Transcripts For BLOOMBERG Bloomberg Technology 20170223 : vi

John kelly met with their mexican counterparts. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. Am Alisa Parenti this is bloomberg. Cory this is bloomberg technology. Taken apackard revenue 10 dive and of the stock with it. We will break down the First Quarter warnings earnings bid arnings. And putting money into pin drop. It is clear hitting a stride after a record Fourth Quarter qamar interview with the quarter, our interview with the ceo. But first, a 10 fall in revenue for hewlettpackard. And shares down to about 6 . Billion andat 11. 4 it probably up 267 million, unchanged from a year ago after loads of acquisitions. Now the Company Offering a week profit forecast for the Current Quarter and fiscal year. We have our guest host for the hour, as well as the chief Research Officer aat idc. What happened . What you are seeing is this is a company that has really cut and cut. And is extremely lean in terms of overall expenses, so as the top line goes, you will see that right away on the bottom line. Now, the company experienced some dynamics in the quarter. They are suffering from the impact of fx and currency fluctuations. Modded impresses took a spike Commodity Prices to case by. So that flows to the bottom line. And do not forget, you talked about acquisitions. I would say those are not that impact full and tactful yet. Cory obviously. Crawford fair point. They named a new head of services, a new head of sales, and a new head of the channel. And i think that, from an execution standpoint they did have issues. And you see that in the results. And where the top line goes, right away you there is no way for the company to maneuver when they have a shortfall in the top line. Cory i want to bring up a chart of the Free Cash Flow numbers. This is the number i look out for a lot of companies and it is but i will give them a break. Billion decline in Free Cash Flow, i think it was related, there was a footnote and i do not want to read too much into it, but a footnote saying they were moving liability to the joint venture they created in the quarter. Crawford there is going to be a significant amount of puts and takes in terms of what the history of the company has spent. Weakno mistake, it was a Free Cash Flow quarter. Strata. Cory let me ask you from a Bigger Picture level, i will not make you model the company. I think it is interesting to see this change in computing, when we see the results, i do not care if it is from ibm or anywhere, even cisco, because you see we are going from a world of selling servers and computer equipment to every Company Selling it to three of them, microsoft and google and all the coveted brands we grew up with Company Brand we grew up with are going to be less relevant. You see it in the numbers. Highly correlated with hp and none of the Companies Know how to get on the new wave. Keith and they are just mining the cash flow that is left in the companies for the next five years, but there is not a core growth strategy. Unless they get lucky and acquire something that has momentum and rocket powered behind it. Those are hard acquisitions, because that company would know they have momentum. And the founders of those companies do not want to sell them. They have a structural problem fundamentally and the world has changed and when you have three buyers, they have pricing power. At the end of the day companies,e start up the buyers of amazon and big partners. Keith when there are only three of them you are selling to, you do not have a lot and that is a structural problem with these companies. Cory i want, crawford, the server business at ibm, i mean hewlettpackard enterprises, the software is down, the services down. The servers business looks alarming because you always wonder who they were serving in the first place, as more turned tomicrosoft, amazon, google, provide the computing. Crawford be careful with it, there was another issue in the quarter which im sure will come out, which is that one very Large Service provider put in order out. And to that point from keith, that has an impact on these companies. These guys are operating in, they need to be incredibly efficient and when you see one of those hyper Scale Companies pushing the datacenter build out and upgrade out, it has a huge impact. You want to get underneath hp, they have the largest channel of any manufacturer of service and that is weakness server and that is a weakness, and going to failsoud hop feels hp that and it makes it even more important may not have the orders push to a largescale Service Provider like microsoft and other hosters and cloud Service Providers around the world. Cory the hard question. Whitman, this was her decision and this is going to be the growth company. And hpe is going to be where we grow and my thing that i will put my stamp on. So Warren Buffett would say if you take a manager with a great reputation, it will survive. Is this her fault . Or is it the industrys fault . Keith probably both. I am not sure this business has a longterm viability or future in the way that people are going to do their computing. Cory so where is meg whitman as a leader . Keith she has a significant challenge and this is probably a role for a technologist. They need to jump a generation ahead and it is not a business role, that is technology. Cory thank you for taking the tough question. I will not look for that Christmas Card from meg anytime soon. Keith i am already off that list. Cory there are some people that have worked hard at hewlettpackard. We certainly want