tv Bloomberg Technology Bloomberg March 4, 2019 11:00pm-12:00am EST
♪ emily: i'm emily chang in new york, and this is "bloomberg technology." retaliation, the huawei cfo is suing canada, alleging she was wrongfully detained. will this set off another diplomatic firestorm? plus the countdown is on, tesla announces the date to unveil its model y crossover. is demand really there? hundreds of amazon employees are
waging a campaign to convince ceo jeff bezos to offer a day care benefit in the latest round of employee activism. another twist in the huawei saga. the cfo has filed a lawsuit against canadian authorities, claiming she was illegally detained. -- the company could be gearing up to sue the united states as well. she was arrested in december after request from the u.s. government. canada has agreed to the u.s. request for an extradition hearing. let's bring in selina wang in san francisco. what is the latest behind this new lawsuit? but she has sued canada, saying they unlawfully detained and searched her. it's an interesting case because they are saying that when she was in vancouver, they should have immediately arrested her so
she would have been rented legal privileges. she is alleging that canada used the guise of a customs border patrol searching as a way to detain her and unlawfully searched her. that is the latest. the big news is that chinese government is saying the two canadian men who were arrested after her in december are now being accused of spying and stealing state secrets. one of them was said to do this while working with the international crisis group and the other man was his primary contact that supplied him with intelligence. so it is seen from the perspective of analyst as upping the ante and seeing a retaliatory tactic against what is happening to her. emily: how has canada responded? selina: justin trudeau said he is very disappointed by the legal proceedings. saying they will continue to stand up for canadians. bloomberg had reported the royal bank of canada recently told
employees not to travel to china or travel there with caution. this comes after a government notice from january 14 urged canadians to exercise a high degree of caution in china because of the arbitrary enforcement of laws. now in addition to the rest of these two canadians in china there's a man facing a potential death sentence over drug trafficking in china. emily: what is the timeline for this? do we expect the extradition to proceed? does it get delayed as a result? selina: the expectation is she will eventually be extradited from canada to the united states. however the process is very long and protracted. there have been incidents of this taking as long as a decade. the length of time it takes often depends on how much legal power and resources the person on the other end has.
she obviously has a huge amount of financial resources to combat this and make sure it is a long process. china will do everything they can to make sure she is not extradited. emily: talk about how it fits into the broader trade discussions. could it set off another diplomatic firestorm? selina: there are reports from bloomberg news according to sources that they are close to reaching a trade guild that could take off all or most of the tariffs on the several hundred billion dollars of chinese goods. trump has said before that he would potentially intervene in the huawei extradition case to get a good trade deal, because that is what he really cares about. critics have said he should keep the trade negotiation completely separate from this legal proceeding. on the other hand, some critics and analysts have noted that this huawei case is the biggest
bargaining chip he has with china. there is a lot at stake here. there's also potential ban on all huawei products in the united states. there's a lot of questions about how this case may be used in the broader trade negotiations. emily: selina wang for us in san francisco, thanks for that update. meantime, elon musk tweeted sunday that the company will reveal its model y crossover vehicle on march 14. but investors are worried about demand. he said it's about 10% bigger than model 3, so will cost about 10% more. concerns continue to rise over online sales shift an employee layoffs. -- and employee layoffs. kathy, i know you're generally
bullish on tesla. are you concerned about these things? >> i think the mistake people are making is, elon is riding down a technology cost her. -- curve. prices should fall. they will fall and continue to fall because battery pack system prices are coming down. emily: he says making the car at this price is excruciatingly difficult. >> he walked in and the first thing he said is, the traditional automakers are unbelievable in terms of the way they cut costs. what i said to him is, that is fine, but they have not been riding down a technology cost curve for a century, right? you are writing down this -- riding down this battery pack system cost curve. your prices will fall and
continue to fall as there's rise. what he said on the last earnings call it is, the demand is there. people cannot afford the high end prices, so he is bringing prices down. emily: can tesla afford to deliver the car at that price? cathie: yes, i think so. the restructuring he is doing is very sensible. he is making these moves in order to scale more quickly than he otherwise would. these price points are very attractive to consumers out there. emily: so you don't have any , concerns about him closing stores and shifting things online abruptly, and laying off people? cathie: it was abrupt. we got the sense that something was up because he is still competing against other auto manufacturers who have their costs screw down. at some point, his pricing will drop below theirs, well below theirs. because battery pack system cost
coming down. he has a steep learning chip that will help him with autonomous vehicles. we are not concerned. emily: what was your impression, meeting him in person at the factory? cathie: i think people misunderstand him completely. i reflect on the clips about joe rogan's interview. there was one clip. emily: this is the interview where he smoked pot. cathie: that is all peoplesoft. -- people saw. shame on the news media for not actually delving into the joe rogan content. emily: to be fair, you don't often see the ceo smoking pot in an interview. cathie: that was provocative, fine. but there was a 2.5 hour interview. there was real content there, and his brilliance was shining through in it.
