Interview at 10 00 p. M. Eastern. Global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. I am alisa parenti. This is bloomberg. Bloomberg technology is next. Emily i am emily chang. This is Bloomberg Technology, live from new york. Coming up, google searches its search and shop playbook hours before the eu deadline. The tech giant faces an ultimatum to level the Playing Field for arrivals or risk fines with 5 of revenue every day. We will discuss the big decision. A massive data breach at a koufax forces and exit at the top of this week. Ceo Richard Smith is stepping down and is not walking away emptyhanded. Facebook scores and nfl touchdown, but is it playing catchup with other big tech league . N the what it means for the social media giants content strategy, coming up. Google has taken a step to comply with eu orders by the end of the week. It will create a standalone unit for its Shopping Service and rivals atids against the top of the search place. To the chief for competition and asked about googles responsibility to make changes to the service. For us to prove come it is for google to live up to the decision, and this is important. If google does not live up to the dizzying decision, we will start investigation. Emily we are joined by a tech reporter who covered google, and with us for the hour, David Kirkpatrick, covers the economy. What we know about how this is going to work . Googles is to create a new ,ivision just in the eu basically competing with every other comparative Shopping Service. Google. Ecommerce and even retailers and puts them at the top bar of search results when you search for a product, and now they are bid for thewe will option just like everybody else. Emily this means that amazon could be as competitive in shopping results. Mark exactly. They said that amazon any day had a much bigger share in ecommerce and we do, and amazon was starting to take a lot more of its search dollars from and paid advertisements as well. Emily david, does this is some like something that would appease the eu . David what strikes me as it sounds like we are entering into a battle of ideas between regulators and companies, and this is the first shot across the bow. But this kind of thing is going to be happening all over the world, not just for google, but also for amazon, facebook particularly those three, but apple and microsoft. I think it a creative effort on googles part. Whether it will appease the commission and the competitors who brought the complaint remains to be seen, but it shows that they are trying hard. Emily 5 of global revenue is no joke. Do we have and i how much this will cost google any idea how much this will cost google . Mark there are rough estimates. 5 ope it is probably that may be high. It is not a huge hit. They will lose some of that revenue, it is probably not even going to show up in your quarter. But it has been a growing category for them, as more retailers are using it and many are getting stronger turn system it is one of the bestperforming products. Emily there is the record 2. 8 billion fine. You made an interesting point, david, that the eu seems to be forcing change via fines, but perhaps it might result in creative collision. David even as google stock went up when it was announced, it is something you that gets noticed when you get find 2. 8 billion. They will do their best to avoid things like that in the future. In reality, none of these countries know what to do any more than the regulators know what to do about them. That is where it gets so interesting. Emily what are the next steps here . Mark from what we have been told, there is 2 other cases the eu has one is for android, and there is one around display advertising. From what we understand from google is freaking out about android. This is a much bigger deal. Emily biggest operating system in the world. , thatand if you unbundle is all their services youtube, mobile advertising, maps and they would have to pay more acquisition costs to carriers. Last quarter we saw the earnings took a hit because costs have been going up. David this issue of bundling is such an interesting one. Somebody was making the point to me recently that amazon prime is just like microsoft put in Internet Explorer along with the browser. Reducing costs for the consumer and making it more convenient at the cost of other competitors. Effectively, google with android does the same thing. Google with shopping in the search for does the same thing. Look,ut really, do we im as scared of these companies as anybody, but i also know that people love the way they work. We dont want to see them in paired and become less useful. That is for the balancing act is so tough. Emily certainly a delicate balance. Executor chairman eric schmidt has been to europe. Negotiating does not seem to have worked at all. Offensive had a charm they have these publisher agreements in europe, theyve talked to publishers like one that was once a very big foe, from what we understand. Europef the telcos in that were aggressive have in this case on quite. Google in general has tried to be much more cordial and look at partnerships. That they are the 800 they are aware that they are the 800town gorilla in the room often. They are aware of their size. Im here for advertising week, a big show, and the first thing a lot of advertising folks are telling me is amazon. Google and facebook are taking all the money, but one place we are getting all of our clients is what is our amazon strategy. Emily amazon as a threat. Mark amazon as an advertising platform, because they have consumer data a lot of reach can everything a good advertiser wants, and innocence it is moving slowly in that world and they have to flip the switch, so to speak. There probably the biggest threat to google and facebook. Emily yet