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tv   Bloomberg Technology  Bloomberg  May 31, 2019 5:00pm-6:00pm EDT

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emily: hello, i'm emily chang in san francisco and this is "bloomberg technology." may day. stocks have their worst monthly performance so far this year. u.s. stocks posting their biggest weekly slide since december. plus, retaliation. china will establish a list of "unreliable foreign companies" they say hurts chinese firms.
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ft still holding ground in the big apple. first, to our top story -- u.s. markets posted a dramatic slide today as global trade has spooked investors. the endt weekly losses of last year while treasuries rallied for the fourth year as the trump administration's trade spats are on multiple fronts. and the s&p had its worst month of the year. we want to bring in michael regan from new york. a lot of different things going on. where did we see the bloodshed? >> the bloodshed was widespread. nine of the 11 main sectors in the s&p 500 were down. theeally stems from surprise announcement of potential tariffs on mexico. no surprise that the president
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is ratcheting up the immigration rhetoric with mexico. u.s.-mexico-canada have a trade deal that i think most of the market had assumed was near the finish line. it was recommended to go to the senate in mexico by the president there last night. it was believed that the u.s. congress would be voting on is soon. that calls that into question and it tests the shadow of the future of u.s.-china trade negotiations since it is unclear if president trump is capable of a major surprise even when it seems a trade deal is ready to be signed. be another could triggering event here? actionsa lot of new being taken by the chinese and also some new threats. >> as you mentioned at the top of the show, china overnight basically warned that it will create its own blacklist of u.s.
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companies that it deems to be unreliable trade partners. i suspect that even without the mexico tariff announcement that we would see some weakness in technology specifically chipmakers and equipment makers because of that news. china did not say what companies would be on the list but it is widely believed to be in reaction to the blacklisting of huawei so the assumption would be technology companies would make up a pretty large amount of the companies on this list. we will have to wait and see if china actually does release the list and who is on it that investors are not taking any chances and our of avoiding the tech stocks in case the one they own is on the list. .mily: talk about chipmakers they have been hit by the blacklisting of huawei. there are broader issues facing
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chip companies in general given the tariff issues. i have a chart in my bloomberg that shows what the chip sector theooking like, set for worst month in 10 years. tell us about some of the dynamics in chips in general. mike: it speaks to the uncertainty and the market right now. it is hard for companies to sue -- to plan their supply chain right now when they do not know if these tariffs are permanent or temporary. -- theers specifically companies are having a hard time planning their supply chain so investors are having a hard time deciding which one to on, if they should own the space at all or go into a tech hold. emily: talk about the big tech companies in particular apple thealphabet -- both ending
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day down. apple has a huge presence in china. alphabet less so. mike: i think you have to look at the performance of these ll as the and their ro -- and their role in the markets. people worried that if the tension as the legs and spreads to mexico and the chinese situation is nowhere clays to being resolved, the whole market is coming under pressure. when you look at apple and amazon, pretty widely owned in a lot of portfolios. been, at leaste until recently, have been strong performers. it is the type of thing that will lead on the way up and lead on the way down when we see this kind of mass selling as we did today. andy: given the uncertainty the u.s. and china seem to be
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digging in their heels, we have seen a big drop but could it also mean that if things got better, a correction could be imminent? mike: certainly, i think right now there is so much guesswork being done. a lot of people assumed that weakness in the stock market would lead president trump to back off on the trade rhetoric. that is clearly not the case. howt of people talk about much they think the stock market would have to fall in order for president trump to rush a trade agreement with china and back off on some of the other trading partners. that it is not where people thought it would be. they expected a few percentage point drop in the s&p would prompted the president to tone justhis rhetoric but it is escalating. if you are going to use that as a metaphor, it is also important
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date.k with a -- about a the president can afford some market weakness now because he can afford to get tough. as the election draws closer and the campaign season draws closer later this year and early next year, it will be interesting to see if he sort of gets a resolution on these issues by then in order to have the stock market as a tailwind for his reelection hopes again. emily: michael regan, we will see what this brings next. thank you. in the meantime, according to regulatory numbers, the company revenue.9 million ball grew 67%. , which charges company for special features for its messaging software is planning a direct listing on the new york stock exchange in the coming weeks.
