In order to get that meeting. That really followed up on a public tweet from Rudy Giuliani in june where he was criticizing the Ukrainian Government for not having started an investigation into the bidens. Detailds an interesting to the focus on whether there was a quid pro quo. We expect the impeachment inquiry to dig deeper into the public hearings. These are transcripts and things we have had. We will have public hearings. What is important there . One of the witnesses will be william taylor. He was a temporary ambassador to ukraine who was handpicked by mike pompeo in may after the u. S. Recalled the previous ambassador. Reputation as a detailed notetaker. He has help filled in the gaps. We have some key earnings reports that are during well. Qualcomm put up a betterthanexpected outlook. Those shares are soaring. They did very well. The stock is up more than 10 . U. S. , the influence as that alphabet is a top stock and one of the top sectors. Both of those stocks getting the trade left. They also said they did not see a big economic slowdown because of the trade were. You put these together abigail doolittle, thank you for the report. Begin with news that broke at the top of the show. The declaration coming after the Current Deputy tom watson announced he will step down. This on the day of the upcoming election campaign. I gave it some thought. I will be throwing my hat in the ring. There is a track record of being supportive to our leader, jeremy corbyn. Departure is seen as a major blow to the party at the start of campaigning. The merchants as a sign of how much power has shifted to a labor banks socialist wing. Warning ck rone Emmanuel Macron had a warning. There is a threat for americas transatlantic partners. Last month he was infuriated President Trump with through troops from syria. Gunman ambushing a convoy. At least 38 people were killed in the assault. To date, it is the deadliest attack there. It comes when prices are rallying. Day,l news 24 hours a powered by more than journalist in more than 120 countries. This is bloomberg. News may be, good coming on the trade front. Do democrats want a deal with china . We ask our Clinical Panel next. We have had a lot of problems with losing jobs but the principal reason has been bad trade policy. You have trade agreements with china done, that has 4 million jobs. Trade deals. Theot like to think president is trying to push through congress. Giant multinational corporations have been calling the shots on trade. Multinational corporations that have no loyalty to america. It turns out not just President Trump things need to get tougher on trades. Several democrats running for president talk a tough game, as well. Is there that big of a difference between republicans and democrats on trade at this point . Washingtonuest from and one joining us in the studio. That sounds like the democrats agree with what President Trump is doing, maybe not how he is going about it what he is trying to do. That is not a change. As frees govern traders. You saw that with clinton, obama and Hillary Clinton when she turned 180 degrees and said she was against it when she had been for it before. , that did notge suggest in nature before. President trump made no secret he is hostile with some of what has been done on trade. Will that be to his benefit or a people think he is getting soft . It would be a benefit, especially in a suburban area. Let me pick up on exactly what you said, suburban areas. There was an election on tuesday and there were some people came said we are worried about the suburbs, for example around photo field. Maybe there is some weakness. Are you concerned about that . Absolutely. I think the suburbs are on fire. We need to address the concern, especially women like i am. We are just not doing that is the Republican Party. You talked about the suburbs of philadelphia. Delaware county for the first time is democratic. You go back to the civil war. This is crazy. We need to address it. I think going back to the china deal, if we can get a china deal that will help. And we need usmca. Theow much of that issue in suburbs is more social issues rather than Economic Issues . I keep asking, who is the trump voting republican who will switch their vote based on the economy . There are really low unemployment and inflation. The problem is not unemployment. People can get a job. The problem is the jobs dont pay enough to support a middleclass life for people in bigger metro areas. Number of people who work fulltime do not have a middleclass life. I think the biggest economic problem is not unemployment. There is a feeling that they are running in place and there is not real opportunity to get ahead. I think trade deals will have a marginal impact in the suburbs. They are very important in areas like iowa and rural wisconsin. Farmers are acutely aware of what is going on. Suburban voters are less tune into that. This will be a fascinating election. Now we have something called an impeachment inquiry that will go public next week. Inquiry that will go public next week. I noticed but to democrats in the house of representatives they said this is there will be political effects, potentially. Right now, we are pleased it is coming out into the open. I traveled the country talking to suburban women, they are kind of thing attention but they are paying more attention to the needs of health care and education and the equal pay of admin. That is what they are focusing on and appeasement is a side story. What does Republican Party have to say to those people . What does donald trump say to those women . He is not handling that well right now. We are hoping he can continue to fire up his base and then pivot and Start Talking about health care. And start feeding the suburban women what they need because tuesday not, we are on fire in suburban districts and we have to understand this to get the house back. They are divided about health care. Of turning itger from an advantage to a disadvantage. Voters were afraid of donald trump and now they are afraid elizabeth ward will take away their insurance policy. Are about to snatch defeat from the jaws of victory. People are angry about how the republicans and trump in particular