one of the most well-respected names in silicon valley. joining us on our roadmap. week, president elect donald trump met with industry leaders at trump tower with mike pence and peter thiel sitting by his side. >> i am here to help you folks doing well. and you are doing well right the we are honored by bounce. always talking about the balance. right now everybody likes me, at least a little bit. >> tim cook, sheryl sandberg, and jeff bezos were in attendance. for the tech giants this was a chance to attempt donald trump to avoid policies that may hurt their company is pertaining to immigration internet security, , regulation on government investment. oracle ceo said "we are net
exporters. over 60% of our sales are overseas." better trade deals are very much in our interest. an analyst andth our bloomberg tech reporter outside of trump tower. >> they did not speak to reporters, the lobby was loaded with reporters. we did get a glimpse at the beginning of the meeting. trump tried to strike a .onciliatory tone he started the meeting by praising peter thiel as an innovator. saying that he was proud of all they want -- all they have accomplished. i want you to keep innovating. i am here to help. he said call me any time. call my people any time. we really don't have a formal chain of command here. he changed his tone compared to the public opposition that was very alarming on the campaign trail. emily: interesting to see them starting off on this foot when silicon valley was against the
election of donald trump, besides peter thiel. obviously, it is nice to hear these things, i'm sure. what are the real policy issues that they will be at odds on here? >> trade, immigration, net neutrality. emily: and social issues. >> a lot of people are saying this is not about what the tech leaders are doing. why is it such a bad thing to open up the lines of communication? if you have a direct line to the president, somewhat of an unprecedented thing, you can start to influence the things that you are important for the tech community and the world really and job creation and , whatnot, but at the same time learn where he is coming from and have a dialogue to open up these conversations. when you are dealing in that trillion worth3
of value among those tech companies. when you are controlling this much of the economy, it is about how you position america for growth win automation and these things are taking over? emily: we are learning that twitter was not invited. reuters reporting saying twitter was too small, this after donald used twitter to great effect throughout his campaign and continues to use it on a daily basis. politico has reported that the trump campaign was not happy with the way twitter handled a crooked hillary emoji. that the trump campaign wanted to include. , asou have any concern someone that covers the company, that this could interfere with twitter's business? >> no, i don't think so. i met with them this week. it is clear that they are adhering to their core philosophy that they have to be at platform for everyone. emily: jack dorsey has not been shy about sharing his political views.
a lot of these folks have not been shy. jack dorsey tweets his political views all the time. >> it is in their best interest to maintain a good relationship with donald trump. that is the biggest validation you can have, by having the president talk to the world through your platform, but at the same time, jack not being invited is not that big of a deal. it is about the companies that are really about job creation. when you think about what twitter contributes to the local economy, it is to a lesser extent than what you see from the guys in the room. emily: the tech community does not necessarily create a lot of jobs relative to the weighted that it the weight punches. amazon, microsoft, facebook google together account , for 600,000 jobs, while walmart counts for 1.5 million in the united states alone.
