Transcripts For BLOOMBERG Bloomberg West 20160603

Been reluctant to normally support mr. Trump. Turkey has recalled its ambassador to germany. He vote increases tensions between turkey and germany at a time when ankara is playing a key role in slowing the flow of migrants to europe. The nba finals begin tonight. A showdown between the warriors and the cavaliers. The warriors won the series last year and are defending their title. Global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. From the Bloomberg News room, i am mark crumpton. Bloomberg west is next. Cory im cory johnson, in for emily chang. Right sharing startups are duking it out globally. Uber announced a 3. 5 billion injection from the Saudi Sovereign Wealth Fund. We will catch up with lyfts chief business officer. Ernest moneys tells us why hes betting big on tech renewables. Fox takes a beating, shares down the most in four months despite a strong sales number last quarter. What happened . The company ceo joins us to discuss. 9 billion of new money has been invested in the right sharing industry since the start of 2016. This week we learned the Saudi Sovereign Wealth Fund is writing uber a check for 3. 5 billion, and there is more to come. Ubers biggest rival in china says it is closer to making an even bigger route. One way lyft is trying to claw at ubers market share, by winning corporate customers, most recently from apple. Ric, you had this story. What is happening in this business battle . Lyft has long had a consumer friendly reputation, invented the peertopeer model. Cory pink mustaches . I think they have moved away from that. Business is a big market and they wait to grow their user base. Think they are saying, we can grow here. Cory what is the appeal of the Business Market for lyft . Eric its a huge market. We think it is a tremendous Growth Engine for the company. Corporate travel, Ground Transportation category is approximately 36 million spent every year. Cory in the u. S. . Eric taxis, black cars, right sharing and rental cars. Cory does not include airlines . Eric it does not include airlines are hotels. Its a great way to introduce people to lyft and right sharing. Cory when you look at the market, it strikes me that is the low hanging fruit in terms of people who are used to using a rented car as a means of transportation. New yorkers are used to jumping in taxes. People in des moines or even in this city. When uber came around, it started to change individual behavior. Thats harder than getting someone who is taking a taxi, going to a black car and shifting to lyft. I would definitely say theres a shift in attitude. We are seeing that predominately in the millennial generation or it in the next 4 years they will make up over 50 of the workforce. They have a different attitude about car ownership. We see an attitudinal shift towards transportation as a service. Cory it strikes me as interesting that uber started with a business clientele and moved away. Eric uber traditionally black car. Yft is really willing to cater the product to the customer here. They are coming up with a Concierge Program where businesses can schedule the app. Talk about a couple of ways you are tailoring this. We have a different approach to working with businesses. It is three parts. The first is we are people first acrosstheboard trade we treat you better, which is really how we treat our drivers. Its kind of a nod to us getting started. Very customer focused, very people first. The second thing is when you are alluding to, being very collaborative. We are listening to our enterprise clients and designing programs that are custom for each of them. The third thing is that at lyft, we believe that mission and vision and values matter. It turns out that a lot of our corporate clients agree. Cory lets say my company is used to using a certain car service company. Thats our vendor, thats what my employees are used to using. How do you convince them, what do you say to make them choose you . What are the carrots on the stick . Consumers are already overwhelmingly choosing right sharing in their personal lives are at lives. Its that classic b to c to d transition we have seen before. They want the same conveniences they get in their consumer applications to show up for business. Its convenient, easier, affordable, and in our case, a friendlier ride. Cory your competitor has more market share and has become more of a verb. I think its worth pointing out is a long road to go here. Right now certify, an independent Third Party Data provider, says lyft got its 4 market share. Uber has more than 50 . Taxis have been plummeting in business travel. I spoke with john cymer, the president of lyft, and hes angling for the majority share. You definitely have a lot of work. We are growing very quickly. Some q4 in 2015 on the certify data to q1, we grew 41 quarter over quarter and we expect to see continued growth in that category. Cory im not hearing your description of selling me as the imaginary ceo that will never be. Why you and not somebody else . Comes down to the relationship. The mission of our company that john and logan set out with was to reduce congestion, reduce ollution, and to provide communities that they operate in with more convenient mobility solutions. This is just an extension of that. It is more cost effective, so its reducing that travel and expense line, second only to people and most organizations unless its a capitalintensive business. Ground transportation makes up 22 . Thats what they are coming for. Cory grunt transportation is 22 . Interesting. Its