Global commodities easing further growth. Because ray is left at 1. 5 , as was forecasted. Traders have written off policy moves next year. Global news 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries around the world. This is bloomberg. Lets take a look at the markets. Afternoon trading is getting underway in hong kong and china. We continue this global rally we have seen. A recovery after the italian constitutional reforms over the weekend. Over in tokyo, sydney is just closing for the day. Emily chang and this is Bloomberg Technology at 2 00 p. M. In San Francisco and 5 00 p. M. In new york. The eu watchdog sends a message to tech, move faster to crack that on hate speech, or we will do it for you. The best of the best in science, getting the celebrity treatment in Silicon Valley. We will hear from russian billionaire investor who helped start it. And oare science and technology on the priority list for the new administration . We are joined for insight on the road ahead with donald trump in the drivers seat. Morningu leaders are u. S. Tech giants to act faster against online hate speech, or force laws. Facebook, twitter, microsoft, and youtube ended together six months together by signing a voluntary code of conduct. In it, they said they support eu regulators in the effort to ensure, platforms do not offer opportunities for illegal hate speach to spread virally. They removed or disabled access to such content if necessary. Six months later, regulators say these companies are not living up to their promise and only 40 of cases are addressed in less than 24 hours. These companies are trying to balance regulation and free speech. Theael from palo alto is in studio. And Caroline Hyde all the way from berlin, covering a lot of European Technology for us. Caroline, talk to us about what is going on with european regulators. Not gettingey are this stuff offline within 24 hours and sometimes, not even close. Caroline therefore, they want to see the threat of legislation forced the hand of these large u. S. Companies. Just 40 of the alert. 40 are tackled within 24 hours. Now, much more are being tackled, 80 , within 48 hours. They are saying, it is not that you cant do it. It is that you are not putting enough resources behind this. It is notable, emily, no wonder this is the viewed by the eu. We have had terror attacks in nrance in the refugee crisis i november. Angela merkel was thinking about lending support to regulation to reduce hate speech, because a she feels that is behind this wave of populism that wrote the italian referendum election. Emily and the numbers are even different there, right . Caroline that is what is so notable. Not only is the speed slow, but it is particularly slow within the countrys Angela Merkel is worried about. In italy, just 4 of the alerted are tackled within 20th percent. In austria, 11 . This is a country that very closely had a notably far right president ial candidate winning. These are countries that people are very worried about and they want to see a greater tackle against the hate speech to drive back populism that Angela Merkel and the eu is worried about. Emily michael, you have taken on this issue for a good part of your career. You lead reputation. Com for a very long time. What do you make of how the eu is handling it, versus the United States . First of all, this topic is very hard for american viewers to understand because we have a very expansive understanding what the First Amendment of free speech means in the u. S. That is not the case in europe. It is important to understand that is not the case in europe. In europe, speech is not protected. Including political speech or hate speech. There is a very long history of radical violence in europe that has been met with legislation and constitutional changes over the decades. This is different from the current situation. This question is normal in europe. The second thing is, europe is very serious about it. There are two basic axes of problems. They are not responding fast enough. But secondly, the eu wants them to take a more expensive view of what constitutes hate speech. They dont think these companies are taking it seriously. And it now in america, these issues are coming up even more and more. Russians weree spreading fake news to affect the election. We now know even general fly nn respread some news that was obviously fake about the Clinton Campaign about pedophilia. This is a live in president present question. From a business perspective, this is an interesting question. Facebook has to say on the one hand, look, hate speech and the spread of fake news does not impact our viewers the cuss our audience dont take that step seriously. At the same time, they have to say, we are the best advertising platform in the world and our audience takes what they see on our pages so seriously that they will purchase stuff when they see your advertisements. So, it is a very delicate situation. Now, one other thing that is so important, there is a lot of copyright emily michael, what do you think facebook should do . Should facebook the behaving more like a Media Company rather than a Technology Company . Should they be taking more of a responsibility in moderating the news . Maybe the answer is yes, but there is another thing and technology that could point the way. The law in the u. S. Gives the protection to copyright. If facebook or youtube or microsoft or twitter receives notice that the photograph being shared is under copyright of an owner and the owner does not want it distributed or shared in or herhat violates his copyright, those