Falling revenue numbers. And a waiting impeachment, why big tech in the United States could be hoping that president trumps political problem could be their gain. Ut first, to our top story, it is official, wework is pulling the plug on its ipo at least temporarily. New coc. E. O. s of the Office Space Company want to focus on its core business public which they still plan to do at some point in the future. Now wework has brought in cash, planning thousands of job cuts and putting some of its sale. Sses up for joining us to discuss we have ellen hewitt who covers the company. Ellen, this story has been the ing dramatically over past few weeks. What is the latest from this morning . Llen its official, the ipo is going to be put on hold, so they said this morning that it, re going to be pulling that confirms a lot of the reporting we had in the last week or two which is that the unlikely to happen in 2019, likely to be pushed until next year. To theyre going to be spending few months with these wall c. E. O. S showing street were cutting back on expenses, making changes, the longer a company with this wide variety of businesses alongside its main which is renting out office space. Specific moment that gave the officials there the idea that they should pull plan . N this ellen i think it seemed pretty tuesdayom the time last when adam newman, the c. E. O. And cofounder stepped down that a lot of going to be changes at the company. All of a sudden you have two new leaders. Wework insiders but had experience of other Large Companies outside taking over nd immediately i think observers including myself were thinking how are they actually going to continue forward with plan as they had said earlier to finish the ipo in 2019. Get done, much to there has been such a change at the company and they were already talking from the First Leadership about difficult decisions that they were going to have to make in order for the company to go forward. I think we were not surprised to see that theyre putting an iticial pause as they called on their plans. Karl dan, i want to bring you in here. I know there were obviously some other elements of the ipo, there was some credit financing, for to come that was going when the ipo happened. Can you give us a sense of where weworks financials are right now. They need some money. What is the businesslike . Right now, this has been a black eye obviously for wework, ipo market put up a white flag showing investors arent going to buy some of the models with lowestier evaluations, it hits on cash and profitability. They have to go back from a perspective to next fork in the the road situation. First thing, they have to cut costs, invest some of the pieces really put this car back in the body shop until it comes out an ipo laterer for this year into next year, you best case 2020. Karl soft bank is obviously in this company right now. Dan, can you give us a sense of what their involvement might be moving forward. There is talk of maybe them providing some of that capital what is soft banks role going to be . Out, they haveman to roll up their sleeves and a just on deck, in terms of not the financing piece, but the business operations. Specially when you look at a lot of employees of wework with ipo with some of the calm at pectives and now are least temporarily off the table, theyre really going to make sure that the house is in order, look at the Business Model and really right now what see sadors are saying, you with uber and lyft and wework about ers, peloton profitability, there needs to be a path to profitability as risk to come off in this market and its a fork in the situation for ipos. Wework continues to be the what ultimately is investors saying no more in models these business that lack profitability at least the path. Karl ellen, dan mentioned path to profitability. You mentioned tough decisions made. Ave to be what actually happens next at wework . Ellen we reported on some of started to do, notably, a symbolic gesture than the new c. E. O. Says they want to sell the 60 jet to help stream adam newman fly around and do travel with his job. That obviously got a lot of headlines, 60 million, they need more than that to keep going. Also discussed selling several side businesses they acquired in the last few years up, managed meet by q and conductor and there are job cuts. Reported, the company will probably cut maybe in the they nds of jobs, currently have 12,000 or 12,500 employees, so pretty serious. Looking around to see where they can make changes and if that comes ee in different parts of the business or maybe also some trimming in the Main Business as well. Karl you mentioned job cuts, what does this do for morale. Just a few loyees weeks ago, they were seeing a big payday on the horizon and is of a sudden the c. E. O. Gone and their jobs may be on the line. Hat is the morale in the company, how do you move past Something Like this if you were wework . Ellen its tough times. You cant imagine how difficult there are ow that going to be these things going ahead at your company and not and not xactly knowing exactly where or going through the change over the last six months. As you said, they really thought that the company was going full ahead to an ipo. For a lot of employees, theyre how much they think their stock is worth, theyre worried about their job. Going worried about forward. Its going to be really difficult. I feel for them. Karl dan, one more for you, what does it mean for the broader ipo market right now, see wework have these kind of struggles. Is