another iron in the fire that amazon may have. Mark bergen, thanks so much. David kirkpatrick, you are sticking with me. Suffering yet another legal blow in the united kingdom. A female drivers suing the ridesharing giant for sexual discrimination, clammy Company Practices claiming the Company Practices unfairly discriminate against women. The suit times that the common he fails to provide sufficient security to female drivers. More specifically, it says that a driver doesnt know the destination until the passenger is already in the car and has no ability to cancel the trip. Offersys the app protections to drivers. This comes days after the city of london revoked ubers license to operate there. Coming up, after helming the company at the center of one of the worst cyberattacks in history, the ceo of equifax is stepping down. And Bloomberg Technology is Live Streaming on twitter. This is bloomberg. Emily venture firm ivp says it raised a new 1. 2 billion fund is after it closed the first one. It will not start investing until next year because it still has plenty of cash left in the last fund. Ivp plans to stick with its strategy of investing about 10 million to 100 million in each company decides to invest in. Equifaxs ceo is resigning it losthree weeks after the data of millions of americans in a hack attack. Richard smith will be replaced by a sevenyear equifax employee. Since the hack, the stock has plunged as much as 34 , and smith will likely leave with a 6. 2 million bonus, on top of the money from stock and other Retirement Benefits he accrued in his run as ceo. He will testify before Congress Next week. Joining us as nate fink, the ceo of an game endgame. Did this have to happen . Like to think back to a message that Dwight Eisenhower had in his pocket during the dday landing, and it was a message he was going to deliver if the invasion failed. The last sentence says, if any ult was in the attempt, it is mine alone. It is about responsibility. Ceos endboards have to be responsible for data breaches. Yes, Richard Smith had to go. Emily there are still questions about the timeline and who knew what when. You have senators calling this a travesty, some saying that the resignation is not enough come out data is out there for everyone to see. How do we prevent Something Like this in the future . Nate it takes a layered approach from emily, and unfortunately, we are in an era targeted attacks. We will see more of this. We need companies to start treating the threat differently. We need the government to make sure that deterrence extends to the cyber domain. We need corporate accountability. Emily what can government do to force companies to be more vigilant . Nate we need to see a change in culture, change in expectation. It is not ok to Cynthia Lummis ceo to retire and take home a gold to a loud a ceo to retire and take him all golden parachute after a bridge that leads close to 100 for a breach that leaves close to 100 and 50 million americans vulnerable. The expectation has to be set that by oversight or even if you are doing everything right, the responsibility stops with the ceo come on his or her desk, and we will see corporate behavior and Corporate Culture change only if there is the expectation of accountability. Emily your firm counts the air force as a client, and in some ways, you say the government is ahead of the private sector when it comes to security and technology. Of course, the government itself has suffered its own hack attacks the office of Personnel Management a couple of years ago. Do you think that the government is doing this better than the private sector . Nate the government is not a monolithic entity, lets remember to the Intelligence Community and Defense Department are at the cutting edge of cybersecurity. They are at the cutting edge of developing defensive methodology, product of a woman and appointment. I put them in a different product to climate product developed and deployment could i put them in a different category. There is reason why we see talent from places like the nsa and the air force being hired on to the commercial Security Team system working with places like the air force is a great validator for a company like e g dgame and a product. Also revealing it suffered a hack attack. Very few clients were impacted, but it seems like one of these things is happening every week. You say this is an unsophisticated attack. What can you tell us about it . Nate so there is an old joke that the difference between email and true love is that email lasts forever. Who hast this time sensitive Customer Data compromise in an email attack frankly should have learned the lesson a long time ago. Just because an attack has significant ramifications is a mean doesnt mean it was a sophisticated attack. I think there is a through line connecting the deloit attack, the equifax attack, the sec attack, and that is that we will see a lot more of these. This is the new normal, and we need to change our procedures to account for it. Sufferede sec a half of its online database. What can be done to prevent this . Why does it seem that committees are so far behind companies are so far behind, that this is not priority number one . Nate companies are behind because of nationstate adversaries. We live in this era of masstargeted attacks, where tip abilities developed with the resources and a critique of nationstate resources and expertise of nationstates are in the wild. We need the government to do what only he can do, make sure that deterrence extends into the severed domain. Since the end of the second world war, we have messed a lot of american military, diplomatic, and economic power, but all of that power stops at the keyboard. It is not deterring our average series our adversaries in the cyber world, and that has to stop. Emily they