Less attractive compared to treasury yields. Security announced a series of new security efforts aimed at International Airports in the wake of the crash of the russian jetliner over egypts sinai peninsula. Jeh johnson says the new safety onues efforts will focus commercial flights from overseas. U. S. And british officials inc. The plane have been blown up by a bomb and britain has grounded all british flights to and from the area. Today, russia said it will suspend all flights to egypt until security is improved at its airports. Hundreds of british tourists are still waiting for a flight home from the egyptian resort. They have been promised flights today, but only a few of the plant flights were able to take off. Passengers were only allowed to carry hand luggage onboard as a result of tighter security after the crash. President obama said he is rejecting transcanadas keystone xl pipeline because he does not believe it serves national interests. The president made the announcement at the white house with secretary of state john kerry and Vice President joe biden. It ends seven years to the debate. Prices,apse of oil weakening the argument for the 8 billion project. Squareour lead, that is on the setting the price for its ipo between 11 and 13. The price could change. Onlinebal the Payments Companies seeking a payment of four point 2 billion, notably lower than the 16 it sought in its last five funding round. The changes feeling concerns there is a wide golf between how private investors and other market value tech companies. Is this a foreshadowing of a unicorn correction . Analystme, the payments , our ipo reporter. We have been digging through the moment numbers, and my cohost. Great to have you on the show. What do you think about the price of the square ipo . What we are clearly overshooting of the late stage from a venture standpoint. Valuations are not in line with what we are seeing in Public Markets. We have seen that with more than a handful of ipos this year. With scare square, you have a Payment Company that has become a Technology Company if it is going to grow into the valuations it wants. Data from seizing the the point of sale and processing to produce products that are more financial technology. Give us the details on what we learned today in terms of the price and what investors are saying so far. They will be marketing this ipo and 11 to 13 a share. That is the price square and its underwriters said we want to sell these 27 million shares to public investors. It is a big haircut. Some folks are saying this is a unicorn reality check. Of the 16 valuation it was seeking last year in its last around. Maybe a little bit of overshooting in the late stage rounds. Remember, you dont have to go through the roadshow process over the next week or so. According to bloomberg data, they are said to price on the night of the 18th. That is when they will set the starting price for trading. This is potentially concerning if some of their advisors are saying you are not going to be able to be valued at what these folks thought you were worth a year ago in the private market. Emily does it mean it is not a Good Business . Talk about the landscape and how square fits in. We were talking to an analyst yesterday who said they have a brilliantly simple business model. That is right. They do have a simple business model. They have focused on the small merchant, the momandpop local merchants around america. They have Great Potential in that space. They had created a lot of destruction in the payments industry making it simpler to sign up for a merchant account. They have been a leader in the cloudbased pointofsale system, tabletbased pointofsale system. They do face a lot of headwinds from competitors in the marketplace. How this potential unicorn reality check we are starting to see, how is that impacting decisions you are making, how you are dealing with your Portfolio Companies and evaluations you are seeing . There is little we can do at the late stage to impact valuations. We are seeing hedge funds and mutuals come in and price these companies up to unprecedented levels. They are correcting in the Public Markets. Thel that money, until inflow slows down, we are still going to see the heightened prices. Emily right. We have talked about square and the executives that will be supporting jack dorsey as he heads out on the road. What our investors saying about their confidence in him and the team given that he has another very important job . Friend, talking to our of payment analyst, who said in private markets for the start of world, jack dorsey and all of his experience, he is seen as a premium. That when we get to public investors, when you are asking what they think of him having to split rolls between twitter, which is having problems of its own, and having to go through this roadshow, that is seen as a discount. He will have to lean heavily on this bench of his which may not be as wellknown condensers wellknown to investors. Community will be asking who will be running the Company Making the decisions, and how you grow your revenue base outside of just the payment processor. You will be looking at sarah folks the c. F. O. , these they are now relying on if dorsey is not able to commit 100 of his time to square. Emily you are not a. You are nodding. It is not like jack dorsey is moonlighting as a babysitter. He is moonlighting as c. E. O. Of twitter. It is hard to see a board feeling comfortable with that or the Public Market investor feeling comfortable with that longterm, particularly if both Companies Need to innovate heavily over the next several quarters. Emily you know the payments landscape. Talk about what they are up against. Where they have advantages and stiff competition . I break it into two categories. You have the pier play, legacy payments players, first data, heartland. Iv