this a signal for other about ipoing,king what do you take away from this standpoint . Icture dan big picture, a black eye no doubt for the broader market. Also shows that the companies with the strong model profitability with the secular trend, there is butppetite for those names, the ones more frothier that issues,e to have sort of possibilities and business, investors in this market, those going to get through and valuations from when they went private. This is a shot across the bough from wall street to the valley, specially on the private side saying, look, were not going to take some of those private were going to command valuations that we feel comfortable with. I think this was, ugly a line in the sand was drawn here with wework. I think we are going to see the ramifications for months and maybe years to come. Means we will be seeing you both back here very soon. That was bloombergs ellen uet, thank you for joining us. Ives, stick tight, were back with you. In february, the japanese gave its stock a shot in 5. 5 arm by announcing a billion buyback. Marquee investments have dragged the share price down below where on february 6. Soft bank has been hurt by uber valuation and weworks disaster rouse attempts to go public. Reality or reaching, that usk tells staff 100,000 deliveries is doable in this quarter. We discuss the numbers due out later in the week next. And if you like bloomberg news, check us out on the radio, you to the bloomberg app, bloomberg. Com and in the u. S. On sirius x. M. This is bloomberg. Kurt can tesla set a possible deliveries record. Elon musk seems to think so. Analysts think this could be divert attention from a less flattering trend which is falling revenue. Downerue drop would be a for musk who told employees last week, they have a shot to 100,000 ore than electric vehicles this quarter. O discuss were joined by dana hall who joins us and dan ives as a neutral rating on the company. Were hearing possibly record sales and a revenue decline, how does that work exactly . The mix of cars, tesla sells the model 3, the model x. Nd the the 3 has ramped up and taking the world by store, the sales of others are falling. The average transaction price is getting lower. Quite uld impact revenue a bit. Kurt were learning some of this through an email that elon musk sent to employees last week. Tell us about that email. Dana the email last week which immediately, it was elons email to employees saying they have a shot at a record of 100,000 deliveries. We should get those numbers of production and deliveries later typically by october 3, but then today, there was some chatter that theyre close there might be some logistical issues. We dont know exactly when were going to get the numbers. Number to beat is 95, 351. Thats what they did in the second quarter. That. Looking for dan, want to bring you in here. Obviously no Company Wants to but ita revenue decline, seems like that might be particularly harmful for a do you like tesla, why think that might be . Dan right now its a tale of two cities. To give them credit in terms of what theyre seeing for demand from the disasterious getting near the 100k units. Profitably. It thats the key for investors here especially going into 2020. 3s, its good news, but its also bad news. A drum roll into profit ability for q4, can they itw profitability, what does look like in terms of the picture for 2020. Hats right now, tesla is a glass half empty view in terms of the street. Kurt dana, i mean, i feel like for a alked about tesla long time as kind of having a vision for getting these as many cars into drivers as possible. How do you kind of weigh those they are selling the cheaper model, thats kind of what the vision sounds like, that that kind of the goal theyve had all along . Dana sure, the goal is massive of electric vehicles. Tesla has been around for 16 years now. They ipoed in 2010. They have yet to show profitability for a couple of quarters here. That is weighing on the shares. Stock is down 28 this year because profitability seems to elusive. Singly kurt dan, dana mentioned that 8 drop, what do you think tesla has to do in order to kind of get things back on the right track here . Well, i think first its the p word, profitability. They need to show, not just talk talk, but walk the walk and profitability going into next year. Show lso need to sustainable demand in the u. S. , some good news what we have seen quarter or two, but sustainably into 2020, there is a lot of side shows going on in terms of in other , insurance areas. Its a laser folk. They need musk to navigate period and near term naturally what investors meet you on the other side. This is y see that, going a range bound stock. I think thats why, i think not now, the bulls are necessarily popping the see agne yet until they what the profitability looks like in terms of earnings. There are so many Tech Companies that preach growth over profit. I realize theyre different models of course. When you look if he facebooks, who can and amazons sustain businesses simply by playing the growth card, is that a ething that tesla could do better job of doing even if theyre not going to reach profitability, could they at growth up a e little bit better than they are . Dan the biggest difference is a cap x model, when you think of giga 3 and initiatives, ther thats part of the thing for what ultimately a car company ersus a software or tech company in terms of the multiple investors are willing to pay. Show hey need to sustainable profitability, otherwise, dan, its just going 18 toa