companies have to take swift action to remove or segregate those copyrighted materials. As a result, what has been born is a series of Technology Solutions that allow them to distribution of those copyrighted materials. The same thing has never really happened with speech or hurtful emotionallyven violent speech. A video of a little kid being beat up online. There is no law that requires one of these pages to remove it. So, they have never develop technology. I think there is a Technology Solution here. Whether it is a Media Company or platform company, i do think technology can solve these problems. Emily clearly, something you are very passionate about, michael. Curious what you have been hearing about the election from donald trump and what the reaction has been overseas. Caroline it was shock. It was awe initially. In the same way that brexit took everybody over by surprise. But notably, we are starting to see perhaps, that, down. We are hearing big telecoms giants, big advertorial companies, saying actually, by bringing u. S. Dollars home, that might bring more advertising. Maybe they will be more consolidation, more business friendly. A little bit more cautious optimism, but one area of concern has got to be whether the wall starts to be billed, and on which side you play. The likes of telefonica, a big presence in latin america and central america, they are worried how that affects global trade with mexico. Emily the markets have been doing well, with the exception of tech. Caroline hyde is with us from berlin. Michael fertik, thank you for stopping by. Coming up, Silicon Valley leaders host the fifth annual breakthrough times, honoring the top minds in science. I caught up with the founder of dst global. This is bloomberg. Emily top executives from hollywood and Silicon Valley gathered to celebrate visit, lifesize in, and mathematics. 24 million was given to 12 researchers and scientists. A special prize was given to a group of people researching gravitational waves, ripples in the fabric of spacetime created when two black holes merge. The breakthrough prize was created by the Silicon Valley power player mark zuckerberg, the cofounder of google. Billionaire yuri millner. I asked him which breakthrough prize he was most excited about. The special prize this year went to the collaboration of 1000 people. From two come to us black holes that collided one billion years ago. It is incredible we develop technology to be able to detect this. Does verify the prediction that was made by Albert Einstein at this verified the production that was made by Albert Einstein. Angie you also launched a 100 million project to find x or text real to find extraterrestrial life. Do you think this is something we will find in our lifetime . Well, i think we have a decent chance. There are 20 billion planets like ours within our galaxy. Those 20 billion should be multiplied by the number of galaxies in the universe. The chances that all of this opportunity only created one realization is pretty minimal. I think eventually we will find out that somebody is out there, and maybe they are one billion years ahead of us. Emily you travel around the world and 40 of your investments are in china. Are you concerned that funding for this kind of innovation and technological breakthrough might suffer under the new u. S. Administration . Days,l, it is very early but i think what is happening is an amazing global macro trend, which is really empowering all of us with technology and software. In the last 10 years, there was 2 trillion worth of the value created around the world, 2 3 in the u. S. , 25 in china, and the rest in the rest of the world. So, my prediction is that in the trend0 to 20 years, this will continue and many more trillions of dollars will be created in this exciting space. So, im not good at shortterm predictions, what will happen next year, but i would bet that in the next 20 years we will see a lot of value coming out of places like Silicon Valley, beijing, tel aviv, london, and bangalore. Emily do you have any concerns about the election for donald trump, given for example, ripping up the playbook, or perhaps flouting years of democratic process, taking a phone call from taiwan, or perhaps, defending Vladimir Putin . Again, i am not the best one to ask on this. Ally than focusing on technology around the world. That is what drives my travel. Technologyere is a opportunity, i am trying to spend a lot of time there. Emily a longtime investor and facebook. Do you think facebook needs to take on greater responsibility when it comes to accurate news. Should they consider themselves a Media Company or a Technology Company . I think facebook is very serious about this. Every single Major Company like this, you recognize there is a very high concentration of value in internet companies, you know. 80 of value is within those companies. Each one of them has responsibilities. Nk, it does not only apply to facebook. It applies to all of them around the world to think about that. 2017, talking into to me about how you are dividing your time, in terms of your travel and what technology you are most excited about . I and 80 focused on investing and 20 focused on the profit initiative, like the ones we talked about. Our investments are concentrated in the u. S. , thein china, and 20 in rest of the world. Emily when it comes to new technology, what . Do you like that is ou do you like that is t there . Where do you think the growth will be . Some unstoppable trends, you know . From automatic driving to inflation and things like that. Is robotics. Rend