emily: what is your outlook for demand on the cheaper model 3 and the model y? cathie: i think demand will be pretty explosive. we believe that e.v. sales will scale from 1.3 million globally last year to 26 million in five years. i asked elon what he thought about that. he said you might be all by a year or so, but we are talking about exponential growth. exponential growth happens because prices come down. this is a technology cost curve. those who follow traditional automated factors haven't seen one of these for a while. they don't know how to relate to it. they assume that cutting prices means demand isn't there. that is absolutely untrue. emily: we've seen hundreds of billions of dollars wiped off the market caps of some of these
companies. some have different stories than others. where do you see the positives and the negatives? cathie: you are right, they are all different stories. i don't know why we lump them into this acronym. we don't own facebook right now for the most part because we think they have a lot to work through in terms of privacy. anytime the regulator start going after an industry or a company, we kind of pull away for a while. it is true that they are one of the few places for online advertising, as is google. now we see amazon advertising pretty aggressively. its advertising sales are screaming. i do think the whole online advertising market is continuing to grow very quickly, at the expense now of television. we are not worried about that, but when i see regulators going
after company, and i see what they're trying to do is blockchain technology. they want to get more information on people, but allow them the privacy. so they are even trying to invest in this. emily: you think there is going to be a crypto revolution. what does that mean? bitcoin and cryptocurrency have not had a great run. cathie: bitcoin went from less than $1000 to $20,000 in 2017. it has come back to $3000. during that downturn, what happened is the bitcoin share of the entire crypto asset network value or ecosystem increased. that told us that bitcoin is the reserve currency for the crypto asset ecosystem. that is a huge role.
last year, $1.3 trillion worth of transactions were on the bitcoin network. venezuela, and business-to-business, in africa where it is prohibitively expensive to trade from one currency into another. the average transaction size is about $14,000. that is pretty amazing. the technology really is only 10 years old. we think there is a crypto asset revolution, a blockchain revolution underway. emily: always good to have you, cathie wood. good to see you here in person. coming up, aggressive politics. in a short time, congresswoman alexandria ocasio-cortez has taken center stage in washington. we speak to her chief of staff about her agenda. this is bloomberg. ♪
emily: the green new deal is a sweeping proposal that outlines strategies to combat climate change, provide health care to all americans, and much more. there are two revolutions for the legislation. the representatives have captured the attention of the nation. she defeated at 10 term in, by double digits, becoming the youngest woman ever to serve in congress. joining us to discuss her agenda, thank you so much for stopping by. it has been a ride for you, has in it? you have been with her from the beginning. >> most two years now. emily: what is it about her that has taken the nation by storm? quick she is actually presenting
new, refreshing ideas. you see her putting new options and ideas on the table that completely change the course of the conversation of what is politically thought possible. with all that from the green new deal to things like health care and other policies. she is really pushing the debate, and people are engaged. emily: everybody talks about her social media strategy. what makes her so special? >> i would say it is the content is what people engage with. she is also unafraid, and that is part of it. when you are pushing bold, brave ideas like she is, you have to go at it with a bit of bravery and boldness and actually defend it on its merits. she uses twitter as a platform for communication, as two-way communication. emily: let's talk about the merits of the green new deal.
a lot of folks say it is just too expensive. how do you respond to that? >> it's talking about a gigantic investment program. we talk about it as a mass scale of economic mobilization. there's all these plans about the economy, not even talking about the cost of action. the cost of investment, some examples from history. the interstate highway system. for every dollar we spend on the interstate highway system, we made six dollars. project drawdown is another example. they have one version of how you arbonize anfully de-c economy that they say will make $43 trillion. so you have a big upfront capital investment, but you make
money. emily: she was vocal about amazon's hq two not coming to york city. some folks say it would have created a lot of jobs for a lot of people in queens, and now that is not happening. isn't that a loss? saikat: what she was vocal about was the process how it happened. it was sprung on the community without input. there is a real cost whenever tech companies come in. rents go up, people get evicted. amazon is a company that chose to step away from the negotiating table. once the community started making their demands heard, amazon said we are not going to have it, they stepped away. if there is a way for the community to engage to make their demands heard, that would have been a better way to do that. emily: would you welcome amazon back if they had a change of heart? governor cuomo is trying to back that. saikat: we welcome having a community process, but i don't know where the talks are now.
