Meeting with governors that he believes that the fed chair is doing a good job. Also saying dr. Anthony fauci wants to play all sides of the equation. Nowas been pushing back on is the time for the economy to reopen we could backtrack on the progress we have made in the midst of the pandemic. To talk more about the market slide today, i want to bring in taylor riggs. Turned negative for the year. We saw the nasdaq boosted by tech considerably over the last several days. What has happened to start this turn . Taylor we have had some poor economic data. I want to talk about some of the cpi data to reinforce what we already knew. We are in a deflationary environment. You also mentioned jay powell. He said the economy faces unprecedented risks and could lead to economic damage. What that means for the nasdaq we have erased the gains we have had for the year. Year bynegative on the about 1. 2 . As you mentioned, big tex has been big tech has been in outperform or. Outperformer. The rest of the market looks like it was reacting. If we had seen a 2 decline on the s p, which we did not see, it wouldve been two Straight Days of a 2 loss. March 23, that is the day the market bottomed out. There is some skittishness around the market. Emily the president saying just moments ago that he believes the democrats stimulus bill, democrats proposing additional funding, which jay powell said could be helpful. Cisco out with its earnings results. Shares up slightly after hours. Taylor with cisco, the drop in revenue was better than people thought. For last quarter, it looks like revenue and profit was betterthanexpected. They are looking at their current quarter, which is their fiscal fourthquarter. Down only 8. 511 . Analysts thought it could drop 12 in the quarter. The ceo said cisco was working with organizations across the globe to support remote workforces ats pastor at faster speeds. They are clearly benefiting and they are assisting in that transition to a work from home environment. 95 of their employees are working from home, confirming the trend we are seeing in every sector. About taylor, we talked uber and grubhub yesterday. Uber approached grubhub with the takeover offer. 750 millionold worth of bonds. Taylor if you read through some of the bond documents, they said bonds could be sold or some of the proceeds could be used to help in an acquisition, along with some other general purposes. That had people perking up their ears. About 11 billion of cash on the balance sheet. The 750 750 million worth 7. 5 . T, a yield of about they do have a lot of debt 2023,nding currently in 2026, and 2027. Less than 6 billion in debt. Youuld be a raise have seen corporations take advantage of low rates. At a triple c plus rating by s p, this is going to be a junkbond. Emily taylor riggs for us, thank you so much for breaking it down. We will have a conversation with uber senior of project management talking about Safety Measures that uber has put into place as of today. ,etting back to cisco results cisco has been a bellwether for the Global Economy but we are quite we are in quite an abnormal. Abnormal period. What does that mean for economic progress or lack thereof as we come out of the pandemic . Hase have seen how tech weathered and has shown a lot of encouraging data. Cisco is one of those companies that is putting itself out the front. The results this quarter were encouraging because as taylor mentioned, beating on both revenue and earnings. I thought it was going to be a , we werey indicator starting to see it. Strength, their software where subscriptions were growing were growing. Hugeompany has contributions in areas with five g infrastructure. Companies are going to be investing in these areas. They will also be investing in security. One other thing that caught my attention, the company made some large contributions, 250 covid. To support some of this was around their communications services. The company deployed a number of Free Services around the globe. Growth, thethis companies the company is not charging for much of it. I do think we will have to look toward the result that quarter. According to their guidance, they really are looking at a decline,n terms of the 8. 511 yearoveryear. Position oversh last quarter, it is encouraging for tech overall and for tech investment. I want to get to more of these headlines coming out of the white house. The president saying he believes schools should absolutely reopen. Dr. Anthony fauci had said we should not have a cavalier attitude about schools. We know that so many people cannot go back to work if schools remained closed. As cisco employees continue to work from home, workers at Tech Companies and companies around the world, does not have you concerned about productivity does not have you concerned about productivity and output of Companies Going forward . Certainly, there are Certain Industries where work from home, remote education, is entirely plausible. That will build some strength. Transportation, education, certain investment in infrastructure, they will potentially be in cap did potentially impacted. Streaming services, ondemand services, ecommerce and shopping, cisco has a good position of being a provider of hardware infrastructure that supports cloud companies. Cisco has a nice cadence of contributions to that ecosystem. If theave to watch. Pening slows down the company is fairly well hardwared because the