apple has called for them to bring jobs back to the united states, but it is unlikely. a lot of it would be automated. i wonder if trump and these companies can find common ground. >> they have to. even the jobs going overseas, the jobs disenfranchising u.s. workers by outsourcing them to china and india, those jobs are starting to be automated, so we have to prepare for the next paradigm of how the public and the constituency of the united states prepare itself through education initiatives and partnering with the tech community so in the next 2.0 technology world that they are able to work and contribute to society. right now, even jobs going overseas will be taken over by robots. on the jack dorsey note, it is interesting that kanye west was invited. emily: and they came down for a photo op. travis kalanick was not there. the company said he was traveling. he was named to the strategic
and policy forum with the elon musk, the ibm ceo, in addition to business leaders who will be advising trump on how the private sector thinks about some of these issues. is there anything you can tell us more about this particular meeting? >> i think it will be unclear how important the uber ceo will be to the strategic policy initiative. they are wide ranging. it includes pepsi ceo, but i think trump will be turning to them to talk about the future of transportation, how transportation and technology will work together. so, hopefully, this will be a good line of communication moving forward, but no further details at this time. emily: that was selina wang from trump tower. in the latest tech funding board, apple has held talks
about investing in softbank's $100 billion tech fund according to someone with knowledge of the situation. apple may contribute as much as $1 billion to the fund. companyld give the insight into up and coming technology. apple also invested $1 billion in didi earlier this year, marking a major shift in strategy for the iphone maker. the softbank ceo told president-elect trump that half of the fund would be invested in the united states. still ahead, our exclusive interview with bill maris, why he pulled the plug on a new health care fund. a reminder that all episodes of "bloomberg technology" are live streaming on twitter. check us out. this is bloomberg. ♪
emily: a story we are watching, disney trying to recruit major hollywood studios according to people familiar with the plan. disney is looking to add content out side of its own disney anywhere service. it will allow users to watch and store services on a site. they are in an ongoing tug-of-war with five other major studios that support our format called ultraviolet. disney might have to change the name of the service to get other studios on board. the tech evolving relationship with washington. the president-elect said down with top executives. 's set down with bill m relationship with with washington going forward. could fit in this room
and i would probably know half of them, that is down from 400 people six years ago, so i think there are some real problems to talk about that are different than whether silicon valley will get along with the president. emily: i know you are a close friend with peter thiel, how do you feel about his contrarian views having a potentially great influence on the president? bill: peter is a friend and someone i respect a lot. he called it. he said the election was going to go this way. he said people were unhappy and pessimistic, and we have a new president elected fair and square, and as american, i think we should all want him to be successful, and so i have great respect for peter and his intellect. i do count him as a friend. emily: has peter asked you to help in any way? bill: if peter asked, i would help him. emily: anything you would like to contribute? bill: i will leave it at that.
emily: outside the vortex, there are still a large amount of people with great concern about a trump presidency. the cia has now told congress that russia not only try to hack election, but also elect donald trump. donald trump has attacked the cia for this revelation, if you will. what is your reaction to that? bill: i have not seen any evidence that the outcome would have been different. emily: we don't know. bill: no foreign power should interfere in our elections, but we can all agree on that. at the end of the day, i think we should judge trump on what he does. rather than what he says or other people say about him. i think that's a good rule for all of us to follow, and i think this news about the election is just breaking now, so it is hard to know what happened and what didn't happen. emily: what about the idea that rex tillerson could be secretary of state, the ceo of exxon and
someone with strong, friendly ties with russia and president clinton. bill: he is not secretary of state, trump is not president yet, and that has not happened. exxon mobil is a giant takesation, it responsibility to run a corporation like that, and i wouldn't judge. i try not to corral people into what they can be as to what they have been. i would rather wait and see. the proof is in the pudding. emily: so, trump has said that climate change is a hoax, and i know you are somebody who is passionate about clean energy. the latest is that rick perry is the top candidate for energy secretary. do you have any concerns about the future of clean energy? bill: yeah, i have concerns. they go beyond that. rick perry, who i do not know personally, but the governor of a very large, energy producing state -- he is not in the position yet. i do not know if he has been
officially picks. emily: not official. bill: it's probably not worth speculating too much, because part of the problem for me has been turning everything into fantasy football, a sporting event, and making judgments when nothing happened yet. so i deftly have concerns and would like to see clean energy advance, but i think bill gates had a great announcement about that. emily: in many ways, some of this has not happened, but a lot of tweeting going on. bill: i don't look at twitter. i think we would all be healthier if that was the case. emily: bill gates, jack ma, jeff bezos backing this clean energy fund. you think this fund will move the needle in an area that has been slow to have big exits. bill: i hope so. i know all of them and i admire them.