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we should mention that bloomberg is an investor in slack. we have new details on how china plans to retaliate to the u.s. ban on huawei. if you like bloomberg news, , and out bloomberg.com bloomberg radio. this is bloomberg. ♪
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emily: it has been a week dominated by trait. on friday, the president on importsariffs from mexico in retaliation for
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people crossing the u.s. border illegally. in the meantime, china announced it is compiling a list of unreliable entities. in retaliation for the blacklisting of huawei. making good on its promise to retaliate against president pence latest round of trade duties. giles and is tom rebecca, the founder of silla icondragon -- sill dragon. rebecca, the chinese are digging in their heels and preparing for a long-term fight. experts are saying it could last until 2035. what is your take on the level of seriousness here? rebecca: i think it has gone from beijing and washington, d.c. and spread out to other aspects of our economic life and
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i think we are just at the beginning. the rhetoric has certainly become much heavier and i think we are really in for a long run. emily: this list of unreliable entities is rather vague and could expand to multinational companies not based in the u.s. where based in japan or elsewhere. tom: the sky is the limit. it is very vague. we do not know who was on the list but it could include any number of companies that are doing business between these two countries including intel and qualcomm. apple could be drawn into this in a profound way. chipmakers are exposed. and thethe ambiguity vagueness is part of what makes this so terrible for u.s. companies. this degreecreates
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of uncertainty that is really weighing on the stock throughout the market today. of howwhat is your sense this could materialize or be executed on the part of the chinese? rebecca: what we are starting to tech'sthat separation of ears. china will become more dependent on its own technologies and silicon valley u.s. will become more dependent on its technologies. we will see a separation of the technology world and it is not a good thing for consumers or businesses because prices will rise and we will all suffer. innovation will suffer as well. i think this is definitely not a good trend. emily: i also want to talk about what is happening with mexico. the pair -- the president threatening 5% tariffs starting june 10 if mexico does not take effective steps regarding illegal immigration.
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i sat down with an official from go for -- from gopro. take a listen to what he had to say. >> we said, let us go and research where else we would build our products for the u.s. market. we ran around mexico. and through our research, we learned there were also financial benefits, logistical elements to doing so anyway regardless of tariffs or no tariffs. whether or not the tariff threat to our product becomes real, we are happy to be moving our u.s. bound production to mexico. threat on tariff china israel and we do not know what is going to happen with mexico now. now, they are stuck between a rock and a hard place. whatu are seeing and you're going to see is the emergence of different supply so much of production,
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particularly in consumer electronics, a topic that we think and talk about all of the time, has happened through china. given the trade tension between the u.s. and china, companies like gopro have to look elsewhere. where can we source our products ? where can we finish our products? how can we moved the supply chain out of china? we talked accompanies every day who are looking for increased capacity outside of mainland china whether that is taiwan, southeast asia, or mexico. they are doing that and now what no, mexicoeeing is oh is not a safe place either. that will affect automakers and a lot of consumer electronic companies. they do some of their production south of the border. emily: we talked a bit of this and of two tech industries,
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to some extent, it already exists with the firewall in china. if, let us say somehow a deal is struck down the line, can they ever return to the prior sort of state of affairs? warill this dispute, this essentially, the fresh? -- be fresh? isecca: the uncertainty causing companies to freeze restratee the -- to gize their plan. global supply chains now are so intertwined. even that will be hard to break apart. anyhow, it is a very complex time. emily: in the meantime, the
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president is planning to visit the u.k. and have a talk with outgoing prime minister theresa may about huawei specifically and to express his concerns because the u.k. is at a fork in the road where they are considering using huawei equipment in some of their commercial networks. what do we expect? you have a huge buildout in five g technology that will enable this ubiquitous coverage and a lot of companies and countries are still really leadernt on huawei, the by a longshot in this area. and the u.s. has had a hard time getting european allies on board with their -- you must ban rhetoric. their view is that it is better, more economical, and you have not proven to us that huawei really represents a national security threat to us in these
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countries outside of the u.s. and even inside the u.s., by the way. there are a lot of european countries not on board right now and that is what i think his message will be. yet on board. huawei -- get on board. huawei is a threat. emily: so many moving parts. thank you very much. tom and rebecca. orders foraking model three by tesla. mackenzie --m bloomberg's tom mackenzie has all of the details. tom: $7,000r -- cheaper than the imported version. the cars are to be built at teslas biggest factory in
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shanghai and will have a range of 460 kilometers per charge. they are expected to be delivered in 6-10 months. tesla said it will introduce superchargers in china. cutting charging times to 15 minutes. elon musk is counting on tesla's shanghai factory to bolster competitiveness in a country crowded with hundreds of electrically a goal rivals. in beijing, tom mackenzie, bloomberg. emily: coming up, a new report says amazon is considering getting into the wireless industry. far for 1ridge too wall st analyst. we will explain why, next. this is bloomberg. ♪
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emily: could amazon be eying yet another new business? telecom?
