Transcripts For BLOOMBERG Bloomberg Technology 20240714

Sadly, on that day, the Intelligence Community Inspector General formally notified the congress that the administration was forbidding him from turning over the whistleblower complaint. On constitution day. This is a violation of law. Shortly after, reports began to break of a phone call by the president of the United States, calling upon a foreign power to intervene in his election. This is a breach of his constitutional responsibilities. The facts are these. The Intelligence Community Inspector General, was appointed by President Trump, determined that the complaint was both of urgent concern and credible, and its disclosure, he went on to say, relates to one of the most significant and important of the director of National Intelligences responsibilities to the american people. Thursday, the inspector testified before the House Intelligence Committee stating that the acting director of National Intelligence stopped him from disclosing blocked him from disclosing the complaint. This is a violation of law. The law is unequivocal. It says, the director of National Intelligence shall provide congress the full whistleblower complaint. For more than 25 years, i have served on the Intelligence Committee as a member, as a ranking member, as part of the gang of four even before being in the leadership. Thes there when we created office of the director of National Intelligence. Exist before 2004. I was there even earlier when we wrote the whistleblower laws and continued to improve them to ensure safety of our whistleblowers. I know what there was and we proceeded with balance and caution as we wrote the laws. I can say with authority that the trumpet ministrations actions the trump administrations actions undermined both. This thursday, the acting dni will appear for the House Intelligence Committee. At that time, he must turn over the whistleblowers full complaint to the committee. He will have to choose whether to break the law or honor the constitution. On the final day of the cost to Show Convention in 1787 the Constitutional Convention in 1787, when our constitution was adopted, people gathered on the steps of independence hall. They asked benjamin franklin, what do we have, a republic or a monarchy . Republic,eplied, a if you can keep it. Our responsibility is to keep it. Threenstitution enshrined coequal branches of government serving as checks and balances on each other. The actions taken have violated the constitution especially as the president said, article ii says i can do whatever i can want. We have been investigating in our committees and litigating in the courts so the house can gather all the relevant facts and consider whether to exercise its full article i powers including a constitutional power of the utmost gravity, approval of articles of impeachment. This week, the president has admitted to asking the president of ukraine to take actions that would benefit him politically. The actions of the Trump Presidency revealed the dishonorable fact of the president s betrayal of his oath of office, betrayal of our National Security, and betrayal of integrity of our elections. Today, i am announcing that the house of representatives is moving forward with an official impeachment inquiry. I am directing six committees to move forward under that umbrella of impeachment inquiry. The president must be held accountable. No one is above the law. Getting back to our founders. In the darkest days of the revolution, thomas paine wrote, us. Times have found the times have found us today, not to place us in the same category of greatness of our founders, but to place us in defending our constitution against all enemies, foreign and domestic. In the words of ben to keep our republic. I want to thank our chairmen, chairman nadler of judiciary, chairmanship of chairman schiff of intelligence, chairman cummings of oversight. Congresswoman richie neil of the ways and means committee. Congresswoman Maxine Waters of the services committee. I commend all of our members and colleagues of their thoughtful approaches to all of this, their careful statement. God bless them and god bless america. Thank you all. Reporter what does this accomplish if the senate doesnt convict . Been listening live to speaker policy from capitol hill as she goes through the president of the United States for not turning over a whistleblower complaint as required by law. She announced an official impeachment inquiry. She did not designate a specific committee. She said the six committees now investigating should proceed and will be under an umbrella. Lets go back to bill, our National Security correspondent. We also have romaine bostick. Lets go back to the beginning and what the statute says. A very specific whistleblower statute. Bill what Speaker Pelosi is pointing out is that congress has a right to know what issues the whistleblower is raising. They said they are expecting the acting director of national , tolligence, Joseph Mcguire come before congress on thursday and that is his next and final chance, as far as the democrats are concerned, as far as what the complaint was, the specific issue. We heard President Trump that he will release a transcript of the call tomorrow but democrats are asking more than that. David the markets are closed on the east coast but there was some market action. Came in this morning, there was some optimism over trait. Essen over trade. S p 500 was higher. Around noon, we had reports pelosi would make a statement. The markets turned negative. You had comments from trump about releasing the transcript. Around the 4 00 close, reports were saying there would be some kind of inquiry. The market pretty much sold off completely. This is now the Third Straight day we have