Transcripts For BLOOMBERG Best Of Bloomberg Technology 20180219

Course of boj policy. They will have to wait and see. Structure is very important. All bankers can do is continue right now. Rate goes inflation towards 2 , which might take another six months or a year. Continuing. As up to 1. 93 billion. Have beening talks productive. They need to approve a deal. Sydney. Lower in the company says it is the first worth around 2 billion. The institutional offer on tuesday raised around 1. 2 billion. Shareholders taking out there entitlement. Superhero marvel movie with an africanamerican in the title role and a largely black cast for a february opening in the u. S. Panther took in a lot of money over the weekend. It was also the biggest movie worldwide over the weekend, making 361 million in total. Al news global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Lets do a quick check of the markets in japan. We are seeing the nikkei up some. 7 . T we will be back with more updates in 30 minutes. This is bloomberg. Emily this is the best of Bloomberg Technology. We will bring all of our top interviews from this week in tech. We will hear from Goldman Sachs president david solomon. Our deep dive on how to get more women into tech. Former uber board member weighs. N on life after uber why he sees a lot of promise ahead. To our lead and our coverage from the Goldman Sachs Technology Conference. We will hear from tech heavyweights throughout the hour , including the ceos of gopro, ripple, fireeye and bill girly of benchmark. Lets kick it off with david solomon. The year has set up in a way that i think it should be very constructive for ipo activity. Ipo activity picked up a little bit toward the end of 2017. We have a very healthy ipo backlog, but we also have an environment for a variety of reasons why 2018 should set up to be a pretty active year. Are they healthy right now or are they bubbling . I think private market valuations actually have tightened a little bit over the course of the last 12 or 24 months. Capital has been a little tighter for private market funding. I wouldnt say that valuations are bubbling but there is no question that in an environment for the last five years where growth was sluggish, investors were really looking for a place where there was growth and Silicon Technology was a place where there was a lot of growth. It is remarkable. When you look at a company like 30 on amazon growing 189 of revenues and a company like facebook on 40 million of revenue, it is growing 40 . These are Big Companies with large market caps on are growing very quickly. That obviously creates interests around other businesses. Emily by tightening, are you saying valuations are plateauing or going down . I dont think theyre going down. As long as Growth Continues and the trajectory continues, i think there will be plenty of capital available. Each company has an individual decision. Private Capital Raising has tightened up a little bit. Emily environment is better for trading. We are seeing a lot of volatility. You expect that to keep up . How do you take advantage of that . There is no question that the volatility we have seen over the last couple of weeks as a result of what we are talking about with respect to economic. People think there is a chance for inflation. You see these strong numbers coming out. That will bring volatility back to a normal environment. There is no question that volatility spiked a little bit over the last couple of weeks but it is coming off extraordinary lows, and it would be healthy at this point for volatility to be more normalized in the context of a longer market giving. Period. I know you cannot speak to the specifics, but do think that size of a deal will be an outlier . It is still a large deal. Bringing us back to the technology space, when you look at these companies, they have not really participated. They have pretty much grown organically. Is it possible that one of these companies steps in and wants to enter a space and does something that is very significant in size . Sure that is possible. It will continue to be emily speaking about cryptocurrency, obviously so much curiosity about it. How can goldman help clients who are interested . We are watching the space and we are interested as well. When our clients come to us saying they want to learn about this, we are learning as well. We are clearing some future products for some clients. That activity is small. We have no immediate plans to start trading these currencies. Theres a lot of hype activity around this. We are watching this space cautiously. We are trying to watch it like everybody else. Blockchain is interesting technology, but whether or not cryptocurrency has become a sort of value is something we will watch very carefully. Emily you have been vocal about hiring and promoting women. What are you doing at Goldman Sachs to make that happen . Diversity is hugely important at Goldman Sachs. For us to be successful with our clients and really excel at the Human Capital organization, we have to have a diverse organization. For 20 years we have been working on improving diversity. One of the things we are focused on is we hire a lot of people every year. We have been very focused on trying to make sure the diversity of the people that we hire each year out of school matches the diversity of the ld that we are hiring for from. Whether it is women or it is black americans or hispanic americans. We are looking for opportunities to increase the diversity of our population. We have made real progress. We have brought the diversity of women into the summer classes that will come up from something in the lower 40s to the higher 40s by really focusing on that entry point in the pipeline. If you do that and your