emily: let's talk about our tax proposal. bill gates played down extreme proposals. he told the verge this, i believe u.s. tax rates can be more progressive. now you probably have some politicians that are so extreme, i sent a. -- >> you have the account -- saikat: there are two pieces to this. if you look back our history, the top marginal tax rate has been as high as -- it has been much higher than it is now. you have economists saying 70% is not right. she did not just pulled his number out of thin air. this is what economists have been saying we need to get to two faced the rampant inequality
we have in her country now. the second piece, if you do generate a lot of wealth and grow the economy, if all the new income is being captured by a few people at the top, we saw about 110% of new wealth through 2012 was captured at the top 10%. if we do that again, all you will do is have a few people get really wealthy and the vast majority of not seeing the economic benefit. you have to set it up so you're spreading it equitably. emily: this proposal would only cover a fraction of the initiatives she has proposed. however she plan to cover the -- how does she plan to cover the rest? saikat: there's all caps of ways -- there are all kinds of ways to pay for wealth generating investments. that's what the green new deal is talking about. tax revenue could be one way, deficit spending could be one way. the way we paid for the republican tax cuts, the way we paid for the recovery after the recession.
the european investment bank invest using the bank and made money back. no one ever asks where are they are getting money to pay for it. you can pay for things when you make money back. emily: president trump has settled on a of attack. saying the left has embraced socialism, total government domination. saikat: when republicans have no attack to make, they start calling everything socialist. they called medicare socialist, they called social security socialist. it's probably a good sign, maybe they should keep calling everything socialist and it will work out. the thing that is particularly frustrating about that is, if you look at the system of economics we are talking about, the way to get something like the green new deal accomplished, it's so incredibly american. it's the moonshot, it's what alexander hamilton talked about. it's more like a return to the
american system than whatever trump thinks it is. emily: does the plan -- the congresswoman plan to endorse anyone in the 2020 race? do you think she will pick a favorite? saikat: we have not even had the first debate yet. we are seeing a debate of ideas in the democratic primary. that is so interesting. you often get into personality conflicts, but right now all these new ideas are coming out. policy.zabeth warren's we just love that. emily: does she see room for centerleft folks in the democratic party? saikat: it depends on what centerleft means. if we are talking about people who are really out of touch where people are, because you're talking about medicare -- the center left should be strongly for medicare for all. 70% of the people are for medicare for all. be center left should
strongly for medicare for all. if you're going to have this fringe group of conservative democrats that don't represent for the people are who are not presenting new ideas, like folks like howard schultz, we're not hearing a single new idea from howard schultz. if he had a national solution, that will be interesting. if you don't bring any ideas to the table, i am sorry. >> thank you for stopping by. i know you are just as busy. if not more busy than she is. thank you so much. coming up, more tech earnings at this monday. we will dig into salesforce results and outlook. this is bloomberg. s -- ♪
maintain its pace of growth over the last two quarters to the company outlined longer-term sales goals which will car spending more money on opening new offices and hiring operating expenses, increasing to $5.2 billion in the quarter. there's a corporate shakeup happening at warner media, eight months after at&t spent $85 billion buying the company once known as time warner. bob greenblatt will run hbo and other companies while jeff zucker will become chair. spacex unmanned craft successfully docked at the international space station over the weekend. the test flight pave the way for a man mission planned for the summer. spacex is competing with boeing for business. coming up, the u.s. government says huawei is a national security threat. the ceo of cisco doesn't seem to
technology" global link where we join "bloomberg daybreak: australia" to bring you the latest in global tech news. i'm emily chang with shery ahn and haidi stroud-watts. let's take a look at the top global tech stories of the day. shery: a new report by mcafee shedding light on north korean hacking efforts. that includes attacks when kim jong-un met with president trump in hanoi last week, according to "the new york times." the report details north korean hacking is targeting other countries' critical industries including telecommunications and defense sectors. alibaba has tagged lazada as its southeast expansion leader. lazada sells 300 million products in six countries in the region. alibaba acquired a controlling stake in the company in 2016.