been down. You are heading into a market that is fragile because of things heading into impeachment or the politics of impeachment. You will see weakness in a lot of the main assets, not only equities, but weakness in the dollar. You keep an eye on the yen overnight. Once we have the futures reopened around 7 00 p. M. New york time, equity futures, we should see a reaction. David interesting is a good word about what it will be tomorrow. President trump tweeted out already in response. An important day at the united nations, such success, and the democrats had to ruin and demean it with more inaking news witch hunt witch hunt garbage. So bad for our country. A lot of democrats, including nancy pelosi, who was holding off on the impeachment calls, would say this is a very different chapter in this presidency, the u. S. President asking a foreign leader to essentially go after one of his of hisal political opponents is really a complete shift in where things were. It is much more serious. You have a lot more moderate democrats who opposed impeachment say two weeks ago now saying that this is the time david the time. David there has been a real erosion in democrats resisting impeachment. Bill we dont see a lot of republicans switching to that yet but in terms of the house, we will see this move. David it strikes me that the speaker of the house may have done a favor to market by doing this after it closed. It might be a more muted reaction in the morning. Romaine you will always be a kneejerk reaction. Keep in mind, when the house voted to start an impeachment inquiry on clinton in 1998, the market sold off. Soon after, it started a rally. When we talk about the president ce when president presen it affects the market, that relationship is not as correlated as some think it is. David the one thing that seems to be sure is that there is uncertainty injected into the marketplace. Romaine the idea that there is nothing that will be happening out of congress if they go down this impeachment mode in terms of tangible regulation, legislation. David romaine, inc. You for doing double duty today. That is romaine bostick, cohost of whatd you miss . Bill, how did we get to the ukraine . On thisen you step back story, joe bidens son was on the board of ukrainian gas company. In the Obama Administration, there were widespread concerns about corruption in the canadian government. It was not just the United States, in the Ukrainian Government. It was not just the United States, it was a problem europeans had. There was a sense that the west should help the Ukrainian Government stand up and push back against russia but there was also a worry that a lot of aid flowing into the country would be used for corrupt purposes. The Obama Administration at the time was pressuring the Ukrainian Government to get rid of their public prosecutor, saying he was not an effective agent in terms of corruption. Joe biden was one of the men on that. David flashforward, President Trump was talking about eight to the ukraine and said maybe we will slow that down. Bill the president asked his team to hold up that flow of aid ahead of his culprit the president has said ahead of his call. The president has said that was the case. The president wanted more european nations to step up. This is the call that is in question. This is the call that the transcripts we are respecting tomorrow may shed light on. David who want to bring in our political panel. Gina, lets start with you. We saw nancy pelosi comedy speaker of the house, come forward. Speaker oflosi, the the house, come forward. She had resisted impeachment. Gina she had said it had to be bicameral and bipartisan. It is not at this point either. What changed was three things. Number one, the movement of the moderate democrats. National security democrats from moderate districts who came together and said they are now supporting impeachment inquiry. It had to do with this ukraine issue. It also had to do with the administrations refusal to cooperate with the Committee Investigations going on. They have been stymied in terms of getting people to testify and documents. I think those three things explain why the speaker was moved at this point to call for this inquiry, which is not an impeachment but an impeachment inquiry. In a joe, you worked republican ministration. Tell us how the republicans are viewing this. It appears that they are defying the letter of the law by not referring to the Intelligence Committees this whistleblower complaint. Expect the republicans to be cautious. Everyone will be waiting to see what the dni has to say thursday. What he has to say will be critical. Expect republicans for the shortterm to not do much of anything. There wont be many moves by republicans against the president , thats for sure. There will be republicans like mitt romney saying they are waiting for the facts. They wanting see what the transcript says, the testimony of the dni, then decide what to do Going Forward. Expect republicans for the most part to rally around the president and not do anything drastic. David another tweet from the president. Donald trump just tweeted out, they never even saw the transcript of the call. A total witchhunt does he have a point . They reveal the transcript tomorrow. Jeanne this will be a big question mark that remains over the democrats, what the transcript tomorrow will reveal. Nancy pelosi has got, by whatever count used, 163 democrats in the house supporting impeachment and she is moving down the inquiry wrote i would just say that even if the president , there wasnt a pro quote, nancy pelosi was a quo, nancy pelosi made clear that it doesnt have to be that. A president in office pushing the leader of a foreign country to investigate his political moneyin exchange for appropriated