So i said, the founder of obviously being sarcastic. Then but not that sarcastic, to be honest with you. Trump was introduced at that rally by Reince Priebus. It is the first time the rnc chairman has joined him on the campaign trail. Hillary clintons widening lead over donald trump in three battleground states. The survey gives secretary clinton a bigger lead in colorado, virginia, and North Carolina. The numbers in colorado, clinton 46 , trump 32 . Clinton 46 to trump 33 in North Carolina clinton 48 trump 39. From new york, im mark crumpton. Emily im emily chang and this is bloomberg west. Lyft hit the brakes on g. M. Plus, the c. E. O. Behind 2015s biggest ipo joins us on the current climate for trading debuts and what he thinks of jack dorsey. Asias massive bet on Virtual Reality. The bulk of the latest funding round came mostly from china and japan. Why asia is buying into vr bigtime. Lyft has turned down a buyout offer from General Motors according to a report from the information. The company is commenting on the story. The report comes two months after lyft hired the banking firm catalyst a move that at the time suggested lyft was open to or even soliciting a sale. G. M. Is already an investor in lyft. The car maker paid 500 million for a 9 stake in lyft earlier this year that valued the company at 5. 5 billion and gave g. M. A seat on lyfts board. It is not known what price g. M. Offered to pay for a potential takeover but this report indicates how serious g. M. Could be about establishing its presence in ride hailing. Joining me to discuss the head of technology, brad stone. We know lyft has been potentially looking for buyers. Brad it was one week ago we were talking about the combination of d. B. And uber china. So much heat in this space. Lyft obviously in the u. S. Out gunned and out manned by uber which has raised what 15 billion now . Lyft has raised maybe 2 billion. Its been gaining market share in some cities, San Francisco almost half. Every car you see is a lyft car almost. Emily a lot of drivers drive for both services. Brad of course they do. And growth is expensive and now uber can contain its fire to the market where it has a stronger foothold. So, look. This was a great reporter. It doesnt make either Party Look Bad the fact that they were talking and lyft still thinks it has enough runway to go it alone. There is no price as you mentioned. That latest 5. 5 billion valuation g. M. Would have to pay a premium, fund its lyft losses off its own Balance Sheet. Until we see an actual number and see what kind of premium g. M. Is willing to pay, say interesting but maybe not to the point where they had a document in front of them. Emily we dont know just how serious they were. Back in january when they announced this investment i actually spoke with the president of g. M. And lyfts c. E. O. John zimmer and i asked, does this rule out g. M. Working with uber . Listen to his response to this question talking about just how deep their relationship will be. Integration that needs to happen to bring together what we want to bring together with this network that will require two companies to Work Together really closely. That will be a special partnership and something well be putting a lot of resources behind as will the lyft team. Emily obviously the partnership is still in place. He is still on lyfts board. What do you make of g. M. s potential increasing interest in this business . Right. Thats a multi dimensional partnership. In the shorter term g. M. Is driving cars who want to drive but may not have a vehicle. In the longer term there is a question hovering over all the auto makers about what happens if and when people arent buying cars anymore and were seeing daimler chrysler in europe making these investments. And so, yeah. I dont doubt that g. M. Is thinking about it. Until we do get to the era of driverless cars, you know, its a whole other Balance Sheet. Hole in their Balance Sheet. I think uber is still feeling very comfortable in the United States. It has such an advantage. If anything, lyft being acquired by g. M. With very activist Share Holders who want returns on investment. That might be a good outcome. Lyft would cease to be an ambitious rival funded by the kind of funny money in the private market. Emily i want to talk a little bit about the other big ride sharing company. The other big sharing company which is air b b a new story airbnb, a new story out today they are now giving employees way to ways to sell their stock. The secondary market has really cooled down since facebook. They are giving employees this opportunity but with more restrictions. What does that mean . Well, this is customary in private startups particularly ones that have been private for a long time. Air bnb started business in 2008. Now were now what, seven years into the trajectory of this company. Its not going public any time soon. Emily an ipo is further out . Potentially. They just