when those two merge, he will see a lot of change within our society. Emily what do you see happening with valuations, given the Political Climate . Years, 1the last 10 billion worth of value was created. Our prediction is every five years there will be another 1 trillion. The question is, how will it be allocated between Different Countries and between Different Companies and new products . Is the one i ca n make. Every five years for the next 25 years there will be 1 trillion worth of value created with an internet technology. There,yuri milner founder of dst global. Stay right there. We go back to the awards and catch up with Anne Wojcicki. Of a reminder, all episodes bloomberg tech are live stemming on twitter. This is bloomberg. Emily the fifth annual breakthrough prize was held sunday. I sat down with Anne Wojcicki, who teamed up to help create the foundation. We covered everything from her companys growth to the prioritization of science and technology under president elect trump. We started on the prize and her aims behind the ceremony. Take a listen. For me, the goal is to make scientists celebrities. They cang and sergey, create a company that has huge financial awards. And Michael Jordan and these sports athletes, they are all known. How do you actually make scientists part of pop culture . Emily do you have any concerns that a Trump Administration will not prioritize this kind of funding . For sure. That is always a concern. I am hoping through things like breakthrough prize and more efforts to educate the youth, that it does not matter what the government is saying as much, because you will inspire individuals to actually start getting involved. In some ways, the government matters, but it does not matter. There is no government policy about basketball, but clearly were all pretty into basketball. My goal is to get people to look around the world and feel so inspired that they are always asking questions. Emily what are your broader concerns on the election, given industry you work in, given we were this close to seeing a woman in the white house . To be honest, i am wait and see. I love to be able to judge once things are happening and i am eagerly awaiting to see who is going to be the commissioner. And im excited about the idea butore freedoms, obviously, obviously, i want to keep supporting the fact that science is incredibly important and without a scientific fact based world that we are living in, that i have concerns. Emily what about some of the potential, whether it is unwinding the Affordable Care act, or not hiking drug prices . I think there are all kinds of ways to worry. Without a doubt, the benefit of the Affordable Care act is there are millions of americans who are saying, wow, is a great to have Health Care Without a doubt, people want to have these benefits. People want to feel empowered to take charge of their health. I am completely openminded to alternative ways of looking at it. I am a kaiser baby. I have always been a huge fan of kaiser, but i am openminded. I know once people have gotten their health care, it will be hard to take it away from them. Emily give us an update on 23 andme. We never sell genetic data. Weve always done research projects. The most exciting thing for me, i love that consumers are stepping forward and say they want their genetic information. Almost more than that, i love that we can make discoveries. We get people who have sarcoma or migraines and they are saying, just help us understand why this has happened to us. Canfhe fact that we effectively leverage our customers and answer questions and make meaningful discoveries gives me huge optimism about how we will be able to make meaningful discoveries. Emily how about the Drug Discovery part, the research you have been doing . Can you give us an update . Any diseases you are honing in on . Being a scientist, you should not be that excited, but it is one of those things that keeps me up at night. I am so proud of my signs team and how well the system works. We are making discoveries. We have richard, running the therapeutics unit, who came from to an engenen tech. We have new lamps in San Francisco we have new labs in San Francisco. I am enthused that the database of information could potentially yield novel there to take. Yield novel therapeutics. We can do it faster than other companies because we are starting with the human genetic database. Mily that was Anne Wojcicki we are watching pandora. Shares shot up more than 16 on friday. There were reports that xm approach the board with interest ef taking over th company. A takeover by amazon might make more sense. Coming up, we get a Silicon Valley investors take on Donald Trumps pick for secretary of defense and future of Cyber Security. Emily it is 1 30 p. M. In hong kong. The korean president is to meet about now as lawmakers question nine leading companies. Vice chairman admitted purchasing a horse for the daughter of the president s confidant, but denied that the company wanted any favors in return. The house of parliament has approved a deal to legalize the casino gaming. This is the closest it has ever come. The bill still needs upper house approval with no date set and further legislation. New zealand has three senior ministers wanting to succeed Prime Minister john key. Bill english was first to confirm his interest. He has held the finance post since october of 2014 and is the deputy Prime Minister. Jonathan coleman and Police Minister judith are also in the race. Key has publicly backed english. The highest close in 16 months works on the agreement to curb supply. Noncartel members will meet. Global news 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries around the world. This is bloomberg. How theeck in on markets have been trading in the Asian Pacific today. Here is haidi lun. Haidi investors jumping into this recovery rally we saw shrugging off that shortlived that off on the back of italian referendum. The s p 500 is down, hitting fresh record highs. The euro stabilized from the 20 month low. This is what we see, as of about midday. New zealand is doubling down on gains. That political shock of the resignation of the Prime Minister faded. We have gains in hong kong with the hang seng index headed for its steepest gains in two weeks. We have a parliamentary inquiry into the top two tycoon companies. There are hopes that this will lend transparency to those markets. 