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tv   Bloomberg Markets Balance of Power  Bloomberg  March 27, 2018 12:00pm-1:00pm EDT

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the politics and economy. david: it isn't over until it is over, the possible trade war was subsidizing, and the president can curtail dealings with china and secretary ross says curves on chinese assets are on the way. and kim jong-un's excellent adventure, the leader reportedly traveled to china for the first time. could this be the train and his home away from home? and a exclusive interview with the commissioner of the mba, adam silver, and to talk about legalizing sports betting in the u.s. ♪ shery: another day of gains in u.s. equities and with a check of the markets is abigail doolittle.
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we have the dow and s&p 500 and nasdaq higher, especially the dow added nearly and on pace for the best two days since august of 2015. the s&p on path for its best day following the selloff in june of 2016 after the brexit. declines ofrst january of 2016, it continues but without some volatility. let's look at the intraday chart in the s&p 500 and will see from much of the morning the s&p 500 has been flipping between small gains and losses and now moving into these gains, for that volatility, that can create some uncertainty so we have a safety bid with the utility index up early 19's of 1%, and with consumer staple stocks trading higher. we do have gains for major
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averages but there is also flight safety relative to the stocks and investors moving toward at this time. let's look at stocks doing less well than these, we are looking at long fin corp. and twitter. this is short of citroen as the ftseer today brussels says it will be taking the stock out of the index. and twitter also a short interest -- for a short target 5.9%, saying all social media giants, this one could be subject to privacy issues. his target is $25 per share. if we hop on to the bloomberg thelook at this chart, long-term downtrend tells you over the long-term sellers are
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in control even with these they whip saws up and down. buyers tried to take control have been doing so i taking about the downtrend. if twitter was to drop down to 25, the downtrend will be broken suggesting buyers are taking control and the area of congestion confirms twitter for a higher move up. you could be interesting to see volatility in the near-term for twitter on the long-term, it looks bullish. shery: abigail, thank you for that. will ross says the u.s. will announce curves for chinese investments in the u.s. and answer questions about retaliation and alleged violation of intellectual property. timing,e details on the alex wang in washington. great to have you with us, we are hearing about the trump administration using a unique tool, that international
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emergency economic powers act of 1977. what is this about? >> we did not hear about this rule until trump administration and that is the latest in their protectionist agenda to punish china for what the administration says is in violation of u.s. intellectual property rights. david: what source of remedies can they obtain that they couldn't otherwise? treasury is actually still looking into how this would work and what powers they have under this law. it is unprecedented to do something like this. what we think they are aiming to do is not only block chinese future chinese investment in tight u.s. companies, but perhaps even look back at unwinding investments
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and companies as the chinese have made in recent decades. shery: how does this compare to the process with secretary ross's announcement that could be presidential action coming? alex: we are getting out of my up asouse, the it is set a voluntary program and companies that are considering mergers with international firms for example, a chinese firm was to buy a u.s. firm, they can ask the committee to look at the transaction and give them a green light. what the trump frustration is -- whating at is a less the trump administration is looking at is a less -- requests from many companies, and block deals as they see fit. investor andes an
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other countries sort out what is saber rattling as far as negotiation from actual action. without we were going to negotiate something? an investor be concerned about what the administration is doing because they have not been clear about whether this is exactly a negotiating tactic or something they actually time to do. adjusted it isas a negotiating tactic. he said he is talking to the chinese of resolving these issues so for example, the tariffs announced a week ago never going to affect. are right to be a little frustrated with the trump administration. it is not clear what the game is. david: alex wayne, thank you. staying on the subject of trade, germany and france is taking a different position with making
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concessions, and france wants to hang tough. yellen fromridgette berlin. what is germany doing that is different from france? a interest in getting an agreement with the u.s. because trump has threatened to take out against the german industry, and merkel and the german economy system is the backbone of the expert industry. they do want to put a lot of pressure and also some you countries to reach an agreement and common position and make some session -- some concession so a trade war is avoided. shery: is this really necessary and how much time do they have? we hear they think they