entry point for you are hiring a lot of people creates more diverse populations over time, you should do better at having a broader pool to promote more women through the organization. We continue to be very focused on that. Emily that was david solomon, the Goldman Sachs president and coceo. Apple ceo tim cook addressed issues about a special dividend and a slowdown in the mobile payment space. He also addressed succession plans saying one of the most important roles as ceo is properly passing the baton to the next leader. Coming up, we talk to the men who used to run twitter. Talking gender inequality in tech and more, that is next. If you like bloomberg news, check us out on the radio. You can listen on sirius xm, this is bloomberg. Predicted amazon size losses. He had joined the company in crisis. The comments came the day after uber reported a loss of 4. 5 billion for 2017 on the revenues of 7. 5 billion. We have been examining the maledominated culture in the tech industry. My next guest it is well aware of the problems. He has made it his mission to hire as many women as men at his latest company chorus. Dick i want to keep it at 50 men and 50 women in engineering. I felt like when you fall behind , as is Common Knowledge based on all gender and diversity studies that come out of all of these Companies Like twitter, face book etc. When you get behind on things like gender diversity, it becomes impossible to catch up. You have women engineers who are interviewing at the company. They want to meet other women engineers at the company. And theys come around ask why you did not write production code. It is hard to catch up when he fall behind. I just decided that the way to deal with that is to not fall pe fall behind. Give yourself the excuse of we just had to get the right seven people in here and if there are seven men, we will catch up later. I decided it was 5050 early on. It was always that way on the Leadership Team and it was easier to stay that way. Emily why dont more ceos and founders think like you . Dick they dont think about it. If you are a firsttime founder, youre trying to raise money and find Product Market and wake up every morning and be responsible for people ive never been responsible for. They do not think about it. Or they feel like that is something they could deal with later. There is probably a general sense of there is only 30 people in the company. That will be an issue because we are out of whack but we will do that later. The reality is once you fall way behind, it is almost impossible to catch up. Everything in the organization starts to work to favor the existing imbalance and to keep it going. Not for any nefarious reason but that is just the way everything in the company is. For example, if you have 90 men in engineering and 10 women, the Junior Engineer guys are hanging out with other Junior Engineer guys. They know mostly guys. In. Is who gets referred once he fall behind, that imbalance starts to reinforce it sells. Emily is there anything in particular . Most companies are maledominated, but is there anything that you learned that you learned at twitter where you saw things go the wrong way that could have been better if there had been more equal . Dick i always felt that when i had a more Diverse Group of perspectives on a decision that need to needed to be made. Ofyou have the broadest set perspectives to make a decision, that is better than having a narrow set of perspectives. If you have a Leadership Team sitting around the table that is 10 guys and your user base is 50 men and 50 women, you will have a. Lack of half of what your user base is thinking about how they use the product. A team that matches the user base. I always thought that was something you should work toward, tom moore to have less of a narrow genderbased perspective. I continued and moved on to twitter. It has been a charmed moment for twitter. We got his take. Jack has been very carefully and thoughtfully filling the. Anks for the past few years there was a lot of news about executive departures in 2016. But at the same time, jack was doing a great job of bringing in people to fill those positions. Leslie has done a worldclass job. I dont know him personally but everyone speaks highly of him. Anthony is worldclass, he is a great human being. He will be an extraordinary ceo. I am really excited for him. But jack has done a great job of building the bench over there. Do you think the turnaround is longterm or is this just a shortterm thing . Twitter is one of the most important platforms and mediums in the world. I have every belief and hope that it will continue to be an independent company and thrive. One of the many things i adore about jack is that he is a very calm and patient and thoughtful leader. That is exactly what you want in the overlong course of the future. This is how they will steer the ship and build a Successful Company and not freak out when the market zigs and something changes in the nearterm. I think he is the right person to now that they have this company on a financial trajectory that the market and internal team like and can work against, he will continue to lead the company. I love that the people in the company feel that they have the wind in their sails. You can see it when you go hang out with people in the company. They are confident, theyre happy, they feel like they have momentum. Emily what do you make of the sale chatter and who could be a likely suitor . It seemed like every couple about, there was a story someone or other being interested in the company. I am confident and sure that jack has them all focused on the things they need to focus on. I think the people in the company know well enough to not pay any heed and stay focused on the priorities. Facebooks