it is so important to making a greater capacity for elearning, ecommerce and services consumed while we are at home. Emily that is a good point. Thank you so much for joining us. We will be talking about uber continuing its mission to move people around the world and safely and announcing new Safety Measures to protect drivers and riders. We will be interviewing the head of Safety Products, coming up. Emily uber has announced new Safety Measures to protect drivers and riders as the country and countries around the world prepare to return to a new normal. Joining us now to discuss is the uber global head of Safety Products, joining us to talk about what uber unveiled today. You lead the team developing the Safety Products. Walk us through the guidelines. Have to ourriders masks. What we announced today is a new experience for a new normal. There are a few pieces to what we announced. As you mentioned, starting monday, may 18, masks will be required. On the driver side, we will also have the technology which allows us to detect whether they are Wearing Masks are not. This allows us to verify that they have taken that step. We it goes deeper than that have several measures to hold both counties we have several measures to hold both parties accountable. You are able to provide feedback to us saying the driver was not wearing a mask. The driver has avenues as well where they can provide the feedback back to us. The goal is for us to be able to hold both sides accountable and have our Safety Measures at a higher standard. The expectations are users will have will be much higher as we emerge into a new normal. Emily do you have technology to verify if riders are Wearing Masks . Or is it up to drivers to cancel trips . Featurewe have had a for a few years called the realtime id check. Had the technical infrastructure on the driver side for us to implement this quickly. We do not have that technical infrastructure on the rider side. Weever, on the rider side, ask him to confirm a checklist after every single trip. Before the trip, they have to certify that they are Wearing Masks. In addition to that, if they get in the car and they are not wearing a mask, the drivers can let us know. Of ubersglobal scale business, the feedback we get from either side ends up being a very important indicator. Who have beenrs who haveguidelines not followed the guidelines, we can remove them from the platform potentially. Againstany people argue wearing face coverings. At times, you have a story out of michigan were a Security Guard asked folks to put a mascot and he was shot. How do you put a mask on and he was shot. How do you handle a situation where people might refuse in the moment . Sachin we want to set a High Standard on the platform. A lot of the policies we put together are based on conversations with experts. These are not based on intuition. We have talked to the cdc, the world health organization. We talked to experts in epidemiology. We get a lot of feedback from users. I am a product guy. We ask the users what would make them feel safe and those are the kinds of things we try to cement in our product. Users have been very clear in their feedback that they would like both parties to wear masks. That is the decision we made and we feel this allows us to set a very different standard when it comes to safety in ridesharing. Aside 50 are setting million for ppe. I wonder what additional Safety Measures you are considering. Thesee seen folks using diy plastic barriers. Have you considered things like plexiglas . Two perhaps further improve to perhaps further improve the safety situation . Sachin we have considered and we are considering several different approaches. 50re certain things , which to acquire ppe includes masks and hand sanitizers and disinfectant wipes. We are in the process of disturbing them to our drivers. We have already distributed over 5 million masks. To things like partitions, it is something we have looked at. We have not made a companywide decision around that. We leave the choice to drivers. If drivers feel safer installing Something Like that, we are supportive. They certainly have a choice to be able to do that. Emily last question, obviously, we know ridership has plummeted because we are in the middle of a Public Health crisis. Uber does have a business to run. Have you thought about how much this further hurts the business hurts the business . Users toe expect our expect a much higher standard of safety. We will see a wave of recovery and as people start going to offices, we want them to know what we stand for when it comes to safety. That is the approach we are taking. We are erring on the side of caution. We are erring on the side of safety. Because we believe that is the right thing to do. This is not just something that uber can be responsible for, it is a joint partnership between us and the drivers and riders. That is the approach we are taking. Global head of Safety Products of uber for uber, thank you so much. Turned. Es have the pandemic has driven movies due to be released in theaters straight into the arms of netflix. That story is next. This is bloomberg. Theseyou look down here, are other countries that have not done anywhere near what we are doing. If you add them up and doubled them, we did more tests, but i cannot get the press to print this. Governorsthank the very much. Talks some good, fruitful about going to the next step. Some