southeast asia remains a target for many e-commerce giants as there is no singular dominant player in the area. facebook may not operate in china, but that is not stopping it from taking legal action against regional posters. the social neg individuals for promoting the sale of fake accounts. the suit alleges the fake accounts were marketed for sale on six websites over the last two years. those are the top global tech stories we are watching. emily: thank you. the u.s. government is trying to ensure that the next generation of wireless technology, 5g, is not dominated by china, specifically one company and that is huawei. one person who does not share
those fears is cisco ceo chuck robbins who told cnn that "the current infrastructure around the world is built on the combination of communication suppliers from europe, china, the u.s. and everywhere. despite everything we hear, i think that will be the case in the future." joining us to discuss the national security implications is jamil jaffer, the vice president for strategy and partnerships at ironnet cybersecurity. he also was the chief counsel of the senate foreign affairs committee and joins us from san francisco. given your extensive national security experience, do you think huawei is a threat or not? jamil: absolutely. huawei has a ton of issues ever since 2011 when the house intelligence committee issued a
report looking at huawei and its ties to the chinese government, espionage. it is benefiting espionage for the chinese government and all the economic benefits for the government and the potential involvement in surveillance activities. it is a potential threat to the u.s. and our allies across the globe. haidi: the question for telecom providers and we heard the sentiment in barcelona. what are the other options, if not huawei? jamil: across the globe, number of 5g players could be influential. who do you want owning your infrastructure? the you want companies that are european or american or in the case of australia, from areas of the globe also? it is not just huawei in particular, but it is the fact they have these close ties to the chinese government. if they want to talk about this and say they won't do those things, that is a different matter. their ceo has refused to do so thus far. emily: i want to dig in a little bit. you think huawei is a threat, but what proof is there that huawei is a threat? jamil: we have seen a number of things that huawei has done over the years to benefit itself from
chinese government espionage. it is interesting the cisco ceo is not concerned. if you look at the older generation of huawei routers, they look like cisco routers because their ip was taken from cisco originally. another issue, they are undercutting folks from an economic perspective because of the huge gains.
from a national security perspective, the ceo was asked will you agree to not engage with the chinese government? he has refused. he's a former chinese officer himself. you have to be willing to say we won't do those things if you are to be trusted for infrastructure. emily: do you think china could shut off 5g capabilities? jamil: it is unlikely china would shut off those capabilities. it is unknown what can happen but we are not talking about that. china benefits usually from a robust telecommunications infrastructure. the idea they might shut it down completely is unlikely. the more likely scenario is the potential for espionage -- economic espionage and the classic nationstate espionage where they are stealing secrets to benefit foreign affairs. haidi: how successful have both sides been in their campaign? going on the offensive with the civil suit in canada. we are hearing a report suggesting they are preparing to sue the u.s. government to challenge the ban. on the other side, the u.s. rallying allies to get other countries to ban as well. do we see ham-fisted this on
both sides? jamil: i think you are right. the u.s. has been successful in convincing allies like australia to largely keep huawei out of the infrastructure. they have not been -- we have not been successful in the united kingdom. they bought a ton of huawei gear. in england, they have made clear to look at this at a case-by-case basis. that can be difficult to scale, challenges that the u.s. and but these are some of the challenges that the u.s. and other allies are working through right now. huawei has been aggressive both on the pricing and advocacy. haidi: is there sufficient investment given we talk about being the dominant player in this space and you need to question who owns this infrastructure. is it late for countries, governments and private companies to be playing catch-up in terms of the enormous amount of investment the chinese have put behind us? jamil: you are right. they put a tremendous amount of money into huawei, very good benefits with a low interest loans. huawei really is able to come in
and build huge amounts of infrastructure and sell it dramatically cheaper because they have these benefits. based on these economic benefits. it does make it hard to compete and you are right, we are behind the eight ball. the u.s. is playing a hard game of catch-up in the scenario today. haidi: thank you so much for joining us, jamil jaffer. lots more to come on bloomberg television. stay with us. this is bloomberg. ♪ emily: time now for the first
offer backup day care, a benefit already offered by several of the largest tech companies. the group will meet with managers, arguing the benefit will help amazon retain its talented women. we are joined by a veteran of tech workplace culture, patty mccord, who helped shape the work environment. also, an author about the workplace. good to have you on the show. how should jeff bezos respond to these momazonians? do we like the word? patty: i am not such a fan, but i get it. i know women suffer more than men in the workplace, taking care of their families. but i wish it was like parentalzonians, because in my fantasy future, families and work can blend together so we can all have healthy lives.