i think bill gates, in particular, has an amazing track record. especially in health care. helping to rid the world from polio, hopefully doing the same thing with malaria. if he can do the same thing in energy that he did with health care, that would be fantastic. emily: you are on track to close this week. bill: i did this crazy thing called changing my mind. it is wild, i know, but i did it. i left hundreds of millions of dollars behind, but i did it because i feel like there are a lot of venture funds right now in the valley. every couple of days i seek new announcements of new funds. i felt like after 10 years in the business, or close to it that there might be other ways , to have a bigger impact on some of the problems i think are worth tackling. emily: i know initially it was a $300 million fund to a $500 million fund, then $230 million, did you have any problems raising the funds you wanted? bill: no, this is a time where
there is tremendous capital available, especially if you have a track record. that doesn't mean it is the right thing to do, so there is, interest rates are low, institutions are looking for places to deploy money, but it is all much overfunded, peak vc. emily: you were planning on doing this on your own. why? if there are so many other funds why could you do it differently? bill: i did that once. i started at google ventures. virtually everything i have done in my life apart from having a child, i have done alone or started alone. i was fortunate to build an amazing team at google ventures. they are doing a great job, and there are lots of great funds in the valley, but there are problems. i don't know if being a professional vc, that the world needs another venture fund right now.
emily: are we in a bubble, peak vc? where are we? bill: i think we are in a huge bubble. i think the election is a testament to that. there is almost too much capital available to investors, making too much capital available to on for neighbors, which raises prices, raises expectations, and there are a lot of people working on what i think of as trivial problems as opposed to the real problems the country faces. emily: what are the trivial problems? bill: do we need another optimized advertising system to consumer culture based on the consumption of goods and services? there needs to be some balance. emily: how does this play out if there's some sort of catastrophe or disaster? bill: maybe those are good things to happen. ultimately interest rates go up sometime soon, as a result, the
stock market corrects 1000 or more points, and the pendulum swing the other way. capital will become harder to come by, there will be an overreaction and it will seem like armageddon when it is not that. i think we are overdue for that kind of correction. emily: who is in for a wake-up call? bill: i think a lot of us got a wake-up call in november, but i think you will see startups that were overfunded or overly optimistic not able to raise future rounds. emily: i am curious about why you left google, and i wonder if you think vc can't be done inside a big tech company very well. bill: i hope my last 10 years proves it can be. emily: so you think that model works? bill: i think it worked. my last day was august 12, and beyond that, it is very difficult. running a venture fund is very difficult. doing it inside a massive
corporation is also difficult, but it was successful. but i think that creating the same model outside of google, i'm not sure that, it did not feel that inspiring at the end of the day, which is why i pulled the plug. emily: that was bill maris. still ahead, one year after taking over the helm at did, moving on to the alibaba south china post. we will hear from him this if hour. you like bloomberg news, check us out on the radio. this is bloomberg. ♪
headset, and the other will focus on mobile vr. in a statement, i really miss the deep day to day involvement in building a brand-new product. the facebook ceo will lead the search for a new oculus ceo. the oculus founder will also be moving to an undisclosed numeral. yahoo! disclosed a second major security breach that may have affected more than one billion users. the company said it has not been able to identify the intrusion associated with this third-party in 2013. it is important to clarify that this is a separate hack from the one that yahoo! announced in september, in which 500,000 accounts were compromised. this is ahead of the sale to verizon.
