Who she is. I feel confident hillary will be the nominee and will be the next president. Mark mr. Bidens comments go further down further them president obama. Donald trump says he has narrowed his list of potential running mates to about five with deep resumes. He says he has not ruled out new jersey governor chris christie, who has been chosen to head trumps transition team. Global news 24 hours a day powered by our 2400 journalists in more than 150 news euros around the world. From the Bloomberg News bureau in new york, im mark crumpton. Bloomberg west is next. Emily im emily chang and this is a special edition of bloomberg west in boston where we are surrounded by 1500 government and Civic Leaders for the annual meeting of the chamber of commerce. Welcome to those turning in tuning in on television and those here in boston. A huge discussion topic is the growing tech infrastructure. We will hear from the person who helped spearhead the move to boston, mayor marty walsh. First, we want to begin with biotech because while boston may have fallen behind look on valley in internet startups, it is holding its own in this sector. Massachusetts gets more than triple li na of funding from the National Institute of health in california. Venture Capital Funding also spiked to a record 2 billion last year. The area we want to focus on his cambridge, home to 180 Tech Companies and all five of the top London Hospitals in the United States as well as harvard and m. I. T. Our next guest comes from the heart of that area and is focused on genome Scale Technology and is using a vast database to help match similar cancer profiles and get doctors the best resources. Foundations cofounder is here with me as well as the chief commercial officer. Thank you for joining us. I want to start with biotech because im curious how boston became the hub for biotech. Guest it starts with the universities. You have the concentration of the clinicians and the entrepreneurs. Welcome to the hub of biotech. Emily ge says it is coming here to be closer to the biotech corn or. What do they get . Guest they get access to a rich population of talent exclusive here in the boston and cambridge area. It is an m. I. T. , harvard, the Major Medical centers that they have access to. It is very attractive for the cambridge area. Emily i want to talk about gene editing. How does what you are working on get us closer to a cure for cancer . Guest we can read the programming code of patients with cancer now and in being able to read that code, we know what the Software Bugs are and we can sit just what types of their bees might be best matched or that specific patient. To know what that might mean is tremendous. Emily when you hear things like a cure for cancer, how far out is that . Guest it is a tough disease and enemy and there are probably a thousand different kinds of cancers. We are going through them one by one. For some, a tremendous effect has been had immediately and for others, we are still working on it. A lot of big improvements are happening now. Emily you are working on getting this covered, but the test are over 5,000. How close are you to getting insurance to cover this . Guest it tends to out pace reimbursement. We have a number of regional contracts now being signed and other pairs are recognizing the data that now we are having a major impact on overall patient survival at a reduced cost to traditional therapy. That data is emerging and those pairs are coming online. Emily shares of foundation are down from its peak a year ago. Why is that . Guest the whole sector has been down. It is a long game that is fundamentally happening. We are incredibly enthusiastic about the future, but there is a lot of work that needs to be done. Emily are you changing your story or changing your strategy . What can you do to rekindle investment . Guest we continue to focus on three primary areas education, the ability to take action on the information we provide and fundamentally, it is about servicing oncologists. They simply need people to be there to answer their questions and help them with patient care as quickly as possible. Emily we talked about this a few months ago here we are again. The sector is still struggling. Why is that . Guest the fundamentals are extraordinarily strong. There was a time when it got ahead of themselves. Maybe there was some consolidation, but ultimately, this is a sector that thrives on proving we are making a big difference for patients. Its that steady progress. I think we will continue to see that as we move forward. Emily when do you see that turnaround . Guest its happening now. We had a Strong Quarter and we continue to do same things we are doing. Creating awareness, driving adoption and assisting in positive patient care. Emily pharma sometimes gets a bad rap. When do you see things like that getting resolved . Guest what do people want . People want to live long and healthy lives. Emily and afford the best technology and medicine. Guest the general contract we have had is if we have the fundamental inner innovation that lets people have those long and healthy lives, bringing those important therapies east to people who make those differences, i think that ecosystem has worked. There are obviously strains on it but whatever changes we make to it, we need to keep the part that works in tact. Emily i want to talk about regulation is theres question about whether the technology really stands up. Regulators are looking at it even more closely than they were. Who is right . Guest i think the feds are on that one, so i will leave that to the feds. The bedrock of making these breakthrough therapies is about data. Can you show that these things make a fundamental difference . We are fundamentally different and we