Transcripts For BLOOMBERG Bloomberg Technology 20171209 : vi

BLOOMBERG Bloomberg Technology December 9, 2017

President trump was aware of his decision to recognize jerusalem as israels Capital Raise it tons, but he did advance peace in the middle east. The Trump Administration has been working on a new peace plan. Ambassador haley gave no details. Allies in the Un Security Council are criticizing president trumps decision on this. Britains ambassador called it unhelpful to bees. Siuweden and japans ambassadors opposed unilateral measures. Local news 24 hours a day, powered more than 27 hundred journalists in more than 120 countries. M alisa parenti, and Bloomberg Technology is next. Emily this is Bloomberg Technology. Bitcoin mania. The battle is not cooling down. A look at its wild week and a major milestone coming up. Plus, nintendo continues its successful year. We will hear from the company about its plans for the Holiday Season and 2018. Hisdraper talks about position on bitcoin. This later on the show. ,nother wild week for bitcoin the worlds most valuable cryptocurrency. 17,000an flirting with this week. This intensifies the debate on whether or not bitcoin is the real thing. Care less for how it trades. If you are stupid enough to buy you will pay the price for it. This is irrational exuberance. This is, as greenspans famous phrase. Of course he then found that the market kept on going up after he said it should stop. An unusual market. It shows we are not in the normal twoway Trading Market that you normally have. It is a scam for criminals round world. How muchn shows you demand for Money Laundering there is an world. If it was 20 years forward i could tell you why it worked out. But i am not guessing it will work out. Isthe bottom line is that it a religion. You have to believe in it or not. I certainly do not think of as a fraud. Is it a bubble . Maybe. Weve gone too. Where there is a big runup before a correction. A point where an comes back to limit. I would like to bring in singh, ceo of it pay bitpay. Also with us, cory johnson. How do you think that will change the game . Should be exciting. Never a dull moment in bitcoin. I think it really makes bitcoin legitimate for institutional buyers, as well as regular retail. Believe it or not, it is hard to buy bitcoin. My father calls me and asks me how to buy . It, and i have to its when the process. Buyers and institutions can get into this. We heard from gary cohn this c and e. T the take a listen to what he had to say earlier. Approved a couple futures contracts. It will allow people the ability to short it and never bid in a transparent market and bitcoin. We will see what goes on. It is an evolving market. How do you think the market will evolve, corey . This is going to be unusual. I dont know that weve ever had such high level of interest in such a then market. Story ona great bloomberg terminal that talks about how 40 of that coin is owned by a handful people and does not trade. The trading is very thin. You will have options and futures based on this very illiquid market. It is also not very up. We do not know how the trading takes place. We do not know what the spreads are. So it could lead to some really unusual things. A small trader in bitcoin can affect the price a lot. But right now, theres only one way. By a tercel. You cannot short. So it is going to add leverage on a very thin market. Theoretically, it would reduce volatility. The irss asking questions. Is it the taxes you . Good question. People of may Capital Gains on bitcoin want to pay their taxes. Nobody wants to pay taxes. Theyre willing to. Accounting firms do not quite know what to do these people. In the case of bitcoin futures, it is short now too. Is going to go out gradually. The banks are taking a wait and see approach over the next couple of weeks. It will eventually open the door to get them more involved. It could also open the door for the etf eventually. This really is the ground one, where can go and play. Will that be . It opens the door for a lot of retail buyers throughout the country. It is like etfs for gold and other things. My dad can definitely by now. Which things up a good point about consumer protection. Such an illiquid market, where he do not know or the prices are moving. You do not know if their front running. It is frustrating for people who are used to seeing stocks. You see them move against you all the time. When you trade stocks, back in the day i used to watch these things happen. I used to watch bloomberg realtime trading. Bitcoin with bitcoin, one does not know what is going on. Theres always been fraud. I do not know that is happening seeitcoin, but people can an order. Sonny, there are risks. Are you worried about hacking . Sonny i think a lot of the exchanges are making people more securityfocused. There are more regulations coming into play. You are seeing it harder to happen. Security is getting better. 30ou guys just raised million. This year, we raised from alkaline a different kind of investor. We have more money than we raised. Our growth margins are more impressive. They give us professional services. If you are not worried about packing, then what are you worried about . Sonny four years ago when i said, hey, bitcoin has some potential. People have come to the conclusion that that coin is here to stay. The government is not going to shut down. It really is global. But it is happening in india, japan, korea, argentina. We feel like it is number one because we hear and see about it everyday. It is global. You hear about the other exchanges offering products. So it really is here to stay. Corey, 2018 will be the year of what . The year of Sexual Harassment finally being the issue that came out of the dark. So who knows about cryptocurrency. Day. Y is such a crucial sonny said something interesting. But this is the same thing