Facebook executives has been meeting with advertisers and Mark Zuckerberg has agreed to meet with civil rights leaders to hear their concerns. But he has had such meetings before. Will another meeting change anything . Joining us is the color of change Vice President , part of the folks who have been pushing the stop hate for profit campaign. Thank you for joining us. Were hearing that zuckerberg has agreed to meet with folks like yourself to try to hear you out. What are you expecting to hear from him, given that you have met with him before and his position has not necessarily changed . Thank you for having me. We are hopeful that in a meeting with Mark Zuckerberg, he will finally hear our real concerns about how the platform is operating. We have obviously been in conversations with the corporation for years, and our demands remain the same, but we are hoping that in light of this new pressure from corporate advertisers from across the globe that he will actually hear demands for a permanent civil rights infrastructure on facebook. In your view, how successful has the campaign been . It seems like an unprecedented number of major brands that we have never seen before. Arisha it is a really big deal that so many brands are many of their responses in support of black lives matter in response to the recent uprisings with real action in this moment. They dont want their advertisements next to hate speech. I think we are all in the middle of a very transformational moment in this country, and it is amazing to see so many brands actually put their money where their mouth is. 1,ly now that it is july how many more advertisers do you expect to get on board . Arisha we are still clipping away. More than 400 corporations have joined us on facebook to meet this moment in history with meaningful action. We are in conversation with dozens of advertisers about their spending on the platform. We are hopeful that over the course of the next month, we can get to a place in terms of our conversations with facebook about their commitment to an internal permanent civil rights infrastructure as well as releasing a civil rights audit that they promised to release for a while now. Emily still, there are a number of companies that are not on board. For those that dont take a stand, what does that say . Arisha i think it says that they are willing to profit despite the hate speech that is happening there. They are going to profit from this moment, or leverage facebook, when civil rights organizations across the country or calling a pause in advertising. Were not calling for anything more permanent than pausing for this month. And so it really i question the commitment of a lot of corporations who on monday will post black lives matter on their instagram or facebook pages but not be willing to stand with us and join us at this moment. Of globalebooks head policy, nick clegg, posted a blog post today reiterating facebooks position, stating that facebook does not profit on hate, in his view. They also said, we understand that many of our critics are angry about the inflammatory rhetoric President Trump has posted on our platform and others and want us to be more aggressive removing his speech. As a former politician myself, to holdw the only way powerful to account is at the ballot box. Facebook has been focusing on its voter information center, getting 4 million more americans registered to vote. What do you think of facebooks response here . Certainly you dont feel it is enough. Arisha absolutely not. It is more of the same from facebook, the same denials, excuses, and it seems like they refuse to take responsibility for the ways in which their platform is being leveraged to undermine democracy globally and enable a culture of hate. That nick clegg has the audacity to say that facebook does not profit or benefit from hate less than 24 hours after a buzzfeed report described in detail how facebook has promoted from ads promoting civil war and unrest speaks to how little they respect the intelligence of the american people. Even after marks disingenuous announcement that they would remove this information from groupcians, facebooks pr rushed to add to that trumps content would not be removed. While it is great and a testament to the chapter of facebook that they are registering voters and providing voter information, that effort to uphold democracy is undermined by their unwillingness to actually check some of the rhetoric that spreads misinformation about our democracy. They and you mentioned complicated situation facebook did ban that group from facebook, but perhaps some of the damage was Emily Duncombe the very heart of damage was done, the very heart of the problem. We have President Trumps Reelection Campaign and Vice President bidens Campaign Still spending on facebook advertising. They are not going to this boycott, though they have both taken fire at facebook. What do you make of that . Arisha well, we are actually calling on corporation, major corporations to pause facebook spending. We know there are a lot of Small Businesses and nonprofits that use facebook for their causes. We are really looking for folks who are spending the most money to take a stand, breath visible brands at this moment to take a stand. In terms of the truck campaigns unwillingness trump campaigns unwillingness to cause any, we wouldnt expect them to do that. Theyre spending millions of