Gold isset classes, definitely a risk being taken off the table. Gold as the month and it had its fifth month of gains this year out of six. Gold may be down a fraction at the moment but we seen quite a rise, 1. 7 up in the last three days. Yen,. Strengthening. Lurchingar index lower, the 10 year yield unmoved by the price action and the price of money as it goes down. Without further ado, lets look at this listing. Esr making its debut in hong kong after raising 1. 6 billion. Exchange to the stock were sophie is standing by with someone important from the company. Ie jeff pearlman, the chairman of esr came in. Certainly a day to celebrate. Shares popping more than 5 . Esr group from a 2016 merger to become two of asias Fastest Growing warehouse providers. That was japans redwood group. Pretty much a fast growing story toward todays ipo. Lets get more on the story of esr. Congratulations. Shares popping at the start of trading. Why after the delay in june . Thanks for having me. End up sandwiched between geopolitical and macro events you cant control and we felt june wasnt the right time. On the back of some positive traction with budweiser, top sports, and other and frankly the fact that a lot of the Public Market investors are coming to us saying we want to see this as a public company, that gave us the conviction to come back to the market and so far, so good. Sophie in hong kong, esr doesnt have a footprint. Hong kong to be an interesting market for us. An exchanget as because this business is 100 can asia and the business we want to focus on in the region so we felt with a sizable presence in china, hong kong was the logical listing venue for the company. Sophie given chinas markets, do you see more boom there . What is the nearterm outlook . Around thenoise trade war, our business has probably been a net beneficiary of what has been happening. In this calm Ecommerce Companies continue to grow. Sophie slowing economy . Could have seen it we havent seen it. Consumer confidence could get in the realm of impacting, but we have seen a lot of production has shifted, it is a lower labor cost market in Southeast Asia so local governments have turned to esr to redevelop many dormant factories which we can turn into best in class ecommerce logistics. While it has raised uncertainty in the market, it has been a net benefit. Sophie what does that mean for acquisition pipeline, Southeast Asia . Youve been aggressive in japan and australia. Jeffrey right now, we are in six markets that represent 80 of gdp in asia. If you look at the next frontier for the company, a market the size of Southeast Asia, 650 Million People stands out to us. Many tenants are operating out of there, Capital Partners want exposure to it, so on the next frontier as we think about future markets. Sophie recent acquisitions have been diluted for esr, so what are the prospects for Earnings Growth Going Forward . Jeffrey Going Forward, this is a nascent asset class. On a per capita basis, even in a market like china, it is 1 6 of that in the united states. Ecommerce as a percentage of total retail sales, markets like japan that everyone said the gadgets of the world and every thing, japan is less than 10 . Intoink we can go deeper our existing six markets and we think growth quite sustainable over the longer term. Sophie in which of those markets are you seeing challenges emerge . Jeffrey look, theres also always daytoday challenges when you are acquiring land and developing projects but overall, we like each of the markets we are in for a bunch of reasons. China, india, the longterm growth trajectory is very nascent. Evenre mature markets in japan, the total transformation of the value chain for modern logistics. This is on the back of the rise of ecommerce. Sophie which segment of your business do you see generating the most Income Growth . Investment, Fund Management, or development . Jeffrey we are a developer at heart but we overlay that with the asset model through the Fund Management business. This has allowed us to grow in excess of peers and provide higher return on equitys. Are a prospect for the Fund Management business and capital is flowing now to asia and real estate and logistics, investors are underexposed to the sector. Many are cycling out of retail and off the back of the working space so we feel we are well positioned to grow the Fund Management business Going Forward. Sophie what do you see in the retail space, more signs of stress, we are seeing that on the mainland. What indicators does that provide for you . Jeffrey have to our tenants are ecommerce clients or thirdparty logistics partners. Even the we see brickandmortar retailers having more business go online. They may be shifting some of their warehousing space from the bricks and mortar to the ecommerce and the warehouse may look like an amazon warehouse, so we are happy on both sides of the equation. The reality is, consumption is growing in markets like china, india, and elsewhere and that is where we are focused. Our business is 99 domestic consumption driven, so we want to continue to play on those trends. Sophie will there be a dividend further down the line . Jeffrey we dont want to speculate right now, but this is a business that over time, some global peers have paid dividends and at the end of