raised money and were valued at 30 million. Also they have regulatory issues across the world they have to resolve before public investors can fairly evaluate the company. There is going to be some pressure for the early Share Holders for, early employees, for liquidity. Like a lot of other Companies Really since the early days when twitter was being sold willy nilly on the secondary market, companies have looked for ways to put organization and tame this process. Thats what airbnb is doing. Emily weve seen a lot of big acquisitions and startups with lofty ambitions, selling or selling out. Now were also hearing that pinterest, theyre considering allowing their employees to do similar things. Does this mean an extension of their timeline as private companies . Does this mean theyre just not ready to nobody is enthusiastic about the ipo market right now despite the fact the stock markets have achieved a new high. Everyone sort of sees the advantages in Silicon Valley of staying private longer. And so theyre trying to par lay that advantage as long as they can. Emily airbnb in particular as you said are raising another round, 850 million at a 30 billion valuation, still fighting regulation in new york. You asked about this, the c. E. O. Of airbnb a few weeks ago on the show. Listen to what he had to say. The vast majority of people in new york are sharing homes they live in. Telling a middle class family who depends on airbnb to pay their rent or mortgage that they cant advertise their home on airbnb is not best for new york and i hope Governor Cuomo will ultimately see that. Emily whats the progress that airbnb has made with new york regulators . Well, it hasnt been good. This battle has been going on for many years. And there is a bill now that is on Andrew Cuomos desk. The governor of new york that would put some pretty onerous restrictions on airbnb in new york. Theyve been fighting it tooth and nail. Just this week they got a lot of their investors and Silicon Valley luminaries to write a letter to cuomo. We still dont know what he will do. My suspicion is he will veto it. You know, he presents a very strong view of one aspect of airbnbs business in new york, that is people sharing their homes, but the other aspect and the one in which lots of new york city legislators, City Council People worry about, is the fact that you do have, you know, quasiillegal hoteliers running their business on airbnbs network and thats what the opponents want to curb. Emily all right. Well keep an eye on that. Another side bar as airbnb may be fighting regulation in new york the company could see a boom in Rio De Janeiro thanks to the summer olympics. Airbnb says it expects 76 million in Economic Activity in the city including 25 million in host income. The company also says it is expecting 66,000 guest arivals in rio with as much as half the traffic from domestic travelers. On average airbnb guests are spending 136 a day and staying for about six nights. Turning now to another big story of the week, bill marist announcing his departure from formerly Google Ventures. His departure is the latest in a string of executive departures from the company. Earlier this summer chris urmson and earlier this summer tony fadell. I did speak to bill marries on the phone and he told me it was just time to move on, time to do the next thing. He wants to spend time with his family. He lives in san diego and commutes up here. What do you make of bill maris leaving now at the same time were seeing turnover . I dont know if its related. I think i would take him at his word on that. He has been sort of the public face of Google Ventures. Not really much, didnt have much of an investing role. Had more of an administration role. Was sort of the key inside of google. You have basically a google live, literally the first p. R. Person for the first 10 years at google. He knows everyone inside the company. He knows everyone in Silicon Valley. He is responsible for two of Google Ventures biggest deals, one nest and two of course uber. David crane personally brought uber into google. So he is kind of the natural successor. Emily do you see a potential shift in the philosophy of the firm . Bill maris championed the biotech and life science investment. Could they be making a turn toward more consumer interests . I dont think so. My understanding is david crane has a wide set of interests as well and has invested in food tack, Consumer Technology stuff, some enterprise stuff. I dont think so. Google ventures the d. N. A. Is to plant as many seeds as possible and it is one way that kind of google infiltrates the startup community. What about chris urmsen leaving the selfdriving car unit . There is a lot of excitement around the unit. Hes been at google a long time but running that particular unit for only a couple years. Google is positioning itself as focused on fully selfdriving cars, no semiautonomous cars like what elan musk is focused on