have managed health care. They have taken shots at the Affordable Care act, Prescription Drug prices, nothing is happened. It is very dangerous for democrats to be talking about medicare for all and that is why we been pushing hard to get Elizabeth Warren others to back off. It is absolute political poison. There is some division among the democrats about their plan. Im not sure what President Trumps plan even is. Is there a plan he is running on for 2020 . Not that he is talking about but there is one we are talking about. Elizabeth warren is trying to bankrupt the country. Choices to theve American People on how they pay for their Prescription Drugs. Do they always have to go to the pharmacy. There are a lot of things we are looking at around the edges. Why Elizabeth Warren focuses on bankrupting us. People are not going to like the government totally taking over health care. Thanks to our political panel. Still ahead, a saudi spy plot. It turns out two twitter employees might have used the service to spy on users for the Saudi Arabian government. This is balance of power on Bloomberg Television and radio. Two former employees of the country and a Saudi National were charged in the u. S. With helping the government and readd for spying. A reporter from San Francisco. What did they say these individuals did . The claims are that these former employees of twitter used their access inside the company to look up the personal information or the records of people who might not be or people who were critical of the saudi royal family. They used their ability as employees to pull private information that would not have otherwise been accessible to someone from the outside. Twitter does allow people to be anonymous on their service. Oftentimes you dont know who is running an account. An employee might be able to point email, a name, a phone number and therefore tie an identity of an account to an actual person. Usually we think about spying or espionage against a government, not against individuals, is this an espionage claim . That is kind of what the claim is here. Saying ourj is foreign influence actors. They are being paid by a Foreign Government or rewarded by a Foreign Government for using deposition here. One of the employees did work in the San Francisco office for twitter. The idea is they were spies or the saudi royal family. What is twitter sing specifically. Two they have any safeguards in place. They sent to the doj, they had a boilerplate statement. Y said in the statement they did not share specifics around which employees are able to access which data. You might remember a few years ago before an employee quit, he temporarily suspended. Revenue on advertising really missed the bar. He says that stems from under developing these things. Theill eventually hurt prophet. They still think revenue will keep peace. That is part of the longer story with twitter. Question is can they monetize those users . The last quarter day reported two ways. With twitter and the conversations we have been having with it and political advertising, it is not that big of a financial part of the equation. Nonetheless, that also takes down revenue. If there is any question about the existing revenue, that is not a great sign. Up next, help may or may not be on the way for any factors in china. We talk with democratic senator tom carver up next. Sometimes your small screen is your big screen. And with the Xfinity Stream app, which is free with your service, you can take a spin through on demand shows, or stream live tv. Download your dvrd shows and movies on the fly. Even record from right where you are. Whether youre travelling around the country or around the house, keep what you watch with you. Download the Xfinity Stream app and watch all the shows you love. Testing testing from new york, this is balance of power. Im david westin. Story youn with a broke at the top of the show. At the u. S. Confirming phase one of the trade deal with china would include a rollback on tariffs. Beijing already says the countries agreed to a phased rollback of tariffs the duties now applied to the majority of chinese exports to the u. S. Lawyers for john bolton say he will not go before the u. S. House Impeachment Committee without a court order. It bloomberg has warned the house is unwilling to litigate the issue because it would take too long. Today on capitol hill, vice specialt pence is adviser for europe giving closeddoor testimony. Iran says it blocked a special inspector from a nuclear site because she suspect tested positive for traces of explosives. Acting unlawfully. The human Nuclear Watchdog is calling the actions a provocation. Has detected evidence of undeclared Nuclear Material and iran. Iran has no plausible explanation for the detected material and must explain where it came from and where it is now. Irans detention of this inspector was without question and outrageous and unwarranted act of intimidation. By the are 2031, germanys Defense Ministry monitor the defense is it to equal 2 of the gdp. It has gone up but it is still global news 21st day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. Trade war rollback. At the u. S. And china have agreed to lift some tariffs on each other if the two countries reach a phase one deal. At the u. S. Confirmed the initial report commerce had said the tariffs would be as progress ises made. Our next guest represents a state where manufacturers are and are working for Bipartisan Legislation which would give congress more power to curtail the tariffs. Now we welcome the democratic senator of delaware. Have you heard anything about the possible rollback . Recovering, every week i visit businesses large and small. If we can get some certain predictability that is a good thing. We should have never pulled out of the Transpacific Partnership in the first place. Leading it, china was on the outside. We should have never gotten out of it. Game, itto play this is just crazy and foolish. Accounts of you sitting down and meeting with manufacturing companies, give us a sense of what it is doing to delaware. Sen. Carper i recall one conversation, tell us what the rules will be, give us some flexibility. It turns out, we are doing