Been reluctant to normally support mr. Trump. Turkey has recalled its ambassador to germany. He vote increases tensions between turkey and germany at a time when ankara is playing a key role in slowing the flow of migrants to europe. The nba finals begin tonight. A showdown between the warriors and the cavaliers. The warriors won the series last year and are defending their title. Global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. From the Bloomberg News room, i am mark crumpton. Bloomberg west is next. Cory im cory johnson, in for emily chang. Right sharing startups are duking it out globally. Uber announced a 3. 5 billion injection from the Saudi Sovereign Wealth Fund. We will catch up with lyfts chief business officer. Ernest moneys tells us why hes betting big on tech renewables. Fox takes a beating, shares down the most in four months despite a strong sales number last quarter. What happened . The company ceo joins us to discuss. 9 billion of new money has been invested in the right sharing industry since the start of 2016. This week we learned the Saudi Sovereign Wealth Fund is writing uber a check for 3. 5 billion, and there is more to come. Ubers biggest rival in china says it is closer to making an even bigger route. One way lyft is trying to claw at ubers market share, by winning corporate customers, most recently from apple. Ric, you had this story. What is happening in this business battle . Lyft has long had a consumer friendly reputation, invented the peertopeer model. Cory pink mustaches . I think they have moved away from that. Business is a big market and they wait to grow their user base. Think they are saying, we can grow here. Cory what is the appeal of the Business Market for lyft . Eric its a huge market. We think it is a tremendous Growth Engine for the company. Corporate travel, Ground Transportation category is approximately 36 million spent every year. Cory in the u. S. . Eric taxis, black cars, right sharing and rental cars. Cory does not include airlines . Eric it does not include airlines are hotels. Its a great way to introduce people to lyft and right sharing. Cory when you look at the market, it strikes me that is the low hanging fruit in terms of people who are used to using a rented car as a means of transportation. New yorkers are used to jumping in taxes. People in des moines or even in this city. When uber came around, it started to change individual behavior. Thats harder than getting someone who is taking a taxi, going to a black car and shifting to lyft. I would definitely say theres a shift in attitude. We are seeing that predominately in the millennial generation or it in the next 4 years they will make up over 50 of the workforce. They have a different attitude about car ownership. We see an attitudinal shift towards transportation as a service. Cory it strikes me as interesting that uber started with a business clientele and moved away. Eric uber traditionally black car. Yft is really willing to cater the product to the customer here. They are coming up with a Concierge Program where businesses can schedule the app. Talk about a couple of ways you are tailoring this. We have a different approach to working with businesses. It is three parts. The first is we are people first acrosstheboard trade we treat you better, which is really how we treat our drivers. Its kind of a nod to us getting started. Very customer focused, very people first. The second thing is when you are alluding to, being very collaborative. We are listening to our enterprise clients and designing programs that are custom for each of them. The third thing is that at lyft, we believe that mission and vision and values matter. It turns out that a lot of our corporate clients agree. Cory lets say my company is used to using a certain car service company. Thats our vendor, thats what my employees are used to using. How do you convince them, what do you say to make them choose you . What are the carrots on the stick . Consumers are already overwhelmingly choosing right sharing in their personal lives are at lives. Its that classic b to c to d transition we have seen before. They want the same conveniences they get in their consumer applications to show up for business. Its convenient, easier, affordable, and in our case, a friendlier ride. Cory your competitor has more market share and has become more of a verb. I think its worth pointing out is a long road to go here. Right now certify, an independent Third Party Data provider, says lyft got its 4 market share. Uber has more than 50 . Taxis have been plummeting in business travel. I spoke with john cymer, the president of lyft, and hes angling for the majority share. You definitely have a lot of work. We are growing very quickly. Some q4 in 2015 on the certify data to q1, we grew 41 quarter over quarter and we expect to see continued growth in that category. Cory im not hearing your description of selling me as the imaginary ceo that will never be. Why you and not somebody else . Comes down to the relationship. The mission of our company that john and logan set out with was to reduce congestion, reduce ollution, and to provide communities that they operate in with more convenient mobility solutions. This is just an extension of that. It is more cost effective, so its reducing that travel and expense line, second only to people and most organizations unless its a capitalintensive business. Ground transportation makes up 22 . Thats what they are coming for. Cory grunt transportation is 22 . Interesting. Its never before been in a managed category. Theres never really been an opportunity to put together a Corporate Program on a national level. I would say its interesting they are creating use cases you would