the day, investors are always thinking about and wanting a dividend so it is something we will keep in mind overtime. Sophie Jeffrey Perlman of dara esr. On the hong kong exchange. Rishaad good stuff. Sophie kamaruddin, the hong kong exchange. Another roadblock, another obstacle possibly. It is deja vu. The trade were between beijing and washington. Here is su keenan with the first word news. Su chinese officials are saying paid out a longterm trade deal with the u. S. Is possible they doubt a longterm trade deal with the u. S. Is possible. They remain concerned about President Trumps compulsive nature and his willingness to back out of the deal they want to sign in the coming weeks. Impeachment proceedings, the house of representatives has voted to proceed with a president ial impeachment inquiry. The vote played out among mostly partisan lines. It sets in motion a process that will begin with open hearings to investigate what democrats say is an abuse of power by President Trump relating to pressure on the Ukrainian Government to undertake an investigation for the president s own personal political benefit. Economykong, the areas has entered recession after nearly five months of protests. Thirdquarter gdp shrank 3. 2 from the previous quarter, contracting further than worse estimates. The worst since 2009 in the aftermath of the financial crisis. The finance secretary said a fullyear contraction is likely. Islamic state has confirmed the albaghdadi and named a new leader to succeed him, abu ibraham will become its new head. The group threatened to retaliate against the u. S. For killing albaghdadi. They referred to President Trump as a senile old man. He was the highestranking terrorist leader targeted by u. S. Forces since osama bin laden, who was killed in 2011. Global news 24 hours a day, onair and online on tictoc and twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im su keenan. This is bloomberg. David still ahead on the program, morningstar sees opportunity in macaus misfortune. Outlook and data coming today. Rishaad we break down the bojs decision to hold with the legendary mr. Yen. This is bloomberg. The current 0. 1 rate affects just some of the money supply in japan, for as the proportion affected in europe is bigger. If necessary, it is possible in japan to deepen the negative rate. Is not that the boj cant cut the rate steeper than 0. 1 . Removing the timeframe from the Forward Guidance clarifies the bojs stance of commitment to easy policy. We are ready to take necessary action if price momentum toward the target is affected. David just in case you didnt know who that was, that was japan governor kuroda with the decision out of the boj thursday. Rishaad to tokyo, Stephen Engle is standing by with the man dubbed mr. Yen. He has a target of ¥100 and the dollar fairly soon. I wonder if he is holding to the. Stephen lets ask him. Its bring in our guest. We are pleased to be in his office. The formero much, vice minister of finance here in japan. We heard from kuroda yesterday. Off on policyng changes for now but he said there is room to cut rates further. Do you see the need to ease further . We are already in negative rates. If the economyk deteriorates somewhat from the current 1 , i think easing of Monetary Policy is necessary and i think what corroded thinks, satisfied with the current state of the japanese economy so he is not losing at this moment. Stephen are you satisfied with the state of the economy . He seemed to highlight external factors as being causes for concern on momentum toward the 2 inflation target which we are so far away from. Eisuke 2 inflation target is something we could never reach. The target for an inflation rate was really high but right now, it is a period of disinflation everywhere, not only just japan. Although corroded still has a 2 target, he doesnt really mean it anymore. Stephen why not scrap it . He will just leave it there as it is. Domestically, it seems the economy has whether the increase from 8 to 10 . There is not a lot of clamoring ssent, that there have been countermeasures from the authorities to buffer the impact on the economy. Do you think the japanese economy is doing all right . Thats his assessment right now. Eisuke i think so. 0. 9, arate is at 0. 8, little below 1 . Since the 1990s, the average rate of growth is about 1 , so we are cruising at that rate at this moment. I think kuroda is not the satisfied with it and i think it is all right. Stephen where will the shocks come from if he needs to pull out the last error from the quiver and cut further . What would be the catalyst . Place inhock may take the u. S. China trade frictions, and some slowdown of the chinese ofnomy, and some sort ingitical turmoil involv north korea. Some confusion from the external but im notome in, that much worried about it, either. Stephen kuroda said the negative rates in japan do not affect the broader economy as much as in europe. Would you agree with that assessment . The banks would not agree with that assessment. The commercial banks do not want a further cut to the negative rate. Eisuke yeah, but we have not had any conspicuous sort of negative result as a result of the bank of japan policy. Says iswhat kuroda pretty much what we have experienced. Stephen s p is warning the regional