We have a lot of time left, we will see what happens. Pushing for concessions in hong kong. The u. K. Parliament takes a stand against in no deal brexit. Parliament saying clearly we will not take kindly if you try to surpass us. Ibm and red hat signed one of the biggest tech deals ever. We will extend their reach into 175 countries. An analyst says recession may be coming, but investors should not fear the worst. It is all straight ahead on bloomberg best. Hello and welcome, i am Rosalind Chin and this is bloomberg best, your weekly review of the most important Business News, analysis and interviews from Bloomberg Television around the world. Lets start with a day by day look at the top headlines. Deutsche bank announced a dramatic overhaul of its Global Operations in the struggling lenders latest attempt at a turnaround. David a banking bombshell. Deutsche Bank Planning to cut 20 of its workforce. That is 18,000 people. Shutting down its equity sales and trading business. Guy the losses are already starting. The ceo was in london to brief reporters. I suspect many of the cuts will come in london and many in the united rates as well. The focus is about refocusing this business back on the german side of what is happening to become a corporate bank, less of an investment bank. So if focus on the c rather than the ib in the cib. Vonnie is this enough . What is the reaction of there . It is quite dramatic, 18,000 jobs, the biggest restructuring seeing even after for others. The problem is there is a lot of risk and it is not only going to be a costly restructuring, how is Deutsche Bank going to find enough Revenue Growth to offset the restructuring. They want to keep private wealth, they want to keep Asset Management. All those areas are very competitive. Turning around all of this is while balancing cut is something that is still a question mark. Rishaad that should back american deposits tumbling in new york, 6. 1 down, if all of five print 9 in the primary market in frankfurt. Some investors are celebrating the move, like douglas brownstein, who owns 3 of the lender. What christian is taking the bank back to his its 150yearold history of being one of the worlds best commercial banks. It is consistent, stable. It is a little worrying but as an investor, that is an exciting place to be. Deutsche banks restructuring lan is so far looking like a bust the markets. Execution risk seems higherthanexpected according to this analyst, leaving little room for error. What do markets need to see to them responding well . I think the big issue is capital. It will be 2020 before things start to turn on that front. So i think patience is required for investors involved in this stock. I think for new investors, perhaps it might ease taking a waitandsee approach. Day one of the Humphrey Hawkins testimony today before the house and Financial Services committee. Fed chair powell answered questions for about three hours. The bottom line for me is that the uncertainties around Global Growth and trade continue inweigh on the outlook, addition, inflation continues to be muted and those issues are still in place iliad he went into the hearing with the markets pricing in a rate cut at the end of the month and he did nothing to disabuse them of that notion. Many times during the hearing, he talked about how well the economy has been doing, and the crosscurrents that could depress growth in the future, including trade, which he said was the responsibility of the administration, not the fed. He didnt say whether it was good or bad, the trade wars, just that it would have an effect on the economy. He leaves with wall street believing they will get a rate cut, but did not give clues of the timing or the amount. It is priced for a 25 point basis cut. Even pricing in a look at was right, there is a choice now the fed has. Not that they will pause at all. I think the big surprise at this point would really be if they did nothing. [bell ringing] i think the market is internally driven by what is happening in policy. Just kicking the can down the road on when the earnings trough is going to come. There was a lot of earnings confusion, no earnings component to this, instead, it is all a bit about policy elevating valuations. Valuations will keep elevated will depend on the recovery stream showing up. After two days of testimony to congress, jay powell message s message is clear the old laws governing inflation appear to have been broken with big implications for policymakers as they consider a rate cut as soon as this month. An unexpected jump in Consumer Prices caused something of a stir in the bond market. What is your reading . Its interesting to see that 30year bond auction you might have thought it went off without a hitch. In fact, the gap between what people thought the price would be at auction for the bonds, the yield coming in much higher, the price much lower it is no coincidence perhaps that this comes after the core cpi came in much stronger than expected. Such as very fairly dovish in two days of testimony. They are looking for a second cut later in the year, but it is definitely giving investors perhaps a little pause to wonder if the level of yields right now is appropriate, given the fact that the fed is so dovish, and maybe inflation could be getting a little more wide. President trump renewing his attack on china just as beijing talks get back on track and as beijing prepares to release trade figures. He is complaining that china has enlisted which is his of American Farm products, a promise he says was secured in with president xi jinping. Out of the meeting, we didnt really get a lot of details. What was good for the u. S. Side was that china apparently agreed to buy more u. S. Agricultural goods. But the data shows that chinese agricultural purchases from the u. S. Have actually dipped since that meeting. We have trump himself questioning whether china is committed. The trade war effects on china were visible in trade data out overnight, with both imports and exports down yearoveryear. No great surprise, i guess. June. S fell 1. 