at tesla. But, you know, is there anything that you would read into or any additional insight here . Of course theyre saying its all amicable and everything is great. But i think there probably is something going on. The selfdriving car project inside google is kind of run in a sort of academic way. It was an r d project for a long time. Emily right. They came out of projects at carnegie melan university in stanford, the grand challenge, basically efforts at two universities to win a prize. Now, whats happened with the selfdriving cars, its key strategic ground right now and google is competing with apple and tesla and with uber and last year they hired an executive from hyundai to come and lead the effort. Clearly there is pressure at google to really commercialize this effort to exploit the lead that they have, to get out on the market with something that is not just am bling around mountain view. And is more than a novelty. So my guess is that there are probably some stresses related to that. We cant miss an opportunity to talk about the interesting flying cars which you wrote about with our colleague. He is investing in that personally. But is that, you know, more than just a sort of personal interest . Could it become something bigger . I think if were i think that is a very longterm project and there is a reason. Amid all the crazy stuff that google does, that is something that larry does on his own. Because the prospect for commercializing, flying autonomous emily i can imagine saying not yet. All right. Brad stone, our global head of tech. Thank you for sticking with me. Now, his third point. Loading up on tech stocks. A hedge fund by 3. 75 million shares of facebook during the Second Quarter according to filings released friday the stake valued at 429 million was the funds biggest new purchaser in the quarter. The fund also made a private investment recently. In a july letter to investors he says he expects this to grow into one of chinas largest internet companies. He is less optimistic about alphabets future. He sold 300,000 shares after making the search giant his top new holding two quarters ago. Coming up techs Biggest Companies are fueling this years monster bond sale. But why . That is next. Plus, theyve raised 80 million in funding to broadcast live Virtual RealityEvents Worldwide and get this, most of the funding in the series b round, came from asian investors. Well ask nextvrs chairman what its all about. This is bloomberg. Emily u. S. Tech is having a love affair with u. S. Bonds. Tech companies have sold approximately 100 billion in bonds just this year. Compare that to the 108 billion for all of last year. Apple, microsoft, and alphabet are responsible for more than 40 of the sales. So whats the strategy behind it . Brad stone our global head of tech is still with me. In new york, the Manhattan Venture Partners chief economist. Max, make sense of this. Is it all just about taxes . More than a little bit is about avoiding repatriating money here. Huge hoards of money which would incur potentially 35 marginal tax rates which would wipe out hundreds of billions of dollars down into much lower numbers. The other thing is that debt is incredibly cheap right now. The longterm carry costs are cheap. The appetite is enormous. You can borrow for 30, 40 years. In an industry like tech where no one has any visibility 10 years out you can borrow for 30 or 40 years, at really low rates, why not . We have a little bit of an a a here where people are going a little crazy paying huge premiums for public and private names. So having domestic, post tax cash on books isnt so bad. After all when its all said and done you can also deduct some of the Interest Payments from that tax break. Emily so, brad, Tech Companies have historically less debt focused. What do you make of this . I would hit the last part a point all little bit harder. There is a lot of optimism right now in the future, the growth of the market. They want to invest in infrastructure, their own growth, and, yes, m a opportunities. You have lots of startups. You have Public Companies whose prospects maybe arent so optimistic and the big guys are kind of taking, embellishing, putting more poker chips on the table and getting ready to bet heavily. Emily the c. F. O. Of alphabet said on the analysts call theyll continue to take advantage of the low Interest Rates. Take a listen to what she had to say. We remain focused on optimizing our capital structure recognizing the Strategic Value of our Balance Sheet. We completed alphabets 1. 