They faulted the gop for packing the measure with restrictions on planned parenthood money and changes to policies on pesticide spraying. Global news tweet for hours a day powered by more than 2600 journalists and analysts in in more than 120 countries. I mark crumpton. Bloomberg west is next. Emily i am emily chang and this is bloomberg west. The biggest ipo is moving ahead despite turmoil in the market. We get a look at the japanese chat service line as it prepares to go of it. We will speak to the companys president about its new range of products. Be tech disruption may coming to a theater near you. We will sit down with one of the men who built the flex built netflix. Ofe is setting a price range 26 dollars to 32 a share for an offering of 35 million shares. The Company Hopes to raise 1. 1 billion making it the biggest tech ipo of the year. How are investors looking at the deal . Team has been reporting on this rotate ipo. Tell us about the latest terms they said and what it means. Did decide to set back the setting by a day. They decided to push that back a day because of the exit turmoil and other factors but they did go ahead with setting the price range despite the time old in the market we are seeing. They are not supposed to give the oil price range until july 11. They made evening that things will come down. You look like a pretty strong day in the market so they may be bidding they will see better stability and they will be able to go out and raise that 1. 1 billion. Emily virginia eu specialize in donna. Specialize in how do you see this evolving . No one knew that messaging would be the kind of utility is. It was an afterthought on your phones. You had 120e characters. It was an afterthought, a value add for phones. Now it has become not only this multimillion dollar multibillion dollar business but also a way that Tech Companies distribute distinguish themselves from other companies. Aspect comestext with your phone has been this small place but a fertile home for new language that we have emoticons, emojis, and pictographic language is like japanese. You have an extraordinary branches of new uses of language. You can see it in the text box, 140 characters, up to 1000 characters, whatever we use now is a bunch of letters. Emily you could say it has involved evolved faster here. When you look at line in particular they had a quarter of the number of users that are using whatsapp and facebook messenger. One third of what tencent has and we chat but there revenue model is a bit more diversified. Break it down for us. They get one third of their revenue from advertising and a third from the stickers and eggs they sell digitally. They have been going quite fast and they pioneered the model of being able to sell stickers to customers so the Business Model is pretty strong and they have been able to see some strong profits from that model. As you say, they are undersized compared to we chat and the Facebook Messaging services that are out there. There he looking to use this money to expand more internationally. They have talked about going into Southeast Asia and into the u. S. Market ultimately. Emily on some of these asian messaging apps, cant you do almost anything within the app and never leave . Virginia yeah. It has become extraordinary. A short time ago we thought of texting is something there never would be money in. You wonder what is the revenue model here, these are the afterthought corners of Digital Culture that are basically being invented i the users. Not much difference in how these apps look but to the extent it encourages connectivity and creativity, when you first started to be able to exchange audio files or photographs or video, this is a way potentially around social around the social giants to encourage group texts also. It is not just talking to one person like it used to be. Threat to the big social networks i think. Thing right now is bots and how do you see them playing a bigger role not just in the asian messaging act but in whatsapp and facebook messenger. Is this something that facebook is going resources behind. Youre seeing a lot of innovation in the services and i would say that we chat is leading the way. They have been able to integrate all sorts of services in their messaging. You have apps built within the app and you can try out to writeg from bots healing services. Line is moving in that direction and more of these services are showing up in the west. Emily thanks for joining us. Virginia, youre sticking with me. Cory johnson sat down with serial investor mark cuban for an exclusive interview. They discussed the role the sec has and the decline of public listings around the world. Take a listen. Corey when you look at the end of the rails end of the year results, if you look at what has happened over the last 20 years the number of public listings has been cut in half to under 4000 and declining. If you look at the number of ipos which is Capital Formation and a number in general are falling. I saw some data that said over the last five years 15 of the money raised through ipos has gone to china. Do not even know in terms of other countries. It is not even the u. S. That is benefiting the most from ipos and a lot of vertical markets. That is the second thing. The second question for the sec is to people have more confidence in the markets, do you know anyone who thinks the market is safer than it was 10 or 20 years ago, do you have do you know anyone who says they have more confidence in the stock markets and we are not highfrequencyg trading. That is part two. Andy that was mark cuban cory johnson. We will renew more ahead. What he thinks of donald and Hillary Clinton. The billion dollar multibillion dollar buyout of chinas second are just Search Engine is