3 in remember, that is the month when mr. Trump put through the higher tariffs on chinese goods. There was likely going to be an impact. Perhaps the bigger takeaway was on the import side. That points 7. 3 , to slowing domestic demand. We have just had imports from the u. S. , they have fallen by double digits going to china. I think it all adds up to the picture that the export and manufacturing side of china continues to be under pressure and that is why there is so much focus on whether or not these trade talks can reach some kind of resolution. Rosalind still ahead, more fed speak. An exclusive conversation with richmond fed president thomas barkan. Plus, insight on why Christine Lagarde should succeed at the ecb. And up next, more of the weeks top business headlines. Greece electing a new Prime Minister who takes office with a set of ambitious economic goals. 4 annual gdpout growth. Essentially, that is double the current rate. Rosalind this is bloomberg. Rosalind this is bloomberg best. I am Rosalind Chin. Lets continue our global tour of the weeks top business stories. In turkey, the president shocked Global Financial markets by suddenly ousting the head of the central bank. The turkish lir. Relivedesident erdogan the nations central bank governor. He has reported that policymakers support his view. But higher Interest Rates cause inflation. With this removal out of the blue, where does it leave the person in charge and were does it leave the central bank . It leaves the central bank in a tough position, francine. The previous had was probably on the cusp of starting an easing cycle. But with this decision to suddenly remove or hold management at the central bank, it has caused some volatility in the lira. It is possible that he might lira mightel the weaken to a level that it might be more difficult for the new governor to cut rates, as president erdogan would probably like him to. A new leader has taken over as Prime Minister in greece, that is after yesterdays election. Mandate to strong deliver on my agenda, which is an agenda to grow the economy, to create more jobs, but also to make sure the greek people feel safe again. Maria he will tell you, i want to grow this economy aggressively. He talks about 4 annual gdp growth, double the current rate. He wants to cut red tape. He went to attract foreign money, but more crucially, he wants to slash taxes for corporations and the only way he to do that, quite frankly, he needs fiscal space, fiscal leeway, and the only way to do that is to convince the creditors that they need to lower the surplus targets, which currently stand at 3. 5 of gdp. Get thating he will leeway, but it is not clear by any means. The marketesting, currently really likes the story. The question is how long can the rally go on . Anne u. K. Mps have voted in favor of preventing the next Prime Minister from forcing through a nodeal brexit. The amendment passed by just one vote. It is telling us that whoever comes after theresa may will have just as rough a time as theresa may did. Parliament saying it will not take kindly if you try to bypass us and surpass us to get brexit done. Boris johnson, who is the frontrunner, saying he is keeping that option on the table that he would suspend parliament if need be to get exit done by october 31. He is not started by saying, i went to talk to other parties, talk to parliament to get it done. And the way to do that is to get brexit done. Parliament is that set against no deal and the e. U. Hasnt changed, their position remains exactly the same. So the challenge for the new Prime Minister is to try to work with the same cards that the previous Prime Minister had, but to play them in a different way. Commissionpean issued its most recent projections for European Growth and inflation, and the news was not good. We have downgrades across the the board. They expect the european economy to grow 1 in 2020, a downgrade to react it is minor, the prior expectation was 1. 5 . But it feeds into the story we talked about weakness, and of the Commission Said the strength of the recovery is being put to the test by geopolitics, by trade, and by brexit. The timing is interesting because we are expecting to hear from mario draghi in two weeks and the market has a ready priced in a rate cut to stimulate this economy. F has become the latest chemical maker to sound the alarm on economic weakness. Really interesting to see them isthe fact is that basf blaming mainly due to trade conflicts is one phrase that stands out to me. Widely seen as a bellwether washe global economy, basf actually fairly optimistic about up opportunities this year, till now forecasting is like increase in sales, expecting profits to be slightly better. Sales is saying will decrease this year, operating profits will be done as much as 30 , a much bigger downgrade of expectations than analysts were expecting. Noting a weakness in Industrial Production particularly in autos as well, and also difficulties in the american agricultural sector, so really being hit across the board. European powers are urging iran to reverse its decision to breach the levels of uranium enrichment under the 2015 nuclear accords. Still, the u. K. And the e. U. Are stopping short of threatening sanctions. Since the sanctions seem to be off the table for now from the european side, what actions can brussels take . There are two ways