do spend and a norton amount of time ensuring that our data is out there to demonstrate our quality and we are working closely with the agency to certify parts of our laboratory. We feel very comfortable with their entrance into our space. Emily we have been talking about how a lot of Internet Software talent has moved to Silicon Valley stop what do you think about why attack . Are they here to stay . Guest this is the epicenter of biotech. If you are walking down the street in kendall square, you have the academics and clinicians and yet the Small Companies and Big Companies and the investors, literally, i walk one block and bump into multiple people and have a conversation. Sometimes its about an investment opportunity, sometimes it that Critical Mass doesnt exist anywhere else. That liquidity is something very special. Emily thank you both so much. Now to a story we are watching lawmakers are getting involved in allegations of political bias at a book. In a letter to ceo Mark Zuckerberg, john and asked whether stories with conservative views have been excluded from the facebook trending topic section. This comes on the heels of a story published by gizmodo that cited unnamed a spoke contractor saying curators were encouraged to label certain stories as trending even if a were not popular and leave conservative stories out. A lengthy rebuttal was written saying we take these reports extremely seriously and have found no evidence that the allegations are true. Gawker media says it stands by the report. Speaking of facebook, peter thiel is now a delegant for donald trump. According to forbes, hes listed as a delegant for trump in the states 12 congressional district. The Trump Campaign submitted the list of names on monday. I sat down with peter thiel a few weeks ago and asked who he is supporting in this election cycle. Peter i find political philosophy interesting and theres a lot of these questions that are interesting and important. If i was involved, i think i would just blow my brains out. You would just go crazy after a while. Emily as an outspoken libertarian, he supported the candidacy of carly fiorina. He has given money to fiorina and ted cruz in the past. Coming up, disney and Electronic Arts moving dramatically in extended trading. We will look at the results, next. Stay with us. Emily this is a special edition of bloomberg west live in boston where we are surrounded by his and government leaders for the annual meeting of the chamber of commerce. I want to welcome our bloomberg 1200 Radio Audience here and turned to earnings. Disney and Electronic Arts reporting after the bell. Disney shares down after posting secondquarter results that missed estimates as profits dip at the abc network and its Consumer Products division. Ea shares going the opposite direction, up 7 in extended trading after beating on profits and revenue in the fourth order. For more on this tale of two different rings, im joined by our editor at large, cory johnson. It has been such a fun you days here, but lets start with disney. Even post star wars, not a great quarter. Cory analysts know there was some week is in the abc networks. That caused profits to dip, but big picture, 4 year over year growth, that is a Strong Quarter. Not the same kind of growth they saw last quarter but still growth nonetheless. Emily cable profits were up. Cory there were longterm concerns about the unbundling. If it starts to show pressure, this company is so strong but espn has been doing better than expected. Star wars toys actually hurt. The dollardenominated assets, selling dollardenominated currency hurts them because of the strong dollar. While a lot of the toys sold, the profits were not as strong. That sort of them scares things. Theme parks very strong this quarter. The current quarter, they are going to open disney shanghai and that is expected to be very positive, but beginning in the second calendar quarter emily and they have the followon to the Star Wars Franchise planned. Cory particularly the theme park in florida will have a whole new place there it is a resource for disney properties. So they are expecting to use that over the course of many years. In this corner, star wars merchandise hurting them. Emily let talk about ea. Cory star wars is the story there. 14 million copies of that game sold to retailers, but hell positive for ea in that quarter. One year ago, they had a battleship game and it was one of their biggest ever. Emily cory johnson, our editor at large today in boston, thank you. Now to a story we are watching amazon positioning itself as a competitor to youtube, letting users post their own content for advertising and royalties link to their uploaded video. It is similar to their strategy with ebooks but allowed authors to [inaudible] one analyst at Sanford Bernstein is setting a 1000 price target, 47 up from where shares closed on monday. Carlos kercher said the only major roadblock amazon faces is finding new areas of investment to keep up with the growth in gross profits. Shares closed on tuesday any consensus price target is 809. Coming up, what is the next Tech Breakthrough for drones . We will hear from one of austans leading robotics experts, next. Bostons leading robotics experts, next. Emily this is a special edition of bloomberg west where we are taking a deep dive into the boston tech scene and the innovators driving it. Im joined by one of the leading figures in robotics and the ceo of a company on the cutting edge of drone technology. Thank you so much for joining us. We were just talking about how boston is a hub for biotech, but it is also a hub for robotic. How did it become this way . Guest boston is a hub for robotics because of m. I. T. And umass, and Companies Like irobot came out of