7 billion Debt Exchange in the Second Quarter, which gives us flexibility including the ability to use Debt Financing if appropriate. In light of the Interest Rate environment we made opportunistically access the market to term out our commercial paper. Emily max, is this a strategy you expect to continue . Do you expect other Tech Companies to do the same . Yeah. Absolutely. Part of what ruth is pointing to there is the idea that with really low Interest Rates and a really forgiving market here, we can also see them recycle older debt with higher coupon or Interest Rates into longterm debt with lower rates. Thats part of what theyre speaking to. And also acquiring some growth. If you look at what makes facebook exciting or google exciting or alphabet exciting or microsoft exciting a lot of it is acquisitions whether the story of instagram or whats app or oculus or android or you name it. So the other thing is that they return on big, brassy expensive Premium Investments is also the stuff of legends that keeps these companies big. So its cheap. Its easy. The market likes it. That means well see a whole lot more of it before this is over. Max, the tax costs of repatriating capital have become something of an issue in the president ial election. Do you foresee this loophole changing at all . If it does, what will be the impact on these kinds of bonds offerings . So its a great question. We saw candidate trump try to put this front and center. It was in a sort of avalanche of other things a lot of which seemed a little bit unhinged so it might have gotten lost but i think well eventually see a holiday. I dont think well see a huge structural shift. I think well see a holiday. Back in the old days when it was bill clinton, not hillary that the leading candidate right now, they did talk about, did implement some ideas of a temporary holiday to repatriate money. I think well see that. I dont know if well see a permanent structural shift, but eventually were probably going to end up with more like a 25 to 30 Corporate Tax rate because a loft the world has it and we know the biggest leading companies dont pay that 35 anyway. Emily right. Apple specifically has gotten a lot of heat for the money that they have overseas. When might a company like apple actually want to cash that out or bring that back . So, i mean, its been a long kind of endless stand off here or staring contest. Obviously they want to bring a bunch back when they can especially if its a 20 or 15 or 25 marginal tax rate. Not 35. I think we get a holiday at some point but giving the challenge that came from the left to Hillary Clinton i dont think she wants to be out front saying hey can we adopt a billionaire. I think it would be pretty easy going for opponents of all types. I dont think well see cogent tax policy emerge from donald trump unless he is forced to do that because he wins the election. Emily obviously the stocks have been doing quite well on the markets. Do you see investors continuing to respond falvey to this . Respond favorably to this . Yeah, though there is one thing that is interesting which is these huge tax hoards dont seem to be very useful to anybody. Acquisitions, even though at a huge premium, and issuing debt is positive. Having a lot of cash hasnt been rewarded. My guess is youll see it rewarded much more when the market catches its breath and has a little bit of a come to jesus moment which is long overdue because weve seen rise on bad news rise on good news rise on lots of news. Well probably have to have a retrenchment even if were going higher and that might be a moment where well see a little reemergence to the premium to security that comes with a cash Fresh Balance sheet. Quite frankly of late we havent seen that in the markets. No upside. Really not much reason to hold it other than you dont want to get hit with big taxes. Emily all right. Max wolff chief economist and our very own brad stone. Coming up, the c. E. O. At the helm of 2015s biggest tech ipo weighs in on the state of the Public Market and whats next in the payment industry. This is bloomberg. Emily now to a stock we are watching, blackberry jumping 2. 5 in friday trades after Raymond James analyst steven lee upgraded the stock to out perform telling clients the focus is finally shifting to software. In a report release today investors lee gave barack brie a price target of 10. 50, a 30 ofblackberry a price target 10. 50, a 30 increase from the current price of 8. 08. He went on to say, stop worrying about hardware, only positives from here on. On the other hand, businesses like drop box, may be heading into rocky territory. Research has release ad report saying within two years saying 70 of File Sharing Companies will, cease to exist having either been acquired or put out of business. There are currently over 100 vendors competing in the space and gardner knows fierce competition will cause smaller players to back out of the industry. Coming up, a group of chinese investors poured 88 million into a startup that lets you experience live sporting events and concerts in Virtual Reality. If you like Bloomberg News check us out on the radio on the radio app bloomberg. Com and in the u. S. On sirius xm. This is bloomberg. Mark im mark crumpton. You are watching bloomberg west. For the us time since donald trump one the gop primary