dollars a week to spread misinformation and hateful content with the intention of suppressing black voters across the country and the intent of motivating a set of a voters to participate in this upcoming election because of racial animus. Our focus is on major corporations that are spending, and we hope to add more folks to the growing list of more than 400 corporations that have joined us in this call. Emily what exactly at this point to you why facebook and Mark Zuckerberg to do . What would satisfy the demands you are making . Arisha yeah, it is really very simple, and we have made these demands clear for years to both mark and Sheryl Sandberg at facebook. We remain steadfast in our call for facebook to set up a permanent civil rights infrastructure, including executives at the highest level, the csuite level, ready to apply civil rights laws and First Amendment definitions to every product from policy to staffing. And facebook to immediately release the final results of their civil rights audit. We are tired of the stalling and sick of the excuses. Facebook employees, civil Rights Groups like color of change, and more than 400 corporations are calling on facebook to meet this critical moment in history with more than a collection. They cannot continue to profit from hate speech in this way. Meantime, you in the past have talked about how Mark Zuckerberg has so much power running a company of this size. How do you see that in focus at this very moment . Arisha i think it is incredibly important, especially as facebook continues to fight regulation. It is clear that they are unable to police their platform. It is clear that they are so big that it is important that power is a centralized in one person. Each moment that we have with each new post by the president that facebook refuses to deal with, with each new ad or piece of disinformation that spreads that undermines our democracy, there will be growing pressure for government to take a really strong look at how facebook is offering, and whether it should be regulated. Emily do you believe facebook should be broken up . What kind of regulation do you believe is necessary here . Signs i think one more point to some form of regulation being necessary. Mark zuckerberg just as too much control, too many voting shares. Shouldntuch power reside in his hands. Facebook has more users on its platform that christianity has adherents. The impacts of its decisions and practices are wideranging, and it is so important that there is oversight and keeps in mind the human rights of many of its users. Emily is it possible this campaign could extend for more than a month . Or are you anticipating or considering portion for that . Pushing for that . Arisha we are hopefully doesnt have to. We have asked for this month for corporate advertisers to push for meaningful conversation. We think the demands we are making a facebook are incredibly reasonable, and it is time for them to step up and make the right decision. There needs to be a civil rights for structure that is thinking about the impacts of the products on their users. We are hopeful they will get there. We are hopeful we have gotten their attention. But we are not naive about the power of facebook. Emily all right, arisha hatch, color of change Vice President , thank you so much for joining us and sharing you views with us. We will be watching to see how this campaign unfolds. As we have been talking, facebook came out with an update to its business policy, and has said that it has shared some that our policy allows, mistakenly sharing some developers. H app this somewhat harkens back to the Cambridge Analytica scandal. Arisha hatch, thank you so much for joining us. All right, coming up, we will take a broader view of the market, what happened today. Toyotan top, surpassing as the worlds most valuable automaker. Can elon musk keep up the momentum . More with cap you would, ahead. This is bloomberg. Today u. S. Stocks rising on positive vaccine developments. Early trials of a vaccine using safely produced antibodies to fight covid19, as cases continue to rise across the country. Google has postponed its return to the office. Joining us to talk about how an impacted the markets today, abigail doolittle. A bullish day again. Talk to us about why. Abigail it was a bullish day, but lifted the lid just a little bit, emily, not everything was as constructive as we may have hoped. We did have the major averages except the dow, which finished down slightly, having a surge. The s p 500 up for a third day. That is certainly positive. Some of it might have to do with the betterthanexpected i is some numbers. Stock futures came off the low, telling you that traders love it was better than expected. On the other hand, stocks down sharply. Russell 2000 down 1 . Uncertainty around the virus and what it will meet for the economy and the situation in the u. S. One way to look at it, stateowned sector versus cyclical. If you look at the nasdaq versus the s p 500, the nasdaq at the alltime high continues to lead the way, whereas the s p 500 is lacking. Someone call that a bearish divergence, suggesting that could be trouble ahead unless the s p 500 catches up. Some are saying this is the new dow theory, needing to see both of these indexes to put inconsistent highs together. Not happening right now. Stay tuned to see if it can happen, emily. Emily were looking and what