1 ,lso saw gains for dragging from the rest of the region. We are looking in hong kong, live from london. Emily this is Bloomberg Technology. Im emily chang. Secretary ash carter is preparing to pass the baton to his successor. One of the pentagons chiefs cherished initiative is an effort to link the Defense Department with Innovative Technology hubs, like Silicon Valley. Some are questioning if the initiative will survive after he leaves. General james mattis is his likely successor who donald trump plans to nominate. Mattis has military experience but what does the choice mean for the many Cyber Security threats around the globe . Is david cowan, investor in the Cyber Security space. Mattis is an interesting choice given that he is not a civilian candidate. Hes a decorated veteran. What does that mean for his views on Cyber Security, technological warfare on the ground . David so, general mattis has a terrific reputation as an intellectual. He is strategic. He has advocated force only when necessary and only when it would be successful. I think he stands out as a confident pick among the cabinet. The question is really not about him in particular, but why it is that donald trump would say he is looking to the Defense Department and the joint chiefs of staff for this plan to protect the vital infrastructure against Cyber Attacks . Looking to the Defense Department and general mattis, or the joint chiefs of staff, to protect our Industrial Controls systems, our dams, our Water Treatment facilities, our nuclear reactors, that is like it is just not the right solution. Calling in marines to stop malware is like trying to stop a termite infestation with a shotgun. Emily what does it mean for the nsa . Do you expect the nsa to now focus more on threats from russia, t or from within from russia, or within the u. S. . David it has always been to monitor threats from external enemies. What is scary is president elect trump does not see russia as an enemy as much as those on the homeland. Jihadists, refugees, or illegal aliens, or obstructive protesters, or conspiring journalists. Emily or anybody on snl. [laughter] david or alec baldwin. The concern is is he going to redirect those Cyber Capabilities against the American Population . Given who his advisers are, Rudy Giuliani who proposed to stop and frisk on the streets of america, why not stop and frisk in cyberspace . Peter thiel, the billionaire, whose main position was in the company he cofounded that actually makes the software that is used to monitor large populations. What is going to stop the nsa, which is part of the Defense Department, from turning its sights on americans . The concern i have is whether general mattis will hopefully stop that kind of use of the nsa, but there are other spy agencies in the government that do not report to him. Emily general mattis has a very interesting Silicon Valley connection. Hes on the board of the very controversial Blood Testing Company theranos. As far as we can tell, he is still on the board today. He would have to step down if he becomes secretary of defense. We also, as we understand it, try to get the military to use theranos technology, unsuccessfully. What do you make of this . David i am sure general mattis had no idea that the tests did not work. I hope he learned that it is a good thing we have the fda to set the rules and apply scrutiny on what it is the companys will sell to the public. When we talk about Cyber Security, this is an area where we need those rules. We need those regulatory regulations, like the ftc and the fcc and sec and the cms for health care and the federal regulatory commission. These agencies are all trying to identify, promote, and enforce cyber standards among companies and among Government Agencies in order to make cyberspace safer for everybody. I am hoping general mattis will be will pay more attention to the value these agencies theg than theranos has to fda. Emily what about privacy and security under President Trump and general mattis at the pentagon . David look, we are behind europe in setting standards for Information Privacy to protect citizens. Emily we were just talking about that. To a large extent, businesses have had this thing for these business Information Privacy rules. I think as we look at the prospect of not having them, if we look at what happens that jamieson has espoused decimating the fcc, if we eliminate income within the ftc and c fpb, if we actually roll back the effort to bring protections to the american citizens, then we will be woefully behind europe. I think i would welcome those kinds of privacy laws, just like we have seen americans perhaps looking to switzerland as a safe haven for their money, or even canada as a safe haven for their families. I think we will