not have imagined before. They are working with care more, a medicare provider, picking people up and taking them to doctors appointments. There are interesting ways you can use lyft, schedule rights, and create modes of transportation you might not have thought of before. The first is business profiles. Were taking all the hassle out of the expense reimbursement process. The second thing is concierge. Weve made it easy for an executive administrator and assistant to be able to request a ride on behalf of a third party who doesnt even have the lyft app. We are using it for care more and nonemergency medical transportation. Our corporate clients told us loud and clear they dont want to ever have to worry about missing that allimportant airport trip. They are asking for and weve given them scheduled rides. Cory very interesting stuff. David, i wish you guys success. Its an interesting business angle. No more fuzzy pink mustaches. You, however, can go with the fuzzy beard if you want or fuzzy mustache. Coming up, the robots are coming for your College Savings. Roboadvisors, i want to talk about their latest victory. Lus, jeff bezos. Cory that is the San Francisco bay right now. Work is happening. Ceo Brian Chris Anders has other fish to fry. He finds himself in a sticky political situation. He planned to host a fundraiser for donald trump at his home here in Silicon Valley but he called it off after the New York Times called him and said, whats up with the trump thing . He said the event was canceled. Krzanich said, we are interested in engaging both candidates. His earlier support would have put him at odds with many other Silicon Valley republicans who have said they will not support trump. The robots are coming for your College Savings. Well front, a Silicon Valleybased robo financial advisor, will begin providing College Savings plans in partnership with the state of nevada. Joining me to discuss this right now is wealthfronts allie rosenthal. This seems to me like a huge win for you guys. Nevada is different, i guess. In california there is one provider, and its a slugfest. Philadelphia fidelity has it down. We are excited to be partnering with nevada to be mobile be the first and only Automated Investment Service to offer and manage a 529 College Savings plan. Cory like robo advisor . Ali we prefer automated advisor. Cory all humans work at the company. The first roboadvisor to get there. For your engine see agency, its a great deal. Ali we serve a market that has been burdened by incredible student debt, and this is a client base of hours and a rising generation that does not want their children to have the same issues with paying Student Loans off. We believe the 520 nine College Savings plan is the best way to save for future college costs, which continue to rise. Cory we were talking off camera and you were saying 529 is the biggest nobrainer. These costs are really substantial. When you go to a state like nevada, they know something about placing their bets in nevada. How do you get them to place their bet with you . Is it all about a discussion just because you have lower fees . Ali we are taking what people love about wealthfront, as well as the low cost, and bringing that to the 529 product it will launch later this summer. Nevada got excited about working with us because we are bringing that technologic innovation to the 529 accounts and we also have a client base that is younger, its a rising generation that will face college debt or has faced it and does not want children to face it in the future. Its low cost for us. The 529 basis point fee, taxable and nontaxable accounts, its a low minimum. We have really helped families get started earlier. Cory i can give this as a present to friends who have babies. Ali so much better than a little onesie they will grow out of. Cory i cant tell you how often they dont follow up. Ali thats another thing we focused on, making our base and potential new clients very aware of how wonderful a product this is for saving for future college costs, and its just one of those things that makes perfect sense for our demographic right now. Its a huge deal to put your child into college or niversity any cost a tremendous amount. We think we can help people set goals and achieve those goals i continue to and continue to fund for their future. Cory i assume nevada is not the last estate going after it. Ali you can live in california and invest in a 529 plan sponsored by the state of nevada. You only need one. Cory so are you done . Ali we will make this one a huge success with the state of nevada. Cory are you going for other states . Ali its not necessary. Cory its one of the sort of confounding things about 529s. Li its all about fees, keeping those fees low. We will be the lowest advisorsold plan in all the plans available today when we launch. Cory congratulations on that, ali rosenthal. Good to see you. Twitter has been topped by snapchat. Snapchat has 150 million daily users, up from 110 million in december. The fouryearold messaging app more popular than twitter now, which has less than 140 million users. Facebooks other apps are at the top. Coming up, we will year from the u. S. Secretary of energy about his take on the future path of Clean Energy Technology. Later, check out shares of box. The ceo joins us for a checkup on that Cloud Company later this hour. Cory another day, another a deal at enterprise software. This time it is thomas bravo buying a Software Enterprise company, click. This is a cash deal valued at 3 billion. Qlik shareholders get 30. 