never before been in a managed category. Theres never really been an opportunity to put together a Corporate Program on a national level. I would say its interesting they are creating use cases you would not have imagined before. They are working with care more, a medicare provider, picking people up and taking them to doctors appointments. There are interesting ways you can use lyft, schedule rights, and create modes of transportation you might not have thought of before. The first is business profiles. Were taking all the hassle out of the expense reimbursement process. The second thing is concierge. Weve made it easy for an executive administrator and assistant to be able to request a ride on behalf of a third party who doesnt even have the lyft app. We are using it for care more and nonemergency medical transportation. Our corporate clients told us loud and clear they dont want to ever have to worry about missing that allimportant airport trip. They are asking for and weve given them scheduled rides. Cory very interesting stuff. David, i wish you guys success. Its an interesting business angle. No more fuzzy pink mustaches. You, however, can go with the fuzzy beard if you want or fuzzy mustache. Coming up, the robots are coming for your College Savings. Roboadvisors, i want to talk about their latest victory. Lus, jeff bezos. Cory that is the San Francisco bay right now. Work is happening. Ceo Brian Chris Anders has other fish to fry. He finds himself in a sticky political situation. He planned to host a fundraiser for donald trump at his home here in Silicon Valley but he called it off after the New York Times called him and said, whats up with the trump thing . He said the event was canceled. Krzanich said, we are interested in engaging both candidates. His earlier support would have put him at odds with many other Silicon Valley republicans who have said they will not support trump. The robots are coming for your College Savings. Well front, a Silicon Valleybased robo financial advisor, will begin providing College Savings plans in partnership with the state of nevada. Joining me to discuss this right now is wealthfronts allie rosenthal. This seems to me like a huge win for you guys. Nevada is different, i guess. In california there is one provider, and its a slugfest. Philadelphia fidelity has it down. We are excited to be partnering with nevada to be mobile be the first and only Automated Investment Service to offer and manage a 529 College Savings plan. Cory like robo advisor . Ali we prefer automated advisor. Cory all humans work at the company. The first roboadvisor to get there. For your engine see agency, its a great deal. Ali we serve a market that has been burdened by incredible student debt, and this is a client base of hours and a rising generation that does not want their children to have the same issues with paying Student Loans off. We believe the 520 nine College Savings plan is the best way to save for future college costs, which continue to rise. Cory we were talking off camera and you were saying 529 is the biggest nobrainer. These costs are really substantial. When you go to a state like nevada, they know something about placing their bets in nevada. How do you get them to place their bet with you . Is it all about a discussion just because you have lower fees . Ali we are taking what people love about wealthfront, as well as the low cost, and bringing that to the 529 product it will launch later this summer. Nevada got excited about working with us because we are bringing that technologic innovation to the 529 accounts and we also have a client base that is younger, its a rising generation that will face college debt or has faced it and does not want children to face it in the future. Its low cost for us. The 529 basis point fee, taxable and nontaxable accounts, its a low minimum. We have really helped families get started earlier. Cory i can give this as a present to friends who have babies. Ali so much better than a little onesie they will grow out of. Cory i cant tell you how often they dont follow up. Ali thats another thing we focused on, making our base and potential new clients very aware of how wonderful a product this is for saving for future college costs, and its just one of those things that makes perfect sense for our demographic right now. Its a huge deal to put your child into college or niversity any cost a tremendous amount. We think we can help people set goals and achieve those goals i continue to and continue to fund for their future. Cory i assume nevada is not the last estate going after it. Ali you can live in california and invest in a 529 plan sponsored by the state of nevada. You only need one. Cory so are you done . Ali we will make this one a huge success with the state of nevada. Cory are you going for other states . Ali its not necessary. Cory its one of the sort of confounding things about 529s. Li its all about fees, keeping those fees low. We will be the lowest advisorsold plan in all the plans available today when we launch. Cory congratulations on that, ali rosenthal. Good to see you. Twitter has been topped by snapchat. Snapchat has 150 million daily users, up from 110 million in december. The fouryearold messaging app more popular than twitter now, which has less than 140 million users. Facebooks other apps are at the top. Coming up, we will year from the u. S. Secretary of energy about his take on the future path of Clean Energy Technology. Later, check out shares of box. The ceo joins us for a checkup on that Cloud Company later this hour. Cory another day, another a deal at enterprise software. This time it is thomas bravo buying a Software Enterprise company, click. This is a cash deal valued at 3 billion. Qlik shareholders get 30. 