see a flight of data as we look at europe as a safe haven for the data. We saw that during the snowden movedtions, when data was to europe. I think americans will join them. Germany looks like a safer place for my data. Emily what does it mean for russia as we know hacked the election, propagated information over social media . Does this mean russia gets free reign of the pentagon is not watching out . David i think the big concern everyone has is trumps affinity for putin and russia. Cyberspace is one area where he absolutely have to be vigilant and holding back russia, which has been the most aggressive in superpowers. General mattis, hes much more concerned about russia as a threat than donald trump and i hope his appointment will mean that we will be vigilant in cyberspace to protect ourselves from Cyber Attacks. Emily obviously, donald trump believes general mattis recent combat experience is a positive, and what are the pros of having somebody who was so recently at more in the drivers seat . David normally it is a very good argument as want you would want a civilian as the defense secretary. It certainly is dangerous for the working of the military to promote recent generals into the seats of National Security advisor or defense secretary. However, in this case, given how uncomfortable many of us are having donald trump as commander, having a proven and trusted war fighter in the chain of command rent the need him actually gives me comfort. Emily david cowan, thank you so much. Very smart analysis. I appreciate you stopping by. Coming up, it is a race for the best a. I. Talent among big tech. Uber is the most recent two hoop on board. We will break down the new research arm, uber ai lab. This is bloomberg. Reporter a story we are following. Nissan is getting a step closer to Driverless Cars with driverless tow trucks. Nissan is testing out self driving machines in japan that would carry cars to the nearby wharf for loading onto transport ships. They hope to spread the technology throughout the plant by 2019 and have overseas plans in the future. Staying with car tech, uber is betting big on artificial intelligence. The start of Company Purchased a geometric intelligence company. Labs. Reated uber a. I. They will help self driving ubers navigate the roads. Joining me now in the studio is eric newcomer, who covers uber for us. How will this purchase change the uber experience for me . Manus uber has a lot of data problems you do not see, especially when it comes to carpooling, picking up multiple passengers. You are try to figure out as the driver is moving, how do you cram the most number of people in the car . The more uber can do that, the more they can break down prices. Also, the more constantly crowded the car will be. There are problems like that and also, the questions such as, how do we build a self driving car that is ready for the unexpected . Emily what about mapping . It still seems to be an issue in any uber ride. The driver is fiddling with the app, changing the app to waze or google maps. With that change this technology . Eric it is possible. Uber is spending a lot of money trying to slowly move away from dependence on google. They have a lot of requests to google to solve some of these problems but they are building out some of their own technologies. It has its own mapping software. But they are also relying on others for the drivers. We have all seen drivers going to waze or google maps. Uber wants to solve that, especially for products like pool. Emily there has been a land grab for a. I. Companies, whether it is apple, google, or facebook. Do you see uber ascending to the ranks of a Big Tech Company . Eric i think uber is a hot place to be. It has a lot of fun problems. A lot of these engineers are drawn internally to work on the self driving car problem. It is a question of how interesting the problems are. As long as uber pushes the agenda and says we will play around with flying cars next and support that i think as long as the questions remain interesting and there are challenges, they will bring in better and better engineers. I think we will have to see, but i think they certainly are a big enough company. Emily you said it. Flying cars, that is next. Prediction from eric newcomer. Turning now to the gaming world, sony has an under the radar hit on its hands with more than 7 milliopokemon go. It is called fate grand order. The game allowing gamers to back in time and team up with historical figures, like julius caesar, leonardo da vinci, to rescue humanity. It has been at the top of the japanese revenue rankings all year. For more, yuji joins us live from tokyo. The big draw of pokemon go was this augmented reality. This is something that fate grand order does not have. What is the draw . What is causing this engagement . Yuji you are right. There is no a. R. The real drawl of the game is its story. Similar to pokemon go, fate is an anime series in japan. It originally began as a game for pcs, and evolved. Sony has a lot of little tentacles everywhere, including an enemanime studio. From developed this game this popular anime series in japan. Three years ago, they decided they would make a game based on the anime series again. Theill be for smartphones. It is a long trip to get to the smartphones, but the fans love it here. Players travel through time. They get to meet a lot of very colorful characters. Julius caesar, cleopatra you go back to the egyptian days. Even people like jack the ripper, billy the kid. There are many colorful characters throughout the story. And i think that is really the draw