is having statebystate. In texas, just got new numbers from, 8000 deaths, jumping the most in eight weeks. A lot of terrifying news out there. Cap old diverging from the overall trend. Apple diverging from the overall trend. Apple closing more stores again. Does it worry you . Abigail that does worry me commanded worried me two weeks ago when they initially announced they were closing some other stores. In february we were having stock sharply higher, alltime highs, but the virus was raging out of control in china, the economy closing. Apple was one of the first stores in asia and china to close their stores there. There are companies in the u. S. That may reclose in the hotspot areas. That could be troubling. Conversations are not looking great. Small decline, but stay tuned to look at apple come if stock does go down, and a tell if other companies t do the simplest as first aid home remedies, alltime highs. Facebook, not an alltime high, but up the fifth in her. Largesttesla, now the vehicle company, surpassing toyota. Teslas estimated revenue for the year, 26. 5 billion dollars billion,a, 234 suggesting many investors are valuing tesla more like a tech company than an automaker. Emily all right, were going to talk about that right now. Abigail doolittle, thank you so much. For more on tesla, i want to bring in cathie wood, ceo of ark invest, and a wellknown tesla bull. Stake, including 17 stake in ownership. The company is 103,000 vehicles in the first order, or about 4 of the 2. 4 million made by toyota. Does tesla deserve this . Cathie well, i think abigail did get it right. This is not an auto company for the it is an electric vehicle manufacturer, but tesla is evolving into both a ridehailing company, which we think they will launch sometime this year with human drivers, and ultimately and autonomous taxi network provider. Softwareh more like a as a service company, transportation as a service, then it is a vehicle manufacturer, although that is the starting point for their model. Been so why has ark cutting its stake . Obviously, i know you are bullish. Cathie sure. We trade around controversial the time. Disruptive innovation, which is our focus, is filled with controversy. Therefore, the stocks can be quite volatile. Last year around this time, 180 range,n the 170, and we were buying aggressively, and many were fearing that tesla was going to run out of cash, which was not going to happen. The markets had not shut down. We bought aggressively. We can by up to 10 . We cannot buy beyond that. We do let it run, a stock like that, up to the 12, 13 range, at which point we will then start taking profits. If we had not taken profits in tesla, it would have ended up in the 20something percent range in our portfolio. From the Portfolio Management point of view, not very sensible. The other reason we trade around positions is that it is a very profitable thing to do. Tesla in the 170s, 180s last year. We went up to 10 . As it went down from we kept taking it down to 10 . Today it is 1100. We take profits that i think the most important thing, and you said it, is it is still our largest position, certainly in the flagship fund. Tweetedk, musk overnight that the idea of a stock would be worth discussing at the annual meeting. Does it matter to you that tesla slithered shares . Splits its shares . Cathie technically, it should not matter. However we actually discussed this at our morning meeting i think a lot of young people would like the idea of owning one. We are moving to a fractional share system. I know schwab and fidelity are offering fractional shares. Piece of one share of tesla. But i think human nature we have seen this with the Bitcoin Space to prefer to own one hold one, it might just be psychological. I think it would encourage more people to buy the stock. Emily there has been some controversy around how much the Board Members at tesla are being paid, specifically the chair of teslas board. You have got a proxy group recommending they not reelect her to the board. Where do you stand on her reelection . Cathie i have known robin for a very long time. She was the cfo and Juniper Networks when we were one of the largest shareholders of the time. I got to know her very well. She is probably the most shes extremely fair, very straightforward in her approach, very disciplined. And i think elon musk respects her. I respect her enormously. Ofbe the chairman, the chair tesla, can be quite challenging at times, and has been quite challenging for her as a director prior to becoming the chair. She knew what you was getting into. I think she deserves all the hesation she doubts sto gets. Emily meantime, you got other big Tech Holdings rico is reporting that the ceos of google, apple, amazon, and facebook will testify at a house antitrust hearing. We know that the house antitrust subcommittee is looking into these companies, there is regulation being considered. Does that impact your outlook on the sector, given that generally you are bullish on technology . Our flagship well, portfolio holds none of the same stocks, and this is one of the reasons. As companies become very large and take increasing shares, they come under more scrutiny. Now, this is not to say we think they are going to be bad stocks. Actually think they are going to be good stocks. Its just we are very focused on moving into the future, and these megacap company less so these