banks will see operating profits by as much as 21 of the boj cuts. Eisuke we do have a problem with the banks in this country. Regardless of Monetary Policy, the policy of the bank of japan, we need to integrate quite a number of regional banks. We have too many regional banks at this point. Overbanked. I think the bank of japan and japanese authorities are willing to pay out integrate regional economies banks, and some integration has already been happening. Stephen when do you think has been the impact on the japanese economy from the height . Hike . They went from five to eight, now eight to 10 , and usually followed by recession. Eisuke as a percent to 10 has been long anticipated 8 to 10 has been long anticipated, so i dont think it has negative results. It has been absorbed in the expectation of the people. Stephen and how about the external situation . Would you agree we are in a synchronized global slowdown right now, and what happens if global Central Banks as they are on an easing bias run out of ammunition . Than what . Kuroda knows about that. Eisuke yeah, but sure. Is slowlyl reserve shifting their policy from the gradual slowdown to a different phase, and the ecb would probably follow. The federal reserve. Kuroda will continue for some time. Stephen what about fiscal stimulus . Continued fiscal option is difficult for japan because we have a huge fiscal deficit already. Stephen yeah. What about the yen . It has been fairly lackluster the last year so, 1. 08 and change. Is it a safe haven still . Eisuke yeah, and i think it will probably move. It will eventually head toward 100. That is my assessment. Of inthe economy is sort , itate of somewhat confusing think that has been happening slowly. Of bottomuld be sort gradually and it will probably head toward 100. Stephen what is an acceptable rate for corporate japan . One, but we are in competitive valuation. It is is 100 acceptable to its japanese exporters . 80 or 90 would be a problem, but 100 is good. Stephen what does it mean for abenomics . Eisuke he would not be surprised to see what hundred. Stephen given this global synchronized slowdown come about are the prospects globally for stagflation . If you have the u. S. Trade were continue, the impact of brexit, the higher oil shock . Is ae i think stagflation trend. We have low growth rate of about 1 and we have a low inflation of 1 . 1 , 1 . I dont worry about the stagflation. It is the mature state of developed economies. We just kind of 1 growth rate is sufficient and i dont to be dissatisfied with 1 growth rate of the economy. Stephen what are you most worried about right now . Eisuke [l. Aughs] i dont worry about anything. Stephen you are no longer the vice minister of finance. Eisuke of course, budget deficits. Tax, which was raised from eight to 10 . If you think in terms of 10 years, 20 years, it needs to be raised to 15 . You so so much thank much for your time, having us in your office. We will send it back to you. Always lively to talk to mr. Yen. David i would be happy if i was in proximity to that bottle of truth behind you. Rishaad lets look at what is going on in china because we have the 19th central communist party. We have Richard Clarida joining Jonathan Ferro and tom keene. Night in hongay kong, 9 30 a. M. In new york. David have a look at the live pictures out of beijing. You are looking at the press briefing we understand is just starting right now on the communist partys meeting. Rishaad this is coming at a critical time for the president as he faces obstacles to chinese economic growth. Trade war, rise in labor cost, and that could threaten the key source of the partys legitimacy, which is delivering economic prosperity. That is what we have so far from beijing. This is bloomberg. Thed hong kong confirmed. Irst recession since, september will likely have its hold my beer moment. This is what we have in japan as we head to the break, the lunchtime break. Down 1. 2, a big mess, missing estimates. 107 billion yen operating profit, we had 129 billion for the Third Quarter. Cut its fullyear operating profit. Nintendo up 6 at the introduction of the switch light. Duesonic, 4 to the upside to a beat on its secondquarter operating income even though it cut its net Sales Forecast for the year by 2 2. 5 . s ceo has been defending his 22 billion Spending Program to build a beer empire. That is the position of Japanese Equities which are heading to the lunch break. That is the imperial palace. You are watching bloomberg. Su 10 29 a. M. In hong kong and shanghai, 10 29 p. M. In new york. Im su keenan. Bloomberg economics expects the bank of japan will keep rates on hold for next year and should be able to navigate the growth slowdown without having to cut further. The boj kept it shortterm rate thursday and said the overall economy was shouting moderate expanding trend. The banks governor said the rate can go lower if needed. 0. 1 affects just part of the money supply in japan where is the portion affected in europe is bigger. If necessary, it is possible to deepen the negative right. It is not that the boj cant rate cut the rate lower than 0. 