hellish two years. Aboutt spoke earlier advertising from facebook and google. Facebook loss could be twitters game gain . What will be the consequences . The biggest consequence for twitter was the statements coming out of facebook just a couple of fridays ago that they were going to rethink the way the newsfeed worked to be much more about social sharing and what your friends are up to and less about news and publishers and media. If i heard mark correctly. That to me is a big boon to twitter. Twitter has always been about that, this is what is happening now in the world, the pulse of the planet, working closely with media companies. To the extent they can now feel like we are the place for publishers again. We are the single distribution vehicle for them to work really closely with realtime event and what is going on while it is happening. This is a giant boon to twitter. Emily that was dick costolo. And a reminder, bloomberg lp operates a global breaking news network on twitter called ticktock. Still ahead, well hear from wall street heavyweight Heather Bellini who covers alphabet and facebook for Goldman Sachs, her take on performance in 2018 ahead. Plus we will speak with the fire and ice ceo and quiz him about the cyber attack that has already played the olympics. Ed the olympics. This is bloomberg. Emily the ceo of salesforce as a is coming at facebook and it wont be pretty. Marc benioff said that the threat to pull ads from the social media giant is just the start of a growing backlash against facebook. He also criticized facebooks decision to dismiss human editors in favor of and algorithms favor of algorithms, saying that it started the downward spiraling that they are in today. I post this question to our next guest, Heather Bellini. Just how concerning is the threat from facebook . I think that if you are a chief marketing officer, you want to make sure you are protecting your brand but brand safety is top of mind. It is not just for facebook but youtube, google, i think maybe some of this might be a little overdone. I do think facebook and google are trying to create an environment where this type of backlash is occurring but i think theyre making a lot of efforts whether it is investing in people to try and make sure theyre getting rid of this content before it ever comes online or investing in ai or machine learning, these are platforms that have exploded over a very short of time and i think it is an iterative process that they are truly focused on. Emily how much do think it will impact revenue . Do you think it will have a Material Impact on revenue . You have to think about the platform. Whether it is facebook, google, youtube, these are multibillion user platforms. If you look at daily active users for facebook 1. 4 billion. There is probably a billion half plus on youtube. If youre are an advertiser are you going to walk away from that many eyeballs . We could deliver the super bowl in terms of reach every day to u. S. Advertisers, just domestically focused advertisers. I think this is a call to action. I think the cmos of these Companies Want to see what being bash moore being done. It is an iterative process, but i do not think they can ignore these platforms. Users do not grow in the u. S. This last quarter. They declined. The u. S. And canada are about just under 190 million users. You are at a point that even when we model out, we dont model a lot of growth, if any in daily active users for the company. I dont think that should be a big surprise. If you look at the growth and the users, it has been predominantly outside of the u. S. It wasnt all that surprising to me. What you have to continue to focus on is the value that they are getting from their platform, despite what they may be saying and back channels. They are getting a lot of improved targeting, better targeting than they could get on any other medium. Facebook continues to do things that improve the reach and targeting. Therefore coming were seeing ad pricing going up. It is working the way it should at this point. Emily you mentioned youtube, youtube ceo said facebook should get back to baby pictures. Facebook has been making algorithmic changes to show more posts from friends and family. It is interesting to see the dichotomy there with youtube and its own issues. What do you think the big headwinds are for youtube . They have the brand safety issues to be aware of. We talked to ad partners and agencies a lot, i would say they are just as concerned about that on youtube as they are with facebook. People just want to see the standards continue to move in the right to direction. The timeen a sign of how this message has evolved. Not that they went off the rails, but the issue from what users have been posting on all of these sites. I think, collectively, everyone is more focused on it. You started to see that change with some of the algorithmic changes on facebook. Emily that was Heather Bellini. The analyst at Goldman Sachs. Still ahead, an exclusive interview as the waymo uber trial wraps up. Why hes very optimistic about new leadership. You can check us out on Bloomberg Technology. This is bloomberg. Show me the olympic winter games like ive never seen before. Xfinity x1, yeah, i always know the scor. Triple corks in 4k. Lookin so sick. Stream live on every screen, every win, every trick. 2000 hours of coverage, get your mind blown. 