50 a share in cash. Qlik targeted back in march. The company is quote, significantly undervalued. Energy ministers from 26 countries met in San Francisco this week to try to figure out how they will achieve the goals they set out at the paris climate records last year. Opec announced today it would stick with its policys unfettered production. Rnest moniz discussed future growth and renewables. So far in the United States and frankly globally, even as oil prices have come down, we still see the substantial growth of renewables, and also very importantly, the growth of efficiency so that demand growth has been tamped somewhat. We just had a presentation by Bloomberg New Energy Finance the reinforced those points. Here in the United States, besides oil prices, we of course have a very low natural gas prices. Those have impacted principally cold and nuclear, while we see for example our solar deployment is up by a factor of more than 30 in the last 20 in the last six years. We see robust growth continuing with the renewables and with efficiency as lead drivers in ur clean energy evolution. Thank you for the shout out towards Bloomberg New Energy Finance. You also have governments making agreements, such as the Paris Climate Accord great what is the status of that accord being ratified before the president ial elections in november . Ernest the accord had a big step forward on earth day, when 170 countries signed the accord. Now the various countries including the United States have to go through filing a set of articles to join. We have committed president obama has committed that we will join along with many other countries this year. We may not reach the full ratification threshold this year, which requires 55 countries. I think we will be close, if not there, and probably next year we will see the accord come into force. Its a big driver, a big deal. Frankly, i think the Paris Agreement and the response by 170 countries means the clean Energy Direction is really inevitable. And, thats why we have to emphasize innovation so that we can stay at the head of the train and take advantage of what is going to be a multitrillion dollar market of Clean Energy Technology deployment across the world. You are targeting early next year. We have the president ial election before then, and donald trump presumptive nominee for the Republican Party as stunning a lot of things, including canceling the paris climate agreements. Among the initiatives the department of energy is taken during the obama administration, what would be at risk in a Trump Presidency . Ernest im not going to comment specifically on the campaign statements by any candidate. At the appropriate time i would be happy to do so, but not at the moment. I think there is a misunderstanding in many ways. For example, the department of energy, we said efficiency standards for appliances and various kinds of equipment. Those standards are not something we just think of in the morning at issue in the afternoon. These take years of a process of rulemaking. Any changes to those would have to take a similar longterm process. I think it would be foolish to do so, since the impact of these efficiency standards is estimated to save consumers more than 1 2 of 1 trillion of energy up to 2030, not to mention avoiding almost 3 billion tons of co2. The innovation agenda that we are talking about, the Clean Energy Innovation agenda, that is received that has received strong bipartisan support on capitol hill. Look at the senate bills that have passed in the last few months. Both the Energy Policy bill and the appropriations, the budget act for our department, they both explicitly called out the innovation agenda is something thats very important. I see the actual actions we are taking to be commitments that this country will continue, frankly, in our own best self interest. As i said, with the domestic market and Global Market expanding rapidly, essentially inevitably following paris, we should be prepared to use our innovative edge to make sure we get an appropriate part of that market share. Cory that was Energy Secretary ernest moniz and anchor scarlet fu. We are going to meet some of the companies that could lead the way. Check us out on radio. We can listen to bloomberg in d. C. , new york, San Francisco, boston, bloomberg cap, bloomberg. Com, sirius xm, station 119. Asian stocks are higher after the s p 500 hit a seven month high ahead of todays jobs data. Japanese shares have helped the regional benchmark higher for the first time in three days as the yen retreats. Oil 50 a barrel after opec did not reimpose a production ceiling. Shares slumped to their lowest since 2003 after it announced a rights issue to raise half a billion dollars. The singapore listed junk rated commodity trader lost its c. E. O. This week and the chairman says he intends to go within a year. Noble will offer one rights share for each of the share at 1 singapore cents. Goldman sachs sees a growing risk of accelerated capital outflows from china as the yuan weakens and capital flight could spill over into global selloff similar to those we saw back in august and in january. The yuan, its longest losing streak since december. And those are the headlines from Bloomberg News. Powered by over 2,400 journal scompifts 150 bureaus around the world. Lets get the latest from the markets. With that lets go to david. So lets well, let