capital race every 24 months. Right now for tesla, this has definitely been a step in the but its one n, chapter in the book that continues to really be something that is not necessarily turned the corner in terms of profitability. Why investors treat them different as well as there is bezos. E when you look at everything musk impressive, sively but ultimately as a stock, it needs to be about profitability thats the key of the valuation. Kurt dana, we talked about elon email. T he does a decent job of trying to instill confidence obviously with the rest of the company. Not hit that number that you mentioned earlier, what hould we expect from tesla in terms of kind of employee morale and just general confidence in what theyre doing . Dana if they dont hit the number, im sure theyll be tose and some speculation as how much vehicles are in transit. Theyll talk about the logistics challenges. First quarter that they delivered the model 3 to australia. Only make cars in california. Its quite a feat to get the cars on ships and get them where end of d to go by the the quarter. People are tiger by this end of the quarter push, why cant they logistics sorted out earlier in the quarter than in the final days. Urt we will be looking for that number. Dana hull, thank you for joining us. Dan, you are sticking with us be coming back to you in a bit. Also sticking with elon musk, he eyes on to have his mars. He has outlined plans for a generation e next rocket. His Spacex Company hopes to to take humans to the red planet. Travel ts to make space just like air travel. Coming up, antitrust overload, Justice Department is launching its own facebook probe, its already the focus of a federal trade investigation. Well discuss next. And Bloomberg Technology is twitter, checkon us out at technology and follow global breaking news network tictoc on twitter. This is bloomberg. Kurt facebook continues to be in the spotlight on capitol hill. The u. S. Federal trade commission is already the social media giant, but it wont stop there. U. S. Attorney general william the department of justice to also start an investigation of its own. Antitrust probe make a difference in the way that facebook operates, still is dan ives analyst at ben brodie we have who covers tech lobbying. Ben, i want to start with you. About a lot of different investigations, i believe there are four separate investigations into facebook. What does the d. O. J. Offer Something Different than any of going on . That may be ben in a certain sense, another investigation can be marginal. Youll see things like the sort d. O. J. Oo subpoenas where ill say send all of the documents you sent to any other investigators in the privacy claims, anything like that. Way its marginal, in another way, its that much more distraction. Time and it utives takes lawyers time and they could certainly pursue a which nt line of inquiry would be a whole other set of battle tools that basically if book would need to face d. O. J. Actually goes by this. Kurt dan, you had a note breaking you said that up some of the big Tech Companies might be a tough argument to make. Why you think that might be . To, yeah, look, i go back even when we covered microsoft that rs ago, in terms of really case is key in terms of antitrust and do they ultimately sort of anticompetitive behavior. We think that is going to be difficult to prove. Of though there is a lot noise, a lot of headlines, we do believe this is something for google and r ultimately i think apple is next in terms of the beltway going fter, its going to be more fines, maybe some tweaks to the rather than pure antitrust where a breaking up of model, that that ues to be how continues to be how we navigate this for our investors. Kurt i was going to ask, what is the more likely outcome of this if its not an actual breakup. Do they go after facebooks ad business, for example, is there another part of facebook or the other Tech Companies that you might be more vulnerable up . N simply splitting them ben theyre looking at the unified messaging platform in whats facebook and outside. I do believe i look at facebook, going afteressively some of their strategic plans in messaging e next gen platform. I view it right now, a lot of these companies from amazon, google, i think even apple, theyre learning from the go back to t you microsoft and gates, they really ent on the defensive when antitrust was issued and d. O. J. Was going after them. They werent as aggressive over and other initiatives that hurt them for many years to come. Right now, these companies go on the offense. In m and a, they significantly and other issues that are distractions, need to contain those. I think its more Business Model tweaks, on the advertising side. Apple, i expect them to look at the app store. Bark is a lot worse than the bite in terms of our opinion. Of course, acebook, is not really holding back, they re pushing into new Industries Including cryptocurrency with lib bra as we have written a lot about. Any of that might pose challenges for them on the antitrust fund . Ben ostensibly you have to think that their lawyers have closely and s very talked to the leadership, we are under antitrust scrutiny. Have to do this by the book, absolutely and carefully as possible. Always right, there wouldnt be any of these cases. The. T. C. , the d. O. J. , states and all of that are looking at that as it goes orward, particularly on facebook, the acquisition get so , how did you big, buying instagram, buying what theyre ats looking at. No question theyre going to be