them to do better. And also working hard, we will check back with you guys later in the show. Chambersg up, john betting his own money on a Company Providing that fighting voice fraud. Remember all episodes are Live Streaming on twitter, check it out weekdays at 5 00 on the east coast, 2 00 on the west coast. This is bloomberg. Cory we will take a look at the call center business, billions of phone calls and trillions of dollars with Bank Transfers and product purchases. And one of the Fastest Growing forms of cybercrime, hackers getting information from the data hacks, and take the information and call the call centers for information and get your money. And pindrop has a big investor behind it, we spoke with John Chambers and the ceo of pindrop. The business, asking you questions to identify yourself, it is a bad idea. It is frustrating you, it does not catch very much fraud. In the u. S. , they are losing 10 billion to voice fraud and even more 10 billion a year . Yes, because every single call when we started, one in every 2000 calls coming in was far, now it is a fraud, now it is one in every 900 be brutal every 900. It is the easiest thing to pick up a phone and get that agent to do your bidding. These are all about customer service, so they are not catching the fraud. It is not their job. And all of these questions are million,ng to 12. 8 asking people stupid questions. John chambers come how big is this business . John it is big in terms of opportunity. You think about 22 billion spent either in fraud or fraud prevention. And upset customers. It will become a digital world, 500 billion devices connected, so the surprise to me is voice is not the past, it is the future. This is the company that is going to lead in security and authentication. It is not how do you prevent the fraud, they detect 80 of the calls with less than 1 false positives. Almost every major secret breach you read about, 69 of them start with a voice call into the company. Cory i imagine your job is creating jobs at pindrop, but taking jobs away from the call center. What our technology does is it empowers agents to do their job better. They are treating everybody that comes to them like a criminal right now, so now for 99 of the calls they can treat you with the wonderful Customer Experience and for the 1 that is not good, treat them with what happens is, if you have a wonderful Customer Experience, you will call the organization with your echo, smartphone, with your standard phone. And when you make those calls, because you make them when you are really in need of Something Club by giving people the great Customer Experience, you get them to come back to you over and over again. That means more jobs. Cory how many times have you been to the white house . John probably 3040. Cory that is what i figured. You know how that plays works better than any other ceo. I wonder what you make of what is happening right now in the white house with the Trump Administration and their approach to business. John let me first say when you set a goal of 4 gdp growth it is attainable and you set it at 25 million jobs for the next decade, also attainable. Oddly enough, the role models are india. They are using and focusing on using one million jobs a month, growing at 7 gdp and he thinks he can grow it at 10 , that doubles it every six years. France, the last place in the world to start a business, we focused on it in cisco and they aligned and digitized the country. Guess what the top venture capitalist investment in europe was last year . France. So a Large Committee is going to shed jobs around the world. So all of our job growth will be from the startups and instead of doing 90 on the nasdaq this past year and 35 on the new york stock exchange, we need to do three has a five times that to get the growth we need. That is why these copies are creating jobs. I fell in love with the company. It is a job creator for the future and a great investor when it goes public. Cory maybe when we think about creating jobs, we should not talk about ford and united technologies, but maybe looking forward to looking at jobs and bigger ways. John it is important to retain the jobs we have and the a ministers and is doing a good Job Administration is doing a good job on that, but the new jobs will be startups. I am talking about the young president s collaboration that once a year, they have their meeting, and it will be all about job growth. When you are growing at 100 the number of people per year, that is what we need to do on a large magnitude. It is doable. We sat in on dishes goal. Audacious goal. And what has been it for me, being an advisor to vj and watching the growth industry where they should leave their industry in terms of being the top security player, anything you have a question on voice. Also, their ability to go through the transitions. Now you are talking about voice Going Digital and what this company has positioned itself to do with authentication is exciting. Cory what is your notion of whether you want to be public or not . It is an important thing to go public, because it affords two things. It affords liquidity, and it attractou to retract good talent. I find going to offer you if im going to offer you stock, how much is the value . It is definitely a great event. We need to make it easier for companies to go public. Right now, there is a stigma associated with going public. You want to grow the way you want to grow, and that is one of the things we just need to make it easier to go public. Laughter, 90 Companies Went public. Last year, 90 Companies Went public. That