by congress. Even republicans i have talked to have agreed that it is unethical. May not be illegal but certainly is unethical and smells of abuse. Abuse of power. David we have had three impeachments in my lifetime now with Richard Nixon and bill clinton. How do the democrats keep this from being political. I am reminded of the former Vice President joe biden coming out today and calling for impeachment if the president does not reveal the complaint. It sounds like it might be part of an election ploy. Joe that is the challenge for democrats, to not make this sound political. If it looks like a political witchhunt, it will just empower the president and his base. So much as resting on that transcript when it is released tomorrow as well as the testimony on thursday from the dni. If that doesnt reveal anything prosecutable, we will have to wait and see what it says and when it has been interpreted, as well as what the dni says on thursday. Pelosi initially did not want to do anything to jeopardize those democrats that are in trump districts. A number of them were hesitant early on to come out. Some of them have come out in favor of this impeachment process. On what thatd transcript says tomorrow and the testimony of the dni on thursday. David she wanted it to be bipartisan and bicameral. She doesnt get either one of those. Did she feel forced because she felt she was losing her caucus . Ofnne this is a culmination over a yearlong investigation, discussion, debate. Nancy pelosi is obviously the person everybody was looking to. I do think she felt pressure. We saw the tweet over the weekend by alexandria ocasiocortez. We have seen enormous drumbeat. As joe was just saying, when you see the moderates and purple districts, enough is enough, this call, the reports of this call, have moved us, i think the speaker felt she had the wind behind her to move forward. It does raise challenges for her, no question. The positive was tweeting, this is going to help me win. There is a real fear among moderate democrats in this country that attacking him if it looks partisan and purely political, he could maintain his seat in the white house and that would be devastating for the democrats. I think nancy pelosi has calculated that this will help police the democrats retain the house in 2020. David it is always dangerous to president , but with Richard Nixon, it was when republicans started to waiver and move to the other side that his fate was sealed. Is there any indication that any republicans are wavering on President Trump . Joe not yet. I think republicans are right now locked arms around the president. They are waiting to see what the transcript says, how it might be interpreted, waiting to see what action the dni might take on thursday. Few, justin amash and a few others who have come out in support of this process. Republicans for the most part are in lockstep with the president and in a wait and see mode. Zaid many thanks to jeanne ino and joe watkins. We want to bring in michael and bill. Michael, you know ukraine so well. You know the president very well. Give us the perspective from the ukrainian point of view. Michael the timing really could not be worse for ukraine. You have the new president , zelinski, who has only been in power for a few months. Inwas making breakthroughs bringing peace to eastern ukraine, prisoner swaps. Those delicate negotiations do require strong backing from allies like the United States. The ukrainian economy has been performing very strongly, 15 consecutive quarters of strong growth, the currency has been performing as one of the best against the u. S. Dollar. Also, kiev is about to finalize a three year imf loan. The big problem the ukrainian officials have, they feel that all of this economic good news is going to be snapped back. What you hear from trump and republican officials is how corrupt ukraine is. Bureau, they have said, we feel like we have months of hard work reversed because of all the talk about ukraine being a corrupt place. David if im not mistaken, it was on the agenda tomorrow for a bilateral meeting between President Trump and president zelensky of ukraine. Is that Going Forward and what will be on the agenda at this point . Michael as far as we know, that is Going Forward. Diplomatic sources tell me that ukrainians are keeping expectations very low in terms of what has happened recently. They want some agreement on energy security. They also really want this thing to go away. My oped is about to come out on this. What i say is that the meeting tomorrow is a very historic opportunity for president zelensky to call donald trump and say, you crossed us, you you million to us, you tried you us, and we are not going to stand for this behavior. I am recommending that he does meet with pelosi and others to oflout the behavior trump and giuliani and his allies. Ukraine has been pushed back in the past few weeks because of what republicans have been saying about it and the attempt to push dirt on a political opponent. David from a United States point of view, how important ukraine is for the United States, given its position especially with respect to pressure. Bill respect to russia. Bill there has been this focus on, how much should the west help this country defend itself even though there are questions of corruption. This has been seen as a front line of the west against an expanding russia. When we set the bar for expectations on this transcript tomorrow, you and i have both read donald trump transcripts. The likelihood of a clear smoking gun in this thing is pretty small. When you read how the president talks in these meetings, it is quite freewheeling, stream of consciousness. It will be something i suspect will be open to some level of interpretation. That will be where