1 . Su President Trump says Boris Johnsons brexit deal could hinder u. S. And u. K. Efforts to strike their own trade deal. The president said the countries could do bigger numbers if they made a cleaner break with the eu. With tradets us guild with the u. S. To show opportunities available for commerce after britain leaves this in the market. Orhong kong, the economy typical halloween celebrations were muted amid standoffs between police and antigovernment protesters. Police fired tear gas to disperse large crowds and closed the most popular nightlife district. s grantedhong kong the second injunction of the week, limiting online speech about banning internet posts that promote violence or property damage. To lebanon, antigovernment protests are continuing even after the countrys Prime Minister resigned. Security forces struggled to testersds and the continued a civil disobedience campaign. Government minister should be chosen on merit and not on political allegiance or to please sectarian leaders. Lebanon is at a dangerous crossroads, especially the Economic Situation and there is a dire need for a government capable of productivity and is not blocked by political auster goals and disputes obstacles and disputes. Su global news 24 hours a day, onair and online on tictoc and twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im su keenan. This is bloomberg. Week from casino operators, mgm china reporting earnings in line with macau, galaxy data expected to resume its downtrend in october. We saw 161 the previous month. David against a cloak slowing economy and slowing consumption. The asian Equity Analyst at morningstar covers the gaming industry. I want to get started with this. I was browsing through your notes. What is the working. . You think a slowdown to the macro picture mostly affects this and not massmarket. Why is that . If you look at the market, generally speaking, the high end of the market is getting hurt because of the week macro. It is not like it is not affected but it is more like the premium mass, so there are overlapping terms in terms of customers but if you look at the mass, it is the strong, underpinned by the middle class, the rising middle class and some people have higher earnings jobs so they are affected by the week macro. Weak macro. Rishaad do you see other Gaming Centers getting more attention now . Chelsey generally speaking, this is the case and we expect that to continue. Next year, as well, i think premium mass will probably be a bit affected but i think the meeting mass will continue to be strong and that is how it underpins our forecast, the mass Revenue Growth of 5 , partly because of the high base this year. David which casino has the best strategy of attracting massmarket . Are we talking sands . Chelsey we are talking about dry mass, sands is doing well. Next year, there will be some disruption in terms of renovation. On theill be some Impact Market share landscape for sands. Rishaad when you look at the sector as a whole, it does look cheap valuation wise. Why is that the case . Have we been too cautious in regard to what is going on . First of all, morningside has a longterm investment horizon so i think it is cheap because we look at the industry in a really long term so just the things i said, like rising middle class and improvement in infrastructure, things like that that will underpin the longterm outlook but right now, obviously the weak macro and the trade war dispute and some people are also concerned about the protests of hong kong, its impact on macau. These are things people are taking away taking a waitandsee attitude. David you also mention supply constraints as one of the reasons why the industry is undervalued. Supply constraints, is it actual tables and the size of the casinos, capacity, or is it infrastructure bringing people are . Chelsey in terms of supply constraints, i am talking about how the government set a limit on the number of people they can increase and also, there is limited land in macau. It is hard to apply for land and build a whole new casino resort. That is probably one of the secons sands is converted into the londoner. Took forever before one opened and that should be a big ramp up for mgm china. Chelsey for mgm, initially, it was probably worse than the street expectation in terms of the speed of the ramp up, but i think now, they get the mansion opened, youvillas will see it continuing to take market share. The Third Quarter for that project is the whole company. Is doing better. David what is the lack of the whole company . Chelsey my forecast is 9. 1 . It is 9. 1, that is why it is my favorite stock. Because in the near term you can continue to see market share and thevip or mass, next year, they will open some suites. Next year there is still catalyst and evaluation is really cheap. If you look at the discount of the Company Versus the fiveyear average it is relatively high compared to the sector. It was more than 22 . They are going to have a huge investment, as well, 1. 4 billion. Studio they will open city phase two. I think it is a work in progress. I think they want to Start Construction at the end of this year. David great to have you. Morningstarhad Investment Management asia. He covers casinos and the chinese tech space. Rishaad the latest on alibabas tech shares, and one facing criticism for his love affair with beer. More on those stories on the way. This is bloomberg. Rishaad you are back with Bloomberg Markets as we checked the business flash headlines. Saudi arabia considering an increase in spending for aramcos public offering. The Monetary Authority met with banks this week to discuss how much leverage they can offer. All of this coming from bloomberg sources. Wanting to offer bigger loans than what is allowed. The regulator wanting to maintain ample liquidity. David David Einhorns Greenlight Capital paring gains for the year to 16 . 