me give an update on the oil price. Youre looking at august contract the august contract for brent. Obviously no deal. We know that. But a twoday look. Thats when the news broke. It obviously recovered a little bit. And we basically held at about 50 a barrel on this contract. Now, a lot of people are saying now that we know that theres no no new coming from opec we can focus on the fundamentals and a very interesting note here, and we know that rebalancing has been happening faster than expected. You have these canada, nigeria. But what u. B. S. Has said is that may, last month, was likely the first time in three years that we saw a drawdown across global oil inventory. Thats very interesting to see. Watch when that data does come out. It does give you a sense of where we go as far as the supplydemand situation is concerned. Very quick look at chinese markets. Shanghai, h shares doing this. Up a third of 1 . Hang seng also up a third. The reason i bring this up it hasnt been a perfect week for asian equities. Though the bright spot one of which has to be these markets here in hong kong. Up for a Third Straight week. And barring any sort of collapse in the last three hours of trade. Asia, the big picture. As we enter the last few hours of trade here. Were looking good. Ahead of the jobs data and volumes are still fairly light. There is some caution of course that will send a very strong signal to what the fed may be able to do come mid month. Two days up, monday, tuesday, two days down wednesday and thursday. Were flat right now. Flat also for the week. Lets see how tough the goals in paris will be. The zpwrement six months old in paris and 160 countries need to start implementing new policies to meet some Ambitious Goals and keeping temperatures below 1. 5 degrees from preindustrial levels. And reaching netzero emissions before the end of this century. The u. S. Says that by 2025, it will have cut Greenhouse Gases by more than a quarter from 2005 levels. India is aiming for 100 gigawatts of installed solar apacity by 2032. The world is far from achieving these lofty goals. To meet them some of the worlds biggest emitters need to double their installed Clean Energy Commitment by 2030. Increasing the worlds Renewable Energy capacity by about 25 . On this list, china, the u. S. , the e. U. , india and indonesia, brazil, japan, and mexico. These targets achievable will involve big changes across many sectors. Transportation. Agriculture. Power generation. And mining. Can we get there . The race to a greener future is n. Cory im joined by the California Clean Energy Fund Managing director danny kennedy, Phoenix International founder Brian Warshawsky and ceo mahindra chancy. Great to see all you guys. Theres an overall notion that the answers that exist when we make these commitments in paris might not be out there yet to have a clean energy future. Is that a fair way to look at this . A lot of people think that, but last year 90 of all the Energy Additions to our grits globally were clean energy, mostly wind and solar. We are doing a lot. More than twice as much money went into clean energy than 30 energy last year. Cory here in the u. S. . Globally. Is happening around the world. Last year more money was spent in emerging markets, developing countries. Yes, the money is happening and the technology exists. One of the things were highlighting in San Francisco is the entrepreneurs and businesses making that happen. Theres companies that need to go from being startups to large scaled up, diploid companies quickly to achieve our ambitions. Cory what do your companies do . People of all ages can join this generation. The reason why Climate Change is a threat we all need to work on. Everyone needs to join the generation. We tackle the problem of urban mobility. 30 million americans travel less than 20 miles every day. One of the things we want to get them is electric mobility. They might get the cars, but even if they get the cars they will be driving around with 3 empty seats. Cory where showing pictures of this motorcycle you guys are making. Looks dangerous to me. Watch how easy it is to drive. Emily chang, and she loves the ride. She has never driven a scooter. That is the worlds first connected electric scooter. It is made here and the United States in michigan. It gets to 30 miles with one charge. It can be completely powered by solar, and so it can be 100 from source to wheel. Cory is the idea to present to these people as they gather in San Francisco and say, the solution is already here . Exactly prayed a lot of people in the United States and around the world, they care about Climate Change, but they dont know how to participate. This is a way you participate. Cory you can participate by driving a humvee and smoking cigarettes. I think this is a way to participate positively and costeffectively. Cory whats going on in california . California has been a champion for a long time, since he 1970s. Moving towards Net Energy Buildings by 2020. Building a new home come 2020, it will produce more power cory i build a new house the couple years ago and the Energy Requirements were significant. It is Continuous Improvement and it ratchets up so next time, the Building Code will require zero energy. Were also the worlds leader in renewables in terms of the size of wind farm, solar farms, geothermal. We are ahead of the world, 50 easily and rapidly 70 clean energy by 2030. That said, we can do more, we have to do more, and we can share our learnings with the world. Thats what were trying to show off in San Francisco with all these