happening in the financial markets. The markets will be able to trade bitcoin in a public way. Well see a big change on monday. This onll be all over monday as you know. Thank you so much. Coming up, uber making headlines overseas. Not all of them good. Beyond, next. 5 00 p. M. In new york, 2 00 p. M. In san francisco. This is bloomberg. More legal troubles for uber in the u. K. The ride hailing giants license is shut down in sheffield england. Operate, continue to but it becomes more trouble for the worlds biggest startup. Tion hason revokeca yet to be resolved. Max, what do we do or not do now . Max it appears to be a technical problem. They did not change the name of the executive on their operating license at sheffield. It seems like a small story. Sheffield is englands ortho largest city. It is not a huge city. Ze as the same si tucson, arizona. It shows how uber is having to play defense around the world. You have regulators watching the news in the united states, seeing how the Company Faces scandal and being harder on it. We saw uber lost its license in london. Had thishe fact we technicality as the reason for it, it would not be wrong to see ubers rand problems having played into sheffield revoking the license. Will this have broader business implications, that uber fights these kind of battles in other cities around the world . Max it is just a small cut. For uber is that it is a money losing companies that it is. Sleep trying to get to a profitable place so that it can go public in 2019. Thesetime we have one of situations, whether in london or it createsr brazil, more expense and makes it harder for the company. This is not something that Dara Khosrowshahi wouldve wanted. It seems like a forced error for the company and embarrassing if you screw up your paperwork and it knocks you out of an important market. That is not a good look. That dollar has been to london to work on the licensing issue there. How does this reflect on his short tenure there . A much of a honeymoon. Does he get . So much of what is happened since he got there, you can date it back to the Travis Kalanick regime. Was the head of their u. K. Operation, who had been there when london took away the license. You can put this on travis callan it. Monthsl have a few before people start to blame dara, but it is an unforced error. Same time uber is getting a goodlifet, this is not for the singapore grand prix. It looks to be a situation where uber is retreating. Do you see a broader pattern, again, emerging here . Max two things are going on. Been on this long march to take over the world. They planned on dominating every market. Beginning with the deal in china, they have been on the retreat, cutting deals with local players. This story also has a cleanup component because uber sold to a taxi company in singapore, funding a joint venture. That company had been embroiled in a scandal, so it was another potential problem area for the ngmpany that by selli majority interest it is a way to make things a little tidier. To move on from that scandal and also have a better shot of competing in southeast asia. Last question for you, max. Weve been covering Sexual Harassment against to jabbar. And yet, he has completely denied these allegations as more women have come forward. What do you make of the tactic that pressure bar has taken . Pishevar . Max it is either four or what it chess feels like to me personally is a bit of grasping. There has been a lot of apparently erratic behavior coming out of him over the past year, including this weird battle over his close friend, travis callan it. Kalanick. This is an attempt to muddy or distract from these allegations. The people at uber dealing with the shareholder battles are just wanting this guide to go away. It is just yet another issue creating problems for this company that until recently was successful. Max, thank you. Coming up, it is blockbuster season for video games. How nintendo plans to keep up with the demand of its switch console next. This is bloomberg. Is blockbuster time for video games. While there been a new slew of video games released, the real strength may be in the hardware. Nintendo has added hardware and software to its lineup. The switch console may be the hardest ring to get a hold of this season. Supply could be an issue. I caught up with the Nintendo America president to ask him a season is going, so far. Sales have been robust. The Nintendo Switch has been one of the hottest selling items all year. Our focus has been on making sure we have enough hardware and stores to satisfy the demand. We are fortunate. We have four games that are motivating consumers to pick up our hardware. Zelda breath of the wild. Super mario odyssey. Sales are strong, but there are still several weekends to go to make sure we have a great Holiday Season. You mentioned, the switch is one of the hottest tickets in town. Is it still meeting demand, or are you behind . Product is flowing into Retail Stores and flowing into our. Com retailers on a daily basis. Tellingthing we keep consumers is, when you see a nintendo its which, by it. Upcannot aaron t we can keep with the demand continuing to the Holiday Season. Guarantee. The switch is out for nine months. What if you learned . What do you see about how people are getting this into their lives . Ggie you said an important point about how people are getting this into their lives. I would say the first thing we learned is that we have been very strong in communicating the Nintendo Switch proposition, a home console you can play on your big screen tv and undocket. Consumers are responding to that proposition. We also learned that the work weve done toward enabling Strong Development environments is really paying off for us. We are getting strong support from the big publishers like are getting strong support from the independent developer. That