of you trying to open up. More than trying, you are opening up. You have both done an excellent job. These two gentlemen have done a fantastic job. Interior, hew from is very much involved with your states. How are they doing, david . They are doing a good job. We are talking about space force and a lot of the states are interested in space force and we are talking to some of them. I know colorado was very interested. We might mention that today erring the meeting. We might mention that today during the meeting. Thank you very much. Administrators and School Principals around the country in terms of their plans to reopen school and colleges in the fall. I think they should open the schools. Onhas had very little impact young people. If you are a teacher, professor, and you are over a certain age, yous say 65 or 60, perhaps should stay out for a little while longer but i think we should absolutely open the schools. Our country has to get back as soon as possible and i dont consider our country coming back if the schools are closed. Very unusual situation. Very little impact on young people. It is up to the governors. The state is not open if the schools are not open. It has very little effect on young people and i think they should open the schools. Support this if it goes to the house and comes to you again . I will certainly look at that, the bill to sanction china. [inaudible] thing. S a massive who can believe a thing like this . Yesterday on biden Good Morning America being interviewed by George Stephanopoulos and he said he knew nothing about anything. He knows nothing about anything. Nothing at all. It iseleased today one of the very big stories. I suspect you will have even bigger stories coming out. Are you concerned the peace deal might be falling apart . Trump we are a police force in afghanistan. At some point, they will have to be able to take care of their own country, police their country. Fighters, noto be a police force and we have been there for a long time. We have had some pretty big blowups. Count on the government to be able to police themselves. We are the greatest fighting force in the world. We are not a police force that will stay around and police the streets and check out the red lights and traffic. Our force is down a little bit, way down. The government has to be able to do something themselves. Powell said he was not interested in bringing Interest Rates negative. And he felt the need for additional stimulus. I know you said that we would wait and see for stimulus. Pres. Trump i am a believer in negative rates. Germany, friends of ours, but they are still competitors. Germany, japan have negative rates. Many countries are based on the dollar and the dollar is the most powerful currency in the world. We have made it more powerful and stronger. Emily President Trump pushing back on Jerome Powells remarks earlier today that negative rates are not being considered. Also talking about the reopening of the economy, saying he believes school should absolutely reopen, pushing back on what dr. Anthony fauci said in the Senate Hearing yesterday. Andill keep listening in bringing more remarks after this break. Emily President Trump continuing to speak in a meeting at the white house. They are talking about mailin ballots, which he says he is against. Pres. Trump i think it is worthy of mentioning. The judge presiding over the mike flynn case is it a nonstarter . Say, trump as they d. O. A. , dead on arrival. Nancy pelosi knows that. Do you believe the judge presiding over the Michael Flynn himself orto recuse be disqualified for being biased against mr. Flynn . Pres. Trump i was just with general millie and some other generals and i ask them about general flynn. Do you know him . What do you think . He is an incredible man and an incredible soldier. That is the joint chiefs of staff, four stars. He thinks general flynn is a great, great gentlemen, a real fighter. When i see what is happening to him, it is disgraceful. It was the fbi said he did not lie. The fbi said he did not lie. With all the stuff i am hearing about lies, the fbi said he did not like. The sleaze bags said we do not care what he said. The fbi said he did not like. I tell you that because i just left general millie and he said a great man and a great soldier. Ok. S going to be he will be just fine. What isy saddened by happening to general flynn. And others. [inaudible] do you share his concerns . Reopening the economy too soon in some states . Pres. Trump he wants to play all sides of the equation. I think we will have a tremendous transitional third quarter. A phenomenal next year. I think we will have a country that is ready to have one of its best years. With all of the stimulus, the pentup demand like i have not seen. And you see it right now. Two professional governors that do such they work so hard, i know them very well. One happens to be a democrat. I think we have worked together very well. He would not expect me to say that, but it happens to be true. We work very well together. They want to get their states open. Some governors, perhaps tisans or election reasons and some should not open because they are not quite ready. People want it open. Schools will be open. Purdue, great school, great college, university. Purdue is opening and others are opening. These are Young Students who are in great shape. Incident . Ave an one out of a million . Perhaps. You