the political debate will play out. Is this a clear case of coercion or is there some context where the president is saying something offhand that at the time maybe didnt seem like such an on expected request but that comes off as something improper for the president of the United States . I dont expect a clear smoking gun. Mentionedhael, you the possibility of president zelensky perhaps reaching out to nancy pelosi or other democrats. Is that a realistic process . He is in new york now. Would he go to the democrats and say, this is a relation between two countries working together . Michael traditionally, ukraine has had strong bipartisan support on the hill. I believe there are some meetings planned with that caucus. One thing we have to separate here, even though you have that additional bipartisan support while all of this has been going on, while ukraine has been essentially, in my view thrown under the bus, the republicans have stayed silent. I think this has really shocked the ukrainians and they are reevaluating their options. One other thing i said in my oped, ukraine and other countries have been sliding further toward european friends. Over the past while, trump has been kind of removing the u. S. Role as the policeman and pandering to his base. I think there is a tendency already that, if we cant count that much on u. S. Support, we have european friends. During the g7, you saw that Emmanuel Macron is leading an effort to have the peace summit with russia, ukraine, european partners. That goes to show you that more will be happening on a european playing field. David we saw in the bilateral today between boris johnson, the Prime Minister of the and President Trump, President Trump said, if i held up to aid on the ukraine, i expected the europeans to step up. Does he have a point . Bill this goes right in line with a lot of the president s policies on european defense. It falls into a line that President Trump has had since the 2016 campaign. Is, whether that really is justification. We will see when the transcript comes out. David when it comes to defense is theitary matters, United States supporting ukraine compared to my time inring ukraine, 20142015, there was no lethal aid from the United States. Which is what ukraine asked for. Now that has,. What ukraine expect from europe training,tic support, that sort of thing. Poland of course is playing a big role in supporting ukraine. We cant step away from the fact that the United States is a very key ally in support of that crucial military aid. , thankmichael bociurkiw you for joining us. Bill, i want to ask the larger question, more the role of analyst and reporter. What implications what message does this send to other allies around the world . If you deal with the United States and have a private conversation with the president , you could get involved in inpatient inquiries impeachment inquiries . Bill i think this is at the heart of what nancy pelosi and a lot of democrats are saying. If true, this would be an abuse of power. This is not what the president of the United States does. Reasons to hold up aid but what your political opponent or his son did is not the way. David i want to get reaction from anna edgerton. Are you on capitol hill or in the bureau . Give us a sense of what is going on on capitol hill. Speaker just heard from nancy pelosi. She said the house would move forward on an impeachment process. She really emphasized the National Security implications. This is important. We have had a lot of allegations against the president regarding his taxes, associates. It was important for the speaker to focus this on National Security. She emphasized her intelligence background as a member of the Intelligence Committee she said she helped to write the whistleblower law. She knows what is in it and knows the director of National Intelligence right now is not obeying the law by refusing to turn over the whistleblower complaint. David that makes perfect sense except for one thing you said focus. We have six committees pursuing it. Did she step away at the last moment . She could have named a special committee, judiciary takes the lead. She says we will let six committees go forward. That sounds not like a lot of focus. Anna excellent point. It goes to one of the questions we have had during this whole process. Judiciary chairman jerry nadler has set already we are in formal impeachment proceedings. The question is now, what is different . What is different now is that House Speaker nancy pelosi is using that language, calling this a formal impeachment proceedings which he hesitated to do before. The fact she named all six committees is more of her managing her caucus. She is very into to making sure she spreads the credit, the recognition. She always says that when she speaks. She recognizes everyone sitting behind her and wants to make your everyone feels included. Having said that, it does feel like the Judiciary Committee will take the lead. There will not be a select committee because there was internal pressure from democrats pushing back against that. David really good point. Donald trump has a third tweet out now. It says in all caps president i al harassment. From the National Security point of view, how does this affect the National Security establishment right now . If you are in the pentagon, the military, how do you react . Think about mcguire, the acting director of National Intelligence. He has been on the job five weeks perhaps. A career for decades in the military. Someone who spent his life in Public Service in a very uncomfortable position. Getting torn apart between his own Inspector General, the Intelligence Community, then a man of the president and you have congress. There has been this concern through trumps presidency that he