make a cap companies. Emily interesting. So what are the things of the future, interview . In your view . Cathie well, ironically, i think they are going to be in the genomic space. We are looking at curing diseases, and that the market is in pricing the stocks that we consider part of the genomic revolution correctly, just because this has really never happened before. Now we have the convergence of dna sequencing, artificial intelligence, and crisper gene editing. The convergence of those powerful technologies. I think two things are going to happen. Not only will we be curing disease, for the returns on investment for health care companies, especially those embracing these genomic technologies, are going to increase. Were going to go back to the golden age of health care, i believe. Last golden age was in the 1980s and 1990s, when genentech had discovered recombinant dna, 10 returns on investment skyrocketed. They have suffered for the last 20 years and were down to 7 from more than 20 . Those other returns on r d. We think they are going back to north of 20 because drug failures are going to diminish as we bring these new technologies together and the time that trials need is going to diminish as well. And then of course we have crisper gene editing. If you cure disease, it is obvious it is pure. We are seeing the first signs of disease. Sickle cell and i dontblowing, think it gets enough attention and i dont think it is price division in the market, and i dont think it is researched efficiently yet. Emily ok, cathie wood, we will have to leave it there. Ceo of ark invest, thank you so much. Coming up, the current social crisis. Emily welcome back to Bloomberg Technology. I am emily chang in san francisco. Bloomberg has confirmed that the ceos of google, facebook, and amazon will testify before a house antitrust subcommittee. This is potentially a huge development. We know that the house has been looking into regulation of the Tech Companies and has been investigating antitrust concerns. There is some question about whether all the ceos would testify. We have confirmed that all four of them will testify. More on what that means and what the testimony will look like. One of the first women to speak out about Sexual Harassment and discrimination in the sex industry, in 2015 she beat in the Tech Industry, in 2015 she became as a mobile bringing a lawsuit against her former employer. She tackled harassment on social media. Ellen pao joins us now. So great to have you with us. You are here because so many people are feeling included right now. We are seeing momentum behind the black lives Matter Movement. Now it is immigrants with the actions the president has taken to stop immigrant workers from working in this country. We have so Many Companies come out with messages of support and commitment to the black community, to immigrants. Do you feel this is a moment we can make real change, we will make real change . Or once this passes, things will drift back to the way they always were . Ellen hopefully they dont drift back. We are seeing so much now. We are seeing what systemic racism look like, and it has been proven again and again and ofin in this short period time, and you cannot unsee it. We hope that now that we have see something they say see something, Say Something we have seen it, we have said it come and now it is sent to do something. I feel the generation coming into the workforce now is much more activist, much more aware of how systemic racism and determination works from and they are much more willing to speak up and to act. They are willing to confront their employers. You see the workers at google and facebook and amazon pushing their employers to change bad policies and also going to boycott and to use their spending dollars to impact change. Emily meantime, you have got so many workforces sheltering in place in the middle of a pandemic, and you have been examining Online Harassment in the midst of the quarantined specifically. Im curious what trends you are seeing. How does sexism, how does Racism Service in a remote situation . Ellen were just starting the research, so we dont have more than anecdotal evidence, but we are hearing from companies that they are seeing more zoom that they dont want to see, that there is racism and sexism. If you think about it, it makes sense. All of a sudden my personal and professional boundaries are together. Im working from the same place in my house and i dont have as many boundaries. The behavior that im using for my social Media Presence is the same type of behavior i am bringing into my online workplace platform. Caroline and i are working on this together we are concerned that there will be the same problems we see with all of these socialmedia platforms all of a sudden coming over to the workplace platforms. We would love to get more information, and we are working on pulling together information on what do those forms of harassment look like, what can companies do to make sure that their employees are safe and other employees know what is acceptable and not acceptable, and what do platforms you to provide better experiences for those using them. Emily meantime, you have taken a close look at Online Harassment on social media. I know you have experienced it yourself. We are in the middle of a massive ad boycott of facebook over how facebook does or does not moderate hate on its platforms. How