can be driving to school and some bad things can happen, too. We have to open our country. When you say dr. Fauci is playing both sides i was surprised by his answer. Acceptables not an answer. The only thing that would be acceptable if there are teachers over a certain age. Becausee to be careful this is a disease that attacks age and health. If you have a heart problem, diabetes, if you are a certain dangerous. Much more with the Young Children and students, take a look at the statistics. It is pretty amazing. Will you be insistent on some type of shield from liability . Pres. Trump these are the new testing numbers. I was showing this group of people outside. Over 10 million test. Or we will be within a couple of days. This is us. This is the rest of the world. We have more tests and we have better test here. We have more tests and we have better tests. We will have your Football Team in, your championship Football Team, right . Tell us a little bit about the team. They won the championship and we were all set to have them. What happened is the plague came in. It came in from china. We will do arrange it we will do a rain check, ok . Tell us about the team. Here. First lady was you hosted them last year because they won the National Championship in january. This is the eighth out of nine years in a row they have done that. Pres. Trump i watch the game on television. Muchnot get to watch too of football games. I was saying, they were really good. And then i get a call from john and they said, could we possibly honor the team . My question was, how would your team do against the National Champions . They beat lsu. [inaudible] he started his career plane flag football. Playing flag football. Pres. Trump let the team know we will do a rain check. What happens to the companies that have not turned over there pete their funding by the deadline . Pres. Trump we will go after them. You have a situation where president has to be able to focus on this. When you are doing an audit, no president gave tax returns. No president gave tax returns. When you are under orders, who would want to give them . It would also take time. Returns. E going to get i think it went very well yesterday. I have Great Respect for the supreme court. The lawyers put out a very strong case. How do you how long do you and the Vice President plan to stay apart . Pres. Trump i have not seen mike pence and i miss him. He was in the room with somebody that tested positive emily President Trump continuing to speak at a meeting with governors and he has not seen Vice President mike pence for some time. Staffers at the white house have been required to wear masks inside the white house. That does not necessarily apply to President Trump. Believesng that he schools absolutely need to reopen, pushing back on what dr. Anthony fauci told a Senate Hearing yesterday. That we should not be cavalier. President trump saying the disease has little effect on young people and he thinks professors and teachers who are older in years should be careful. These are marks coming from a meeting with the president and governors. We will have more of Bloomberg Technology after this break. Emily u. S. Government claims chinese hackers are trying to steal valuable information and research about the coronavirus and vaccine from the u. S. Pharmaceutical companies and hospitals. Joining us is the head of cybersecurity strategy. Thank you for joining us. President trump has been trying to pin the blame for the pandemic on china for some time. This comes from the u. S. Government, ratcheting up the accusations about what chinese hackers are actually doing here. How significant is this and what does it mean . Hacking activity has exploded. In many regards, the activity is directed toward not just pharmaceutical firms but u. S. Government agencies. This is due between due to the tension between the nationstates. Equal to the u. S. When it comes to cyberattacks. Emily this might sound controversial but we know scientists are working together around the world in the race to develop a vaccine. Why should the information the u. S. Has about treatment and possible vaccines for covid19 be a secret . That we are facing unprecedented disease, this is all about economic security, national security. These are private organizations that are developing the vaccine and they have every right to secure their ownership intellectual property. You will see hoarding by nationstates to protect their citizens, which makes it more imperative. Emily there has been an indication that hackers have been playing a role here. What role do you believe iran is playing in some of these threats . Tom iranian attacks have increased ever since the assassination of solemani. Cold. Ike to serve revenge the iranians are malicious litias, and it is a matter of time they will serve up that revenge. I am very concerned about the safety of the Health Care Sector and financial sector. Released ajust lengthy report on the Threat Landscape in general and you single out bank heists and attacks on Financial Institutions. What kinds of activity are you seeing and how serious is it . Tom it is dramatic. I have never seen such an unprecedented level of cybercrime. They are not just robbing the banks or stealing money but they are commandeering the Digital Footprints of the institutions and using it to attack their constituencies. Hackers are fully aware that with all this