has focused on enabling an ecosystem. There are hundreds of pointofsale developers in the marketplace today competing with Companies Like square. Heartland and first data have both purchased pointofsale companies and moved into the space while they are still trying to enable this ecosystem of other pointofsale developers. Square is kind of a closed loop. You have the Payment Processing function as well is the point of sale all in one. Merchants dont necessarily have payment of choice of payment processor. It does make the processing more simple for the merchant. It does not leave the merchant with a lot of choices. Emily the roadshow starts next week. What do we know about the schedule . We expect them to be in San Francisco, it up all of the investors there. They seem to be making planning on making a stop in new york. When i know exactly where, im sure you will be the first to know. Emily thank you for that. Maha you are with me throughout the show. The ipo is not the only issue jack dorsey has to deal with. At twitter, the other company runs, diversity or lack has become a topic of conversation. A blog post this week criticized the company for failing to create a diverse workplace. Late yesterday, twitters top engineer released a blog post apologizing and saying things need to change at twitter. We have talked a lot about gender diversity. Now is moving into ethnic diversity. Jesse jackson singling out twitter. What is your take on the new development . The irony is twitter has been at the forefront of the race discussion. It has been the basis and the forum for so much discussion around the black lives Matter Campaign as well as the anger around ferguson. You have a company much like many private and Public Companies in Silicon Valley clearly with the left dealing with the diversity issue and not in the most progressive way. Emily whose problem is it . Maha it is a problem of inflow and the h. R. Developments. We need to see more diversity coming out of the stem programs in the United States, across the United States. We also need to have a more realistic Financial System and real estate system in San Francisco where people can afford to be here. Emily i have seen twitter making numerous efforts. They were at the forefront of girls who code. They have made women encoding a headline at their own developers conference. It seems like they are trying. But obviously there is work to be done. Globalup, nielsens president gives us an update on what could be an industry game changer. Emily media stocks took a hit after Time Warner Cable lowered its outlook and news corp. Was dragged down by a decline in ad driven sparking renewed concerns about the future paytv in the age of netflix. Advertisers a networks have clamored for new ways to measure viewership. Nielsen has promised it can deliver. Devices and set top tablets, even youtube. The Nielsen Global president steve hasker joins us from new york with a status update on the project. Is this going to be ready by the end of the year . It is, thanks for having me. We have been working on this for a couple of years. We start of the launch of a product that measures, intensively the impressions to advertising. We have been putting pieces in place the last couple of years. The final piece is what we call Digital Content rating which we launched the week before last and a rolling out through the fourth quarter. We are giving our participating clients the chance to look at data and understand what the audience is our to their programs and the Advertising Industry comes across all platforms. In the First Quarter of next year, we will start reduce the syndicated metrics so Competitive Networks can see numbers across the industry. At that point, you will have in place what we call the ability for buyers and sellers to see all impressions on all platforms. Through how you are going to do this and how accurate it is going to be given that i might watch an entire episode of the voice or a clip on youtube. How can you measure all of the viewership in all of these different forms . It is very accurate. It does not matter whether you have a large audience or a very small niche audience to a Digital Content. What we do is we take our crossplatform panel, the nielsen homes where we measure multiple devices in the homes, including the tv. That panel is representative of the u. S. Population. We use that to calibrate and correct multiple big datasets. Registration datasets, viewership datasets. We put these together and produce daily ratings. We are finding they are very accurate. Is maha. Ve, this i recently read 41 of american households subscribe to some video streaming service, whether netflix or amazon, etc. How do you deal with that inevitable trend . Is this the solution you are rolling out in december or is this something you will deal with at a later date . We are already dealing with this in a sense. Here is what we have done. We have had varying successes of getting the subscription ondemand players themselves to willcipate and incorporate recall our watermarks into the content they carry and the viewers see. Owners to theghts people who produce the programming and sell it to players like netflix, we have had the rights owners give us the audio signature that allows us to measure it. We are already reporting back to those owners the viewership on platforms like netflix. Here is the breakthrough for them. They are starting to understand how those audiences compare to the audiences through the traditional adsupported cable echo system ecosystem. Emily this contrast comcast merger, how does it impact you . How big of a threat is it to your business . We dont see it as a threat. On one hand, we welcome the competition. On the other hand, we are focused on executing. If we can roll out the total Audience Program i described a minute ago, we are going to meet the