is not what you want. You want more people investing in startups and seeing liquidity for those investments. Cory that was the ceo of pindrop and John Chambers the executive chairman of cisco. And bitcoin hitting a record today, it was up 178 over the ant year as you can see, d investors could be hedging bets with the new policies, or speculation that the administration could relax regulations on the digital currency. Met, how close to the edge we want to go. Only a line that elon musk would say. We look at him next. This is bloomberg. Is clearingarner their way to purchase at t. The cable behemoth, it is interesting, in atlanta is being purchased, that price tag 70 million. Was antion is important part of that merger because it was the only way that the fcc could relate that deal. And tesla shares sliding on thursday after investors digested the Earnings Reports showing the company with their cash burn at a tremendous rate and continuing for the first half of the year. And the cfo is quitting. Shares trading closer to their alltime high. Big believers in elon musk. Considered part of the paypal mafia, which seems like, you know, it is not a real mafia. No whacking involved. Tell me about him. How long did you work with him . Keith he had already been displaced when i joined the company. Cory so the Online Banking company, he briefly becomes the ceo at paypal and then departs, but not in gloriously. Keith i believe he is the largest shareholder at ipo, so it was a successful investment. We merged in 2000 and the market collapsed a couple days later. And he took over as ceo and stayed through august and then peter till came in september tie 5, 2000 and really fixed the Company September fifth, 2000 and really fixed the covenant. Cory what is he good at . Keith he shares of skills with steve jobs, being able to understand the business equation in a complicated area. And very few people can do that. There is a veritable that yields variable that yields success and you have to be looking move those pieces in your head in the right order, that is the key to building a complicated company. Cory there are so few critics of tesla, so i have taken the role of being one. It is a fascinating company with oracle financials and a very cool product. So how do you look at the business . Keith the future of auto is based on software and batteries. And tesla is wellpositioned in software compared to all the other people in the world, and probably well positioned in batteries. These are the two drivers of the future, plus design. They are better at that than anybody else on the planet. Cory the batteries are panasonics invention keith i do not think it will be commoditized over the longterm. There is a lot going on with batteries. And it will propel the industry ford and i think that they are well situated to capture the innovation in batteries. Batteries are pushing the envelope in theoretical physics and chemistry, so innovation is difficult. We have invested in Battery Companies because we believe they are so important to the future of transportation and to the future of mobile phones. Tesla understands that and will capture most of the innovation. Cory there are many investor bodies there. I remember, one day i said, i will short any coming with the word battery and we had a short all of them. And they all collapsed. Keith that was before innovation in the mobile devices, so the reason these are so large and it is difficult to with the thin, it is battery. So as they become more capable and smaller, they allow better Consumer Electronics as well as better automotive innovations. Cory so, even though my they have about 3 billion cash left and they are accelerating the cap that before july. That is not enough keith it is not the business for most ceos. It is complicated making this work. That said, i think on the vectors of competition over the next decade, they are well positioned. I am not taken a position on the valuation of tesla, you could argue that you believe it will be the future but the valuation is off, that is a reasonable place. Cory the same kind of thing when people look at the snap ipo. It could be an important business keith or twitter. It has more influence than facebook mother it could be overvalued as a business. Cory ok, you are sticking with us. I enjoy these conversations. Square reaching a record high and we sit down with the cfo, next. And tv on the bloomberg terminal, you can see what we just did and all the interviews, whether they are alive live or old and you can get involved in the situation. It will pop up on my screen and interrupt me. Try it. This is bloomberg. Alisa im Alisa Parenti. You are watching bloombergs first word news. He spoke during a press conference with his u. S. Counterpart, secretary of state rex tillerson. The austrian chancellor says that britain should be charged about 63 billion when it leaves the eu. Puts the first eu leader to a value on the size of the u. K. s brexit bill. He spoke with Bloomberg Television today, saying there is a debate looming about the size of the payment. More than 1000 migrants have been rescued in the Mediterranean Sea in just two days. The ap says more are expected to attend the journey before the end of winter. Officials say more than 13,000 since arrived by sea january. At least 272 reportedly died this year trying to make the crossing. Net migration to the u. K. Hit a twoyear low in the year that ended in september. Prime minister may promised tighter controls on image immigration as she prepares to start brexit negotiations. Marine le pen says she is just like