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have a month to get a common position. we are also hearing from brussels that a month is not enough to basically get all the issues together and to get all the eu partners in line. it is much more complicated. it is not about car paris, this is obviously interlinked because it is part of the wto. there are other areas and sectors which would be need to be included. david: give us a sense of the sectors, automobiles appeared to be front and center, what are those? haven't 100% decided because they are not agreeing if they want to open up this issue. we are hearing that they are also looking at the pharmaceutical industry, and also machinery and even food and agriculture. shery: and we are seeing
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chancellor merkel talking in germany. birgit: they are testing the ground and obviously need to know if the car industry is ready to lower tariffs. they are signaled ready to do so because obviously they note that at the end of the road, it could get worse. if the u.s. is closing down its market or making it more difficult to and or its market, it will have a worse affect on exports. shery: thank you so much. jong-unoming up, kim mergers out of the kingdom for the first time and a trip to beijing. what this could mean with possible talks of the u.s. this is bloomberg. ♪
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shery: this is balance of power and i'm shery ahn. david: per first world news we turn to mark crumpton. the: paul ryan says solidarity of allies in response to the nerve agent attack on a former russian spy and his daughter in the u.k. is more important than ever. he made his comments and a product where he addressed the check parliament today. see this for what it is and an attempt to show this court among people to divide allies and destabilize democratic institutions. we cannot and we will not tolerate this. mark: russia has been that responsibility and has promised tougher response to the announcement by the u.s. and other nations of the explosion
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of more than 130 russian diplomat's. the trump administration lies to increase pressure on china for what it says is violations of american intellectual property rights. the u.s. is weighing a crackdown on chinese investment in technologies that washington considers sensitive. people familiar with the matter says options the administration could utilize include a long reserved national emergency. the u.s. is especially considering bans in the semi conductor and 5g wireless communication sectors. a new report says confusion if an attacker was still on the loose prevented british firefighters from going on the scene of a manchester arena bombing for more than two hours. the head of the investigation in the may 2017 attacks as firefighters were kept away because a senior officer on duty mistakenly believed there was an active shooter situation. a suicide bomber killed 22 people at a ariana grande concert.
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egyptians are heading to the polls in an election that president el-sisi is certain to win. all rivals were arrested or intimidated into dropping out. choose between el-sisi and an obscure politician who registered at the last minute and says he doesn't opposed el-sisi's policies. global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. they: venturing out of hermit kingdom, kim jong-un made a surprise visit to beijing and traveled to china in an armored train similar to the one used by his father. this trip is his first known visit outside of his country since taking power in 2011 and comes after president trump signaled his open to an optimistic talks with the north korean leader. changre we welcome gordon
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and he is with us from toronto area take you for your time. we are hearing a foreign dignitary arrived in the guest house, and i was there when china was a host of six countries on nuclear talks and wondered how much the chinese will become out of the process with other summits. what do they want with north koreans now? number ofey want a banks and first of all to want to shut they are relevant and what of the ways to do that is to force kim jong-un to the chinese capital. forced foreign trip out of north korea will be to south korea just south of the military line and to the peace house. i don't think china like that at all and you had kim wanting to talk to the united states and beijing wanted to show the world when it pulled the string the north koreans would follow what the chinese demanded. and that is what happened with
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this one-day trip to beijing. playingt seems to be out very well for north koreans, they didn't get an invitation 2011 and now they are not only meeting the americans but the chinese. gordon: i'm not sure kim jong-un wanted to meet the chinese. i am sure he would like to have the impression to the world that china has his back. i think more important is kim had objectives in these meetings with the south korean president and president trump. one is to get sanctions from the u.s. and from south korea. also wanted to drive a wedge between south korea and the u.s., and that is not happening because president trump agreed to talks. and kim is concerned about being attacked by the u.s. he wants to start that dialogue process. -- chinahat he wants has become less relevant to him. david: how important is it that
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china be relevant to him? a more independent north korea with respect to china or is it better if they are closely aligned? we certainlynk want a more independent north korea and the reason is china has been supplying critical goods to the economy. they have also been supplying components of material is for the nuclear weapons program, and really important equipment for ballistic missile program. and possibly technology for north korea's most advanced missiles. course of the six party talks that started in august of 2003, china has more or less, at least on balance, and a maligned influence. i think one reason trump agreed to talks is to cut the chinese out. you notice there is little talk of holding the summit and china. there is more speculation will be in a demilitarized zone or finland or sweden.