that includes other moms and other dads and all the other ways we put together families these days. emily: should jeff bezos be offering backup day care? isn't it kind of a given at the big companies? patty: i have to tell you a story. but when you and i met, you asked me about on-site day care, supplemental day care. i sent to you with my reptilian h.r. brain intact, that is really hard to do, you don't understand. there is finance issues, liability issues. having kids at work is really problematic and subsidizing daycare is really hard. you looked at me and you said i wish i had talked to you before the book. i read your book on a way to a gig i was doing in austin. i go to this conference and on stage is the head of h.r. at patagonia. he says i just met a young man who we hired as an intern that i met originally when he was six weeks old in our on-site day care. patagonia has done day care for 30 years, right? so, -- all i can think about was all of the companies in san francisco i go into that have a bartender on payroll. i mean -- you would think if we can address the needs and happiness of everybody having a bartender at work, we could certainly think about what is
the right thing to do about having healthy families. emily: thank you for that anecdote. you are right. patagonia has broken ground in this area for 30 years. very few companies have slowly followed. why is it so hard? patty: i think it's because it is not perceived to be directly affecting the customer. in most cases, what we want to do at work is create products and services for the people that buy them from us. that is mostly what we focus on. emily: hang on. it's something that directly affects the employee more than anything else.
patty: i totally get it. i don't think i got it until now. i look back at my life and i realized a key to my success with my stay-at-home husband. i know that is a factor, i have been doing this for 30 years. a really important factor to be able to be successful at work. we have to change our minds about how that is. using all the technology that we have, how come we can figure out how to videoconference all across the world and have global organizations, and we should think about integrating families in that same way too. there is no reason we cannot innovate here. emily: i want to talk you about another story that broke. google saying it conducted a study to get to the bottom of pay inequity and found it was underpaying men. this as the department of labor is in the middle of a huge investigation into the pay and
equity at google and accuses the company of underpaying women. you also have a class-action lawsuit among women against google who say they are underpaid. how do you square this? patty: i just read the same story five minutes ago and i did not read it deeply. here's the thing about broadbrush reporting on things like this. google has over 100,000 employees? i don't really know who they are talking to here. i don't have any problem with equal pay being equal pay. i don't understand what salaries we are addressing in this case. emily: google says "our pay and equity analysis finds that pay is fair, but we do know that only part of the story because leveling, rating, promotion impacts pay. we are taking a comprehensive review of these processes to make sure incomes are fair." you have been on a tour since you wrote your book. you have been thinking a lot about workplace culture. what are some things you think silicon valley has been doing wrong that silicon valley thinks is right, but needs to change? patty: you articulated it so well. i know who gets promoted as i
have been in the room when we have made the decision. it is somebody you know. somebody you already have a relationship with. i often say that people say to themselves, you know, we need somebody smart and quick on their feet and really articulate and bright. someone just like me. [laughter] patty: and then we hire and promote the same people over and over again. conversely, when i hear the silicon valley thing of we have more women in management, on boards, it is a pipeline issue.
i always say if you open your eyes, your pipeline is sitting in front of you. emily: absolutely. patty: we are very, very diverse organizations out here and what we don't do is provide the same opportunity and exposure to everybody. that is the thing we have not gotten right and need to start paying a lot more attention to, just so we have enough great people to do the great things we have to do. emily: if you could rewrite that netflix culture code, what would you keep and what would you get rid of? patty: the culture code, that document was rewritten and amended over a 10 year period and it is constantly being done now. what you don't see when you look at it is how many things were discarded and how many new things were added. we rewrote it last year. one of the beautiful things added to it was the idea of global diversity and cultural diversity and making room for everybody to do great work.