50 olympic channels, yup, youre in the zone. And if theres something that you want to see, pick up that voice remote and just say show me. Experience nbcuniversals coverage of the olympic winter games like never before with xfinity. Proud partner of team usa. First word news. President has treated that russia has succeeded in creating deception within the u. S. Political system. The president previously questioned whether russia was behind instrumental meddling in elections. On friday, special Counsel Robert Mueller unveiled details of a widespread for native Russian Campaign to influence the president ial elections. The Prime Minister says he can continue working with his deputy to avoid fracturing the government. Shockingsed him of a two men met on the weekend to discuss their differences. A good, constructive meeting. Of course. Absolutely. No. There is nothing to apologize for. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Lets do a quick check of the market in japan where trading has been underway for about 30 minutes now. The nikkei is that by 1. 2 . You can take a look at the end coming in at 106. 34. Governor kuroda has been reappointed for another fiveyear term. Elsewhere, south korea looking like this, up. 8 , also trading higher. We will be back with more updates in 30 minutes. This is bloomberg. Welcome back to the best of Bloomberg Technology. Bill has been making headlines recently. He helped lead the ouster of Travis Kalanick from leadership. He took the witness stand and spoke to us for an exclusive interview days after the Goldman Sachs Technology Conference in san francisco. We got started by asking the benchmark about the state of venture capital. This is something that has been going on gradually for a 20 year period rather than something that just happened yesterday. If you go back years and decades ago in the industry, famous people that were known for coming into a board room and demanding. It socompetition has made the majority of the biggest fears is missing out on the next investment. They are afraid to have a reputation as some of who asks too many questions or pushes too hard. I think it has led to a situation where there isnt a lot of stewardship for discipline. Emily what can be done about that . It is tricky. The thing that has led us here is the systematic competition. I think it is something there is a lot of by side. You are increasingly reaching down and they said that is what we just experienced. I think it is a broadbased problems. Low interest this rate environment. How is the rate increase on to impact the industry . I offer that caveat before i offer any commentary. I think it is extremely likely. A lot of the issues that exist in our industry and a lot of investment categories are due to the success of the interest rate. If you give a texas oilman they will drill as many as they possibly can. There is clearly more money in late stage available to these private companies than ever before. I dont know what changes it, smart people would say that inflation is the cause and will cause the fed to raise. You mentioned softbank. It is now coming with a first look at deals. Of the things i talk a lot about on stage is a companys evolution to eventually go public. One of the things that i believe strongly is that being public actually helps the companys run better. It is enforced discipline. They are extremely smart and ask provocative questions. You have to be on your a game. Only the biggest risk i see is these massive amounts of money. Here is how i look at it. Like it or not, it is a reality that we have to adapt to. We are spending time figuring out how to evolve. Help us make sense of that huge spread between the. Net loss . Gap net im not actually involved in those things being distributed. About the excited things they are accomplishing. Strongre some really drivers at the high end of the market. You are starting to hear the businesses are being very successful. Im very optimistic. We have a great new team on board that know how to run profitable companies. It will take some time. Youre forced to play this game on the field issue. Emily uber waymo settled. How do you feel about that . About it . El im super excited about where we are. I think it is very clear from london, waymo, the door is starting to build up a track record of having put out these fires and attacked these problems. I dont know if there may be more, but i have a high degree of confidence that our probability of moving through them is way better than what it was. I think he is starting to credibility to earn credibility in that role. You are an investor in hacker one. Do you think this is going to have an impact . Both spoke people want to make sure that the structure and the systems that are set up are being used in appropriate ways and i think both of them made comments about if they could do it over again, they would change. Think it is the best way to protect yourself. It is the only offensive solution. Most Security Solutions are building a bigger and bigger dams and trying to hold people out, this is the best way to attack. One of your founders come we tell her story. You said yes when a lot of people said no. What are you doing at benchmark to get more women on the benchmark team and to improve diversity . There are a couple of trends that are super helpful. I think people like you sounding the alarm and raising awareness is super helpful and what youre doing is amazing. All these people are talking about it. It heightens peoples attention. I also think the other thing we can do is point out the progress of little more than what we have. If i look at all of our companies in the executive room, it is remarkably different today as a percentage than it was. Even in the board room. It is an outlier. Highlighting that data point can be successful, just by happenstance. Things are happening. Attention ofnued here is the problem and continuing to progress. Drawing attention to progress, you invite more people to try, which is helpful in the overall process. Emily that was benchmark. Apital partner bill gurley ebay is betting on ar. They will be rolling