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the online business is reportedly interested in pre-paid wireless service. to deal would allow amazon use it the network of the combined entities for six years. the idea however is a bridge too far for 1 wall st analyst. he has 30 years of experience in the telecom's nest. he calls this crazy. he joins us on the phone along with our bloomberg tech editor. craig, first of all, you did not call it just crazy -- you called crazy.letive] >> let us back up and remember what they are trying to do here. in order to get the splint-t-mobile merger done, the justice department will require the creation of a fourth competitor. what you are talking about is making amazon a fourth competitor. the point i was trying to make
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was making amazon the fourth competitor in the market is not sensible either for sprint-t-mobile or for amazon. for sprint-t-mobile, or let us say t-mobile, the idea of taking a four player markert -- market down to three and then going back up to four is not a better situation. just strategically, this is not a terribly sensible idea. and for amazon, the problem is you cannot differentiate a telecom network that is a private prayer he -- proprietary network and still have cost advantage. cost advantage and network operations requires system loading, opening the network to everyone. you cannot have it both ways. it strategically does not make sense for anyone. been: we know the doj has leaning against approving the .-mobile-sprint deal
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what is being reported about amazon's interest? report which had several unidentified people familiar with the situation. is whathave confirmed craig mentioned is that the dha says you can do the deal but you have to make some concessions. basically, they have to do ivest. that would be selling the existing network, spectrum. amazonters story says would be interested in boost mobile and spectrum as well. would be a negative for all wireless carriers. that said, amazon has branched out into unexpected businesses
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in the past and has transformed them including clouds and whole foods. why would this be something different? let us remember that we are talking about the perspectives of all of the different parties here. from the perspective of the amazon intoviting your industry is not something that people are particularly wanting to do. think it is understandable why the market reaction from all of the other telecoms was so negative. even the suggestion that amazon might enter the telecom business is not a terribly attractive idea for anyone in telecom. and for amazon, to try to maintain a national network -- remember, at&t and verizon, to examples, have each spent 200 million dollars in
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capital investment and spectrum purchases. you are talking about a pretty , even for aante company like amazon. no one in wireless has earned much more than the cost of capital. a low return. and that is even before amazon comes in with an aggressive price strategy. and once again, in order to make want to usee you this for drones or driverless delivery vehicles -- you are going to have to load that network with other people's traffic lest it not be sufficiently utilized and therefore have excessively high unit cost. if you are going to load it with other people's traffic, it is not a basis of competitive advantage anymore. crazy." ll, "expletive words.
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thank you. coming up, as the u.s.-china trade were continues to ask delay, venture capitalists may be forced to change their strategy. we will tell you how, next. this is bloomberg. ♪ the latest innovation from xfinity
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emily: this is bloomberg technology. i'm emily chang in san francisco. let's recap our top story. may turned out to be a month to forget for u.s. equity investors. the s&p 500 posted is worth month of the year. the benchmark delivering is worth may of return in seven years and the second worst since the 1960's. for traders watching the nasdaq, no better. falling to the lowest level since the end of march and the worst month since december. tesla, qualcomm among the biggest laggards. meantime, 2018 was a record-breaking year for venture capital. with the rise of supersized
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funding rounds and astronomical deals. this year, one venture capital firm said no to more cash. it just announced its seventh fund, another $180 million. awayon says it turned $70 million. it is backed by several companies including ebay. joining us to discuss is the maveron partner. thank you for joining us. why turned down $70 million? guest: in an era where funds are raising more and more money, we thought for us, it is about being disciplined, being focused. it is being a small fund size, focus only on consumer and living on that. turning away $70 million and focusing on the $180 million fund was a way to example of buy that. emily: do you think you could have farmed more goods to invest
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in if you had taken that money? anarghya: the ubiquity of what to do, there is a ton to do. maintaining our small fund size allows us to be focused on what really matters. we believe every year, there is going to be one to two top consumer deals that matter and we focus our time, effort on those deals. emily: what are the top two deals right now? anarghya: we are spending our time looking for those. we are looking in very specific categories and think there is a lot to happen in legacy industries and brands, where there is no consumer loyalty, no consumer interest. you could think of industries like health care, insurance. the way people think about their finances. ripe for strong consumer brands. emily: where have you put that money in the last year? anarghya: we are looking quite broadly in a number of