nomination, the rnc chairman Reince Priebus accompanied him to a campaign event. Spentump other people much more, three, 4, 5 times more and they came in seventh. Who the hell do you want to have as your president , right . Right . Polls consistently show mr. Trump trailing Hillary Clinton in pennsylvania. The European Union says there is no confirmation ukrainian troops killed to russian serviceman. Thoseent l putin says deaths would bring a serious response. There is a report that russia has deployed air defense russias in crimea, which annexed in 2014. Puerto rico is updating zika numbers. It says there have been 1900 new cases in the last week. That brings the number of cases to 10,690. The new numbers after the u. S. Surgeon general visited puerto rico and said he expects 25 percent of residents will be infected by the years and. Military helicopters rushed to vaccines to ports portions of northeastern nigeria after two paralyzed. Re found the wild polio virus circulated undetected. Canopposition labour party keep thousands of voters from ating in the next month for leadership contest. Only voters with six months standing can vote. There is inhouse fighting as moderates and other leaders decide whether to replace jeremy corbyn. He is running against owen smith. Police have held people for belgium on in terrorism suspicion. Nbc will make it up to theirisers who see coverage comprised. Audiences down from the 2012 olympics. Global news 24 hours a day. From bloomberg World Headquarters in new york, i am mark crumpton. Bloomberg west is next. Is bloomberg west. Im emily chang. Talking about Virtual Reality broadcastingeality startup has raised 80 million with most money coming from asian investors including softbank. Broadcast games and make a push into foreign markets. Joining us, brad allen. Thanks for joining us. You specialize in live, longform vr events like the u. S. Open, kentucky derby, coldplay concerts. Tell me exactly how it works. We have stereo topic technologyereoscopic that is perfect for Virtual Reality. Me about the fear he behind live events and why Virtual Reality can make them so much better. Live events you cannot be and always places at once. Whether it is a live sports event, a concert, anything like that. Virtual reality, if you have not tried it, you are putting on a pair of currently they are goggles, they will become a very lightweight pair of glasses statue will look around, see and feel not feel, but you feel like you are there. It is stereoscopic so it is 3d and everywhere you look, you would feel like you were there in person. You work with samsung. You are on multiple hardware platforms. Tell me about what gear you need to experience this. Guest currently on the mobile side because there is a mobile and a pc side, Samsung Headset a great initial. And you need a Samsung Phone of course they are trying to sell Samsung Phones. We call them goggles because they look like ski goggles currently. That is one application, using the mobile devices. The other is with the pc, the highend powerpc with oculus htf currently and also five. Reality companies have raised 9 million, a sharp increase from the year before, only 157 million. Hugewas driven by a investment in magic leak. We are seeing a lot of interest from asian investors and you, as well. Difference of the reception of investors in the United States versus abroad. They guest i think difference is asia has more of a Common Ground for the u. S. In terms of technology, or at least is getting there. , china with aina massive population and also a mobile first ovulation. I think they see virtualreality as the ability right now, the timing to get in on the ground floor. When you have a huge population, 300 million nba fans in china how many will be able to get to a game . Very few of those. Virtual reality is a way to bring them there. Emily but have u. S. Investors been more hesitant . Well, i think they are a little bit more wait and see on how the technology develops, and really on the hardware side, you need a pair of vr glasses to watch something in vr. I think theyre waiting for these other platforms. You have Sony Playstation coming october, playstation vr, Google Daydream coming out in. Ctober as well when all of those platforms a hit and you see a substantial number of vr glasses in the marketplace by the yearend, i think people might be a little more interested to invest at that time. Some are already. There is the classic chicken and the egg problem here. I was talking with folks from sequoia who associated vr with what they call in the industry the trough of disillusionment. He said he very much believes we will not see the are go mainstream anytime soon and there will be a longer time before investors and even consumers get the gratification some might be expecting. How would you respond to that . Guest i think as of today, hes probably right. There are not many when you compare it to television or other