>> yahoo! just announced 500 million account breach, forensic experts, scoured the network, and put out regulatory findings. this is a second breach. the way they learn about this is very interesting. an outside cyber security researcher saw this for sale on the black market and a private discussion forum. the fact that yahoo! lost one billion accounts, they have one billion users. it may not be a one for one match, but it is basically all their users. so, this is a potentially significant blow to the verizon deal because this is all of their users. emily: they indicated the one in september was state-sponsored, and that there may be state-sponsored involvement here. yahoo! said the first breach they believed was state-sponsored. they provided no evidence. sources familiar with the case
that that is not ironclad. the implication is that yahoo! would have reason to say that. to preserve this deal. this one appears to be a straight cybercrime operation. the fact yahoo! scoured the network and it did not find this earlier breach, but had an outside cyber security firm bring it to them should raise questions on how well this company secured their network. emily: why do you see that is different about this breached than the one before? talking about more records. the passwords that were leaked work -- were secured with an encryption algorithm. the other breach was encrypted with a more secure our rhythm. this is more records with a less secure encryption algorithm. the company did not know, even know they have been scouring every piece of their network. emily: there was concern the deal with verizon was already on
the rocks because of the initial hack they told us about in tim september. armstrong said he was cautiously optimistic the deal would go through. what does this mean for the deal now? >> big, open question. this is not just about user accounts. that is the thing that yahoo! has to disclose publicly. we have learned that yahoo! has an looking at internally what --ellectual company from the what intellectual property from the company did they steal, if any? if you have lost all your user accounts and potentially significant corporate intellectual property, would you paying close to $5 billion for? verizon has said they believed the breach is material, giving them license to potentially negotiate downward or walk away. emily: yahoo! says change or passwords, they are on the issue, but now three years later. what can be done? isn't the damage done? >> the damage has been done. this has been trafficked in cybercrime circles for three
years. the hackers have been using yahoo! users accounts to send spam and identity theft. telling people to change passwords now is a good practice, but is a long time to let your users wait. emily: that was jordan robertson of bloomberg technology. in this edition of "out of this world" a delay for spacex. the company has officially postponed the first manned flight of its dragon vehicle. it was planned for late 2017, but now pushed to may 2018. this is the capsule that spacex is building to take nasa astronauts to and from the international space station. part of the plan to fly american astronauts on rockets once again. there had been speculation the flight would be delayed after the falcon nine rocket exploded. spacex adjusted its timeline and will finalize its investigation into the falcon 9 accident.
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emily: welcome back to "best of bloomberg technology". i am emily chang. our story of the week president-elect donald trump , held a meeting wednesday with the most powerful ceos in the tech world. keepp says he wants to " innovation going" and mentioned dropping trade restrictions. vinod khosla was the cofounder of sun microsystems and has made big bets on major shifts in consumer enterprise technology. take a listen. vinod: it is important to build bridges with the new administration.
i think that is important. it is too early to tell what the policies will be. there will be areas where we agree, and areas where there will be some disagreement. emily: jeff bezos told us the meeting was very productive. you and i spoke before the election. i know you are not a donald trump supporter. what are your biggest concerns with the trumpet ministration? -- trump administration? vinod: the area that needs the most conversation is around climate change and clean technologies. i suspect we will have relatively good agreement on things like skilled immigration, taxes need to be addressed, but that applies more to the larger companies like microsoft, amazon, and google, and apple. there will be smaller companies around skilled immigration into this country.
it is important to innovation, but i believe the new administration and silicon valley is focused on innovation. emily: bill gates also met with donald trump yesterday. let's take a listen to what we had to say. >> we had a good conversation about innovation, how it can help in health, education, impact of foreign aid and energy, and a wide-ranging conversation about the power of innovation. emily: now recode wrote an op-ed saying these tech leaders should not be meeting with donald trump. they should be ashamed of themselves because of what he has said about the tech sector and attacks he has made on companies from apple to amazon. what do you think about that idea? vinod: well, i think 50 million people or so voted for trump,