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it is an indication that china has lost its clout. ,avid: you mentioned sanctions are the air pressure point in negotiations? is it true china and post sanctions and if china were to back off, would that undermine the u.s. position? atdon: china has been better section enforcement, but it is still not good enough because we see shift to shift transfers that are outlook at the september 2017 security hassle resolutions. ships bannedkorean from leaving north korea and they are turning on transponders in chinese ports and there's all sorts of activity. china has been better but it is also busting sanctions, and that is a worrying trend for the u.s. the important thing for the u.s. is to impose a cause on beijing so based up band marshall traffic with north koreans. shery: will this be the meeting that actually matters more than
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what could turn out to be just a photo up when it comes to president trump and kim jong-un? gordon: anything is possible. be thepoint out, may meeting with trump is a disaster and fiasco or maybe nothing more important, as you said, the two shaking hands. and ponderabley china has not confirmed if kim was in beijing, so the chinese are ok right now. i think the problem is where china is in all of this as well as where is moscow. over the last month or so we have seen the russians do things that undermine u.n. sanctions, and that is not good. shery: how do you believe the u.s. stance will change now that we have a new foreign policy hawk and the administration coming in like mock her bio -- like mike pompeo.
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gordon: i did not hear the first part of what you said but essentially what they are concerned by the positions of taken.n -- pompeo, has there is a handful of months before north korea can affect the us with a ballistic missile, and he said we cannot allow that to occur. you get the inevitable conclusion that these guys want to strike north korea and will do so in the not-too-distant future. i am not inside their minds and i don't know how serious president trump will be, but nonetheless if you are chinese or a north korean you have got to worry that they indeed mean what they say. walton does have a track record. thank you so much for joining us. he was coming to us from toronto. and interview with
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nba commissioner adam silver and we'll talk about team valuations and the fight to legalized sports betting, and more. this is bloomberg. ♪
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david: this is "bloomberg markets: balance of power". shery: it's get a quick check of major averages. up a tense of 1%, and we see and afternoon sessions some fluctuation after we saw reports that the trump evisceration is considering a upcrackdown -- the trump administration is considering a crackdown. for tens of 1%up and utilities and telecom leading the gains and nasdaq still falling a 10th of 1%.
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take a look at yields, falling lower after rebounding yesterday. there is another $89 billion of bill sales today, and this whole week we have $290 billion of bills and notes the treasury is selling. the dollar is up 3/10 of 1% snapping a two day decline, while emerging stocks are up as we saw the global rally as well. hour,or the stock of the shares of mccormick is rising after they announced strategic investment and returned cash the holders and in the form of a bonus. this after the firm some benefits from president trump's tax cuts. joining us now is taylor riggs. they must have benefited quite a lot. >> they touted they are giving a $1000 bonus to some employees that will affect most employees in the u.s., and talks
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accelerate the pace and will increase the hourly rate for employees. the ceo said the tax reform allows them to show back commitment to the people and make that clear to his employees. besides that, other things mentioned is strategic investments and return to cash shareholders. that is where i wanted to go inside my chart on b.i. that increase you can see from the two range up and they took on an additional $2.7 billion in debt, as they purchased a food business. they are looking to lower leverage of that ratio back down three times by 2020 and that is part of their debt plan in terms of investors being nervous when they saw this. how do they so that down to a more sustainable level? mccormick spices
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at the supermarket, but what about amazon? i never thought about right spices online. do people do that? is that a problem or opportunity? taylor: they see this as an opportunity and they were early adopters in the digital and e-commerce space. commerce andt growth and e-commerce, and it is the bulk budgets -- double digits. it makes up 62% for online. shery: thank you so much for that. coming up congressman ryan costello on why he is retiring. this is bloomberg. ♪ retail.
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under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store
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near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. shery: this is "bloomberg markets: balance of power". david: mark crumpton is here with first world headlines.
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mark: the commerce department says the 2020 census will include a question about citizenship status. california's attorney general says the state will sue the trump administration about the move in congress has to data will help the justice department and forced pointing rights act that protects minority voting rights, but opponents say the question will discourage immigrants from responding to the scensus. results from an inquiry of a $500 million loan made last year by two companies to jared kushner's family firm. and -- sent as letter today asking for documents linked to the pro. be. to ansia thousand rallied investigation of a shopping mall fire that killed 64 people, many of them children.