looking at theient acquisitions that are going on. Its a part of that hair looking at now. I think dan is right. Not necessarily shown it has an appetite to go fter these kinds of companies, but that doesnt mean it cant prove a very damaging distraction for them. Kurt ben, you of course are on the ground in d. C. What has the offensive push been like for these Tech Companies and how has that been a little different than what you have d. C. In years past . Ben well, you have a whole ifferent kind of set of defenses. On the front end, facebook is kind of what it always does. T likes to say that its cooperating and finding solutions that work for everybody. Open look at a series of records requests that we got here and a couple of other news got focused on cambridge analytica, the consumer you ction side, on f. T. C. , see very aggressive lawyering there, talking about a violation 14th eighth and amendment, due process, unreasonableable punishments, sorts of things. You are seeing very slowly but surely, youre seeing defenders n various political camps starting to rise up and to echo some of these talking points. Ust as surely, youre seeing people, both on the democrat and the republican side really starting to come down on these companies. Pressure is ramping up. Kurt absolutely, well, thank you both for being here. Ives and brooms ben brody. Thanks for joining us. Up, speaking of tech, all on on the capitol, maybe the impeachment inquiry of president trump, could this keep off of big techs back. Well discuss next. This is bloomberg. From the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy a new samsung note. Click, call or visit a store today. This is Bloomberg Technology, im kurt wegner in san francisco. A close eye on big tech. There are possible probes and inquiries into apple, facebook, amazon, and google. There are also calls from people like Bernie Sanders and Elizabeth Warren to break up some of these companies. But now there is an impeachment inquiry into president trump, and big tech breathes a sigh of relief. Sally served as an assistant attorney general in the antitrust bureau. With you. Nt to start you wrote a column on this last week. Give me a sense, do you think all of the distraction around this impeachment discussion could be a benefit to these Tech Companies . Eric i think in the short term in terms of the media environment, the fact that antitrust has become a political conversation and that attention has animated a lot more action than we have seen in years, so ton the story turns impeachment, amazon, google, facebook, apple can take a breath and focus on strategy. Moment,y, for this impeachment has sucked a lot of the oxygen out of the room. Think . Ally, what do you do you think this is a distraction in the press and on the surface, or do you think this could help behind the scenes . Sally i think it might help the press and the coverage in the media, but i dont think it will help the actual investigations. At this point, they are really in the hands of the antitrust worker bees, staff attorneys who are working diligently. Political decisions were already made to investigate. Now we are in the process of document requests, document review, depositions. All that stuff takes time, and i dont think the impeachment is going to distract from the work the attorneys are doing on the ground level. Of theheres the work attorney general, the doj, the fcc. Are any of those impacted more by the impeachment than others . Sally i would say doj just because there have been some implications of the attorney general. He could get wrapped up in that whole mess. The doj potentially, but at the same time, we have a whole antitrust division and career lawyers who are already working away. In terms of if there is any think state ags or the fcc will feel any impact. Kurt we have seen this play out, all that has been although it has been a while with big Tech Companies like microsoft, is there anything they can do to make sure they are not totally derailed by Something Like this . Eric it seems like they need to get their message right. Certainly, in the media ecosystem, they just keep getting hit, one thing after another, whether it is apples handling of its app store, you know, there are new stories one where theser of companies have antitrust vulnerabilities. Getting to a place where you have a more positive message, if thats possible, would be the hope. This is the moment they can collect themselves. But i totally agree that the investigation is happening in the fact that they got in a situation where they are such a target is now somewhat out of their hands. Kurt you mentioned the app store. We were talking before the break about Advertising Opportunities facebook and google have. Is there any particular market or business line you think might be the most vulnerable right now . Eric Elizabeth Warren put out a statement focusing on areas where Tech Companies compete. If you are google selling ads or amazon selling products, those are areas she is focused on. But i think there is so much power in the technology industry, and now that its a bipartisan issue where republicans and democrats are game to go after the Tech Companies, there are a lot of vulnerable areas. Kurt for those who have not seen this play out as often as others, what is the next step . What is the government going to be doing that Tech Companies are going to be seeing in the near future . Sally the next step is reviewing document requests, subpoenas to the tech giants, particularly the 50 state ags who joined together to