do you think Mark Zuckerberg is responding to this . Ellen you know, it is more of the same, i feel like, and it is not just mark, it is all of the socialmedia platforms. They have come and to say that they support black lives matter, but then when you look at what happens on their platforms, it is a mess. Once they get called out, they will make a a few changes, but it is often the minimal, and they want to figure out some way of doing it that ends up being very ineffective. This requires a lot of change. It requires a new team of people doing the work, because clearly the people who have been doing it in the past are not doing a good job come and it doesnt include that they want to or can do a good job. Lets get better people in there, lets figure out how you put metrics to a to see if you are being effective, is see if the measures you are taking are working, and lets also have more people who are directly impacted by the harassment on your site making decisions. Instead of having this team that is very homogenous, lets be sure there are black and brown men, women, and nonbinary people in the room having an ability to help guide the changes to make sure that they are working and improve the product. D asy meantime, you serve ceo of credit for time. Banned has reddit has the biggest pro Trump Community on reddit. We saw cofounder Alexis Ohanian resign from the board and. Eplaced by a black director what do you think of alexiss resignation . Ellen i think reddit has a long way to go, and it is about doing the work. It is about making better decisions, it is about getting people to actually care about these changes. It is the same problem we are seeing on facebook and all these other platforms. There is no accountability for all of the bad decisions that got us here. How thee understand changes are going to be made Going Forward to completely turn these platforms around . I dont see a path when the boards dont push and when the leaders dont care of change. Arecremental changes that that seem more proriented. I think it is great that advertisers are getting involved, because that is another Pressure Point on these platforms, but again, one person changing is it going to make a difference. You have to change in a way that is much deeper than that. I will believe it when i see it. Right now they have done some work, but you can see there is still so much more work to do, and its not easy and it is not something that is you know, something that is fun. It is work, and it is hard and it takes time, and some of your users arent going to be happy with anything you do. Guiding to have a principle that you can follow and. 2 and that people know where you are going, and if they dont like it, they can get off and go someplace else. Emily meantime, talking about new commitments salesforce has said it will double its number of black leaders by 2023 and double its representation of black workers in the United States by 50 . What do you think of commitments like that . Ellen reddi i think it is greao set targets. We have seen that trying to do it without targets doesnt work. I have targets, i can see how im doing against them, if im making progress, and i can also start finding out where are the areas im not able to succeed. On my engineering team, with a specific engineering manager, a specific function . The trouble spots where i and not able to speak . I hope they are looking more broadly and thinking about black men and women and black nonbinary people, because otherwise you wind up resolving on the air piece of the problem wind upare still only solving a piece of the problem and you are still not solving the bigger problem is the it is something i wish more companies would do, set targets for all the are groups them make sure you are also improving your hiring process and getting out to Broader Networks of people, not just in the black community, but also in the latinx community, indigenous community. If you can improve your whole hiring process and make it fair, you will get more people from all of these groups to be in your company. Focusing onrequire just one area. You can do more than just one area at a time. Emily speaking of that, there have been interesting conversations about how the black lives Matter Movement is being felt by the Asian American community. Beasley, asian obviously, are aamericans minority themselves and have our own complicated story about race and feel they have to be silent about their struggles. Other asianamericans are coming forward about how they feel their own parents have been racist. Im curious how you are dissecting this. Ellen yeah, it is hard as an feel american to always very clear on emotions. Weve had a much easier time in tech. The numbers are much stronger for Asian Americans in these Tech Companies. And then you hit the bamboo ceiling and you reach the point where people dont see asians or asianamericans as leaders, they dont see them in management roles, they dont see them running companies. There is the model minority myth, and then there is the bamboo ceiling. All of these things that are components of White Supremacy that often we buy into, like the world is a meritocracy and if you study hard and work hard, everything will come your way. And then we realize it doesnt work for us and we see it working even worse for black latinx people come and how do we Work Together with these groups to support them