50 a share in cash. Qlik targeted back in march. The company is quote, significantly undervalued. Energy ministers from 26 countries met in San Francisco this week to try to figure out how they will achieve the goals they set out at the paris climate records last year. Opec announced today it would stick with its policys unfettered production. Rnest moniz discussed future growth and renewables. So far in the United States and frankly globally, even as oil prices have come down, we still see the substantial growth of renewables, and also very importantly, the growth of efficiency so that demand growth has been tamped somewhat. We just had a presentation by Bloomberg NewEnergy Finance the reinforced those points. Here in the United States, besides oil prices, we of course have a very low natural gas prices. Those have impacted principally cold and nuclear, while we see for example our solar deployment is up by a factor of more than 30 in the last 20 in the last six years. We see robust growth continuing with the renewables and with efficiency as lead drivers in ur clean energy evolution. Thank you for the shout out towards Bloomberg NewEnergy Finance. You also have governments making agreements, such as the Paris Climate Accord great what is the status of that accord being ratified before the president ial elections in november . Ernest the accord had a big step forward on earth day, when 170 countries signed the accord. Now the various countries including the United States have to go through filing a set of articles to join. We have committed president obama has committed that we will join along with many other countries this year. We may not reach the full ratification threshold this year, which requires 55 countries. I think we will be close, if not there, and probably next year we will see the accord come into force. Its a big driver, a big deal. Frankly, i think the Paris Agreement and the response by 170 countries means the clean Energy Direction is really inevitable. And, thats why we have to emphasize innovation so that we can stay at the head of the train and take advantage of what is going to be a multitrillion dollar market of Clean Energy Technology deployment across the world. You are targeting early next year. We have the president ial election before then, and donald trump presumptive nominee for the Republican Party as stunning a lot of things, including canceling the paris climate agreements. Among the initiatives the department of energy is taken during the obama administration, what would be at risk in a Trump Presidency . Ernest im not going to comment specifically on the campaign statements by any candidate. At the appropriate time i would be happy to do so, but not at the moment. I think there is a misunderstanding in many ways. For example, the department of energy, we said efficiency standards for appliances and various kinds of equipment. Those standards are not something we just think of in the morning at issue in the afternoon. These take years of a process of rulemaking. Any changes to those would have to take a similar longterm process. I think it would be foolish to do so, since the impact of these efficiency standards is estimated to save consumers more than 1 2 of 1 trillion of energy up to 2030, not to mention avoiding almost 3 billion tons of co2. The innovation agenda that we are talking about, the Clean Energy Innovation agenda, that is received that has received strong bipartisan support on capitol hill. Look at the senate bills that have passed in the last few months. Both the Energy Policy bill and the appropriations, the budget act for our department, they both explicitly called out the innovation agenda is something thats very important. I see the actual actions we are taking to be commitments that this country will continue, frankly, in our own best self interest. As i said, with the domestic market and Global Market expanding rapidly, essentially inevitably following paris, we should be prepared to use our innovative edge to make sure we get an appropriate part of that market share. Cory that was Energy Secretary ernest moniz and anchor scarlet fu. We are going to meet some of the companies that could lead the way. Check us out on radio. We can listen to bloomberg in d. C. , new york, San Francisco, boston, bloomberg cap, bloomberg. Com, sirius xm, station 119. Asian stocks are higher after the s p 500 hit a seven month high ahead of todays jobs data. Japanese shares have helped the regional benchmark higher for the first time in three days as the yen retreats. Oil 50 a barrel after opec did not reimpose a production ceiling. Shares slumped to their lowest since 2003 after it announced a rights issue to raise half a billion dollars. The singapore listed junk rated commodity trader lost its c. E. O. This week and the chairman says he intends to go within a year. Noble will offer one rights share for each of the share at 1 singapore cents. Goldman sachs sees a growing risk of accelerated capital outflows from china as the yuan weakens and capital flight could spill over into global selloff similar to those we saw back in august and in january. The yuan, its longest losing streak since december. And those are the headlines from Bloomberg News. Powered by over 2,400 journal scompifts 150 bureaus around the world. Lets get the latest from the markets. With that lets go to david. So lets well, let me give an update on the oil price. Youre looking at august contract the august contract for brent. Obviously no deal. We know that. But a twoday look. Thats when the news broke. It obviously recovered a little bit. And we basically held at about 50 a barrel on this contract. Now, a lot of people are saying now that we know that theres no no new coming from opec we can focus on the fundamentals and a very interesting note here, and we know that rebalancing has been happening faster than expected. You have the