those institutions and now companies are coming out of Companies Like irobot. Emily what sets your technology apart . Guest we have been developing drones that are persistent. A lot of times you have to bring them down in 20 or 30 minutes. Ours, you send them up and leave them there. From monitoring to security to managing the entire facility, the trick is a micro filament tether. Powering them up on the ground and allowing them to fly emily so it is not necessarily making battery life longer, it is powering them a different way. When does that actually happen . Guest i think it happens around 2020. I believe people will be able to deliver. This is the first year where you will be able to go fly commercially legally. Last year you had to get an exemption in this year, you will be able to fly legally. You will be able to fly over people and into populated a breadth. Technology is developing so fast. Its a really exciting time to be in the drone. Emily how is just raises thinking about this and what is he interested in . Guest amazon has been concentrating on delivery but there are a host of other applications like Fulfillment Center robots. Now, they are automating Performance Centers and there are so many applications when you are a logistics company. There are so many great applications. Emily google went big on robots and bought boston dynamics. Then they got rid of it. Do you think Robotics Companies guest i dont think they are stepping away from robotics. I think they might be stepping away from human robots because it might be a bit too far from commercialize a double right now. But i think you have to get into promotional applications and then move to more complex machines. Emily irobot, the Robotics Company you founded come are facing a proxy battle and i wonder what you make of the changes red mountain is calling for . Philippine stocks are rising. This central big holds a policy meeting tomorrow. He says the outcome of this weeks vote will not have any impact. Gradingthe guests houses are giving a gloomy outlook on commodities after the crash that happened see losses. Mitsubishi sees a 19 fall in oil. They are predicting a 29 drop. Prices on fuels and metals will continue for twothree years. Profit diving by almost a third as it struggles with its lossmaking carrier. Elevating to 1. 1 billion dollars. Sprint is on track to improve profits by nearly 2 billion a year. Those are the headlines from Bloomberg News powered by over 2500 journalist. Lets get the latest from the markets right now. Japan comes back online. Clicks we saw that strength in the yen earlier. It was up by a third of 1 . It was up by 6 10 of 1 . More positivity coming through into that japanese equity market. It is reaching for a second session after yesterday. We are seeing weakness in the region. Here in hong kong. They have fallen to a twomonth low. It is down by 6 10 of 1 . Still seeing Good Movement similar to what we are seeing across the rest of the region. Crews are headed back to 35 barrels. We have stopped coming under pressure in hong kong. The the been having a very solid session up by about 3 taking its today gains since january. Solid movesry coming through in a straw you led by those commodities. The a excess 200 is holding at levels that it has not seen since august 19. Ew zealand also looking shot lets have a quick check on the yen. It is stronger today. Up by about half of 1 there against the dollar holding at 100 and eight. 108. That is the picture on asian equity markets at the moment. Emily this is a special edition in the boston center. Welcome to all of those tuning in. I want to welcome our Bloomberg Radio audits right here in boston. They are expected to bring in hundreds of jobs. The move was formally announced in january and ge Just Announced that massachusetts spends more on research and development than any other region in the world. On solving for the world. We are excited to bring our headquarters to this dynamic and creative city. Joining us now is marty wash. I want to start with boston in general because i work in Silicon Valley. Silicon valley is the center of the main tech. What do you think boston has . Not understand what is happening and our city and innovative economy is incredible. In downtown boston, 35 of her office space is Tech Companies. We have a lot of Great Innovation and start up companies here. We have 25 universities in the city, so we have a lot of rain power here. Emily getting ge was a huge to. How will you know if it is worth it . Mayor walsh i think it is already worth it. They are moving their Global Headquarters to the city of boston and we are already seeing the benefits and the results of that. Companies wanting to stay here after they get grounded, we have a lot of startups and i think a lot of company say why do we want to leave the city where we have Companies LikeGeneral Electric coming into our city every day. General electric is one of those that such a win for our city. Emily do you think it will be a big acquirer here . Mayor walsh when we have the conversations about the collaborative approach with the governor and myself, a republican governor and democratic mayor working closely, i dont think we put a big incentive package on the table. Jeff and melt said that is healthy in this environment and this is a healthy environment for business. Emily lets talk about the tax breaks, we worth up to 25 million and hour help secure this field. That would generate more in property tax revenue even with the incentives. What are some concrete ways you think this deal will combat things like income inequality mayor walsh General Electric made a 50 Million Investment in schools and job training for top emily how much of that goes to Stem Education . Mayor walsh 25 million