ministers in town. Ory what has the reaction been to your wares as you show hem to these people . I would say the majority of the interest to date has been in a much larger scale. Our systems are much smaller, they are designed for an individual household. Cory solar systems. I think the response has been very positive. Its been essentially waiting or the points of this small, off grid household can essentially afford a product like ours and to see the scale and the impact before the ministers would essentially be interested in the scale were working on. Cory its interesting the scale you are working on and how it can be applied across the world, where solutions are so much more needed than rooftop solar. The idea is very similar. In the u. S. You may have solar in your household. We will offer the same type of system, just on a much larger scale, for an off grid household in rural. There are 1. 3 billion People Living without access to electricity. When made affordable through microfinance, small payments over an extended period of time, replaces the cost of kerosene and you end up with solar. Cory getting kerosene generators out of homes, getting the resulting pollution out of communities and have solar provide a limited amount of power, but what they need. Exactly. We are a similar model. Its businesses like these that are going to scale. To have an Indian Company with a mark that is being made in america and sold to americans to scale over clean mobility, and and an American Company going to uganda and selling Clean Electricity to replace kerosene and clean up the air and become a solution for climate as well, im going to buster. These companies are very successful. Cory i wonder, is this something that requires the innovation that only a startup can provide . Or is this something that ultimately ge ge will swoop in . I dont think its a matter of big or small. Renewable energy, clean transportation is now mainstream. I just read a statistic yesterday, 50 of everybody who is going to buy a vehicle will buy an electric vehicle. We are getting to a point where clean energy is mainstream. People are recognizing theyve got to change their lifestyle. People driving vehicles in california and in portland and new york are doing it because they want to be a part of this lifestyle change. They are recognizing its not just about getting from point a to point b, but they want to do it with an attitude that it is clean, they want to make a point to the world. And its affordable. When you have Market Forces driving a drive towards clean energy, it becomes mainstream. That is what we are seeing today. Story of these companies in union square i know your viewership is beyond San Francisco id love to be able to see it if i can. Cory its fascinating stuff, and its one of the most important things. I want to thank you guys. And of course, danny kennedy. Coming up, box Ceo Aaron Levie will stop by for an update of the storage company. Dont forget, tune in this week. We will bring you the best interviews from the entire week, including linda thomas greenfield. Its the best of bloomberg best west this weekend on bloomberg television. Cory in this edition of out of this world, blue origin lands a contract with nasa. The Space Agency Says it added a list of vendors chosen to fly payloads near the boundary of space. Virgin galactic among the list of firms already with this kind of contract. Box shares took a beating, dropping the most in four months after the Cloudbased Software company they do it all. The box Ceo Aaron Levie joints me. Joins me. Talk to me about the quarter. Hen analysts missed numbers, i think the analysts missed, not the company. The billions number wasnt what they thought their you introduce this idea of seasonality. If that fair to say . Aaron yes, there are probably two major factors that drove the billings number being different than what analysts expected. The first is we are seeing more seasonality in our bigger deals. More of our customers are doing their larger deployments of box in q2 and beyond, which seems to follow the seasonality of Large Software transactions. We signed up more customers than we have it any other quarter ever, 5000 new logos coming on board. That was really about building pipelines for the rest of the ear. Cory have you seen that before with these Big Companies . Have you seen seasonality before . Youve always had an interest in Big Companies. Aaron as we are moving upmarket, we are seeing more ronounced seasonality. Q4, the quarter before, or q1 a couple months ago, we closed a Record Number of deals, including a few multimillion dollar transactions. We are seeing that half of the year is really where we are seeing the largest growth and number of new transactions and the other factor that drove billings was we are changing our payment structure with customers, instead of getting multiyear state up front we are getting annual Payment Terms with customers upfront. That has the effect of yearoveryear comparison. We will do a transaction with a customer, previously in many cases a Large Customer might pay us for multiple years in advance. Cory you recognize the revenue over time aaron yes. We are trying to smooth that out by only rolling our customers billing our customers annually. The yearoveryear comparison as compared to q1 of last year shows lower growth, but thats also because we are doing a change in how we are billing our customers. Cory does that mean less cash flow ultimately . Initially . Aaron when it means is cash flow will be much smoother and it will follow our revenue a lot