has tried to personalize the Intelligence Community, the kind of information he gets. This will feed into those concerns. How do you remain true to what the intelligence professionals expect . How do you provide the president information he needs to make a decision . How do you address what his concerns are when they step out of the traditional bounds of what the Intelligence Community is designed to do . David the natural question is what comes next . Bill faries it a great point earlier. When we hear this or read this transcript tomorrow, provided it is disclosed, it probably will not be crystal clear. I doubt it will be either black or white. What comes next . It is of the dni testimony on thursday . Anna House Speaker nancy pelosi spoke to that earlier when she was speaking at a public event. She says it does not matter what is in the transcript. It does not matter if there was an ex was it quid pro quo an explicit quid pro quo. As long as you look at the facts and the timeline as long as the ukraine aid was withheld and the conversation trump had with the ukrainian president , that in itself is selfevident that is an impeachable offense. She is pushing back from what we might see from the transcript. We expect to see the content of the transcript tomorrow. The house will also vote on a resolution demanding the whistleblower complaint be turned over to congress. Like you said, on thursday, we are looking forward to a public testimony by the acting director of National Intelligence, joe maguire. David many thanks to enter adjutant. Bill, give us a final thought. You have covered washington for many years. What really does this change in the practical manner . Bill i think a week ago, a lot of people thought impeachment was probably starting to be a little bit of a dying issue. More democrats calling for it but not a ton of momentum behind it. I think the big question will be how does this resonate publicly . How does the general public look at this issue . I think of it focuses on weapons or aid to ukraine, i think that will be more complex of an issue than we had a clear idea from a transcript where the president says i would like you to take a look at buys President Joe Biden and his son. That is when people will say wait a second, is this an abuse of power or not . The more it focuses on ukraine and the aid, i think that will probably be distracting for democrats. David typically in washington, things are not all that clear. Bill faries, thank you. Really appreciate it. To recap, speaker of the house nancy pelosi came out and announced what we expected which is she will start an official impeachment inquiry of president donald trump. Surrounding this intelligence whistleblower act which requires the director of National Intelligence to reveal to the committees in the house and senate this complaint that qualifies as being legitimate and urgent. That has not been done. There has been no explanation as to why. She says the director of National Intelligence has to ask plain why. They are officially beginning inquiry of impeachment. She will let all the six committees investigating continue with their investigation under this overall umbrella. We will be staying with all the headlines as they develop. We are still awaiting the public response from republican leader Kevin Mccarthy. We will bring that life once it starts. Lets join Bloomberg Technology live. Talking a lot about privacy, certain steps but the primary business depends on Online Advertising and certain business retentive depends on web cookies, the things that apple and a lot of browsers have outlawed. Google chose not to do that. Taylor wonky, but smart. That was mark bergen. Thank you for joining me. Coming up, we will hear how a company is making to commitment to fight climate change. Our conversation with the coceos next. This is bloomberg. Taylor time now for a look at some of the top tech movers. Snap, the Parent Company of snapchat, is upgraded to a buy by guggenheim who established the price target of 22. Snap more than tripled off its december low, jumping more than 200 . A star contract to netflix which has fallen for a fifth straight session. This comes as the streaming service is facing increased competition from apple and disney, both launching their Respective Services soon. With the five day slump, netflix has shed 30 of its value so far this quarter. That puts it on track for the biggest three month slump since 2012. Alphabet is feeling the love from rbc thanks to google maps. Analyst mark mahaney says google maps is one of the greatest under and on monetized platforms. Maps could generate up to 3. 6 billion in incremental revenue 2021. Now, australian tech entrepreneur up Mike Cannonbrookes is using his platform to fight climate change. The cofounder and coceo of Enterprise Software Company Atlassian sat down with ed hammond to discuss climate, tech and why the future needs to be ready for more disruption. Complicatede a very business sector when it comes to this because in finance and insurance and lots of other areas, australia is very progressive about this tough and very worried about climate change. Even in the mining sector, if you look at the opportunities for australia, in a green world, what are we going to make . Rare earth minerals, lithium, nickel. We have a phenomenal amount of opportunities before we get to sun and wind. That does not mean the fossil fuel part of mining is incompatible with future climate. We dont have to transition out of. Ed i just want to pick on this. Famously have this bet you lost with elon musk a couple of years ago where he said he could build a better in 100 days and he did. The standardbearer of thoughts for this push to be more green and enviro environmentally friendly. A representative of a lot