to go the diplomatic front at this point. They really are trying to lower the tensions. Obviously, things have become more tense with the u. S. The e. U. And the u. K. Are saying, lets take a breather, lets all try to get people to diplomatic talks. Of course, that is somewhat difficult given the u. S. Position, but france and iran this past weekend said they want to try to schedule some talks by the end of july, which could open up a diplomatic front. So it really is at this point, lets try to talk rather than going further with sanctions. Hong kong police have arrested five people while dispersing a purchased in one of the citys busiest tourist districts. Protesters clashed with riot Police Sunday night after tens of thousands had marched against the governments controversial extradition bill. This is different than what we have seen in weeks past. The protesters yesterday wanted to take their message to mainland tourists, so they marched through one of the busiest tourism areas shopping areas in hong kong. Tens of thousands came out. It was bigger than expected and it really shows the nature of these protests, the momentum that they have and how much they have gone on much longer than people thought they would go. Carrie lam said that the controversial legislation that prompted millions of people to take to the streets in protest is dead. Lam stopped short of saying she would formally withdraw the bill. Critics have been quick to jump on that. Leads one opposition lawmaker saying, it is too little too late. What would be enough then . She would have to withdraw the l, and she doesnt do withdraw the bill, and she hasnt done that. The protesters want it withdrawn because it is only safeguard to stop another government from reintroducing that bill. That is why the protesters are digging in saying we want to see that bill withdrawn. And it looks like kerry is trying to use a bit of semantics to explain her position to the a position it is that the public finds untenable. Yvonne chinas car industry showing signs of recovery with the latest sales advancing for the first time in a year. Dealers had been offering deep discounts to clear inventory emissions stricter rules kick in, stoking concern that it will not be easy for the market to sustain. Do you see signs that this is the end of the slump . I dont think it is the end of the slump. Probably a better second half than the first half. We saw doubledigit negative growth in the first half. Ofhink that is a consequence that in 2017 consequence of the tax cut in 2015 to 2017. I think the second half is getting back to normal. 5 growthe will see in the second half. Francine the account of the ecb june meeting was marked with a broad consensus that policymakers were ready to return to monetary easing policy. That follows a recent toughening of language by mario draghi, saying that if the outlook does not improve, that would be enough to warrant action. Do you think Christine Lagarde changes anything . Is she going to push for fiscal monetary policy, and if she does, will government actually hear her out . She does not change anything from our perception, however if you are starting to price a more the case of in someone else being selected, if that was your baseline, then clearly it is against that. Is it not rosalind youre watching blumberg best. I am Rosalind Chin. This week, investors tuned into Jerome Powells testimony on capitol hill. But powell was not the only fed official offering first active on monetary policy. In his first since joining the president monds fed spoke exclusively with bloombergs michael mckee. We are watching very carefully what is happening with that data and looking very much at the upside risk and downside risk. At this point, they are a little more tilted to the downside. The market has priced in a 100 chance of a rate cut. And you go against the markets . We have a lot of time left before the meeting. He will see what happens. Retail sales, we will get consumer spending. I am the markets will adjust. Michael what is your view of the economy . I feel pretty good about the economy. Spendingnsumer side, is great, on the labor side, markets are still quite tight. Healthy signs in our economy. What the chairman mentioned yesterday is is is confidence and Business Investment. The First Quarter was fine and the indicators are less strong,. So i have been out with my contacts asking questions about, how do you feel about the climate for Business Investment . I would say that folks havent pulled back yet, i dont see folks laying people off, cutting back existing plans, but they are also not leading in the way that you might as strong as numbers have shown in our economy. Michael you have a different that ground that a phd economist on the fed, you were a Business Consultant at mckinsey forgive years. You are the guy that talks to the ceos. What is the general feeling about the economy, and where is it going . Downey think we are headed or are they just unsure . Tom almost everyone i talked to says this is the longest upturn in my memory, and actually has in, in u. S. Recorded history. It has to change at some point. There is concern in your mind that things are close to changing. That said, when you talk to them about their own businesses, with very few exceptions, they are doing quite well. So the day is good, but they are nervous about tomorrow. Rosalind much more to come on bloomberg west, including Sir Richard Branson on galactics upcoming public listing and the Deutsche Banks chief Financial Officer explains how the lenders sweeping plan aims to revive profit growth. Plus, Christine Lagarde is viewed as the right leader at the right time for the ecb. She has the experience. Of having also discussed