emily: former netflix chief talent officer patty mccord, always great to have you on the show. thank you. patty: thank you. emily: and telling us how work is shifting. patty: see you soon. emily: still ahead, lyft races to the public market, but who are the real winners in this deal? we will discuss next. this is bloomberg. s ♪ this -- ♪
emily: electronic arts said 50 million players have signed up for its apex legends videogame in its first month. fornite also free and a popular battle royale took four months to reach 40 million players, but has a registered base of 200 million. a japanese retail billionaire is poised to be the biggest beneficiary of lyft's impending ipo -- mickey mikitani. rakuten owns 14.1% of the
ridesharing company's a-shares, worth about $2 billion. if lyft goes public in the valuation of its anticipated $20 million to $25 billion range. here to discuss is eric hippeau. good to have you back on the show. who wins when lyft goes public? eric: this gentleman will win something. it gives them a path for liquidity, which is great for them. the drivers, the of being offered the ability to buy some stock. i think the business model will have to change in favor of the drivers, give them more money. the company has lost $2.3 billion in the past two years. lost $9 billion last year. emily: that is half of what they bring in.
eric: maybe $4 billion this year. no question it is a good company, but it is hard to understand what the profitability model looks like and what the unit economics look like in order for this company to be profitable. emily: investors are used to giving tech companies a pass when they are losing money, but is this an extreme amount of money to be losing proportionate to what they are bringing in? eric: to me, it is. uber ipo loses even more money. emily: you think uber's model looks worse? eric: same model, but it is bigger. emily: they have uber eats. they are more penetrated in self-driving and flying cars. eric: all of these are investments. lyft owns the citi bike system in new york and they will get to scooters. a lot of that requires a lot of capital, a lot of investment. emily: where are you investing right now? eric: we primarily invest in new york-based companies. we have a large portfolio in direct to consumer commerce
companies. we also do a lot of health. new york is a big center for health care. there are a lot of great ideas in order to simplify health care. give better care to people more directly with these different levels. we invest in a.i. we reflect what new york is good at. emily: binary capital -- this is where justin caldbeck -- he was sort of the first investor to be exposed in silicon valley's me too movement. why did you decide to take over the portfolio? eric: some of the larger l.p.'s asked us if we take over the portfolio. we have experience in doing that because we also manage two of
the softbank early-stage funds. we learned it is complementary to our business. we can supply a lot of support to these portfolio companies. emily: do you feel like there were any ethical issues or more you were rescuing these companies that had nothing to do with this unfortunately? eric: the ethical issues, part of the old lpg relationship. we looked over the portfolio, we felt it was very complementary. we have one company in common, binary is growing very fast. for us, it was a question of can we add value? can we get the entrepreneurs back on track?
emily: dia, how is that doing? eric: it is the leader in the plus-sized women category. very successful. emily: what are your thoughts on hq2? is that a huge loss for new york? eric: i don't think long-term it is a huge loss for new york. it is a lost opportunity. new york city, like all big urban areas, have to become tech cities. tech is going to replace our traditional centers of wealth such as wall street or real estate. by losing out on the capability of bringing 25,000 people across all of these adjacent jobs that
it brings all in go, from one company, is a big loss. emily: new york has a thriving tech ecosystem but still does not have a $10 billion tech company. maybe that is not the right metric, but when does that happen? eric: i don't know when that will happen, but we do have at least 10 $1 billion companies. emily: i will have to count them to make sure you are right. eric: and many more. there are really successful, well-funded companies that are coming up. maybe out of those will come -- emily: what about wework? very controversial company. eric: i think wework is a great business. yes, it might be the very first. i don't know if they will go public this year, maybe next year. they certainly have the potential of being one of those. emily: eric hippeau, always good to see you in new york. thank you so much for stopping by. and, that does it for this edition of "bloomberg technology." we will continue to broadcast from new york tuesday. i will be speaking to the ceo of box, the ceo of transferwise, and one of the biggest fintech firms out of europe.
all of you. how you live, what you love. that's what inspired us to create america's most advanced internet. internet that puts you in charge. that protects what's important. it handles everything, and reaches everywhere. this is beyond wifi, this is xfi. simple. easy. awesome. xfinity, the future of awesome.
♪ >> this is "bloomberg daybreak: middle east." china lowers its growth goal and announces major tax cuts. they warned of the top economic battle ahead. meanwhile, more evidence that the trade war is hurting the u.s. economy. two studies put the cost that billions of dollars, borne largely by american consumers. libya prepares to start pumping again from its biggest oilfield, adding another complication to opec's efforts to trim a global supply glut. grantsapanese court carlos ghosn bail, setting the bond at almost $9 million.