16 for the month while the s p 500 index returned more than 2 . Oversaw 12 million but has been in recovery mode after 2018 when his main fund lost 34 . 3 billion stake in chinese American Drug developer under a deal that will commercialize some counterparts to be sold in china. Developing 20 new drugs from its cancer pipeline. Adrs, 20 alued premium compared wednesdays close. Expected to close in early 2020. David speaking of transactions, we have details on alibabas plan to 10 billion share sale set to take place in hong kong. Is weighingnt changes to the timing of the listing and waiting until next year. Rishaad lulu chen, what is the thinking here behind this delay and shrinkage in the offering . Lulu the time is ticking for alibaba if it wants to fill the listing this year. Fore is a narrow window alibaba to keep doing that listing. Ideally, it would happen after earnings, which is going to take place today, the week after earnings or the week after their singles day. Largely dependent on how events actually perform. Is alibaba, which could be a crowning achievement for the Hong Kong Stock Exchange but lost a lot of chinas tech giants to the u. S. Stock had alibaba successfully listed in hong kong, it would have been a way for jack ma to curry favor to beijing but stay closer to home. David you mentioned earnings coming out. Is it before the open today . Lulu he will take place todaylulu . Are expected around 7 00 p. M. And they will have the Earnings Call later today. David given outlook. Lulu the chinese economy is not doing that great. We expect gdp growth figures will continue to slow, possibly below 6 and it is growing at the slowest pace in three decades. That is hurting alibabas expansion. They are expected to post the slowest growth in three years in revenue figures. Everyone is waiting for more insight into how they will keep up their business growth. Rishaad lulu chen from bloomberg news. We will have more discussion ahead of alibabas results in the next hour of Bloomberg Markets. Biggestapan, the dealmaker of the year has one thing on his mind. That is beer. More than 20 billion of it over the past four years. Dave mccombs is in tokyo to talk us through exactly what that means. Beer demand isnt exactly growing fast. Why is he so bullish on these deals . To be thea goal worlds number one beer company and that is a fairly ambitious when you look at Global Players who are very aggressive in terms of buying up brands globally all over the world. There arent that many available. Cases where they are picking up brent brands that are being shed by other giant beer makers to avoid antitrust situations are they are buying in other areas. It is a difficult market to assemble new brands into and make them work. This is aer hand, company that has a very strong Balance Sheet and they know that inand is not growing fast japan at all. It is one of the few major markets where we demand is declining. Theyve got to grow somewhere and they are looking overseas for it and they are focusing on other beer premium beer brands. Businessthey have done in europe, australia. What has the track record been like with overseas purchases . In the context of japanese overseas deals, the beer deals have done a little better than some others. Historically, Japanese Companies buying other overseas companies have not fared well. Lost value in those transactions, but asahi has done well. To brands they bought in europe have done quite well. They have some trouble in china with the brand there that they ended up getting out of after a few years, didnt work out for building up aare track record of being able to take in a new brand by integrated, get the market going and make some money on it. Going ahead, they have a strong Balance Sheet so there is a good chance a lot of these deals will work out for them. They dont all have to work out as long as the majority do and they can continue to build. Have abrupt strong Balance Sheet, but the rest of the industry does not. They have been leveraged with the businesses they have bought over the years but perhaps they are getting these businesses cheaper. Is there evidence of that . Dave there certainly isnt evidence that they are in the buyers position. They also have time on their side. They are not in a big rush to rush into these deals. That ise said a goal fairly ambitious but they havent put a time frame on that. When there are other beer makers that are looking to raise cash that have debt problems, it puts asahi in a pretty good position to buy things at a fair price. David yep. Thats the idea. Conglomerate,our telecoms, and media editor out of tokyo. Rishaad have a look at tictoc by bloomberg, and follow tictoc on twitter. Get live video coverage for news, updated constantly and reports verified by bloomberg. Have a look at tictoc by bloomberg. David ahead of all that, we have job numbers. We