of people in the Tech Industry were making these claims about where we should be heading. Is there a problem that people like mr. Musk are so aloof and otherworldly that perhaps it is hard for the average person to relate to them and say this is something we should be on board with . Mike sure. In australia, we have some phenomenal examples of where there should be an opportunity. I absolutely agree. It can be hard. Elon is an awesome character, but he is not your regular guy. Nor should he be. He is amazing for humanity, but you have to have both connectivity with parts of technology. We have the highest penetration of household solar in the world. More people sleep per capita under a solar panel in australia than anywhere else. That is a movement. If you are sleeping under a solar panel, you understand this. When it comes to batteries, it is even more crazy. We have more batteries in australia, full stop, residentially than anywhere else in the world. Than the rest of the world put together, more residential batteries. We have this engaged population that understands these issues already in australia. We have to get that aligned with policy. Ed another area you have been strong with the government is saying they need to do much more to position the country and the business sector particularly for this wave of technology that is going to disrupt not just tech and retail and the more obvious industries, but in your mind, every industry will be a Tech Industry. Are they doing enough . Mike we are working well with the government in this area and trying to push forward. We need sensible policy. Wcomplex topics of encryption and other things, but we still need to be very engaged and to move that stuff forward to a sensible place. Secondly, we need to have a viable Tech Industry and tech enabled every other industry in australia. 1 of the worlds gdp if we are not 1 of the Worlds Technology production, then we are going to be in trouble as an economy. The biggest industry in the world already, it is only getting bigger. We have to be producing some technology in australia. It does not have to be all of it, but we have to produce 1 of the Worlds Technology to be 1 of the worlds gdp. We need to keep moving the economy forward. Education, immigration, sensible policies. Ed immigration obviously is a huge part that allows some countries to be more successful at technology than others but tech is entirely transient and will go where they feel the best opportunities are. What does a country like australia have to do to attract that workforce to such an extent it can be at that 1 level or higher . Mike i think we are doing a relatively good job recently. Weve had some big changes the last couple of years with immigration as it relates to the Tech Industry. A pretty good spot. They can always be a bit better. Over the last couple of years, it is in a really good spot. I think most of the policy settings are pretty sane around you must invest around education. The way we think about it at atlassian is simple, we need to invest in talent coming up from the bottom. Tertiaryschool, education. We need to have lots of talent. We dont have a lot of experience. The higher up the company you get, the more we dont have a lot of people in australia with 10 years worth of technology experience. We have to import those. We make sure internally when we import half of a level or area, the half we import are helping the other half and all of the graduates, and that is how we grow the economy. Hopefully, that talent stays in australia. A great lifestyle, great place to live. A lot of sensible jobs. The economy is rbc doing pretty well is obviously doing pretty well over a three decade period. We are hopeful we can get that talented individual into the country, they will stay longterm and contribute to the economy. Taylor that was atlassian coceo Mike Cannonbrookes speaking to ed hammond. Now, ecigarette company juul is cutting its workforce. The Company Plans to restructure jobs and eliminate some positions, according to a person familiar with the matter. The startup employees 3900 people after a rapid expansion. Juul is currently under scrutiny by federal and state officials following reports of a Mysterious Illness repeat related to vaping any proposed ban on flavored ecigarettes. Still ahead, transforming b2b payments. A startup wants businesses to transact with each other. We will be the ceo next. This is bloomberg. Taylor b2b payments and credit platform funbox has raised money from Global Investors in a series of funding rounds. Million credit50 facility from institutional credit investors. The company is part of a growing theme of startups that want to lend to Small Business customers and it is banking on Artificial Intelligence to do that. San franciscobased fundbox has confirmed the latest round does give it a valuation between 500 million and 1 billion, but they have not yet disclosed an exact number. Joining me to discuss this, fundbox ceo. Thank you for joining me. Congratulation on the funding route. Walk me through what you want to use the money for. Guest thank you for having me. I think the main thing is just to play offense. Meaning we had a few milestones and we confirmed a piece of the big market, we can actually make a big difference. We will touch a little later on on how we do that. Now it is time to establish ourselves as a Market Leader before competition drives into the space. Taylor how are you planning to make a difference . Eyal we help businesses, mediumsized, small, some cases larger businesses, to be paid in a transaction by another business almost instantly. For 30 ortes the need 60 days which is the typical way a transaction is done today. Instead of waiting for 30 or 60 or 90 days, you are getting paid almost endlessly