the british prime minister. She says theresa may is running the u. K. With policies that she would implement as president of france. Surveys have her surviving the first round, but losing in the election runoff phase. News, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. Im Alisa Parenti. This is bloomberg. In newst after 5 30 york. Already 6 30 friday morning in singapore. Getting ready for the weekend. Im joined by bloombergs Haslinda Amin for a look at the markets. Good morning, and happy weekend. Tgif. Da alisa, new zealand starts it off. About flat at the moment. Sky network is one of the movers. Ecta. Back to also v the outlook says it remains on target. Putting a lid on gains on the benchmark and elsewhere in asia. Looking ahead, the nikkei and aussie futures pointing to a lower open. Gains in asia may pause. Gains may be excessive, too far, too fast. Something to watch, the rbas testimony to lawmakers. Thats it. Im Haslinda Amin. Is next. G technology this is bloomberg technology. Im cory johnson. Hewlettpackard enterprise out with results for their school First Quarter fiscal firstquarter. 10. 5 fall in revenue. Sluggish demand for, i dont know, servers, storage, software, services. Crawford del prete, idc. Tell me something happy about hewlettpackard. Crawford there are some bright spots. When you get under the covers, they made an acquisition a number of years ago, thats up there a strong. Strong doubledigits. Strong double digits. There was a conversation we had earlier questioning the relevance of hp. I believe it will be relevant longterm. The way people think about infrastructure will change. They bought aruba. When you have two or three devices per person coming into an enterprise, you have to upgrade your wifi. You have to do that all around the world. Aruba is showing nice over 20 growth. The problem is they have these legacy products as well that, in some cases they are divesting, in some cases they are just older products that are now being retired. They are not moving into these new areas. Those new areas are not contributing enough. The other area you want to look at with hp is technology services. Thats one of their highest margin growth areas. It grew 4 in the quarter. Its a renewable revenue stream over time. I think its an area that can conjure be to market margins going forward. Cory kind of like santa claus. You can always count on hp to give us restructuring, going all the way back to the year of 2000. At idc. Del prete thank you very much. Another company we are looking at is square. Shares surging, record high on trading. Ceo jack hersey, its a parttime job jack dorsey, its a parttime job for him. The payment volume up 34 yearoveryear. How long can it grow like this . Selina wang sat down with the ceo. I think its been great to see the company go from the first problem we saw for sellers was how to take a payment. That has evolved to a pretty complex managed payment solution. A point of sales solution. We started to build new products on top that really played to our unique advantages. This place to the cap fact that we have access to data that allows us to manage risk. That is just one part of the cohort of products, that, as you said, now comprise 1 4 of our adjusted revenue. I think we can continue to grow core. I think we will continue to move upmarket. We are starting to shift from offline and online for our platform. We can take all of that and go global. A lot of white space in front of us. Exciting to see how that will drive our growth. Investors are excited about the newer lines of business and the white space that show more profitability. We saw a huge jump in ebitda 16 . N from 6 to how much higher cannot number grow, and where would most of that how much higher can that number grow . Where would most of that come from . Sarah we want to grow in a way that continues to expand margins. We think about a midsingledigit Margin Expansion pace is good for here. Thats the right balance of being able to take back into the business the other prophets that we are throwing off and invest them other profits that we are throwing off and invest them back in to the company. Just like this quarter where we beat the top and by the guide the guidance by 7 billion we want to get more efficient in our operating expenses. We did a big build as we went public. Now we are reaping the benefits of that. We dont need to keep building at that same place. Jack talked a lot on the call yesterday about automation, which is important for our sellers. We want to put that in the products they use. Its very important internally, too, to utilize automation to make ourselves more efficient. Examples would be using Machine Learning or risk. Lots of opportunity there. I think that will continue to help grow the margin profile. Mentioned Global Expansion as a key point. You are currently in japan, australia, u. S. , and canada, but it is still largely domestic business. The vast majority of revenue comes from the u. S. What can we expect the pace of Global Expansion to look like . Has beenr us, there huge opportunity here in the u. S. When you are a business that goes after commerce, following gdps clearly a good route to take. That said, i think a huge stride forward foursquare in 2016 it happened at the end of 2015 was getting our hardware platform to a point where we could globally accept payments. Being able to take both chips and contactless transactions. The u. S. Has been the slow country in making that transition. We didnt have to have it here in order to be able to take electronic payments. Now that we have shifted