and change our Tech Industry and all of these different areas where systemic racism has been such a huge problem. We see, though, that there is a lot of pressure to get Asian Americans to side against other groups. There is a tight black antiblackness in the Asian American community, which doesnt help. How do we take action . Michelle and i are working together to outline what are the steps you should take as an Asian American to learn about how black activists helped change law and helped change the United States culture in ways that have really helped asian and Asian Americanss. And how do we learn about our history and learn about our own antiblackness in a way that allows us to be great advocates for everyone and understand that until we make things better for everyone, we are not really helping ourselves as much as he could be. Pao, i know these are really issues, and i appreciate you tackling really complex issues, and i appreciate you tackling them in eloquent soundbites. For taking thech time to join us today. Appreciate you joining us on the show. Ellen thank you for having me. Emily still ahead, fashion brands from gucci to nike and converse releasing messages of solidarity and pledging to fight racial injustice. An exclusive conversation with the ceo of converse on how his company is vowing to make shoes for everyone and remote endeavors the inside and outside the office. This is bloomberg. Emily with economies opening worldwide, consumers are venturing out of their homes once again to shop in stores. Much of it is still happening, of course, online. I recently spoke to the ceo of congress, scott uzzell converse, scott uzzell, about the pandemic and how the company is stepping up to help the black community. Scott i can show you many signals around the world that are strong or stronger than they were prior to covid19. The real test will be over time, when everything opens, all of our partners are open, all of our Retail Stores are open, and after quite some time for consumers are out of being in children that will give us a sense of a shift in demand. We were strong going into covid19 and we are feeling really good about the signals we have seen thus far when we open our markets back up. Emily we are also in the middle with urgent social crisis new momentum behind the black lives Matter Movement. As one of the too few africanamerican ceos in this country, how have you been experiencing this . Scott that is a great question. As you think about our brand, we think about it as a democratic brand, brand for all people. Thatis clear to us is progress cannot happen without black progress. Black lives matter was relevant to us well before the current focus on black ice in the lab black lives in the next 60 to 90 days. The blackmmitted to Community Come inside and outside the community, outside the walls of our building. I dont know if you read that nike, jordan, committed 12 million over the next defense fundthe and other initiatives. What are we going to do internally to always advance our culture . As i like to say, the gap between what we want to be and what we are, how do we close that gap . What do we do to make sure we are being more inclusive, creating more belonging environment, improving her, and driving more equity for our black teammates at all levels, starting with myself . And externally, continuing to focus on creative designers and athletes and businesses so they can be part of our ecosystem, working with nike and jordan to make sure investing the 40 millionplus in the right organizations that focus on social justice, driving education, combating racial inequality. And then driving education across our business system. I would say the biggest learning for me, emily, is that a couple steps we have taken is a peoplefirst approach. How do we make sure we meet people where they are, regardless of background . As leaders from we can no longer say what is going on outside the building does not affect us inside the building. Really helping my hundred or so executives around the world, you dont have a choice to be involved. Conversation, how do you educate yourself by not just leveraging one or two or five people of color, but doing the work outside of that . And how do you drive credibility to make sure that you are taking the step every day to drive representation, inclusion, and belonging in our organization . Radar, itonly on our is a critical metric for me as a ceo. This is something where you cannot be in the middle. You either have to actively engage, or you are really supporting the status quo, which is unacceptable. Emily absolutely. I believe the Research Shows that people feel the most different at work. They dont feel different at home, in their communities, in their families. The differences are exacerbated which is why we need to talk about this in the workplace. How optimistic are you that what is happening right now will lead to real change . Will it be back to the status quo . Scott i got a tell you this, im really optimistic. I was on a call with an executive from another company right before this one, and this is just different. The amount people far pollyannaish, but the amount of people saying if i dont contribute to racial injustice, they really say that if they dont actively push up against it, they are somehow contributing to it. I have not seen that ever in my lifetime. Im very optimistic that the ball is