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categories. consumer health care is of deep interest for us. you think about the reproductive rights of women and the number of different areas in a woman's life that she things about her reproductive system and different ways she accesses it. we are invested in modern fertility. it is entirely focused on a woman's fertility and her ability to understand where she is and make choices. emily: what is your take given the laws advancing to potentially curtail women's reproductive rights? you have a company saying like netflix saying we will not work in the state of georgia if this happens. anarghya: we think a lot of amazing founders are out there figuring out ways in which companies can enable consumers to have content, community, commerce. ways they can take control of their own health. whether that is something like bloom,n fertility or there is a ton of opportunity to serve consumers at their point
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of need. emily: we have been talking a lot about trade. how do you think what is happening between the u.s. and china, and a potentially the u.s. and mexico, will impact the vc industry? anarghya: the huge impact has largely been in the agricultural sector. it has not gone yet to impact the early-stage consumer startups. that being said, consumers in the -- companies in the consumer electronics moving away or thinking about contingency plans has been magnified. that is looking for diversification of the supply chain of the manufacturing and making sure they have plans around that. emily: how are you thinking about that internally as a firm? is it impacting decisions you are making? anarghya: it is a board conversation and making sure that is happening at the board level, especially with physical product and bringing that up. ensuring those plans are in place for what the companies need to address something to happen between the two countries. emily: six partners at the firm.
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half men, half women. how did you do that? other firms seem to find it so difficult? anarghya: they do. we are proud to announce with this 180 million fund, we are gender split 50/50. we are intentional and making sure we have a gender split in 11 11% ofy where only checkwriting partners are women. we are proud of our 50/50 split and that really shows in our results. we have an unfair advantage in finding companies, understanding areas of business. we think it is our advantage. we think it is our ability to win. it al;igns with our values. emily: you did a movement around facebook and the potential unbundling of facebook. you got a bunch of founders together to talk about it. what did you learn and how will that drive your investment strategy? anarghya: we are thinking a lot
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about the behaviors that take place on facebook. some of the behaviors are not well accommodated for on the platform and we think they can be broken out and made into their own billion-dollar business is. an excellent example has been discord. that could have been on facebook, but now it extends along business. you look at other opportunities on facebook, it is massively engaged communities. whether that be people living with a certain type of chronic illness, recommendation of gyms, whatever -- think there are opportunities for these behaviors to live alone as a standalone company and build something engaging. emily: could there be a new social network? anarghya: i think the way we think about it is how are people engaging on their day-to-day lives and what are the needs they have? what are the companies, the products, services and applications that will enable them to meet those needs? emily: all right, thank you so much for stopping by. anarghya: thank you for having me. emily: nasa is giving a new
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optimistic timetable for returning to the moon. with astrobotic launch date set for the summer of 2021. on friday, the agency selected three companies to send a series of robotic landers with nasa equipment to the moon as it prepares to land humans on the lunar surface by 2024. orbitive machines and beyond will be the first american spacecraft to complete this mission since apollo 17 in 1972. coming up, new york city has been one of the most challenging lyft tofor uber and y battle but price hikes have seem to have little impact in slowing them down. we will discuss next. this is bloomberg. ♪
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emily: facebook ceo mark zuckerberg personal security chief has been placed on administrative leave amid allegations he made racist and homophobic remarks. a spokesman for the family office says a former secret service agent has been placed on leave while an outside law firm investigates. according to regulatory filings, facebook's cost for zuckerberg's personal protection told $10 million in 2018. fridaysumbled 10% on session, the worst performance since december of last year. sales weaker than estimated and projected even weaker demand for the company's servers. jonathan ferro spoke to the ceo earlier today about the results and his outlook on the ongoing trade dispute. >> i think what we have been talking about over the last 12 to 14 hours is how do we think
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about our flexible supply chain? as you know, we have a large global supply chain. 25 manufacturing sites around the globe. what we are trying to think our way through right now and analyze is the impact of this and how do we mitigate it. we have been successful in mitigating the first three related to china and working on the fourth list if that comes into fruition. now we have to work our way through the mexico dynamic that got announced last night. cannot haveknow we some conclusive conversation, but you learned the potential of tariffs. i believe you have an assembly in mexico. how nimble is that supply chain and exposure to mexico, how flexible is it if you wanted to move it? tom: over a certain period of time, we are quite flexible. obviously, you cannot react to something like this in a week or two. we have shown the ability to maneuver avenue we have gone
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through the political dynamics we have seen over the last six months, a year. it is very flexible and we will work to minimize it. to the extent that we cannot minimize it, there is obviously some work that we will have to do around our pricing framework as we think about the impact of those tariffs. jonathan: are you expecting to absorb this in the margin or handing it over to the consumer? tom: i think we would like to minimize, mitigate it as best we can. i will say to the extent we can't, it does put pricing pressure on us. you will probably see us react by adjusting prices appropriately. jonathan: let's talk about how that has worked out in china. i know there are different issues in the chinese market at the moment. an area of disappointment is server demand. what is happening? a dell story or a broader story? tom: we are coming off an extraordinarily strong year in