running behind schedule. The buyout could now close in september. They have agreed to a request from the gutters to transfer the eye out funds offshore in batches. People close to the deal say there are 2 billion left to transfer. Short the stock has nosedived 36 wiping out nearly 16 billion in market value. With sales quote growth flagging their ditching the stock amid fears the company has passed profitability is looking uncertain. The cofounder who is looking to win millennials back into Movie Theaters. And new tools to help you search and buy things. Later this hour. This is bloomberg. Mi after two months of turmoil lending club has a new ceo. Been acting chief. Surprisee the resignation. The company said it would cut nearly 200 jobs. Lending club stock has been in the tales in a tailspin. That stoneridge Asset Management plans to buy 1 billion worth of lending club loans. From the fall blockbuster to the rise of netflixs Business Model for the event has been a roller coaster ride over the next 20 years. Involvedguest has been in nearly every turn. He cofounded netflix and went on lead red box. He has turned his attention to another startup looking to disrupt the Movie Theater business called movie pass. It is three dollars a month, all you can watch inception service to go to the movies the oldfashioned way. First of all, Movie Theater attendance is down. To theeople are going movies little of multiple movies every single month trade why do think this is a Good Business . Seeing movies in a Movie Theater is absolutely the best way to see it. I have been a fan of movies all my life and that is why i love this business. Going toxperience of the movies has just started to get innovative. We have digital film being distributed now, we have theaters upgrading the environment, great seating, they deliver food. But what has not happened is the Business Model where consumers participate in the business has not changed in a long time. You come up to the ticket counter, you buy a ticket, you pick the films from the newspaper or online and that i think is right for change and it is exciting for me because i love to figure out ways to get people to see more films and to enjoy film. You agree or are you skeptical . Originate i agree. Peoplee believe that want to with the rise of mp3s they would want to be alone with the experience. We have seen the rise of live music created is bigger than ever before. All people seem to want to do is sellout concerts. There is something to being together and in some cases romantically being together on the classic old date, dinner and a movie. Now we have netflix and chill. You can hear complaints even on twitter about the worst tender date is when the guy just wants to netflix and chill. Namibia wants to take you to dinner and a movie and i am all for it. Up as could attendance go a result of movie pass and by how much . Absolutely. The business has been flat to a slight decline in to get sales. The only reason there is more revenue is the increase in pricing. But the experience can be a wonderful one and i think if we can make it seamless from figuring out which movie are you are going to see to getting to the Movie Theater to getting your concessions to finding your seat to comfortable seats, i think it can dramatically increase. 10 or 20 is not unrealistic and the growth of the business. Emily how do you make money off of it because youre saying the theaters are going to get full price. The theaters get full price. Were going to create an amazing amount of data. We are going to be able to move people from one movie to another, from one theater chain to another. The first stage of this business like in any other company that i have been involved in is to prove our value and then to determine how to monetize that area but the first thing we have got to do is build a big Customer Base with a great product and a Great Service that is very affordable and the byproduct is a gets people to go to the movies more often. Emily we are saying netflix, amazon, all these Companies Spending billions and billions of dollars on content on original content. Is that going to catch up with them at some point or is this going to pay off . You know it is a great tactic there are so many choices out there. It turns out that people want a little bit fewer choices but more relevant to their own interests so as these Companies Use the intelligence about what people enjoy and what they like and what they come back for, there is going to be better and better content created by Companies Like netflix and amazon. I think there is a big future in this. The downside is there will not be as much variety and that is where the Movie Theater really comes and play. Movies made to 700 every year in the United States that are aimed for the Movie Theaters and not all of them get played. It is a great environment to see those films and if we can get more people to be more experiential experiment to and seeing their films in the same way netflix by having the all you can eat subscription, we got people to try films they never would have thought about watching or paying for it and all of cart manner and it opened up their eyes to Great Entertainment and i think we can do the same at Movie Theaters. Emily again you are nodding, virginia. Virginia do all you can eat model has done interesting things for content in the sense that you get these maxi movies, that is what we used to call movies that80 hour are made with a real filmmakers id to plot and complexity and yet run and run. They are an extraordinary achievement we have not seen before. What about returning to a real focus on the 90 minutes or two what kind of new movies might we see on a movie pass system or maybe you would ask viewers to spend six hours in the