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occurred in the siberian city on sunday at witnesses reported the fire alarms did not sound and many doors were locked. at a memorial, but the reputed blamed the deaths on from no negligence and sloppiness and he promised grieving relatives a thorough investigation. civilian from damascus continued for a sixth straight day and is becoming one of the largest organized operation transfers and the seven year-long war. syrian media says more than 13,000 people have left ghouta in the past two days. global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. republicans have swept capitol hill and raising democrats to take back the house, and the latest lawmaker
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who announced he is leaving his congressman ryan costello. welcome congressman costello who joins us from washington. it is great to have you here. recorded in the new york times this morning that one of the main reasons you step down is it is difficult to run without having to address some of the conduct of the president, reflected most recently in the interview with stormy daniels. is that accurate and do other republicans share your view? ryan: i would layer some context to that, i layered some protection, and the lifestyle of serving in congress is challenging particularly in a competitive district with a young family. but there is an element to it that there is a feeling that no matter how well you think you are doing at the job, that if the president does or says something that is off-color, your constituents want to hold
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you accountable for that. or they somehow suggest you need to speak out more forcefully than you already are doing. the moment you do that we certainly run into the sawmill of the most strident pro-trump voters in your district. you do get squeezed on both sides. david: how many of your colleagues are stepping down? how many share your concern? first question you get asked from rallies is what you think of the president. it,er you ananswer they would come back and say, yes, what about what he said and what are you not saying what you really think? that can be really frustrating because the job is to advocate on behalf of your constituency and not turn yourself into a
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soap opera commentator. i think some of my colleagues feel that way and i don't want to put a number or name names because we are all trying to do the best we can hear. re. i want to sound self-serving but there is frustration when you feel your job is to respond to what the president tweeted or said or did. that is not with the job is on a day-to-day basis. many voters feel that is what they expect to be. expect moreu congressional republicans not to seek reelection? will the gop managed to retain the house? ryan: i think republicans are well-positioned to maintain control of the house. it is a very challenging political environment but it is a race by race contest across the country. myself that are in competitive districts know what it takes to win elections.
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in my particular case, it would before basic related petitions, the supreme court changed my district and ticket from a district hillary clinton want to a district she won by 10, the report and the history of this country has a supreme court on that in the middle of a 10 year national redistricting cycle. it will be a challenging environment to be sure and it will be -- a lot of races are going to be cost of races going into election day. david: let's try not to do what happens in your rallies and that is to talk about president trump's conduct. you are concerned about health care, what are you trying to do and is it doable down the road? the cost-sharing reductions and reassurance pulls at the state level -- so your commissioner can administer
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health insurance plans in a way that would enable us to read this after cost -- it is absolutely essential. the broader reform discussion, which we did not sign into law, is going to have to wait for another day. if you look at what the health care costs are in this country, about 5% of the population incurs 55 to 60% of the costs. creating reinsurance models that enable us to put them in the type of preventative care and the type of coverage is that but i hate to say the word, segregate them so you can lower costs for the rest of the publishing but design packages that help the most acute, high-cost consumers. that's the appropriate way to go if this. the bill i proposed along with senator collins in the senate -- that is the first step to create that pilot program for a period
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of two years to move in the right direction. there's people who feel the affordable care all right, but we also think some of that patient protections that were embedded in the law should stay. i think we have to look at this and depoliticize it the best we can and try to move forward in a bipartisan way. david: when you talk about preventative care, is that largely medicate and will that require more money in the short run? ryan: i am actually talking about those who have rare diseases or diabetes. physicalt might have a disability that requires more in the way of health care costs. if you can create and broadened the access, if you have a rare disease or you are a high-cost patient -- sometimes just getting coverage and access your region to the types of medical
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professionals that are there to serve you becomes difficult. and that requires traveling long distances or cap someone else look at you before you can see the person you need to see. those are the things i am talking about in discussing access. youy: practically speaking, were successful in pushing the obamacare stabilization and to the last spending bill. what is the chance to get something done? ryan: that is a question and we are looking at that right now. some leaders in the senate are trying to find the right vehicle to send over to the house. i and others will look for the right vehicle in the house to included. we run into asome leaders in the trying problem -- were democrats at this point in time are unwilling to support csr dollars and reassurance dollars, unless they can be used to policies butun
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also provide for abortion coverage. that is not acceptable to almost all republicans in congress. that was a surprise. we did not expect democrats will object to the amendment because we attached hike amendment touches the taxpayer dollars that are appropriate by congress. that battle that i did not foresee and hope we can navigate that in a way that will enable us to move forward with reinsurance and csr's. that is the major stumbling block more than finding the next legislative bill to attach it to. if we can solve that problem, there's a number of legislative bills next several months that we can attach it to. but it has to happen next several months because state insurance commissioners and companies need to design plans and get them improved -- approved so they can be offered