work from home, major Financial Institutions and corporations are much less secure than they were for five months ago. Vpns are not bulletproof and they understand the utility of commandeering and infrastructure. I will say, even ransomware, we are seeing a 900 increase of Ransomware Attacks against Financial Institutions. Not all of this ransomware is asking is demanding money. Many of our adversaries have appreciated that the u. S. Is incredibly vulnerable and are achilles heel is cyber. Emily when you look at the Threat Landscape more broadly, what are you most concerned about . There is so much debate about reopen and soy many unknowns for an indefinite period of time. Tom we are incredibly dependent on technology, as evidenced by this interview. All organizations and corporations and agencies are implicitly trusting their communications and their operations to the nexgen of the web. Commandeer it is called island hopping. They will hack the executive at home and use the Corporate Network to launch attacks against their customers. We are also seeing in line with that an increase of destructive attacks. What happens when a major Financial Institutions infrastructure push against their shareholders and constituencies . Liquidity,tility of given things like nonpublic Market Information that could be manipulated to change strategic decisions, i am very concerned that the rogue nation states are beginning to take their gloves off as evidence by the support called modern bank heist. Emily how well protected our u. S. Institutions . These health care institutions, pharmaceutical companies that are accustomed to working on privileged and secret research. From ay really prepared cyber perspective . Tom no, they are not, frankly, because of work from home. Because of Digital Transformation and dependency on managed Service Providers and the lack of Cyber Security professionals in the upside down governing structure, they are not. The banks are much more secure. The banks are being targeted by the very best hackers in the form, who are using a new of attack technology to penetrate the Financial Institutions. The banks what the banks have done very well is to create Network Security. But Network Security goes out the window at a time when all defenders and executives are working from home. Emily this is certainly fascinating and terrifying at the same time. , thank you so much for joining us. This is a story we will continue to follow. Wonng up, has elon musk teslas fight to reopen its california plant . We will discuss that next. Emily california county officials have said elon musk can possibly reopen his tesla plant in fremont, california, as early as next week. Elon musk has already opened that plant. He covers tesla for bloomberg what is the latest . It appears that elon musk has won. The factory is up and running and workers are back. They are making cars in the county has put out these carefully worded statements saying if the Health Indicators trend in the right direction, they will be able to officially reopen next week. The plan is already open the plant is already open and there is no indication that he was cited for defying orders. It is a little bit of a ruse at this point. We were wondering if there would. E a big showdown or a fine he said on twitter that he was operating in violation of the county order. The factory is up and running. It does take a while to ramp up production so you will see more activity in the coming days. I mean, it is basically back open and elon is very happy. Emily you have been talking to workers on the phone. They feel safe . Do they feel safe . Dana . Onis dana it depends where in the factory they work. They are worried about job security and getting a paycheck. A lot of people are back at work. They have mixed feelings about safety. One worker told me that he was concerned about the lack of plexiglass on the Assembly Line. It is hard to put plus a glass on an Assembly Line plexiglass on an simile line. Tesla is taking temperatures of employees. There is signage up about social distancing. A lot of workers are Wearing Masks. It is a big facility that has a lot of people in it so staying safe is going to be a priority for workers individually. The company will continue to make strides to do that itself. Shares have sold off a bit despite you would think its good news for investors that elon musk has prevailed. Why is that . So confusings been for investors, there have been mixed messages from the state and county officials. The county is slow to put out statements. Governor newsom has dodged anything credible critical. The attorney general said on cnbc that the state would step in if needed. Everybody is wondering what exactly is happening. The state response has been confusing for people. The shares are still quite high and are up overall. Much forank you so continuing to cover every twist and turn on this tesla story. I am sure there will be more to report. We appreciate all of your reporting. That does it for this edition of number technology. Coming up is bloomberg been bloomberg daybreak australia. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Shery a very good morning. These are top stories. The fed says the u. S. Economy faces unprecedented threats from the coronavirus. Jay powell said monetary and fiscal policy makers must rise to the challenge. Stocks in threeweek low on the comments. Sees u. S. And employme