going to move progressively in the right direction. Emily converse ceo scott uzzell there. You can catch more of that conversation on a special program, Bloomberg Technology boston the road to recovery. Converse is based in boston. A reminder to join bloomberg for our annual broadcast of the aston fireworks spectacular, fourth of july tradition from the comfort of your own home. Starting at 8 00 p. M. Eastern on Bloomberg Television, radio, and bloomberg. Com. Hong kong facing a new reality, with police making their first arrests under a new National Security law imposed by beijing. The decision drawing thousands of defying protesters as well as swift condemnation from the u. S. , europe, and austria for australia. Give us the very latest on how many protesters have been out there, how many arrests have been made. We certainly saw crowds of people, close to a thousand or so, Patrick Industries yesterday, less than 24 hours that took to the streets yesterday, less than 24 hours after the law took effect. They stormed a model of a conway date area. We saw police, heavy presence around the area. They fired tear gas, pepper spray, the Water Cannons came out to disperse the crowds. , emily,s a symbolic day im sure you know, the anniversary of the handover. It is usually marked by mass protest. But this time it felt more somber. This National Security law was kept under wraps by beijing up until now, and was approved even before the chief executive, carrie lam, had seen it. What we saw was officers raising a new flag warning protesters this time around that if you display flags or banners or chanting slogans, that would be illegal under this new law. Still, we saw crowds of people continue to defy those orders. They waved flags, calling for independence from also chanting slogans that were used last year like liberate hong kong. More than 300 people were arrested, nine of which for violating this new National Security law. Emily talk to us a little bit more about what the law says. What kind of dissent is punishable . Yvonne well, this law is tougher than what investors, lawmakers even on the prochina side had feared as well, and that is causing a Chilling Effect over free speech, political activities. This legislation calls for sentences as long as life in prison for the four most serious cases highlighted in this law terrorism, possession, subversion, and collusion. Beijing in a briefing yesterday did give examples, those who travel overseas to seek sanctions against china could be prosecuted under coercion provisions. Also, collusion provisions. Also, people who spread malicious rumors, like back in august where people work using police of killing passengers at a train station, they could be liable on provisions against provoking hatred. We did learn this bill is not retroactive, some people who committed crimes last year perhaps will not be liable in this ill. Bill. For this extends to actions committed by anyone out. Hong kong residents anywhere in the world. Some interpreted as covering nonviolent tactics by protesters as well. The language is very vague, which only adds to uncertainty for many businesses out here. Some see a flight of capital and talent. Some investors say that the measure could bring stability after the civil unrest we saw last year. Emily the moves have been condemned by many different governments. Talk to us about the international response. Yvonne we just heard from the u. S. , the house of representatives passing a bill imposing sanctions on banks that do business with chinese officials involved in cracking down on these prodemocracy protesters in hong kong. This bill is not identical to what we saw in the senate, that passed a bill last week, but it is quite similar. The Senate Passed a vote on this current measure before it lands on President Trumps desk for signature. We did hear from the u. S. Saying that they vowed more strong actions in beijing if he doesnt reverse course. We heard from secretary of state mike pompeo saying that chinas moves eviscerated the rules law in hong kong, and saying now it will be another communistrun city, or people will be subject to the party elites wins. We heard from whims. We heard from some sources saying that the u. S. Is preparing to roll out sanctions against chinese individuals for human rights abuses against the uighurs. We are seeing movement in the last 24 hours or so. In the u k, Boris Johnsons government will allow nearly 3 million hong kong citizens with British Overseas National passports to move to the u. K. Playing a path to full citizenship. Laying a path to full citizenship. Emily yvonne, thank you for joining us without a break him and you will be talking about this on Bloomberg Television throughout the day. Thank you all as well for joining this edition of Bloomberg Technology. Bloomberg daybreak australia is next. Stay tuned. This is bloomberg. Testing testing uighurs the best tv experience just got better because now you can watch all your favorite hulu shows and movies on xfinity. Youre only a voice command away from Award Winning shows like the handmaids tale, to new hits like little fires everywhere. And fx originals you can only watch on hulu. Thats just the beginning of what you can experience with hulu on xfinity. Tv made simple, easy, awesome. 49i found you good job. Now im gonna stay here and you go hide. 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