investigate google. They served cids. Nine are serving cities to facebook. Judiciaryen the house subcommittee issue extensive document requests. Right now, its going to be producing documents that are responding to those requests, and its going to be millions of documents. Its going to take time for attorneys and all of these organizations and agencies to review it and figure out where are the strongest claims that can be brought, and how can they build a case or cases . Kurt eric, i want to end with you. We talk a lot about facebook and what they continue to push forward on things. Weve talked about cryptocurrency, inhome devices with cameras and speakers. Do you have any sense that the Tech Industry is slowing down based on these investigations, or is this just water under the bridge for them . Eric facebook is a unique example where Mark Zuckerberg has such control over that company and has set the direction despite naysayers. He has been willing to say we cant stop, we wont stop. Thats been that company. I would expect apple or amazon to have to read the room and appear moreo cooperative to these impending agencies coming at them. I do think facebook has been a bit anomalous here. Kurt there will be a lot more coming on that, im sure. Sally hubbard of the open Market Institute and bloombergs eric newcomer, thank you both for joining us. Has beenof tech, apple tariffs reprieve from for parts for the mac pro. This comes after the Company Announced it was keeping some operations in the u. S. President trump took to twitter to celebrate, saying, great news. Apple is building the new mac pro in texas. This means hundreds of jobs across the country. Congratulations to the apple team and their workers. Joining us is executive editor tom giles. I am curious why the government would reprieve some of these taxes for apple products, a few reprieve owes last week, and now know to these new products retrievals last week, and now saying no to these new products. Apple is saying we need you to exempt us from tariffs on these 15 components that go into this highend computer that apple has been putting together in texas since 2013. Government said in these five cases, you havent made a case. You havent proven to us that this will inflict substantial financial harm on you as a company or words to that effect. They made the case with 10 of these components. They did not with five other ones. Basically, this is you win some, you lose some. Clearly, this was a victory in that apple got 10 crossed off the list. Those will be exempt from extra charges. Apple wants to convey to the government look, we are in texas. We have been there since 2013. We are going to stay there as farce final assembly on this ashend computer as far final assembly on this highend computer. They scored a victory and kind of keeping apple stateside. The president congratulate apple when they decided to keep production in texas. When i saw that, it made me think apple might have been expecting this to go in their favor. Clearle has made it very and they have signaled they have telegraphed to the government that we might shift production to china for this particular device which had not been being produced or final china for several years. They definitely telegraphed to the government dont mess with us too much. Has dined with the president. We are not privy to what their conversations were. You can imagine if tim cook had an audience with the president , hes going to take that opportunity to remind him hey, we would like to stay in texas. What can you do to help us do that . Help us help you. Kurt not all ceos get dinner with the president , of course. His apple unique in this . Is apple unique in this . The government does make exceptions. Apple is not necessarily unique. There are other exemptions. He gave another example of likeer company on certain paddle boards and things along those lines, oars used in kayaking devices. Its not a complete anomaly, but not everybody gets that. Take i wonder what you from this longterm when you think about apple and china. What does this signal coming down the line . I think the whole trade war between the u. S. And china has sent a signal to u. S. Companies across the board that its probably best in the long term not to be overly reliant on one particular region, one particular country, particularly one the u. S. Can take a can pick a fight with. Kurt a tough fight, for sure. Tom giles, thank you for joining us. Coming up, how one platform is looking to keep from them keep employees from burning out. This is bloomberg. Learned wednesday, we of dropboxs plan to become a competitor in the growing marketplace productivity space, putting it in competition with slack and microsoft. Another company in that space is sauna. Year, they launched a feature to manage resources in the shifting workspace. Chris, thank you for being here. From sauname someone was here at bloomberg tech, they were talking about notifications and how it can be intrusive in to be constantly getting pinged. Today, knowledge workers spend more time on emails, in status meetings, on messaging pings by coworkers than they do on their actual work. This helps companies reduce the work about work and spend more thatfocused on the work matters. Our mission is to help companies and teams Work Together more effortlessly. Kurt i have one thing that does one thing well but nothing that does everything well. What do you guys offer and are you pushing toward that direction . The way we see it and the way it is going down in the market is every High