theater. I would do it. Exactly. If you go back to what was popular in the 1920s in the 1930s he would spend the whole saturday at the Movie Theater. There is no reason why many of these hit tv series or hbo series are netflix varies cannot also be part of your weekend or your evening at the Movie Theater. Ande is lots of opportunity there is a lot of empty time on the screen where the seats are empty where and where theres a great environment. There is lots of potential here. If you would let me by and for the price of a movie ticket consider me one of your investors. Ok, salt. Emily we will connect you after the show. Thanks so much. Airbnb is on track to become the second most valuable startup in the United States. We will give you all the details next. Fundingirbnb is seeking. The valuation has tripled from a few years ago. It makes airbnb the secondhighest value startup in the United States though it is quite a ways behind uber. To plan to use the financing help with growth expansion. First of all details on the round, why are they raising more money, why dont they go public already . We reported they raised or a 1 billion debt facility. Theyre looking to expand. They are growing heavy and china. They opened last year and theyre looking to expand their Product Offering so they are looking to offer personalized tours and things that go along with your trip so you when you arrive somewhere in feel and q are living in this city you are visiting. Emily they are suing the city of San Francisco over a law they helped create the believe is unfair. And still having problems in new york. There is a bill that would seriously restrict airbnb use if it is signed or passes. We spoke to the ceo about this last week. Take a listen to what he had to say. In new yorkmajority are sharing the homes they live in. Telling a middleclass family that they cannot advertise their home is really going to ultimately not be best for new york and i think that governor cuomo, i am hoping he will see that. These how serious are regulatory issues . It is something the company will continue to do with. It was a law that was heralded as the first of its kind, and airbnb law for the city to allow this new business to fit into its existing regulatory scheme and it turns out airbnb is not being enforced when we want it to. And the city said if airbnb cannot get host to register it will find airbnb and airbnb is saying we cannot control our hosts that way and you cannot force us to be responsible. If it does end up eating a fine they would have to have a loss of revenue as well. We are used to the overweight of things. Saying this is good for new york. The comps is this is what is good for new yorkers, not for uber. Hasnt made a bit of a difference or with his new litigation they might become from icing that goodwill little bit, getting in the uber category in peoples brains. Housing is a hot topic. In San Francisco housing is very tight. They have been a little bit soft around the edges and it is easy to say that about a most any company. It is hard to say. They do face a pretty serious tory hurdle. I do not blame them for coming out and trying to present it as something that is helpful for the city and the host. They are always talking about how it is for families, people who own one place, how they are helping to supplement their income, sort of goodwill rhetoric like that. It is a hard line to walk. You cannot lose your reputation for hospitality. Emily we will have to leave it there. Thank you for joining us. Thanks for the update. We will be right back talking with Kim Tim Kendall about their new shopping experience. Youre watching bloomberg west. Lets begin with a check of your first word news. The Associated Press sites a cites a senior tirk turkish official who says nearly 50 were illed at istanbuls airport. The Islamic State is said to be involved. Lacks security at the diplomatic compound but no actions of wrongdoing against thensecretary of state clinton. I think its pretty clear its time to move on. The attacks in 2012 killed four americans, including u. S. Embassy ambassador to libya, chris stevens. Likely republican nominee donald trump announced a sevenpoints job plan which relies heavily on trade policy reform. As Bernie Sanders said, Hillary Clinton voted for virtually every trade agreement that has cost the workers of this country millions, millions of jobs. Trump also renewed his opposition of the transpacific pimm. The obama administrations deal with china over Cyber Espionage appears to be working. John carlin cited a report that shoals attacks from known chinese hacking groups with state interests have dropped more than 0 since august. Paul allen is in sydney with a look at the markets. Paul, good morning. Paul good morning. The trading day is 30 minutes old in new zealand and looking very good. Better than. 75 . Rallies for the british stocks and u. S. Stocks and weve seen the pound move higher for the First Time Since britain voted to louvre the e. U. Were also expecting to see some strength locally. Up. Es nzx nodties have also rallied. Crude oil, copper and nickel all aining and that comes as g. 20 ministers meet today in bay sling. Knee dieng has just gone down this the past few minute. The meeting is going to be webcast as well. Expecting a reasonable amount of data for the region out today as well. Japan will report retail sales for may while australia reports new home sales. Im paul allen for bloomberg tv in sydney, australia. Emily pinterest just got more serious about shopping, a lot more serious. It is streamlining the User Experience from seeing a photo online to making a purchase. Theyve introduced new products including a Pinterest Shop for the web, a shopping bag that will follow you across devices a