think, ceo of endgame, thank you for stopping by. Facebook has partnered with the nfl for content that other tech giants already have. Is the social giant too late to the game . This is bloomberg. Emily a story we are watching facebook will be shutdown in russia and exterior if it fails to comply with requirements to store user data locally. President Vladimir Putin signed a law in 2014 that requires Global Internet firms to store data of russian clients on local servers. Companies renting from alphabetgoogle to alibaba have complained, while others have asked for extra time to evaluate the economic bible of the of economic viability of doing so. Sticking with facebook, the social network has acquired rights to post highlights from the National Football league, which is searching for new ways to reach fans as the reviewers fewer viewers tuned into life games. It seems like a game of catchup for the tech giant. So is facebook late to the game, and will the social Network Become the video content provider it intends to be . Joining us from l. A. , lucas shaw, and still with us from our guest host for the hour, David Kirkpatrick. What do you make of this . David it continues just like me as somebody with an hanging around on facebook since 2008 emily david wrote the book on facebook. David thank you they always said that we are just a neutral platform for content created by others. What it suggests to me maybe that user behaviors, tweeting and facebooking about our families, brushing her teeth, the notorious kinds of things that used to characterize it, maybe that is happening less. Maybe they have to boost traffic with traditional means, and maybe they are slowly becoming a regular media, the. Regular media company. Regular media company. Emily lucas, what is in it for them . Lucas there is no program more valuable in the United States that it that the nfl. Lucas this is like a consolation prize, but still, if you are facebook and you want to tell all your users that you have this section you can watch and it is not a bunch of your friends posting or your uncle showing a photo, it is good video you need to see, getting highlights the nfl is one way to bring them in, and one way to signal to advertisers that what you are offering is highquality and not a cap video. Cat video. Emily viewership is down when it comes to life games. David facebook target ability is so good when it comes to advertising, but they can when it comes to content, they can target people that will be a service to the user. If you are interested in one team only when it plays another team yankees and red sox being a classic example, the only time i watch the yankees i would want facebook to tell me that. That is good. Me a progressgive update on facebooks broader plans the original content plans, and obviously, there are other players in this space as well. Facebook has its own unique approach. Lucas very early days now. They rolled out watch a couple weeks ago. They had one with the ball family, lonzo ball the basketball player. We have not seen a push to promote original series. The one that caught my attention most is that facebook spent millions of dollars for the streaming rights to a cricket match in india, competing with the likes of fox and sony for that one. It suggests to me that sports rights are extensive, highlights tensne thing he spent of millions, maybe a couple of Million Dollars on that one. If you are bidding for firstrun sports rights against the Biggest Media Companies in the world, that is a sign that you see programming as marketing but expensive marketing. Emily i have to ask you this, as facebook is embroiled in a completely separate scandal dealing with the ads bought by parties and russia. Now we know that president obama implored zuckerberg himself about the danger of fake news. Zuckis something that told you was a crazy idea, that facebook could influence the election. David he said the day after the election that it was a crazy idea that facebook could have affected the outcome. Will do aspresident i did two weeks later and said, you know what, think again, that is going to get your attention. He has done a complete 180 on this in the interim, which i credit him a lot for. The things she said last week were dramatic changes from his attitude in the past. The president past president must of had a big impact on him. Emily this Washington Post story that detailed income of between the president and Mark Zuckerberg detailed the encounter between the president and Mark Zuckerberg went into detail that Facebook First noticed this could have been happening from you wonder why wasnt anything done sooner. David a lot of things happen on facebook. That is the problem. When you have 2 billion users worth2 billion peoples of things every day, it is hard to know everything that happened. They probably let down their guard, no question. They now say they are going to raise their guard, they are hired tons of new people. I dont know whether it is going to be enough. I dont know whether you can have enough people in enough software to prevent bad stuff from happening from 2 billion users connected to the rest of the world in your system. But they are trying, and he has changed his attitude a lot. Emily David Kirkpatrick, you are sticking with me. Lucas shaw, bloomberg reported in hollywood. Happy birthday, lucas. I hear it is celebration for you today, so enjoy. Coming up, twitter is experimenting with one of the biggest product changes yet, expanding the character limits on tweets. Finally. We will display why this might be key to getting more users. If you like bloomberg news, check us out on the radio. From new york, this is bloomberg. Mark i am Mark Crumpton in new york. You are watching Bloomberg Technology. Lets check first word news. Senate republicans insist