and met with politicians. In europe, it is important because europe is not completed yet. Rosalind this is bloomberg. In general, the economy in brazil is forced to grow faster than what it has in the past. We are optimistic about it Going Forward. Daca, we approve. We have had 80 of the people continue to renew. I hope the politicians start to think about moving from politics to policy. The one thing that changing is where we can make a difference. There are highlights of bloombergs coverage in idaho. The gathering that has been called a billionaires summer camp. Bloomberg. Com to find more conversations. The atmosphere was much more somber at Deutsche Bank. Eadquarters a radical overhaul. Guy johnson spoke with chief financial dust a chief Financial Officer to explain how dorsett intends to meeting growth while implementing cuts. Banking will be the greatest driver financially Going Forward. That may change in the future as Interest Rates change. Now, we see opportunities that have existed for several years and we have not been able to participate as much as we should or could have. You could also see growth in the private bank so the german Consumer Banking franchise we have as well as italy and spain, Asset Management has recovered after a difficult year in 2018 and is back on a growth trajectory. We see underlying growth in our franchises. We are taking the decision to retrench and step back from elements of our Global Markets franchise, in particular the equity sales in trading and a significant step in the bank. What about german clients . Are you still going to be able to [indiscernible] many of our clients and it is the nature of the German Economy that is the significant portion of the revenues earned that are international revenues. Smes have activity outside of germany. These clients expect us to be present around the world and service their needs. Those needs maybe cash management. They may be risk management. They may be fx and those are areas in which we excel and it is around those strengths that we reorient the banks. Entrenchment in equity affect that . One concern we have always andaway from equity sales trading was the franchise impact and a potential that would have on knock on impact and are other businesses. In making the decision we have made, we have had to grasp and we will need to manage through that. We are retaining a target of Equity Capital markets franchise as well as research in limited distribution in order to continue to serve clients needs around equity financing. The sales and trading decision has been difficult for us. Recognizing as you say, theyre unlikely to be knock on franchise applications of that decision. Brussels, finance ministers approved Christine Lagardes nomination to replace mario draghi as president of the European Central bank. Our correspondent set down in france. He said despite the lack of a banking background, Francine Lagarde is a fine choice to lead the ecb. Ofshe has the experience finance. She has the experience of manning managing a big institution. Europe, it is important because europe is not completed yet. We need to continue in the construction of the banking union. Important. Dialogue. D have a expect economists do not more stimulus in july. They expect it in september. Are they being realistic regarding charge from november . Are we going to see more of this stimulus . It depends on the situation. It depends on the bed because fed because of the fed starts losing strongly, the euro is appreciating the dollar. That is not what you want at this time. We have to wait and see how these factors will evolve in particular. World largest suppliers consumer goods became the latest to sound an alarm on the damage between trade wars to Global Supply chains. For the likes of walmart and nike, two thirds of revenue from the u. S. Exclusively, saying trade uncertainties affect how customers see it. All of our customers are trying to diversify outside of china. Not leaving china but diversifying outside of china to put less in one basket to spread out that risk. This has become a big opportunity for us because when you have the to diversify out of china come you go to Different Countries and we have the Biggest Network in the world. In more than 50 countries where we have deep knowledge and history and relationships with local vendors and government. Where we can help our customers move quickly. So it is a big opportunity for us now that the world is changing more. You are getting more pressure from your clients now to show production out of china . Is it that the u. S. Customers . What about european customers . It is mostly u. S. Customers because of the tariffs. The european customers see now a buying opportunity inside china. In china, many factories are not operating at full capacity. They are more eager for business and when they are more eager for business, it is affecting opportunity to lower prices. It is an opportunity for any nonus retailers. Europeans, japanese, Southeast Asian or even domestic. Rosalind meanwhile, wall street kicks on washington. Watching the Federal Reserve for expected rate cuffs. In an exclusive conversation with eric check your erik schatzker, Henry Mcveigh said markets may have said expectations may get the better of them. The market got to dovish. The idea they would get do 50 basis points in terms of easing in july was tube too optimistic. The fed sees low inflation. The prudent thing to do is to do 25 basis points. When we were talking ahead of child support, that is where we stood and markets come around. They would point that out. There are very few times, three or four times in history where the fed funds more than 50 basis points above the twoyear. Every time that happens this , 19 98, 2000,89 2006. You had very slow growth over the next 12 months in the fed was trying to get ahead of the curve. 