and i think we have to recognize that that happened. today, we need to work together and find what is the right bridges to build together that meet both of our needs. emily: peter thiel was sitting next to donald trump in this meeting. he was very influential in getting these folks together. he is a contrarian and not shy about speaking his mind, but his views differ from a lot of folks in silicon valley. how do you feel about him being the voice in donald trump's year on -- donald trump's ear on technology? vinod: peter is focused on innovation and capitalism, focused on less regulation, all of which jives with what the tech industry would like to see. i mostly agree with peter on many of these issues. there are other issues where he has a different view, and i
think that is true in any time there are more than two people with strong opinions. emily: i want to get your thoughts on some of the cabinet picks. rick perry for the department of energy, a department he famously wanted to cut, but could not remember the name of. also, rex tillerson, who has big ties to russia for secretary of state. what you make of these choices? vinod: well, they have previously spoken out against cleantech analogies and climate change issues. that is a little worrisome. wayne technologies and climate change issues. that is a little worrisome. i was on a panel a couple of years ago with rex tillerson. we had different views and the degree of risk, and as he said, he's willing to pay less of an insurance premium to manage that then i might be willing
to. i think that's a great starting place for a dialogue, what is the level of risk, and what level of insurance or action should we take? emily: you are part of a new $1 billion investment fund focused on cleantech with bill gates, jack ma, jeff bezos. talk to us about what you want this to accomplish. we need more energy and low carbon technologies, whether whethert the culture -- it is agriculture, building, transportation, or electric power. that takes a long view, and investors willing to take high technological risks on breakthrough technologies. the purpose of the fund is to make both those happen, and if they do, i think there is less competition in that area and a lot of economic opportunity to create very large businesses. emily: what kind of investments
do you expect this fund to make? vinod: bill gates has talked about solar fuels, solar energy, not into electricity but fuel for trucks and airplanes. that is a good example of a very high risk technology, but with a lot of potential. many others, nuclear is an area that is promising, water, new kinds of buildings, new strategies for building construction, all of those are promising areas and breakthroughs could result in significantly better economics. i do believe enough technologies exist to have unsubsidized market competitiveness. unfortunately, too many clean technologies get associated with subsidies that are not necessarily required in every area. emily: last time you and i spoke, you said it is time to subsidizing solar.
do you continue to believe that now that we have a president-elect who may not believe that climate change is real? vinod: well, i think it is our job to educate him not on whether climate change is real or not, but the degree of risk we have of catastrophic climate events caused by climate change. it is a risk and risk management issue, and i think it's a businessman, president-elect trump understands risks. emily: how venture capitalists are preparing for a trump presidency and where they are placing their bets. plus, microsoft is taking a second shot at chat bots. we will test the new bot. we will see if it is more polite
emily: two top republican the lawmakers offered strong support for u.s. intelligence officials in sharp contrast to president-elect trump. he disputed cia reports that found the russian government interfered in the election and actively try to help them when. -- help him win. mitch mcconnell and paul ryan both praised intelligence agencies for taking on cyber threats from foreign governments, and there are new reports that russian president vladimir putin was personally involved in the attacks. the kremlin says the allegations are "absolute nonsense." silicon valley leaders met with president-elect trump, many who backed hillary clinton and did not hold back their disdain for trump. it was a chance for leaders to find common ground with the new administration after clashing on key issues. one key question is, what trump's presidency will mean for global tech investment and how venture capitalist should be
preparing for coming years. megan quinn, the general partner at spark capital has joined us to discuss. she knows the landscape. spark has invested in companies like twitter and oculus. >> if there is anything we know about donald trump, a lot of and certainty follows him. there has been a lot of discussion around this meeting tomorrow. my view is that these people are accomplished, smart, successful people i hold in high regard, and we have to surround the presidency and the cabinet with more folks who are smart and innovative speakers. emily: what you hope they convey? >> i hope they find common ground around innovation. i don't know there will be specific topics they get to the bottom of in an hour-long meeting, but i hope they open up a dialogue between the president and silicon valley. emily: how are you digesting this at spark? how are you informing your portfolio companies?