they will not give up on repealing and replacing the Affordable Care law come even as they abandon plans for a vote this week. Graham,lindsey cosponsor of the latest gop bill, told reporters that the vote will likely be taken up again for fiscal year 2019. Republican senator bob corker of tennessee wont seek reelection. The chair of the sin bin Foreign Relations committee, whose congressional plans had been unknown, said today that after discussions with his family, he will leave when his term expires at the end of 2018. Cap congressional leaders are hurricane ivanor devastated puerto rico. I want the people of puerto rico to know that we are in this with them. This is a rescue mission. I want the people of puerto rico to know that they will get the kind of support and aid that texas and florida have enjoyed. The bill we passed a couple weeks ago for fema equally applies to puerto rico. Federal prosecutors unveiled criminal charges against university coaches, financial advisors, and representative of sportswear companies accused of manipulating Young Athletes and steering nbadestined College Starts toward certain sports agents and managers. Saudi arabia has announced that women will be allowed to dry for the first time in the kingdoms history, effective next summer. Was the only country in the world to bar women from driving. Global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. I am Mark Crumpton. It is just after 5 30 p. M. In new york, 7 30 wednesday morning in sydney. My colleague paul allen has a look at the markets. That morning. Good morning, mark. U. S. Markets were modestly higher. Nikkei futures modestly higher as well come on a day when the market is awaiting orders for the month of august. Futures looking bright as well, up by. 25 . Iron ore recovered overnight. Goldman sachs says it expects iron ore to decline further to around 60 per ton by the end of the year as china continues to curb pollution. Also expecting a flight to quality. Iron ore that pollutes less. The aussie dollar has gone below 79 u. S. Cents, and we are waiting for chinese august industrial profits. Kashkari and Eric Rosengren all talking. I am paul allen in sydney. More Bloomberg Technology next. Emily this is Bloomberg Technology. I am emily chang. In a bid to extend its a sluggish user base, twitter is testing out a big change, having to do with its 140character limit. In a statement, the company explained we want everyone in the world to be able to express themselves on twitter, so we will try out a longer characters. Still with me in new york, David Kirkpatrick. How is this going to work . With a small percentage of users globally, they will let them use of to 280 characters, twice as much as the current 140 characters allowed. This is a big deal. A lot of heavy twitter users see the 140character limit as the defining characteristic of the platform. Ive been monitoring twitter very closely and there is already a lot of backlash, emotional response to the change, people saying that this dish may have an impact on the brevity, the concise nature of the platform. At the same time, twitter faces a problem where they simply are not growing users, and by making it easier to send tweets from where you dont have to think about condensing it to 140 characters, they hope that more people will come back to the platform day after day. Emily david, the idf lengthening tweets the idea of lengthening tweets has been bandied about. Another way to think about it is 140 more characters for president trump. David yeah, well emily [laughter] david they invented a tweet form because you do not have enough space to Say Something in detail. I think it is a good move. Honestly, power users, the real insiders who think they helped create twitter, are going to be disappointed. But if they want to grow considerably you want with it considerably beyond what they are today, they have to make it easier to use and this is a step. Emily and a reminder about user growth and ad revenue, both struggling. Selina yes, theyre having trouble getting advertiser revenue, and the monthly active users were stagnant over the past few quarters, a huge red flag to investors, who hope that an uptick means that there is a sustainable path for the Company Going forward. You made a good point earlier, this is going to allow donald trump to have twice as much room to give his tweets. Donald trump has been a good usage, but iters has not been enough to move that number of even after the election. Emily i wonder what doubling the number of characters will do. Is it that significant a change . David well, i know that there are many times when i find it isnt enough space. Double that space would be enough to say it is still enough to have a real sentence or two. I think it is a good move. Emily what also does twitter need to do . Is this a Silver Bullet . David so many of us have been flummoxed trying to figure out what twitter should do. It is the weirdest situation the bestknown company, the bestknown product, that cannot seem to become a commercial success in a big way. It is clearly not going to go away. There have been Many Companies said to be interested in buying it disney, salesforce, among others. It is possible Something Like that could make sense. I would hope it is almost like a global or national treasure. We cannot let it go away. The president s uses of omatic of the fact that every political leader uses it to make use this element use is of omatic of the fact that every political leader uses it to make a statement. Maybe they should start charging us, i dont know. Emily the people who love twitter love twitter. When we know what we know about when the Company Might make an actual decision . Selina we dont know all the details yet. I expect it will last several weeks, and if it goes well, they will announce to other users. I spoke to accommodate and they are doing this test is done Previous Research they had done. Based on Previous Research they have done. It is excluding certain languages like japanese and chinese, because those are languages where you can expose a lot more in fewer characters. Almost 10 of tweets in english reach the 140character maximum, while only about. 