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service and networking last year. i think our business is up 28% year-over-year. as we walked into this year, we knew it would be a softer server year given the investment cycle. what we have seen is softer than expected. we saw it in pockets. certain largeaw hyper scale type deals that were perhaps profitable a year ago and not profitable this year. we decided that was not a business framework that we wanted. we declined that business. what we are thinking our way through right now is that the environment is changing. investment cycles are changing. we are still optimistic about the year, but we will have to manage and mitigate as we go through and balance that revenue and profitability framework through the year. jonathan: i have a talk about the debt load. how big of a priority is that? things just don't seem to be as
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comfortable for companies that carry big debt loads then maybe a couple years ago. how big is the focus to really look and address that debt situation? tom: it is high in our list. we have been paying down debt quite nicely over the last two years. $15 billion of debt. people look at our balance sheet and say you have a fairly sizable amount of debt. i think the thing you have to remember is we have a fairly strong and big cash flow. we are comfortable with our ability to manage our debt load and we are continually focused on paying down debt and getting back to investment grade over the 18 to 24 month period. jonathan: wrapping things up with optimism from somewhere. where is the optimism now? tom: we are optimistic about our business, about our broad-based capabilities. customer receptivity to our
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capabilities is strong. if you look at our quarter, $22 billion of revenue. 2% revenue growth. operating income to $2.2 billion, up 8%. we have to navigate through the year as we work our way through macro dynamics but we think we are well-positioned and pleased with our client business, our storage velocity and demand. we will work our way through some of those other dynamic spots as we move forward. emily: tom sweet, the cfo of dell. well, over the past year, new york city has cracked down on ridesharing through license limits and other legislation. but, the city's efforts to curb traffic has not met demand. according to bloomberg analysis, uber and lyft completed a record amount of trips last march. joining us to discuss in new york, shelley hagan. how much are uber and lyft still growing in new york city despite the efforts of some city
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officials? shelley: thanks. uber and lyft completed a record number of trips in march. this is despite new york city's efforts to curb congestion and traffic caused by ride-hailing apps. in march, uber completed more than 17 million trips in new york city which is the most it has ever completed. lyft had 4.7 million rides. this is despite new york city's efforts in the past 12 months to curb down on the congestion and traffic caused by these apps. earlier in august, new york city is limiting license to new drivers of the ride-hailing app. earlier this year, minimum wages were set for drivers of uber and lyft. we have had some congestion surcharges on passengers. prices are going to be raised, yet we have not seen in the data yet that rides are slowing down.
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people are still taking a record number of trips. emily: could it be that they could be impacted down the line as some of these measures pile up and go into effect? shelly: it is possible to see down the line uber and lyft could be impacted, but it is too early in the data to see anything because it has been less than 12 months that new york city has kind of clamped down on the ride-hailing apps. we only have data from the taxi and limousine commission from march. it will take a few more months to see whether or not the rides keep increasing at uber and lyft keep growing faster or if it is starting to slow down and people take into consideration the higher prices they are paying. isily: if new york city -- new york city showing any signs of relenting edits sort of turf war? shelly: new york city seems to be continuing to clampdown on ride-hailing apps. they understand that the taxi
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industry has been hurt by ride-hailing apps. in the past two years, yellow taxi rides have dropped 22%, while uber and lyft have had continuous growth. the number of rules that have got into effect in new york city in the past year really show that they are trying to do something to limit traffic and congestion. and alleviate some criticism that drivers of ridesharing apps are not being paid well. emily: new york is a huge city but uber is a global company. lyft is a national company, also exterior venting in canada. how big a deal what a pullback or slight pullback in business in new york city actually be to their overall bottom line? shelly: new york city is a huge market for both. any impact, really any city that is going to clamp down on ride-hailing apps is going to be a big financial concern for both uber and lyft because they both
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went public this year. they listed in their company financial statements that any regulation around ride-hailing apps, their business would be concerned and it would be a financial concern for them. emily: shelly hagan, thank you so much for that reporting. still ahead, at the worldwide developers conference next week, apple will make the case it is growing beyond the iphone. we bring you a preview of next. this is bloomberg. ♪
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apple huawei overtook earlier this year as the world's second-largest smartphone makers. maker pushing back that the american rival could be targeted in the trade war. the huawei founder told us why he still considers apple to be his future. teacher.