Performing Company needs collaboration. There are communication tools, email, check, conferencing. Employees tools help share files and attachments. Then there is Coordination Software that helps organize teams so that everyone has realtime visibility of who is doing what, when, and why. Inna is a recognized leader this space. We have seen tremendous growth in the last couple of years around the coordination problem, helping reduce the time people spend reacting to things and allowing them to spend more time on things that matter. Kurt there are a lot of Productivity Office workspace services. Into thes asana fit broader ecosystem . The third space, coordination. In the second space is content. Thats where you see microsoft, dropbox. Coordination, the third space, is where we are wrecking eyes leader. A recognized leader. Kurt i know at bloomberg, we have offices all around the world in different time zones. How do you guys try to solve the problem of more people working from home and fewer people coming into the office . We have expanded globally. Our growth rate has gone up the last couple of years. We are growing faster as we get bigger. We now have nine offices across the world and customers in 195 countries. Kurt i have to ask you and ipo question. You raised 50 million about a year ago in a lofty valuation. Slack, youve seen we work. How has that changed how you go about an ipo . Our primary focus is making customers successful in doing right by our customers. Almost all of our focus is on Product Innovation and expansion. That being said, if an ipo or direct listing might be in our future at some point in time, we see that is another miles known in our mission of making the customer successful and helping possiblef the world as get the benefits of work management. Kurt thank you so much for joining us. Coming up, its one of the biggest problems our planet faces and technology might have the answer. We will find out more about cures for plastic pollution next. This is bloomberg. Kurt microsofts largest reseller is planning an ipo. Private equity firm kkr owns 25 of the company and intends to keep a significant stake after it goes public. Plastic, its both a versatile product and an ecological nightmare. Its cheap, durable, and it wont rot. That might be great for shopping bags and containers, but it also means it sticks around for hundreds of years. We look at how technology can help solve that problem. Addiction to plastic is catastrophic. Remnants of our products have spread to every corner of the planet. Properties that make plastic so useful, cheap, malleable, durable, also make it damaging. Last it cannot degrade, so the more we make plastic cannot degrade, so the more we make, the more that goes into our environment. In landfills or incinerated. It pollutes the water we drink, the food we eat, it suffocates wildlife. I dont think anybody anticipated the problems plastics are causing. Innovative companies around the world are working toward a solution. We are producing biodegradable packaging. It takes 612 months to in the environment. Crop plays a major role in the economy. But it makestable, things like starch. You can grow it yearround in a lot of areas of thailand. , so withto 100 degrees boiling water, we can still use our packaging. It keeps food warmer longer. The company, universal bio pack, says they make around 100,000 items a month. Compared to plastic, their products are not as malleable or durable and are at least twice as expensive, but using packaging like this could reduce the amount of singleuse plastics we consume. They will have to become cheaper to compete with plastic or consumers will have to make a difficult choice. Its better for the environment. People will have to think differently. Right now, if you play for only if youy pay for plastic, you pay only for the cost of plastic. You dont pay the cost of making plastic go away. On the others of the world, a company is working on just that. We need to find alternatives to burying our waste. Waste thatates cannot be recycled and converts it into usable oils. One of the biggest problems in plastics is how many different kinds there are. The majority of it cannot actually be recycled. Many products use a mix of materials that makes it even harder to recycle. Plastic energy is targeting these problematic plastics using thermal and aerobic conversion. In aheat the plastic system without oxygen. An waste breaks down into oil similar to petroleum. We produce around 700 liters of oil. By converting plastic into a base oil, Plastic Energy is creating a substance that can be used in other products. Some of those oils can be used to make lasting again plastic again. We can keep moving waste through our facility to produce the oils to produce plastic again, and thats a continuing process, it doesnt have a finite life. This circular economy could prevent more being made from fossil fuels in the first place. Companies like Plastic Energy ubp have different ideas, but what they share is a what they share our ideas for a different world. Be sure to follow our global breaking news network at tictoc on twitter. This is bloomberg. Paul welcome to daybreak australia. Im paul allen. Shery im shery ahn. We are counting down to asias major market open. Paul here are the top stories we are covering the next hour. The impeachment inquiry widens. Rudy giulianis order to hand over all communications with ukrainian officials. The reserve bank of australia meets later with most economists predicting the rates will be cut to a new low. China