4 of tweets in japanese reach that maximum point. They are seeing that it is much lengthiertweet conversations, and they hope it will be the same thing in english, too. Emily interesting to see how it plays out. Wang in san francisco, David Kirkpatrick with me in new york. He used to be one of the bestknown Fund Managers in wall street, now he is reinventing himself as the king of bitcoin. He started a cryptic Currency Hedge Fund in a come back to money management. He sat down with Erik Schatzker and discussed why bitcoin is appealing to macro traders. In a lot of ways, this is a market like any other market, and you see the psychology of , the same way you see them on the charts of dollaryet, treasuries. They are exaggerated because of this quiddity less liquidity and there is not a real good way to short. When they fall, jamie dimon makes a comment, china bans the exchanges, the trendline rates. They fall a lot farther than they would in other markets. They go until they reach a new level of support and rebuild your base. Erik how do you know when to buy and sell . How do you trade this thing . Mark there are mike there are multiple ways to trade. Ballet ofthe charts, the prices. I tell people i need a story and a chart. Part of it is eventdriven. And access to information. One of the things i keep trying to do is put myself in the center of the ecosystem. It is still a relatively small world and you know what is happening. When alliance got announced, it was well telegraphed. You knew it was going to get announced. Then it gets announced and the price goes way, way up. I call that an eventdriven tra de. The broad trading of it is macro. That 49. 80,ld sold some bitcoin, and then three weeks later you buy it the low three thousands. If you are good at that and you are a trading junkie, it is a lot of fun. It does increase your tax bill. For some people, that is a different strategy. Erik you are trading, what, bitcoin . Jesus coin . Mike ive taken the approach to participate in all sides of the ecosystem. I have mining erik to create new coins. Mike that is an interesting business. It has been a money loser for us in local currency terms, but i spent bitcoins to buy the bitcoin mine. If i spent dollars, i couldve made a lot of money, but you were better off spending the bitcoins. Erik where are you trading . What platforms . Mike we are fairly large and trade at lots of different exchanges. One of the risks in the business right now is the risk is money you have in the system is being left on the exchanges. Erik Central Clearing there. Mike and they are not that wellcapitalized. You dont leave that much money on the exchanges. We trade lots of them. Gemini in new york. Thatur go to places got recommended, you feel better about it. When something really bad happens, i go down and get my shot. Emily Galaxy Investment Partners founder Mike Novogratz there. Coming up, the competition in Live Streaming heating up. The latest company to join, vimeo. This is bloomberg. Emily dyson, is known as a manufacturer of vacuum cleaners, will build an electric car in 2020. The company is investing 1. 3 billion to develop a car and the same amount to create solid batteries to power it. They said that the electric car would be radically different than those designed by other carmakers, including tesla. There is a new player in the life streaming market. Life streaming tools to the platform for the first time. Able to streambe live videos and they will be automatically archived. 75 al come at a cost, month. In addition to launching the Live Streaming feature, has agreed to acquire a technology company. sining us, anjali sud, vimeo ceo, and still with us is David Kirkpatrick. How would this work . Anjali it allows any professional or business can anyone broadcasting an event, to use the technology to do that. They will be able to livestream using our players, on the , apps, anywhere they want to get analytics back, and then they take the recorded videos and host them on vimeo and do all the things that professionals do on vimeo today chair, monetize. Want why would somebody to use your platform instead of Facebook Live . Emily for free. Anjali Facebook Live is a great solution for consumers who are broadcasting on their phone to a single platform. But what we heard loud and clear from vimeos user base, this is the number one request of the year, life streaming, that they are looking for a professionallevel solution, and that means not only professional level quality, but they want to be able to broadcast everywhere, simultaneously broadcast Facebook Live, youtube live. That is the offering we will be bringing. It is consistent with vimeos focus on quality at a professional level solution. David it is the kind of thing my Conference Company could use. I understand the language you speak. Njali it is interesting emily it is interesting, because earlier we were talking about facebook buying the rights to nfl footage. Im curious how you see this in the broader livestreaming battle. Anjali there is honestly a battle around content, but at ineo we are not invested content ourselves, we are investing in others to create content and distribute it anywhere. For us it is about providing tools for others. I think that as the battle continues, that is sort of a good thing for creators. It allows more creators to put content out there. David you dont see yourself competing with facebook per se . Anjali