devices, mobile devices, there are billions of mobile devices. Hundreds of millions, maybe a billion televisions there. When you look at the vr glasses out there, there are very few. Fortunately, we have the Biggest Companies in the world from Electronic Companies to samsung, Technology Companies google, apple, amazon. Everybody is building something for vr. On the hardware side, it is not there yet. Compelling content. Live streamed and broadcasted. That is what we are bringing through either sports or music that has tens of millions and hundreds of millions of fans around the world today that would love to see it in vr. Emily we will be watching to see what you do next. Thank you so much, nextvr executive vice chairman brad allen. Guest thank you. Emily it is a new century for 20 of century fox. Has been abernathy named the cohead of the fox news channel. In theiles step down midst of an ongoing and expanding sexualharassment scandal. Still to come a headset to train your brain and they are using it to train olympic athletes. We will bring you all of our best interviews from the week including disney ceo bob iger ofking about the acquisition stantec and the newly opened shanghai theme park. This is bloomberg. Emily athletes from 206 nations are gathered in brazil in a quest to bring home the gold. Helping olympic athletes get their head in the game halobased neuroscience, with a headset that sends electric currents to athletes brains in a process called neuropriming. You are aw, dan doctor focused on neuroscience. Tell me how this works. Halos. O this is this is the first nearest stimulation nero ross is the specifically for athletes. The wearer will put it on like a regular set of headphones and in electrical waveform comes from this area. These are wave primers. The device is designed to sit over these special part of the brain called the motor cortex. If we prime this part of the brain before a workout, the repetitions the athlete feeds the brain become more meaningful to the athlete. Emily so there are athletes in rio right now that have trained for this. Mostly track and field athletes, you say. Lets use that as an example. As someone competing in track and field, how does this help them . Dissecteah, we like to the sport. We worked on strength training. Formally only able to do 100 kilograms. She moved up to 120 kilograms. This makes her a more explosive athlete. We worked with a burglar. We love him because he is five 58. Ight has moved Technology Rapidly with nutrition. Can you talk about that . Parallels. E are some athletes will drink a protein shake to fuel the body an appropriate amount of calories and nutrition. What if we did something similar to the brain to help the brain prepare for a workout . So it is receptive for the workout. Emily interesting. You guys are scratching the surface because theres an enormous potential and medicine. Can you explain what some of the other possibilities are . Yeah, as a medical doctor a lot of where my heart is is to go well beyond sports in this products. We can help a olympian strain olympians train, what about stroke patients . Half of those who suffer from a stroke suffer from motor disability. How about we help them get you where they used to be . Emily what about alzheimers . Fort this is specifically movement, but yeah, you can imagine the vision for the future, we would have stimulators for all types of applications, so memory, for Healthy People that would help us all remember a little bit better. Which i could only use. Emily me, too. Medicalut also on the side. For alzheimers or better yet, mild cognitive impairment. 750 dollars, right . You are partnered with athletes from the lipids, nba, baseball, nfl from the olympics, mba, baseball, nfl. Business really scales with amateurs. We have a saying in the company that we believe there is an athlete in all of us. There are military applications. There are medical applications. Yeah, i think there is a pretty sizable market for us. Emily what are the risks . Brain manipulation does sound kind of scary. Has beene safety tested. We did a lot of testing ourselves. 2000 sessions worth of data. If you read the scientific data, the scientific literature, over 60,000 cases of safety data. The data keeps coming in. Emily any negative side effects . Know, we stack the odds in our favor. There are limits we protect the user from. No overuse. You cannot use it over a certain amplitude. From a safety point, i feel really confident. Emily from a purely biological perspective, can this make your brain more efficient permanently . How long do the effects last . Guest right. It only lasts for an hour. A20 minute session well buy you an hour of emily are you supposed to compete immediately after that . Guest you are supposed to train immediately after. Emily is there the possibility of extending that hour . Guest thats a really great question. Not just us, but the community of scientists we are working