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>> apple is as big as this. we became a peach over the last few years. we might become a plum in a few years. smaller than an apple, but still edible. a plum is a little bit sour and bitter. we could become bigger or smaller. we are not a public company. we are not only pursuing growth or profit. it is good enough for us to just survive. >> there have been calls by some in china for beijing to retaliate against apple. is that an action that china should be looking at taking? happen, first not of all. second of all, if it happens, i will be the first to protest. if there was no apple, there would be no mobile internet. if there was no apple to help show us the world, we would not see the beauty of this world.
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apple is my teacher. as a student, why should i opposed my teacher? i would never do that. >> you talk about having a two-year lead in terms of 5g. does that lead get eroded? ren: definitely. if we slow down, it is because the wing of the airplane has lots of holes. if we fly slowly and others fly fast, they can catch up. but, we will keep fixing the holes. we will fly fast again once all the holes are fixed. >> what exactly have you put in place in terms of contingencies? can you put details in the contingencies that have been put in place? have contingency plans for the core of the airplane, the engine and fuel tank, but we may not have a plan for the wings. we need to review the situation all over again and fix those problems. you can come back to interview us in two to three years to see if we still exist.
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if we are gone into were three years, please were never to bring a flower and put it on our grave. emily: what colorful use of metaphors. the huawei founder speaking exclusively with tom mackenzie. you can catch the rest of that exclusive news filled interview on bloomberg.com and bloomberg television this saturday in a special huawei: connected and contest. apple is thinking about life beyond the iphone. they will showcase their new strategy for devices and software at the annual developers conference next week, according to sources that say the announcement will range from updates that let apple watches work more independently from the iphone. joining me is mark gurman in l.a. mark, raise the curtain for us. what are we going to see? mark: this is going to be a very significant conference and set of announcements for developers,
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specifically people really focused on the apple watch, ipad and the mac. this is not going to be a big day for the iphone. it is surprising given that the iphone makes up two thirds of apple's revenue. new features to push people away from the mac. we are likely to see a preview of the new mac pro. an ultra-expensive computer geared towards video editors and developers. you will see the apple watch get more independent with new apps like voice memos and an onboard app store. emily: what about the new unified app strategy. ? how will we see that rolled out? mark: that is going to be the entree of the event. they will likely call it universal apps. to break it down for you, right now, if you are apple or a third-party developer and want to be on apple's multiple platforms, you would write an
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application, one that runs on the iphone/ipad. if you want to be on the mac, you would run a separate one. that takes away a lot of time to be focusing on new features and designs by having to write two different applications. apple is trying to merge that. you right one application that can run on an iphone, ipad and mac. and eventually this will go to all of their devices as well. emily: let's not forget the iphone completely. what about the iphone's new new features? mark: a new dark mode. new health application that is redesigned. other bells and wills is. the interface will look very similar to the current version of ios. emily: mark gurman, thank you so much for breaking it down. that does it for this edition of bloomberg technology. we are livestreaming on twitter. follow our global breaking news network, tictoc, on twitter.
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have a wonderful weekend, everybody. we will see you next week. this is bloomberg. ♪
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♪ david: what expertise did you have to start your own company? thomas: i have no expertise. david: why did you get out? thomas: i said i can't even program my vcr. you have got the wrong guy. david: the u.s. has most of its gold in fort knox. thomas: large gold bars. that is the way it looked in "goldfinger." david: what made you interested in rembrandt? thomas: it spoke to me and i said please take me back to the rembrandt. david: what does it that makes a leader? thomas: the longer i live, the more i realize that character is really destiny. >> would you fix your tie,

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