no, what we are really interested in doing is helping creators on and off vimeo, and part of that is on facebook, and hoping tools to enable this division everywhere. Emily what about you to . What about youtube . Ube. Li same with useyout facebook, amazon, anywhere. When we look at the market, we feel like there are a lot of players battling for audience attention and eyeballs in but there is not really an independent home for creators where the content can start and they can put it out into the world. That is the place where vimeo can differentiate. Emily how will the integration work . Anjali we will immediately, following the close of the application, integrating the livestream features into vimeo l ive, and we have a suite of products and services to help liveife streaming streaming. We will be able to bring all of that livestream when you dont want to run content . Anjali we are buying life and because they are best in the class innovators, and they know not only streaming but how to set up an event and how to capture an event. We are trying to build this into an and you end workflow for creators. Use expertise in this area is important for us, and allows us to not only provide that and to end workflow and to end workflow for life streaming, but all aspects of vimeo. Emily fascinating. Anjali sud, thank you for joining us today. David qamar you sticking with me . David, are you sticking with me . Im saying goodbye to always good to have you with us. Is gettingalibaba deeper into the Delivery Business, but the company is taking control of the sec probe. This is bloomberg. Chinas most popular netflixstyle streaming service is said to be seeking an ipo of at least 8 billion. Ite is targeting a u. S. Initial Public Offering as early as 2018. The Parent Company wants to retain control postipo, according to people familiar with the situation. Service only chinese that licenses shows from netflix, is competing with platforms one by alibaba. Alibaba is taking control of a Delivery Business for 800 million. The largest fund market place agreed to increase its stake to 51 . Alibaba will consolidate the financials under its own books and is committing another 50 billion over the next five years to further expand the networks. Back in may of last year, the sec began probing why the company wasnt consolidated into alibabas accounts. At the time, alibaba own 47 of it. I want to get straight to hong kong more Stephen Engle is standing by. Make sense of this for us. Stephen keep in mind that alibaba has grown so big, this year percentage of ecommerce in china, they have issues with procurement and delivery, and of course, alibaba hasnt owned those Delivery Companies and the Logistics Companies outright. They have more than a dozen partners throughout china, including this one. They are 47 stake, now increasing that to 51 . It is a controlling stake. They would get one more seat on the board and they will fold the financials into alibaba. You rightfully said about the sec probe, that was one of the biggest issues with the accounting allegations. There were bookkeeping issues, and the sec has wanted to know about folding this in. They have this equity meod that the use with a discount on the books, percentage of the ownership, and then they offset that with investment gains they got from their valuation through the latest funding round. It was a bit murky. I will not get into the walking us of the equity one wonkiness of the equity method of the accounting but this would perhaps circumvent the sec probe. What does it mean with the bigger picture, the plans to scale globally and build out the logistics part of the alibaba operation . Stephen it is very interesting when i was talking with the ceo, the vicechairman, and was chairman jack ma, we talked a big percentage of the hourlong interview about logistics and data and going to a more assetheavy model, because he has always said that we are not amazon, we dont have a big warehouse. We are a platform for others to do something. We dont own inventory. But you know what, they are moving into that. On september 9, this is what jack ma have to say when we talked directly about the logistics mission. Todays alibaba size, you should not leave the heavy model to others. If there is something, you have to do it. You have to invest. Stephen on november 11 we are coming up to single state, and the big volume in the shopping extravaganza. They tell me they are handling about 55 million packages a day on the alibaba platform. , hegoal, the realistic goal says, is a billion packages a day on the various alibaba platforms over the next few years. Have 30ll right, we seconds or so left. What is your take on the potential it billion dollars valuation for ite . Baidu, allll, investing heavily. They call this the netflix of china. A bit of a misnomer. It is having revenue, but it is not profitable by any stretch, because they are investing heavily in content. There is a race for content in china by the big companies. It is losing money hand over fist. Until it can turn that around, it is going to be a long struggle. Emily Stephen Engle with us from hong kong. Always great to have you. That does it for this edition of Bloomberg Technology. From new york, a reminder that twitterivestreaming on , have 00 p. M. In new york, 2 00 p. M. In san francisco. This is bloomberg. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Qamar studios in new york city, this is charlie rose. Charlie Hillary Clinton is here. She was the democratic partys nominee for president in the 2016 election. She previously served as first lady, senator from new york, and secretary of state. Despite winning the popular wrote, she lost the election to political newcomer donald trump. Secretary clinton reflects on the 2016 campaign in her new book called what happened