that. They need certain predictability. Administration, if youre going to make a good deal with china, having screwed up with ,he Transpacific Partnership not messing around and screwing with people. Lets turn now to the subject of health care. 2020 election,e there is an apparent Division Within the Democratic Party with medicare for all on one hand and an enhanced care of obamacare. I talked to nancy pelosi and she said she was not a fan of health care for all. Im not a big fan of medicare for all. I welcome the debate. I think we should have health care for all. I think the Affordable Care benefit is better than the medicare benefit. Where are you and where are the people of delaware on it . Rather than spending the last several years trying to destroy it we need to spend that time trying to make it better in a bipartisan way. The people of this country would be a lot better off. It is actually a republican idea, it is a good idea. In the seen prices exchanges leveling off in the current year. In 30 or some states the premiums are coming down. In delaware and six other states premiums and exchanges are coming down by doubledigit rates. We have to figure out how to make it work. More competition will help bring it down even further. That is how i feel about it. Is democrats,on we agree on this, access to Affordable Health care for everybody. Disagreements. We have honest disagreements. What we need to do is work that out. Im not sure how you pay for medicare for all. Nowave a situation right where half of our people in this country get health care from employers. A quarter get their health from medicaid. 15 get coverage from medicare. The rest are looking for coverage in places like the exchanges. If we want to do a singlepayer, add that into the mix. We will run out of money altogether in the next decade. We need to keep that in mind as well. At 1 trillion this next year, we have to be mindful of the cost. Work, it will provide it to people who need it. We are speaking with senator tom carper. Lets talk about 2024 in minute. You have endorsed former Vice President in a minute. Are you concerned he is not making the headway particularly in iowa . Most recent polls show him fourth. The National Polling in the statebystate polling in the states that we ,orry about the battleground wisconsin and michigan and minnesota, joe biden does very well. I was in iowa about a month ago, we were received very warmly. There are a lot of people who like him. We were in the western part of the state. He is trying to be everywhere. He cant be in every single state. He has been there so many times over the years. We need somebody who cannot just unite our party, we need someone who can unite our country. I just think joe biden does all of those things very well. I know a bunch of them pretty well. Subjectt to close on a we have talked about before, infrastructure. There was a time when President Trump was talking about a lot. I dont hear anything about it at all. Where are we on infrastructure . The transportation infrastructure in the senate belongs to jurisdiction of four committees. The committee that John Barrasso of wyoming and i lead, it was passed unanimously an authorization bill towards 87 billion over the next five years. We are waiting for the Banking Committee on transit to do their piece. We are waiting for the Commerce Committee which does safety, some airlines, and then we are looking for the finance committee. We have tried to do in our committee is lead by example. I am meeting with democrats and republicans from the other committee saying this is what we have done and it is important you join us. Like to have you on as always. That is senator tom carper. Coming up here we will continue on that theme of infrastructure. It is supposed to be the refrain that began a joke youre the bipolar seen bipartisan push, we talk with ceo susan story next about power on television and radio. And radio. 2020 president ial campaigns are ramping up and facebook is looking to take steps to avoid some of the issues that gave it a black eye last time there was an election. Ceeo cheryl spanberger sandberg spoke with our Caroline Hyde earlier today. Iswe think the 2020 election a massive test for us. Elections have changed, we have changed as a company. If you look back to 2016, of course we were prepared for state actors. What they did was hack in and take information. Unprepared,lly everyone missed it. That is different now. Now we really work hard to find what we think of as coordinated and authentic behavior. State actors, groups of people that are trying to save stuff. In 2016 we had never heard of it. 50, sevenwe took down in the last two weeks alone. We are in a different place. We are going after every single thing, it was done through a fake account. We are able to take on millions every day. Most before anyone sees them. Misinformation, we didnt have a Fact Checking program at all in 2016. Now if something is mark false, we can really reduce distribution and we could show related articles so people see the other side of the story. Other companies have reported fake news on facebook is definitely on the decline. And transparency. This is really important. In 2016 you can only see an ad targeted at you. You didnt know who was behind the page. Now we have an ad library so you can see any will thing anything anyone is showing anyone. Journalists use it. We are running operations through our red team that is looking for what will the bad guys tried to do next . This is a major test for us. 2018, the midterms were very focused. We had lots of elections since then. This is the highest priority. David the question is does facebooks biggest concern lineup with its users . We will talk about that next. This is bloomberg balance of power on television and radio. Ower on television and radio. Break we heardhe how facebook is focusing on avoiding problems with political speech and advertising. Others are focusing on how it is handling the privacy of those who go online. Something the ftc has looked at more than once. Read, imw jennifer really curious about what the sec knew and didnt know, there are some leaked documents that are sort of bad documents, did the ftc know about those . Assuming they did. The ftc will be much quieter. They maintain the confidentiality of their investigation. When they find facebook 5 billion earlier this year it was due to a long investigation. They are thorough. These are the kind of documents they wouldve asked for. Cvsve to assume they did and maybe they weighed in on this. Not alwaysbook has been forthcoming in discovery. There are reports in california that there are state actions pending where people are complaining that you are not responding to our document requests promptly. Jennifer the attorney general of california is seeking the help of the courts to endorse the california state subpoena. The response system is inadequate or incomplete is what they are saying. You were a lawyer, you know these things happen. Did companies do everything they can to protect the privacy of the emails of executives and others. They will make arguments that these are not relevant or they are protected by privilege. Good legal is a argument. There are times when you could the legal argument and lose in the court of public opinion. Facebook saying we need to protect the privacy of the executives when the question is have you protected the millions and millions of users . Jennifer i think it is a disconnect. It really is a disconnect. The extent that their actions against them, they will fight it tooth and nail. Get them narrowed down. We also dont know what the argument is on the subpoena. Perhaps those requests are very broad. David we dont know what congress is or is not going to do. They really havent taken much action, have they . Jennifer congress has been collecting documents. It takes some time. People want things quickly and everybody says this will be expeditious. Else, theseng documents will harm facebook. She is our guru. We will switch gears now from social media to infrastructure. Rubber all that talk in the early days of the Film Administration . We dont hear about it anymore. That doesnt mean the issue has gone away. American water works is the most geographically diverse publicly traded Water Utility of the nation. Story. Its a, susan we have talked about this issue before. It rates our infrastructure at a d , are we making any progress . Susan we are but not quickly enough. Waterf the investment in and wastewater took place following world war ii. Andt of cities municipalities simply dont have the money to invest in infrastructure. They are busy funding pensions and they are busy with firefighters, police officers, building schools, the important things cities have to do. David tell us how your company fits into that. Youre are largely a state owned utility. Do you build the infrastructure or is the city or state Building Infrastructure . Susan we are a regulated utility. We are regulated by state Public Service commissions. Ass access. Llent infest invest 1. 7 billion, when you look at them invisible systems we are buying, that is another 200 million. Issue, wateren an quality, emerging contaminants. Nobody wants to be the next city that has had problems with Water Quality. Water infrastructure is very key. Seeing an increased need for resiliency investment. What i mean by that, in the northeast, the past 1012 years we have had six 100 year floods. Weve got to get this right before we are faced with flooding, hurricanes, or ice storms. With susanre talking story, ceo of American Water works. You spoke with the flint story. How bad of a problem is that . 140 4 millionre chemicals registered globally. We cannot regulate all of these. The ep regulates 100. We must have more and more research into how these contaminate. We are using Artificial Intelligence and machine so we can stop any type of contamination event before it ever happens. Company has been doing pretty well financially. How much of that is because of the increased awareness of environmental social governments issues . Susan even though we are a u. S. Company, around 28 of our stock is owned by International Investors. Done fouralone i have International Investor trips by demand. Typically i do one or two. It is because they are so strong. Because we have a regulated oflity, there is a lot demand from an investor standpoint. You know this area so well, what needs to be done and who needs to do it to have us catch up . Is it federal, state, local . Susan it is all of the above. Water and Sanitation Services are so critical. One group cannot make these solutions. We are working with state governments. We are working with local municipalities. We share a lot of our research. E are paring with the epa there is not just a lot of press that oncechemicals they get in the body the body cannot get rid of. We need to find solutions and treatment to utilize. David how concentrated is your business . You are the largest, how big is the secondlargest . Are there a few large players or are they a lot of Smaller Companies . Susan theyre only eight investor owned water utilities. We are half of the whole market size. The next largest Water Utility is a little less than two times our size. They rest on a 3 billion4 billion market cap. David what percentage are investor owned . Susan about 15 of water and 2 of wastewater. Run 98 of wastewater at this point. David to what extent is regulation helping or hurting you . The Trump Administration wants to dial back, is that helpful to you . We are advocates for strong Water Quality standards. We have found is there is a lot of support. David what is your biggest challenge . Susan making sure there is not a contamination and that we are at the forefront of cyber protection. David always good to have you here. That is susan story. The president of the American Water company. She will continue with us in the second hour over on bloomberg radio. Power. Balance of we will have the ceo of cvs who had the earnings out and did very well. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. Saudi aramco for sale at what price . Valuations range from 1,000,000,000,0002 trillion. , ale earnings not as bad rough earnings season for emp with one company questioning its survival. Millions live without clean water, we speak to bobby whitfield. The man in charge of fixing it. Alex welcome to bloomberg commodities edge