over to a world of chips and, more important, getting the u. S. To contactless, we have created hardware that unlocks the rest of the world. My hope is that will help us move faster now. Na as you are evaluating opportunities for international expansion, how much of that is going into your consideration for accelerating expansion . From an m a perspective. We have historically been a company that does not do a lot of m a. When we have done it, its usually been to drive a product beyond where the current roadmap is. We have a roadmap for how to provide a Commerce Platform for mess restaurants. Delivery will bring more sales. Other times weve done m a, its been more about adding talent into the mix, gary typical what Silicon Valley very typical what Silicon Valley companies will do. I think it will be more of the same for us. I dont want to say that we would not use m a to do something really big. We are always looking. It is something that. If something serendipitously came our way, we would absolutely do it. Right now, i dont see something of that scale on the horizon. Clear was one of the many Tech Companies to sign a legal document condemning president trumps executive order. How do you foresee developing legislation impacting your sellers, which are very diverse . Sarah the amicus brief on immigration was important for us to sign. We feel strongly that immigrants have brought a lot to this country. In particular to our sellers. These are the people who have found businesses, who worked at. He businesses Small Businesses are the lifeline of an economy. They have shown tremendous growth in the u. S. We want to make sure we stand for inclusion. Thats true of our company, for the employees of square, but also true to stand in front of our sellers as well and help the be an aggregated voice for them. You can kind of act as a powerful voice for what they care for and really be heard at our scale. That was why it was important for us to take a stand there. Cory that was the cfo of square. Her name is sarah friar, just like the great bloomberg reporter, also named sarah frier. Google is working on self driving cars. Waymo is suing google for Patent Infringement. I want to go back to square and talk about their Earnings Report and the business. Sarah friar is impressive as cfo. You brought her into that company. What was interesting about the quarter was that 1 4 of the revenues were from new things the Company Created in the last two years, and it was a really Strong Quarter on the revenue front. This is when he seems to know how to make stuff. Its almost 100 billion standalone business now. Which is really impressive. I could see 100 billion company just on the new businesses. Square is a much Better Business. Cory agreed. You want to buy some shares . Squares fundamental business smb ofts s p of scale scale. Small and mediumsized businesses. Square is catching up to into it in terms of to intuit in terms of its size and relationships. People will see that square can be the same platform that intuit is. Intuit has not innovated in a decade, but it is still worth 30 billion. Its kind of an autoscaling business model, which is really unique. Selina you said they are able to get bigger and bigger businesses and be seen very steady growth be seeing very steady growth. The starbucks relationship did not really work out. Do you think they will be able to attract a business at that scale again while maintaining transaction revenues . Starbucks is a very large business, fifth or sixth largest on the planet. Theres a difference from going from an individual coffee shop to starbucks. Theres a lot of room in between those. Businesses of that scale can do a lot of things for themselves that most people dont want. They dont want to build their own i. T. Group, security group, risk group, etc. As you get to a large enough is this, you can justify some of those costs yourself enough is this enough business, you can justify some of those costs yourself. You get all the reports, information, data, analytics, everything. Theres a lot of demand for that, but thats not for everybody. Walmart is not going to run on square in the shortterm. Cory when they going to get target, starbucks, walmart . Maybe thats not the game. I dont think i dont think thats the best way to look at the market either. Providing service to enterprise or big brands is usually not the target. Can under pine hp undermine hps market cap. To other businesses can be a much Better Business model longtail. Selina theyve only penetrated a few million business Small Businesses in the u. S. They have much more one right to go more runway to go, in addition to europe. Rabois,lina wang, keith we appreciate it very much. Coming up, how trumps visa changes could attract billions of dollars to the biotech industry. This is bloomberg. Cory the companies but power the more than 300 billion biotech industry in the u. S. Companies that power the more than 300 billion biotech industry in the u. S. To crank out discoveries, u. S. BioTech Companies rely on the worlds best scientists and researchers. There is confusion right now and theres uncertainty. Confusion and uncertainty are never good. He is the cofounder of a biotech incubator in cambridge, massachusetts. I came here from germany. Im a green card holder. About 73 of the companies here were founded or cofounded by immigrants. The 28,000 square foot facility was designed as a launchpad for startups. They work on new technologies in life sciences, also new drugs to cure diseases or medical devices or tools for use in the laboratory. Istechnology he