content is really important as it looks to help us with the overall reason for consumers to pick up the hardware. Are a couple of key learnings we are looking forward to continuing, driving our momentum not only through the holiday but into 2018 as well. Can we expect the switch to launch in china as well . China is a big market. It is a market we continue to evaluate. In terms of what we might do and when we might do it, where in the process of looking through a range of alternatives in a range of different ways to just making sure that more and more consumers have our intellectual property available to them. Here, but china is a market like brazil and the number of very large markets that we continue to look at. Let us talk about animal pocket crossing cant. Sales have struggled. One of you learn from that. About i would be careful your characterization. The game has only been out a couple of weeks. The monetization element will continue to develop over time. What we have seen is that consumers have downloaded it, and played it an exceptionally long time. That bodes well for us. We launched the newest seasonal aspect of that game tying into the Holiday Season. That is a key element of animal crossing on our dedicated handheld device. There is much more to come with animal crossing, and i believe that as we look to next year in 2018, we will see the same type of positive trajectory that for example we saw with heroes. Thing parts. K construction has started in japan, but not florida. What is the status of florida . How will it be different from japan . The details of the thing park exactly when construction might start or what it will look like, we will let our partner at Universal Studios share all of those details. What i can tell you is that, you know, the first park will open in osaka japan ahead of the 2020 olympics. That is the key focus of the team. We are thrilled to be partnering with Universal Studios. Believe isething we another example of how we are making sure our intellectual properties are touched by his many consumers as possible. Me. Hat was reggie meza coming up, techcrunch reporting the acquisition of shazam by apple. How it fits in the bigger music strategy next. This is bloomberg. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. I am alisa parenti. You are watching Bloomberg Technology. Let us start with the check of the news. After six months of negotiations between the u. K. And european union, both sides have a deal in place to move ahead to the next phase of the divorce. Theresa may arrived in brussels to announce the breakthrough, which she says will be welcomed by the business sector. Millions of jobs depend on the future trading relationship we will determine. I am optimistic about the discussion ahead. Reaching this agreement makes sure businesses will be able to make investments. The agreement paves the way for eu leaders at a summit next week to open the second phase of brexit negotiations covering the transition. The breakthrough includes a guarantee from britain that there will be no hard border between the republic of ireland and northern ireland. The irish minister praised of the deal and said it is time to look at the future. By its nature, it has strained relations between the ireland and the u. K. Our role now is to make sure we get through that and reestablish those friendships that should exist between britain and ireland and the governments. Angela merkel is emboldening her critics of her 12yearold on power. The chancellor wants a rerun of her Previous Coalition with the social democratic party, but hard lines say that is too high of a price to ensure four more years. They are pushing for a minority government that Angela Merkel considers to bring to much uncertainty. Peacekeepers were killed from tanzania. The United Nations peacekeeping mission in the congo is the largest in the world. It is the deadliest single attack on the peacekeeping mission in recent memory. Excuse me. President trump has approved an Emergency Declaration in california where wildfires have raged for most of the week. It orders federal assistance and aid for response efforts. Wildfires in Southern California stretch for a couple of hundred miles from san diego to north of los angeles. The biggest fire has grown to 206 square miles in ventura county, destroying more than 400 buildings. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. I am alisa parenti. This is bloomberg. Here is Bloomberg Technology. Emily welcome back to Bloomberg Technology. Apple is close to buying shazam according to a techcrunch report. This comes at a time when companies are spending to grab a bigger share of the streaming music market. I want to bring in our bloomberg tech reporter who covers apple. Alex, what do we know . Him since the initial story, we have confirmed it with sources. We dont know the valuation. Techcrunch is reporting 300 million. That is not good for investors. Emily shazam investors . Yes. For apple, it does not make a difference. You can use siri to recognize a song for you, but it prevents it from going to competitors and differentiate why people buy apple. Emily how do you think this fits into apples broader strategy around music . We have seen apple making inroads into content, but not 100 clear what their direction is when it comes to video content. We have seen them hiring tv executives and whatnot, but on music, they have had more success when it comes to other streaming services. On the music side along with other streamers, they have been doing well. Emily what do you think his next here . They are building out some sort of video service. The thing about the Music Service is that it is adding revenue, but you have a share of that revenue, which is not the case for the video service. It is infinitely scalable. What s

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