are counting down to the last final session of the week in india, just over 55 minutes away. Khanna is with us in dubai. What is the setup for this friday . Session interdays the last 45 minutes of trade, despite the fact of being an expiring day for the october the rebalancing in trade started to come off. Days,ly in the next few there could be days of consolidation for the index. A fairly interesting point of 11,877. Sensex made a record high in yesterdays session, it lifetime high of about 40,300. It could not maintain. Is doing space that well. S in the space, one to keep an eye out on. Rishaad what about yes bank . I think there is good news surrounding this one. They had a good session yesterday. All the concerns of raising funds for growth and yesterdays session, we saw on the exchange, yes bank had a binding agreement from a Global Investor to the tune of 1. 2 billion of investment. That really sparks things up for yes bank, not just in meeting the regulatory cap, but drawing capital for the bank which was a concern. 39 in trade,d up settling 25 higher but today, it reported its numbers. They will be interesting to see how the markets take to these numbers in todays session. Watch out for yes bank. Rishaad thank you very much, devina khanna in dubi. The country lifted a 35 year ban on movie theaters two years ago. David Matthew Martin spoke to the ceo at future Investment Initiative taking place in riyadh. He asked how amcs saudi expansion is going. Our expectation is the second theater will open in riyadh in december. By the end of next year 2020, we expect 15 to 20 theaters. That, weyears after should have 40 to 50 theaters open in the country and if you go out a decade, i wouldnt be surprised if we dont have 100 theaters in the kingdom of saudi arabia. We are off to a great start. You are pushing an aggressive Expansion Plan into the kingdom. What Capital Investment plan is there around that . These theaters are each running 20 million each in round numbers. 16, 18 million pounds. 50 theaters, weve also prefunded the first 50 with Public Investment as an affiliate. We are talking 1 billion. It is a serious investment in the kingdom, but what we have has been more so progress in the past couple of years in this country than they have seen in a long time. The population is start for entertainment. Remember, 70 of the 33 Million People here are under the age of 30. Movies are something that they are really wanting to have in the country. We are expecting success. Looking out globally across the business, how are you foxcting the deal between and disney how will that impact the distribution of films Going Forward . Adam we are actually a big supporter of the disneyfox acquisition because disney has had a magical touch in making movies. If you look back over five years, the biggest movies coming out year after year are coming out made by disney, we think disney gets in control of the major fox franchises. They will do a great job. My Company Sells more tickets for disney than anybody else does for disney. We also sell more fox tickets than anyone else does for talks, so we think the merger moon will be good for the hollywood community, good for theaters, but ultimately for moviegoers because there will be great movies coming out. One of the big trends we are seeing now is the growth of the online streaming platform. Weve got netflix, apple tv on the way. See themment, we dont distributing their products in the big movie theaters. Have you had any talks with either of those about getting their producing and getting them onto the big screen . Is that something you want in the future . Adam when you say they dont, you are referring to netflix because amazon wants to do they are launching the ethical. Theatrical. Us they willd exhibit the ethically. Theatrically. Disney plus is launching now and disney is the biggest studio in the world and is committed to the theatric division. We told netflix we would be delighted to show their movies and theater. We do have to be respectful of these longstanding studio partnerships we have had for 100 we cant need to do the netflix for netflix what we arent willing to do for fox or universal. Im optimistic that in a year or three, we will show some netflix movies. Adam the group is owned by and the ceo was speaking to Matthew Martin. Rishaad lets look at the latest headlines, hong kongs hotel rooms on average, some 25 cheaper than the year ago. This is a mid protests crushing demand. The average daily rate for a room was about 177 u. S. Dollars in september. High at hilton has seen revenue per available room plunge in recent months. Jpmorgan Asset Management saying Southeast Asian markets still have selective Investment Opportunities for funding managers like tourism stocks and particularly in thailand. David to wrap things up as we enter the third hour of Bloomberg Markets, you can ignore this bit. It is bonds and the rally we are seeing in that space. This is bloomberg. Bloomberg. Taylor im taylor riggs in san san francisco. This is bloomberg technology. Coming up in the next hour, twitter upstages facebook. Twitter Ceo Jack Dorsey says they will ban all political ads as facebook sites free speech. You cant mention facebook without the Cambridge Analytica scandal of 2018. We hear from an essential figure