needs of our clients. That is the single most important thing for us. Emily how accurate do you think measurements are . I wonder if once you roll this out if we will see a massive reordering of the hierarchy of what is popular and what we thought was popular all along. Do you think things are generally going to fall in line with the we already know . The impact will vary. Today,ff that is popular whether the National Football the greates or scripted programming everybody loves, i think that becomes more popular. The Networks Good at producing that and choosing those shows and putting them in front of viewers, they will do even better in an environment where everything is counted. The networks struggling to find the right secret sauce in terms of programming, this is not going to help them much. We will see that kind of distribution play out. That meansink bloomberg west will come out on top. Steve hasker, Nielsen Global president , thanks for giving us an update. Looking forward to seeing that before the end of the year. For an update on the story would have been following for a while now, the blood testing startup is reportedly looking for a new lab director to oversee one of its key facilities. The wall street journal says there questions about the qualifications of the dr. That runs the california lab. According to the journal, he is a dermatologist without a degree or certification in pathology or last lines. The lab houses blood analyzers that it was using for some of its tests. We reached out for comment, no response so far. Come, toyotas billiondollar bet on artificial intelligence. The line between the Auto Industry in Silicon Valley gets more blurry. Now it is time for the bloomberg west week in review where we look back at the biggest tech stories of the week and what is coming. Sarah frier is with us who covers facebook and twitter. And our guest cohost for the hour. A busy week covering facebook, hitting an alltime high after a solid quarter. It is now more valuable than g. E. Obviously, you and i have both been covering the company for a long time. What is your take . I think it would have been surprising if they did not beat expectations. I think weve gotten to the point where facebook just keeps doing more than what is expected every quarter. Emily 500 Million People are watching videos on facebook every day. [laughter] it is a juggernaut. The rich keep getting richer. They have innovated through acquisitions as well as internal projects. It was brilliant for them to buy instagram. Messenger is not making money yet. Analysts are looking at that and ing facebook has not done they have done a fraction of what they can do in the future. They are all raising their price points. What does facebook have to lose . Are there any warning signs . There have been concerns about growth. He numbers are so big how do they manage to accelerate user growth . What six months ago, we were talking about the aging of the facebook top nation population. Everybody under 25 was moving to snapchat or instagram. They bought instagram more than six months ago. Those fears seem to have been quelled through the performance. Eens, nobodyask t uses facebook anymore. When you ask what you do at the bus stop trying to kill time, they say i go on facebook. They dont think of it as a cool thing they are doing. It is part of their life. Emily i dont watch the kardashians. Is listingberg today his philanthropic efforts. We saw a couple of weeks ago more news about a school he and priscilla are starting. Explainod to see him the strategy behind all of these things. A lot of people questioned zuckerbergs philanthropy smarts after the whole gift of 100 million to the schools which many considered to be a failure because it did not reform a lot of the teacher tenure issues it wanted to reform. There was a lot spent on consultants. It looks like he has figured out how to do these projects. He wants to do them in his backyard. The Primary School in east palo altomenlo park area will help disadvantaged youth and be more of a personalized learning setting. To unlock Human Potential and promote equality through his education foundation. Maha communicating it in an upfront and honest way. He has never been a c. E. O. That shies away from getting his point across and using facebook as the medium to do so. That is engendering so many fans and generating so much trust and appreciation for him as a c. E. O. And a grownup c. E. O. No longer the 21yearold. Emily they are focusing on schools, hospitals, science, innovation. At in the post today, he said priscilla and i are having a child. It has encouraged us to think harder about what we want to do in this world and how we want to use our wealth and influence. He was very personal about it. He had a more detailed post about newark and the lessons he learned and the stats. Emily and numbers about how is working. Sarah, thank you for sharing that with us. We will be back with more of bloomberg west after this quick break. I just had a horrible nightmare. My companys entire network went down, and i was home in bed, unaware. But that would never happen. Comcast business monitors my Companys Network 24 hours a day and calls and emails me if something, like this scary storm, takes it offline. So i can rest easy. What. You dont have a desk bed . Dont be left in the dark. Get proactive alerts 24 7. Comcast business. Built for business. I am emily chang and this is bloomberg west. Time for our global tech business flash. Berkshire hathaway is reporting thirdquarter net income that doubled from last year to a record 9. 4 billion. The company also reporting unrealized losses on its ibm stake the client to 2 billion as of september 30 or about 15 of the cost of accumulating the holding. Berkshire says ibm continues to be profitable and generate significant cash flow and says it has no inte