there is a lot of weight and -- a lot of wait-and-see. megan: we have all been internalizing this personally. we advise ourat portfolio companies, it is to keep on keeping on. keep with the basics. focus on building great companies. focus on hiring great people and focus on your business. emily: you used to work at kleiner perkins, now you are with the growth fund. what is the difference when you're looking at growth stage companies versus early stage companies, and how has your strategy shifted? megan: we talk about inflection investing. we are looking for companies that have found product-market fit and just need to put gasoline on the fire to become big iconic companies. we are looking for metrics that we can point to without having to squeeze too hard to indicate that inflection point has taken place. they can be revenue, users, or an engagement. emily: is there more competition
at the growth stage now that the belt seems to be tightening at the earlier stage and it seems like fewer companies are getting a larger pool of capital? megan: there is a tremendous amount of capital, and everybody's capital is green, but we think there is a dearth of investors who can add value. emily: we are in a huge bubble, peak vc, what are your thoughts on that? megan: we think if you're building an incredible company there will be plenty of capital, but the choice will be around finding a partner that is good for your business, not just blank checks. emily: you announced an investment today, $20 million. spark is traditionally a consumer focused firm, and this is an enterprise startup. what do we make of that decision? megan: spark has a long history of investing in companies like and tumblr.lus,
there is this trend we are excited about, the consumerization of the enterprise. we expect individuals for the products and services we use at work to look and feel like the products and services we use it -- use at home. that doesn't matter if we are behind a desk or behind a bar, we want in gauging products in the workforce. it is a fully integrated platform for enterprise companies to build better products for their end consumers. emily: they are based in raleigh, north carolina of all places. talk about getting outside the vortex. are you looking beyond silicon valley more often now to find those diamonds in the rough? megan: we are always happy to get on a plane. i have the personal view that building a company outside the bay area bubble is actually a competitive advantage. they sit at the intersection of three famous and well-known universities, and have incredible access to talent at cheaper cost.
so, we consider that a positive when it comes to investing. emily: where are you looking in 2017? where do you see yourself placing bets given the uncertainty and the climate right now? megan: we will ride out this macro shift. we have invested in slack and others, but we think there is tremendous opportunities for compelling, in gauging, delightful products for the work place. we tend to be founder driven. we are excited about applied artificial intelligence, machine learning development. traditionally it has been relegated to r&d departments. we are seeing products and services that consumers use. now with fast amounts of data, vast amounts of data, and they can learn over time. we are excited about vr and ar in the enterprise. emily: microsoft is testing a
new chat bot named zoe on the chat room kik. had another one named tay that they shut down when users got it to tweet inappropriate remarks. our bloomberg tech reporter tried out the new bot. >> a lot of people expected the way you interact will be with artificially intelligent bots. microsoft backfired when they oteated a racist, nazi, b nine months ago. they quietly tried again. they have one on kik called zoe. we will try it out. let's start with who is barack obama? "no, i am not talking about this with you."
it sounds like something my parents would say when politics comes up. maybe a more intricate one. should we get rid of the electoral college? "my boundaries are crossed pretty hard. i am out." eu?ld britain leave the is her never been there" response. she is missing out. everyone should go, especially with the pound so cheap. one close to her. who is the ceo of microsoft. " i'm sure they are awesome, but we have not met yet." final one for her then, former microsoft ceo, steve ballmer. do you like steve ballmer? that's a good one. " i know they are associated with the company that made me,
them." excited to meet her comments on steve ballmer seems to toe the company line. emily: still ahead, google's self driving car unit hits the road as a stand-alone business. it is within the alphabet family. the new name is waymo. why now? we will bring you the details. we are live streaming on twitter. check us out weekdays. this is bloomberg. ♪
see google self driving cars officially? mark: they will probably have a commercial product soon. they have been talking about "graduating," a term they use for a stand-alone business. alphabet is still figuring out the logistics and what it is like to build the stand-alone companies. emily: a lot of folks have been talking about how google has been working on this for years, and yet uber beat them to the market with self driving cars on the road with partnership with traditional automakers. why has it taken so long? mark: google will say uber has sort of a self driving car. google is aspiring to fully driverless with no steering wheel or brake pedals. they are probably the most advanced moving towards that front, but it is still several years away. emily: the inventor of the self