fears threatened by the administrations controversial immigration policies, including possible changes to visa programs. Pres. Trump i will investigate direct the department of justice to investigate all programs that undercut american workers. Allows tens of thousands to work in specialty positions in the u. S. More than 20,000 leases were granted in health and visas were 20,000 granted in health and medicine life sciences. He is developing vaccines at a Company Based out of lab central. Theres a significant population of immigrants who are in the biotech industry. Having all these additional stumbling blocks would really take them back and really put a stop to some of these key, important talents that we need to bring here, that would accelerate some of this lifesaving medicine. For many, its personal. An employee at lab central, british citizen, and the daughter of a pakistani immigrant we have four children. We do worry about them and worry about their future within the u. S. , with all thats happening at the minute. Its just an immigration ban, but where does it end . How far is this going to go . U. S. Bioscience firms employ 1. 7 million people. According to an industry backed study, including a rising number of foreigners. A draft executive order seen by bloomberg reads, our visa programs should be administered in a manner that prioritizes the protection of american workers. I think its really a sign that youre going elsewhere to try and recruit somebody, because you cannot find someone to fill this job at your company with the pool that is readily available in this country. I dont think it is a real risk that this will be used to undercut wages in this country at all. Chief executives of global Drug Companies with u. S. Operations criticized further restrictions. Astros in a capacity told bloomberg, science doesnt have borders. Anything that gets in the way of Science Exchange does not help. Desperate this has been a big driver for our success in the past. Its important that we maintain that. Cory our Bloomberg News reporter, Donnie Bronfman doni bloomfield. Waymo suing uber. We will dig into that story next. This is bloomberg. Cory breaking story. Alphabets self driving unit, waymo, and how it is suing google. We have help right now. Bloomberg news legal reporter joining us now as well as keith rabois from coastal ventures. Tell me what this is about. Youve got the suit. Waymo claims that uber has taken their technology for self driving cars, and thats led to about half 1 billion in profits in revenue. They claim that a former aboutive from waymo stole 14,000 confidential files from their server and took it over to uber, where they are building a similar program. Cory weve heard these stories before. I cant think of how Many Companies. That sounds like the fitbit jawbone lawsuit, where an employee moves over, fitbit claims, we didnt know they even had it. These suits can sometimes be really serious. These suits are different from Patent Infringement. Patents an ethos against infringement in Silicon Valley. I would have been shocked if they sued uber directly for violating ip. I think thats unacceptable and a line that alphabet will enforce. Cory what do you mean ehtos ethos against Patent Infringement . Its unacceptable to use patents offensively in most to laquon valley companies. Most Silicon Valley companies. There is that kind of outrage against using patents offensively in Silicon Valley. Cory we have seen a lot of suits like this. We have. As you mentioned, the jawbonefitbit. This is sort of the first suit weve seen come out of google, where they are really taking the offensive, as you said. How this shakes out is going to be a huge question. Theres a lot of tech and money at stake. Cory we see so Many Companies and the limited pool of talent resources, just in silicon , they hire hundreds of people in Silicon Valley. Youve got google, tesla, apple, uber, all right here, all trying to go after people who know how to make self driving cars. I think theres a difference between what you might have in your brain, which is hard to see and enforce, versus taking copies of documents. I think there is a pretty bright line there. I think those who violate that line should be fired. If proper to pursue their employer for using any of that information its perfectly proper to pursue their employer for using any of that information. That would obviously be a problem if uber had awareness of that. Cory youre saying uber, if uber knew of an employee they hide from google, came with documents, bloomberg should fire the person. I dont know i know of Many Companies who have done that, where they found an employee took information from a prior job, especially if the employee tried to hide it, it is absolutely a firing offense. Cory deflategate all over again. Thank you very much. Keith, good to see you. Khoslaabois from ventures. Friday, we will dig into the drone industry. Some really cool stuff going on there. Check it out. This is bloomberg. Announcer from our studios in new york city, this is charlie rose. Good evening. Im jon meacham, filling in for charlie rose. We begin this evening with politics. On tuesday, the Trump Administration announced sweeping plans to deport on document at immigrants, including those without a criminal background. President trump also indicated that a revised travel ban would be issued very soon. On monday, Lieutenant General h. R. Mcmaster was named National Security adviser, replacing the controversial michael flynn. The pic was regarding by many as stabilizing to an otherwise turbulent administration