out augmented reality shoppers. They are hoping to keep money on the platform. Ebay had a strong Holiday Quarter with 170 million buyers and a 10 increase in volume. Coming up, hackers took him at the winter olympics. We sat down with the ceo of one of the firms on the front lines of cybersecurity and took stock of the dangers there. That is next. This is bloomberg. Emily blue apron has struggled. But shares jumped to the most in two months on your and sales and end sales that beat analyst estimates. Brett is also predicting significant lean narrower losses this year. Blue apron is bleeding customers. It had nearly 750,000 users compared to a hundred 80,000 at the same time a year earlier. The ceo of herbal. It has been going up and down with market. Take a listen. We have already seen the markets bounce back some. The peak of the market around midjanuary the total asset class is over 800 billion. It dropped down to maybe 300 billion and now it is back to 450 or so. That is a ton of volatility. My counsel is dont follow day to day. If you believe this is fundamentally a movement that is changing the nature of a new asset last, you need to measure that over months and years, not day today. To day. Emily ripple is doing really well at the end of last year. There is talk of it being the next bitcoin. Is that a benchmark . I think bitcoin is digital gold. It it is store bile you. It will not solve the payment problem. The time it takes to confirm a bitcoin transaction is three or four hours and that is per transaction. The fees are up 15 per transaction. That is faster than swift in contrast. Xrp is a thousand times faster and a thousand times cheaper. A fraction of a cent to confirm a transaction and it takes three seconds to confirm a transaction. I look at bitcoin as solving different problems to what we are solving. I dont think there will be one Digital Asset to rule them all. I think you will see multiple players have success in this market and i think that is how the market is behaving. Emily a lot of the volatility is due to regulation. What are you expecting . I hope there is more regulation. I think if we want this whole asset cost to grow up and mature, of course there should be regulation. I dont think theyre thinking about the benefits. The revolution of blockchain will not happen from outside the system. It will happen from inside the system. Governments will not go away, the banks will not go away. Some in the Bitcoin Community come from that anarchistic community. Why ripple is so successful is we are working with the system. The Saudi Arabia Monetary Authority is a customer. Central banks are working with ripple today. We expect that to continue in the future for sure. Emily what do you think the regulation should be . It shouldnt change much. When you are executing a transaction using ripple software, you are going through one regulated Financial Solution to another regulated Financial Solution. This doesnt change. The bank is doing it on both ends. We are just making it much more efficient, faster and cheaper. We should continue to have regulated financial systems. Xrp is not circumventing any thing. I think the only thing that concerns me is throwing the baby out with the bathwater. Not all Digital Assets are the same. We did an oped piece written by one of our compliance officers to talk about some of the differences. You have some Digital Assets that are designed for anonymity. They are designed to circumvent regulation. A founder of a company talking about Digital Assets and people on texas region. Of course there will be tax evasion. Of course there will be enforcement to get that. That is crazy to me that he would say that in a public setting. X rp is working with Central Government is working within the Regulatory Framework. There should be Regulatory Framework applied to the Digital Asset and crypto market. Just partnered. One of the largest digital wallet Payment Companies in china. Emily what does this mean . We think about an inoperable world. We think about how do we enable very little friction between them. We will continue to work with players across the world. Understand the proposition. Our pipeline of customers has certainly grown. Im excited to come back and keep you posted. Emily cryptocurrencies, 2018, what are you expecting . Despite volatility, i think you will continue to see a lot of bullish behavior. The volatility will continue. We are in the adolescent stage of developing a new asset class. You will see continued volatility. Emily my conversation with brad, the ceo of ripple. The majority is are off to a roaring start including feelgood stories and a cyberattack. This has caused mitigations to fail. It underscores the need for vigilance. Hack and about the what threats they see out there. I went through about four different ways of hacker security. What i mean is modern nations engaging in Cyber Operations. There are just no rules of engagement. Nobody knows what the rules should be, what is offlimits, what is fair game, how do you conduct espionage . The secrets of are the medium right now. It is hard to figure out who is doing it. A lot of times it is like a gray area. People do not know if they are doing the right or wrong thing in cyberspace. E are seeing a lot of attacks i do not think the gloves have come off yet. There are Different Things being sent. Emily it is interesting this idea of right and wrong, given there are attacks that are ok. It depends on perspective. Every nation wants to defend itself. There will always be espionage and ideological differences. I think every nation is developing a modern capability for Cyber Operations and we have not figured out how to operate. Emily how would you describe russia versus china and north korea and