of the game. Players want to see what happens next. They want to meet more characters. That is basically what the game is about. Meeting colorful characters. Emily are we expecting a release outside of japan . Yuji the company has only released in china so far. I asked about a u. S. , european release. They said it is under consideration. I am personally not too helpful and i will tell you why. Is there hvery niche. The hard core fans, they love it here. People play a lot of smartphone games in japan. Whether it will appeal to the mass market in the u. S. , i am not sure. One thing to keep in mind, we compare it to pokemon go because pokemon go makes a lot of money. But i think a lot of fans would not become people having their kids play the game. If you are familiar with japanese anime there are a lot of half naked characters out there. That is also true for this game as well. Again, yeah, whether or not emily i get it. [laughter] emily i get it. Yuji, live from tokyo. Aportant for sony though, company that has been under pressure lately. Next, cbs chief rep sits down to discuss the future of the streaming tv and potential media mergers. This is bloomberg. Emily cbs kicked off december by announcing a major streaming deal. Last week, the mostwatched u. S. Tv network announced it obtained rights to carry nfl games on its all axis streaming service. We spoke with moonves. We began by asking about his distribution strategy. Our job is to do great content for cbs, showtime, for the cw, late night, sports, etc. If we do that, all the distributors will need us. They will pay us for what we are offering and we do not necessarily need to be in the distribution. At t needed time warner, so they went and bought the thing. At some point, you have distributors knocking on your door saying we need you, cbs. So badly in fact, that we want to buy you. I am sure there are distributors out there who would like to do that right away. We are a controlled company, so that is more difficult. But i can imagine there are plenty of people out there, especially when you see at t paying a lot of money for time warner, that a company like ours would be very liable in the open market. Very viable in the open market. Have you had any discussions yet . I cannot say. Do you have any concerns about the at t and time warner deal . A big distributor, particularly in wireless, they could favor time warner content over cbs. Les we are looking at it. It was announced a few weeks ago. We are taking a good look at it to see if this is advantageous to us or not. We have not weighed in yet on what we think about it. Are you open to the regulators having some rules and regulations . Les generally speaking, i am not a fan of regulators. Going forward, we hope there is a loosening of regulations. I would be a proponent of that. Reporter moving on, lets talk about directtv now. They Just Launched it and without cbs. You decided to sit it out. Why . Les number one, we have always said we will join any service as long as we get paid fairly and the conditions we need are met appropriately. We are in active discussions right now with directv. We have different needs than some of our competitors on a lot of Cable Networks. Our centerpiece is a broadcast network. There are some Financial Issues and some other issues, such as digital issues. I expect us to make a deal with them. I expect us to be part of this, but once again, we demand to be paid fairly. You have been a pioneer on this. You have figured out a way to include the broadcasts in that. As we move into the overthetop world, can the broadcast stations participate . Les i think the great thing about ott, it is resetting the tables. When we entered the retransmission disputes, or negotiations, they were already paying a lot of money to different Cable Networks and we were coming in after the party started. Now that there is a brandnew party, we are the most watched network. The broadcast network should be paid more than the cable stations should be because more eyeballs should mean more pay. We intend to be on every overthetop service, but we do not think any of them can exist successfully without cbs, without getting the nfl or big bang or ncis or Stephen Colbert or 60 minutes. We are a necessary part of any package. For distributors, they want new content. They are building a new business. How often does that come up . Are you willing to give exclusivity . Les no, that is where our problem comes in. Stacking rights, the ability to get all the shows for a certain season, we only have on all access. It is not to say somebody made us a very high offer for that, that it would not be available, but exclusivity is really tough for us. Emily les moonves, cbs chief. I have a bit of news. If you have not noticed already, i am pregnant. My husband and i are very excited to welcome baby number three to our family. I want to thank everybody on the team and the floor for helping to hide my bump. Craig, mallory, jerod, our director, i will be here for two more weeks. And i will miss you guys. Anna Matthew Renzi will put his resignation on hold until next years budget is signed off. Italys president seeks to demise political instability. And successfully completing one part of the increase plan with the debttoequity swap for over a billion euros. The bank will decide whether to proceed with the Capital Raising elusives still seeking anchor investors. Setting the stage. German chancellor Angela Merkel tough stanceue a on migration as she prepares for her reelection bid. We are live from the Partys National convention. Fiscal boost. Chicago