instantly. And your buyer has flexible terms. They have the option to finance over time. Taylor how do you differentiate who your target customer is . Eyal we focus on our b2b. Betweenly have a lag the time we incur the cash cost until the time we get paid. It itd be, you name could be a forklift manufacturer. It could be a furniture manufacturer. Any business giving to another business does not benefit from the credit card network. What you see out of innovation is b2c which has been going on the last 60 years of innovation. Checks to getper paid after those 30 or 60 days. Taylor you had an equity raised and it was very interesting that a credit facility, the debt perspective of this all. As ceo, do you accept all money . How did you differentiate between credit and equity . Eyal equity is basically what we are going to use to spend on market, employees. San francisco, dallas, tel aviv. That is what we use equity for. The credit part is more for the actual advances, the payments we push to the merchants. When it comes to choosing the Investor Base, in my mind is do you have the option to choose . Because now we have good times where money is almost a commodity so you have a lot of investors investing money into companies. But in three months or three years, that could change. The question is do you have the option to choose your Investor Base . If the answer is not, just take the money. [laughter] eyal we were fortunate enough to be in a time and very strong Business Metrics to have investors that can add Strategic Value and facilitate the next few years for the business. Taylor i want to speak to one of those investors next. That was fundbox ceo eyal shinar. I want to go on the phone because david wyden is standing by. He participated in the latest funding round of this company. Thank you for joining me. As you take a look at the landscape of where you can put your money, why fund box . David what we liked about fundbox we coled the round so we were quite enthusiastic about the company even though we have been involved for five years. We see the business accelerating. We think that is driven by now they have achieved Product Market for which to us means they have many customers that like the service they are getting from fundbox. Ys arenk that now their da ahead of them because theyre Small Business market is so big that once they have perfected the product, now it is time to scale. Taylor how important is it now as an investor that you can clearly see a path to profitability . David oh, i think it is quite important. Startupsome other struggles we see in the headlines underscores that having a sound business that is profitable with its current customers, and if it is losing money, it should be because it is investing in growth. And, part of what we like about fundboxs it fits those parameters. The Current Business with the current customers is already profitable. The reason for investment is to scale further with new customers. Taylor when we talk about a lot of the other struggles in the marketplace right now, some of that also comes down to valuation. How do you make sure in your analysis and the private market that the valuation ypou see lines up with an eventual Public Market valuation . David that is a great question. The valuation is driven both by investors and by the Management Team. I find fundboxs Management Team is quite good, but willing to be Speaker Pelosi that would be ukraine about something that would assist him in his political, in his election. That has changed everything. Now, because the Inspector General has said that this is an , it hasoncern accelerated the pace of how we go forward. It is really a sad day for our country, actually. I feel very sad about it. I hope the republicans have joined us as they have joined in unanimous consent passing a resolution for the release of the information. I hope the republicans will join us in doing that tomorrow. This is a sad day, but it is again focused and accelerated as we go forward. Now that you have established [indiscernible] [laughter] we have been listening to Speaker Nancy Pelosi speaking briefly to reporters. That is on tape playback. Basically explaining once again what the focus of impeachment inquiry would be. Speaking of the whistleblower complaint. There will be more focused, organized now Going Forward. She is plain once again this is a sad day, a serious day. She takes no pleasure in this. Nancy pelosi tried to resist this for some longtime as other democrats called increasingly to the president s impeachment and she said no, this is not the time. But in recent days as more and more democrats came forward, and we saw some increased indication that there were some problem here, nancy pelosi saying she really helped write the whistleblower act and knows what it says. Quite specifically, it was being disobeyed because the director of National Intelligence, the acting director, was refusing to turn over the whistleblower complaint as required by statute to the Intelligence Committees on the house and senate sides. Nancy pelosi with a second payment on capitol hill this evening. We are hearing from Kevin Mccarthy to give out his response. We are going over to asia coming up next on bloomberg television. Devices are like doorways that could allow hackers into your home. And like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. Paul welcome to daybreak australia. Im paul allen. Kathleen im kathleen hays. Sophie im sophie kamaruddin. We are counting down to asias major market open. Paul the top stories we are covering in the next hour. President trump facing formal impeachment proceedings with House Speaker nancy pelosi saying he has violated his oath of office. The president also moved markets with critical comments about china and i