how they have evolved . As the defenses get better, the offense gets better. The russians are great at this, they know how to be surreptitious and commit operations but they cant operate in the say it scale and scope that the chinese do. The chinese have been operating with some level of engagement. They had a broad berth of targeting what they are a little more obvious. Didnt do as much counter forensics. North korea is a little less predictable. They hack for multiple purposes. They hack for money and to be destructive. If you look at other nations, we have seen be a nonget on the radar. Iran is getting very big in Cyber Operations. All of them have a different level of capability, different targeting and different counter forensics. Emily any insight into who is on thethe attacks olympics . There are talks that it might be russia because they were banned for doping. I dont know who was behind it, we dont have attribution just yet but that is another example. You have to do your physical security at his major events but this major event but you also have to do your cybersecurity. Y i think it has gone up over the past decade. It has gotten to be much larger now. When youre hacked and you know it, the bottom line consequences are growing, therefore, more ceo attention. People are making sure they get a good roi on the spending habits. Emily it is full of competitors. Keep looking around. I go to the conference every year. There are thousands of companies claiming to do cybersecurity. I question how Many Companies the market can support. Thousands feels like a little bit too much for me. Emily that was kevin speaking with us at the Goldman Sachs Technology Conference. After one of the biggest cybersecurity attacks in history, equifax has hired a new head of data security. Joining as a Security Officer and reporting directly to the ceo. He previously held a similar job at home depot. Coming up, gopro is out of the drawn business. Business. What is next for the extreme adventure Camera Company . This is bloomberg. Emily head of sales has announced he is leaving the company. He joined snapchat from viacom and was crucial to building relationships with advertisers. He is the third leading executive to depart in the last four months. It lost its head of engineering in november. They say they will not be looking for a replacement for lucas. They depend less on sales, following a shift to automatic. Gopro has recently gotten out of the drone business. That has not dampened their optimism for the cap Camera Company. They spoke and an exclusive interview about a position on a partnership. My job is to look for opportunities to realize our vision. To create as big an opportunity for investors as possible. If we can achieve that more easily and more quickly with a partner, we would jump at a chance to look at that opportunity. Have interesting suitors reached out . No comment. No comment. If you end up changing your mind, let us know. Filing,g to a recent your chief operating officer was supposed to turn around the business. What explains all this executive turnover . Cj was a terrific asset to the company, he helped us build our software team. He was part of the team that has been leading us to turn around and he has done a terrific job and we thank them for that. Now that gopro is even more focused in 2018 and moving forward on our camera and cloud businesses, the scope of the job just got smaller. In addition to becoming more focused with our product line, our Management Team is becoming more focused. We are a smaller, more focused business, we have a great Leadership Team. Talk to me about your efforts to attract and retain top talents. It starts with having a big enough vision and opportunity for people to come and grow their careers. Gopro is known as being a very Innovative Company and we have been extremely innovative with our products and pioneering and helping people capture and share themselves in new ways. We have to continue to innovate as a business and grow our is this model in todays world. That is something we are starting to do with new programs like subscription. We decided will grow our subscription part of our business in 2018 and moving forward. Initiatives like this that continue to excite, attract and retain talent. We learned recently that the drone business will be shutting down and that is something that investors were really excited about to rejuvenate growth. What can be expected in 2018 . We have a lot of opportunity in our core business. To give you an example, we are spending roughly half the advertising dollars to sell approximately the same number of cameras we did yearoveryear. That tells you that gopros lineup is selling much more easily and we see an opportunity to increase advertising spend and significantly grow our business this year. We will do that in our operating envelope of 400 million. There is significant opportunity to grow gopros business. That was nick woodman speaking exclusively at the Goldman Sachs Technology Conference. That does it for this edition of the best of Bloomberg Technology. We will bring you the best in technology throughout the day. Remember, all episodes of Bloomberg Technology are Live Streaming on twitter. That is all for now, this is bloomberg. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Tokyo. 0 a. M. In im Haslinda Amin with the first word news. Apanese exports gained for 14th straight month in january. They rose 7. 9 . I drove the first japanese trade deficit in a month spare the strengthening yen remains a risk as it will make imports cheaper. China says proposed u. S. Tariffs on imported steel and aluminum products are groundless and may reserve the right to retaliate if they are imposed. Wilbur ross says the u. S. Imports of a