with, yeah, to the extent we can extend that our would be better for all of us. Emily fascinating stuff. We will be watching the track and field with a different mindset. Thank you so much. Guest thank you, emily. Coming up first today, first year as a Public Company said to come to a close. What advice does it have for others thinking of taking the ipo plunge . Last, apple passes a major hurdle in ireland. This is bloomberg. Apple isoks like feeling the luck of the irish. After months of delays, it appears irish authorities have given the tech giant the green light to break ground on a 1 billion data center. It was first announced in early 2015 and caused a number of complaints. Apple plans to use it to power thee Services Including apple store and siri for customers across europe. There have only been six tech ipos year to date, and helpedor first data round out the debuts as the frenchman slowing down. I talked to the ceo. Take a listen. We went out and it was kind of a blizzard at that time. As a new yorker, i said we drive in snowstorms. It was a tough ipo market. For us, it was completely the right thing. I think really, it is about for us, it was about getting our Balance Sheet in shape, so we could invest, grow it, reward our shareholders. Every situation is different, but for us, it was completely right. Data competes with square. I wonder what you think about square as a company. They are also a newlyPublic Company. They are going into lending and cash advances. Is that something you guys would ever do . To frame the company we are in the issuing business. Label courtsivate are on our issuing platform. We have a large day a large debit network. We have a business that operates in over 80 countries. We also have built a platform called clover, and i would think about square and clover as actually operating similarly, but in different places. 4 millionver locations in the u. S. Differently. F us i think there are places we cooperate. We cooperate in europe. I have tremendous regard for what jack has done across multiple things. I think there is plenty of real estate for both of us to be successful, and i think both Companies Think the same way. Branch outd you ever into some of the businesses they are expanding into like lending, like cash advances . Frank we have always done things like that. We have a leasing is this to help a leasing business to help Small Businesses. We have lots of complementary services, whether it is gift cards, payroll cards. We have always had ancillary businesses. What they have done with Square Capital and what they have announced maybe as early as today is all very creative and good. And in some cases, i could even see as partnering with them over the long haul on these types of things. Emily interesting. The industry is going through a huge transition when it comes to cards. D pin walmart is suing visa over this, whether user should be able to authenticate with a signature. Who do you think wins here . Frank here is what i think. We are in the business of an able and commerce. We are in the business of helping out clients and their clients. I have always felt it is important to do what the client wants. The endusers client, and for us, it means the merchant. We are many, many times the merchant advocate. I think ultimately, the winner needs to be the consumer and the business. Emily but it is sort of a logjam and getting the industry to make this transition fully. Is that hurting the adoption of the mobile wallet, so to speak . Are lots of there mobile wallets. I think one of the most secure forms of pavement is mobile, is in secure forms of payment is mobile, is inapp. All adoptionare methodologies and having choice on everyone, having pin as a choice if that is what a merchant wants is critically important. Paypaldo you know that recently signed an agreement with visa. What does that mean for first data . Frank i think it is all good. The more collaboration in the space we have large relationships with all of them. Visa, mastercard, paypal, amex, discover we see ourselves as an enabler for all of them. The more collaboration, that ultimately allows it for both the Small Business owner and the large Business Owner to conduct business, its easier for everybody. Emily that was first data as ceo Frank Bisignano there. If we go, a federal court in wisconsin has overturned the conviction of the netflix hit making of at murderer. Not the first time a tv or podcast series is impacted the outcome of a reallife murder case. The serial podcast led to a retrial and the jinx led to its subject thing charts for murder. That does it for bloomberg west. ,l the following is a paid advertisement for time lifes video collection. Remember when watching television was special. Ladies and gentlemen, the beatles. Each night we gathered our family and friends around us. I like you. I really do. I wish you had not said that. Announcer the greatest talents of all time entertaining us