89, 2000, 2006. 98 the market ripped to the upside. We are not going to have a nasty recession but we do not buy off on the case we are going to have a big 1998 to 2000 runup. That is the big question though. Does this look like 89 . Does it look like 98 . Or does it look like 2000, when instead of having equity markets substantially higher 12 months hence come you have a major correction . Lets what through that. In 2007, the companies are overrunning abnormally. I do not see that. 2000 you had evaluation issue. Bad testld not be a case. You bumble through and made it to the Central Banks ended up getting dovish but you had probability issues. , ultimately we think the market has caps on the upside by multiple you will not getting more multiple expansions. On the downside, you have what i would say is a protective fed as well of the as some of its peers in the Central Banks. Rosalind welcome back. Lets look at our top stories in business and finance. Trade tensions in asia escalated as japan and south korea sparred over tech exports. Another trade war might be coming, citing longstanding tensions. Japan is restricting exports to korea. Three types of critical components used to produce semiconductors and smart fun screens. This dispute has at its roots dating back to before world war ii. How difficult is it going to be become to some sort of resolution . Theye is super bowl sizes need to ask themselves what they are going to get out of it. There is a lot of patriotism involved. Old wounds are being opened up again. At the end of the day, they have bigger things to worry about and that is the global trade and macroeconomic environment we have been talking about the last few months and the fact that both sides of the south korean and japanese have companies that are under threat from china because they are in areas that the chinese come Companies Want to get into. That opens the opportunity for beijing and companies in china to get in there and part of their hardware supply chain. Biggest bankmanys is facing more troubles. Deutsche bank is likely to base an investigation from the u. S. Justice department as part of a probe of malaysias investment. Investigators are looking into a Goldman Sachs executive that worked at the show. From what we under from what we understand, it appears Deutsche Bank may have in when it handed out this loan in 2014 and pulled some of that back when it realized the collateral could not be seized. Which is a different position than one of its Goldman Sachs position from what Goldman Sachs finds itself. Days ago, they passed a test. Deutsche bank did. Getting a vote of confidence in condos that, in made the regulator uneasy about Deutsche Bank. I think if you things to balance out. Houston, we have a listing. The first ever space tours to hit public markets, after receiving a hundred Million Dollars investment from publicly traded firms and social capital. Walk us to the logistics of how this ipo is happening. That is right. They are reversing into the already listed company. That can bypass the whole traditional iba. Only down a couple of test spaceflights. They have not started on the space tourists. Dust are operating around the operating the mop model on which we are building the business shows we will start to see the ramping up of customer flights of revenuegenerating flights. We expect profitability in mid2021. We have had very successful flights into space recently. We have made the first five astronauts to be made in america since 2009. , wer 14 years of hard work feel we are on the verge of something special. Ibm has closed, finalizing the World Technology deal and setting the company up in clouds. Build that ecosystem and its open source in conditions and it ecosystem someone one day, preserve it. That is what we are preserving that will help them extend their reach into 175 countries. We are working to build the next platform. You build applications or move applications and so coming together allows us to dramatically accelerate our business and genetically accelerate our clients businesses, which creates value through that chain. Bullish sales, cisco is not standing still. Ciscos equipment makes up the backbone of corporate networks. That Company Makes products of Cloud Infrastructure operators and Communication Service providers. You do not want to be in the same box as everybody else. What they are doing is going on and getting some of the fundamental technology, the chips, the obstacles to put in that box to differentiate what makes the like of google come back to them and say we really need cisco technology. Two of the Worlds Largest automakers are teaming up on driving cars. Go economist car partner are has a relation of 7 billion and bw will fold into argo. That as a challenger to gm. China. Nlist heavily in very competitive in europe. [indiscernible] even the ones advising on those deals are starting to emerge themselves. Investment banks are bundling up. [indiscernible] price tag 485 million. The prices low and they got a good deal. I am going to do everything in my power to make sure they did and everything we do to be helpful with them is be helpful with stock. We will make a real contribution and were going to be large shareholders. I intend to be a very large shareholder so there is a lot of ways to get paid in this deal. The grinding of the 737 max 8 is starting to get hit home at boeing. Plain shipments at 54 over a year earlier after the best selling plan was barred from flying following fatal crashes. Have you things look going into the second half . We see bad numbers for the first half so