driving car and who worked at google on this project for a long time, listen to what he had to say about the competition in the arena for google, particularly when it comes to uber. >> travis and others have been vocal about the fact that the self driving car came in a way that is threatening business. ease investing in the technology because he owns many customers, but if someone can offer the same services for half of the money to me he would be in trouble. ber.y: it is not only u tesla, traditional automakers are investing heavily in this area. what makes google differentiated? mark: we are backed by the most powerful computing company in the world. google is a differentiator in some ways that they have a profitable search business. driving tech is an
existential issue, but for google they can afford to play the long game. emily: he has been running the unit for over a year, former ceo of hyundai. he comes from the traditional automakers side. there has been turnover in the business. sebastian thrun was running it before that. you wrote a big piece in business week about the turnover at alphabet in general. we have seen the leaders of alphabet companies leave. why is this happening? is this another sign of wanting to clean up the balance sheet and making it clear who gets the resources and why. mark: the founders want these companies to operate like startups. they want them to be scrappy and feisty. i talked to people who have left the team and some of the frustration they have is the go to market strategy will change month-to-month. they are still trying to find out what is viable for a
recurring revenue for a tech company looks like. emily: alibaba south china post is set up for new leadership. jack ma, chairman of alibaba, bought the 113-year-old english publication. the move raised eyebrows and critics had concern that alibaba would influence reporting. since the acquisition, the paper is focusing on all things digital, including mobile apps and preparing to integrate e-commerce. the incoming ceo of the south china post joined us from new york. take a listen. >> the opportunity we have at the paper is unique. the first thing is that it is one of the venerated news organizations of the world with 113 years of incredible heritage and history as a top-quality journalistic outlet. the south china morning post occupies a critical and super unique position being the
english-language language newspaper of record for hong kong. that means the paper gets to cover china with intimacy, but also objectivity, which will be more and more important in the world. the third thing is that it is deeply personal to me as an asian american growing up in the western world, i understand there is a duality of views right now in the way china is being covered. i am excited about the opportunity to help bridge that gap in communication. emily: let's talk about objectivity. i lived in beijing, and we read the south china morning post, and it was perhaps the only paper that did not seem to be a mouthpiece for the chinese government. now that alibaba owns this paper, is that going to change? is the tradition of independence and free journalism at the south china morning post going to go away? gary: it has not changed and will not change going forward. the owners and myself continue to be committed to editorial
independence as well as editorial integrity. the south china morning post , with the 113 years of journalistic history, has over the course of that history cover china and hong kong and the region with objectivity. that won't change. emily: how will you deal with censorship issues? are you going to censor things that the chinese government does not want to hear? gary: not at all. being in hong kong is advantageous. because we are there, we have an intimacy to china and understand the nuance of reporting inside and outside of china. at the same time, because of the one country 2 systems, press freedoms in hong kong continue to be protected by law, so we have the ability to be fair and balanced. emily: have you spoken with jack ma, and what has he told you he wants from your leadership? gary: absolutely. jack ma and joe are truly committed to the legacy of this paper, as well as the legacy of
the news industry. what they are looking for is our ability to translate that 113 years of heritage onto the new platforms and the new kind of scale that the internet allows us as a news organization to access. emily: we have had similar conversations when jeff bezos took over the washington post, but what about the potential for conflicts of interest to arrives -- to arise between alibaba and the reporting of the south china morning post, how we you navigate that line? gary: jack and joe have been adamant in the press and with our internal team that the south china post covers alibaba just like any other company, and we are committed to that. emily: that does it for this edition of "best of bloomberg technology". we will bring you the latest in tech throughout the week, tune in each day. 5:00 p.m. in new york, 2:00 p.m. in san francisco. this monday, we will speak about
>> coming up on "bloomberg best", the stories that shaped the week in business around the world. the dot plot thickens, more to come. >> they took a small step beyond being data dependent. >> the oil outlook brightens the outlook for food. -- for crude. there is a change in the garden goldman sachs. >> goldman sachs is making this move from a position of strength. donald trump continues to construct his cabinet. his unc