more closely. In previous years, you might have a big delta between billings and cash flow and the revenue you recognize. Cory you have the companies who have got this giant pile of deferred revenue. Youve seen so Many Companies manage earnings that way. Aaron were trying to smooth things out so the story is more predictable. We did beat on our revenue guidance for the quarter. We actually raise the fullyear guidance to 395 million. We are happy about the topline metrics from a revenue standpoint and you see more Operational Efficiency in the business. Cory im disturbed to hear you sound like a public company. The class of Great Companies that started when you guys were coming together theres this class of emerging companies that are staying private and dont have to have stupid conversations, like im talking to analysts and meeting their stupid estimates, and just grow the business as fast as you can i do the things in Cash Management that are best for the business. Do you feel that sometimes . Aaron i think a lot of the things that wall street does drive are healthy, making sure you are driving a sustainable business, that has all been positive to our execution as a company. I do think you have to do a good job and be Crystal Clear with wall street around what types of numbers they will be seeing change. There are always enter quarter changes to things like a gross margin. It might go up or down by a percentage point. That volatility ends up being sometimes exacerbated in terms of how wall street reacts to ah that. We are happy to be public. The benefits we get in terms of whether it is employee liquidity or being able to go to customers and have more transparency, they are able to see the balance sheet. They see we were building a robust business. Cory i would agree that a quarterly checkup is good grade when i was on the buy side, that was the hardest thing, to determine just just to find the changes, but to determine what was signal and what was noise. I guess you had depend on Company Management sometimes to tell the truth. Aron and our case, one of those great examples is our gross margin went down about 1 point quarter over quarter. That was way more to do with the various changes or our Consulting Services or Infrastructure Investment we were making for the long run as opposed to underlying change in the health and economics of the business. We put our 72 gross margin, which is right in line with what you see best in class products, and we expect that to trend up over time. Cory one customer you think tells your story the best. Aaron we certainly talk about customers like general electric, or you have a very large organization, multiple hundreds of thousands of people, and what they need is an incredibly secure way they will be able to manage all their documents, all their files, and be able to collaborate across their supply chain, and when it came to deciding what product could aptly actually deploy at that scale, work with all the diverse lines of businesses they are in, and be simple for users, they chose box. Those are the kinds of customers you will see box continue to acquire. We are in 59 of the fortune 500. Ge is a couple hundred thousand active users on the product. We want to power how Large Enterprises as well as Small Businesses are able to work and collaborate and share their information securely. Cory im glad to see one of us learn to dress like a grownup. Aaron which one of us would that be . Cory that would be you. Its pink wool for San Francisco. Its warm colors, but its freezing cold outside. Aaron bring back the 1920s . Cory aaron levie, good to see you. Oracle may be in the hot seat after a whistleblower claims she was instructed to add millions of dollars in accruals to Cloud Service financial reforms. She said she was fired in august after complaining to superiors about accounting practices. Oracle shot back saying they are confident their Cloud Accounting was proper and correct and the employee worked for oracle for less than a year and was not in the accounting group. An analyst issued a note. Hares fell bigtime when the news came out. Coming up, theres a new king of the app store. Who picked up the dub, dethroned minecraft and Kim Kardashian . Say it iant so. Cory yesterday i told you about this cool powerpoint visitation from merry makers. There are so many big ideas here. I want to take you through a couple more really quick. Lets start with one, we are kind of looking at social networking engagement, how much time someone spends on an average site. If you look at facebook, it is not even compare. So many people on it so much of the time. Instagram also so successful. You look at things like fine and tumbler, those are driveby tumblr, those are driveby ite straight up what to look at active users on social etworks spurss messaging. Messaging is blowing up and you can see it in the amount of people using these services. It could take over social media if these trends continue. Whos having the best day ever . Steph curry starts tonight with the nba finals. Hes crushing it on and off the court. The number one store in the App Store Since it yesterday, jumping to the top like one of his three pointers from the outside. Hes even beating out Kim Kardashian. Say it aint so. And even minecraft is happening. More tomorrow. Noon in hong kong. The top stories, crude heading for a Third Straight daily rise. They said they expect prices to pick up going into 2017. In new secretary general august. After half 1 billion. Discountsued at a 63 the last close. The chairman and announced he intends to