far. The second half will be could be worse given that we have just seen the First Airline to cancel the 737 max 8 commitment. We could end up seeing more in the second half as this unravels further. The other factor that is causing concern is the trade war, not just between china and the u. S. Issues going on right now with e. U. And the u. S. As well. I foresee there will be more challenge Going Forward for boeing in the second half. The federal prosecutors are charging Jeffrey Epstein with sex trafficking as well as conspiracy and are pushing for him to remain behind bars pending trial. The indictment was unsealed earlier today in a Manhattan Federal Court after the wellconnected was arrested saturday. Epstein pleaded not guilty during an initial court appearance. Jeffrey berman called him a significant flight risk. When you have two planes and you live much of the year abroad , we think that is a real risk. A guy who moved in bipartisan circles politically, financially, socially and he got away with overthetop behavior for elong period of time. A lot of people are probably sweating this one out, wondering what Law Enforcement is going to come up with once they start going through his files. They broke through his front door over the weekend and collected photos in the house. That is probably the least of it. Alex acosta is resigning, effective a week from today. This is one of the first concrete pieces of fallout from the epstein scandal that does not have to do with epstein himself. So much attention has been focused on him and his conduct. This is the first real repercussion in government at a high level. The secretary of labor is out. Outdepending on what comes from the federal investigation in manhattan, this could have repercussions elsewhere well beyond epstein and into the world of wall street or business. This is the function of the bloomberg. Getting ay of snapshot of what is going on. Tesla detailing an internal memo that suggests the cup in increase production at a california plant. About 30,000 functions on the bloomberg and we always enjoy showing you our favorites on Bloomberg Television. Maybe they will become your favorites. Here is another function. Q uic go. They will take you to quick takes where you can get important context and insight into timely topics. Here is a quick takes that this week. Exchange ont thread april 17, a writer had a few questions about the airlines new boarding procedures. No boarding pass, no i. D. Instead, a camera and screen verified her identity against a u. S. Customs database. Then let her on the plane. Some passengers might consider the increasing use of facial recognition convenient. It is already everywhere. The question is, how far will it go . Even some of those developing the technology are here to what the answer might be. This is your bloomberg quick take on facial recognition. In may, San Francisco became the First American city to a lot police from using facial recognition software. The biggest concerns are around civil liberty and whether you enable a totalitarian state with this technology, which seems to be the direction things are heading. How did we get here . Like other intelligence applications, facial recognition initially developed slowly in the 1960s with the help of high death cameras, Machine Learning and giant databases of photos to increase accuracy. Facial recognition takes images from video cameras and tries to identify the faces of people. It does so by taking key points ofthe face and measurements the distance between all of those various points. In december 2018, London Police with their first arrest based on facial recognition after crosschecking photos of pedestrians. In new delhi, a police trial identified 3000 missing children in after days. Those involved catching criminals, why would anyone be against it . One might look at the most developed network in the world in china. Facial recognition has been used in combination to create this surveillance apparatus and that is applied against ethnic minority groups. Usingn western democracy, technology to try to find suspects or even people who might be involved in the dead amid protests. They could be tracked. Those are concerns about the technology when it works as intended. A study found white men in a sample were identified 90 of the time while error rates were found when it came to darker skinned women. Microsoft came out they feel uncomfortable with deploying the technology until there is clear regulation around it. They were joined by amazon, which seconded those calls. It seemed like other companies are plowing ahead without qualms at all. To stake out guidelines, the other rhythmic Justice Center and law center unveiled the safe ledge which asks companies not to provide facially i4 autonomous weapons or soulful self Law Enforcement unless laws are allowed it. If you companies are signed on but not microsoft or amazon. So what is preventing your image from saying more about you than it used to . Faces. Not much. Was just one of the many quick takes you can find on the bloomberg. You can find the latest Business News and analysis 24 hours a day. That is a rep for bloomberg best this week. Thanks for watching. This is bloomberg. David after it did go public, it did go down by 11 . A record decline after an ipo. Dara i love how this interview is starting. I really appreciate that. David how long will it be where there is no drivers . Dara the better thing than robots alone or humans alone is robots and humans working together. David someone asked you to interview as the ceo of uber . Did you say you already had a job . Dara at first, i said, no way. Could you fix your tie, please . David people would not recognize me if my tie was fixed