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to employers by the fall. shery: we look forward to that. thank you congressman ryan costello from pennsylvania. facebook shares fell again reversing earlier gains as government pressure continues to hit the company. we are live with the latest from washington. this is bloomberg. ♪
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david: this is "bloomberg markets: balance of power". shery: the annual bloomberg business sports summit is underway a new york again together some of the biggest names in the industry. let's go to scarlet fu. scarlet: the biggest names and
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players in the business, and i rate, the headn of facebook sports partnership and that is a pleasure to have you here with us. out the start with the controversy surrounding facebook and the fallout and revelation that facebook user data is accessed without users explicit permission. have you heard feedback from your clients from a privacy front? ,> this is a serious situation and we are working hard and i have the ultimate confidence in our company. in regular conversations with our sports partners on this and web partnerships with them and we are open and transparent about what we are finding and the steps we are taking. scarlet: what reassurances are you offering them? >> the same reassurances market is getting publicly, which is we ,now we have a responsibility
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and if we can't do that we'll deserve it. and that is what we are saying loud and wide. our partners in the sports world our understanding and our partnerships. scarlet: speaking of partners, one of your new partners is major league baseball and congratulations on that deal. yet exclusive afternoon mlb games. talk about what the deal includes. dan: this will be the first time a major sports league has gone exclusive, not on television. we are honored to be in that partnership and we think there is a big baseball committee on our platform. for the 2016 world series, we had hundred 50 million interactions. the audience is there. and top-notch
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baseball games, and during the day where people spent time on facebook. what we are excited about is that mlb is such a great partner and are committed to innovating. our vision for sports on facebook is that it should be a two-way experience much like the weight you go to a baseball game and talking to friends and interacting with people. that interaction is critical to the sports experience, but it has not been possible with the video experience we want to bring that back to the expense of consuming a based on game. the mlb is going to be a great partner to innovate to produce the game to allow that. scarlet: a lot of engagement is with fans themselves. offer inthe mlb due to resources and engagement? think some of it is with
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our platform tools of building waste of people to talk to one another within the context of the game. and with the production of the game is bringing the conversation into the broadcast to stroke that conversation and going back and forth. it creates this atmosphere that one has in a game. sometimes the announcer ponce the reaction at the stadium and sometime the stadium requires a reaction from the announcers and the game itself. is that dynamic we hope to cultivate this partnership. scarlet: things may be happening off the field as well, speaking of the way you broadcast everything, how open are you to sports partnerships with the near television? return about the likes of cbs and nbc and abc. dan: we equally want to partnership as well as broadcasters, and we see that
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some partnerships we have and we recently announced a partnership with cbs, where they will cast games to their page on facebook. whether a similar arrangement with stadiums, and this some with fox sports in the u.s. who is dissipating champions league soccer games on facebook fire fox sports channels on facebook. so we see ourselves working closely with both broadcasters and rights holders to deliver this content to a new audience in a different way. scarlet: let's talk about nfl. nfl thursday night is up for grabs and amazon and youtube is perhaps looking to get this. facebook is not interested. why is facebook out? not appropriate to go into details but the nfl is a great partner of ours and we have a partnership with them around full game recaps on facebook brought the season and
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we have two shows with them and we definitely want to find more to do with the nfl. for a variety of reasons that particular package was not a fed but we want to do more and more with the nfl. scarlet: final question, what kind of feedback have you gotten from facebook users and the younger demographic that watches life sports at home? what do they prefer when it comes to a live broadcast versus highlights? dan: i think what we have heard his people are looking for new experiences and new ways of consuming games. there are 700 million sports fans on facebook and they are either taken some sports content. lifewant to engage around events and want to get highlights of the games that they want when they want it. and they want to easily talk about and personalize it and irs, and make it
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part of their identity. it is good for the industry and get for the broadcasters and athletes. we are still in the process of working with partners, whether broadcasters or clubs or athletes, on delivering the content in a way fans want to see it. and really being innovative. the key is sports is inherently social and builds communities. as long as we enable that social interaction around it, ultimately that is true to sport and industry. and then there is the game. scarlet: dan reed, thank you so much. scarlet, great interview at the business of sports summit. david: we will have more from the sports summit it will talk to the milwaukee bucks owner and also, guest star on billions.
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marc lasry in the next hour. this is bloomberg. ♪
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this is "bloomberg markets: balance of power". david: facebook stock is down again briefly touching session lows with mark zuckerberg to testify before congress after all. for the latest, we welcome bloombergs been brodie coming to us from washington. they figure they have to hire more lobbyists, is that right? a whole campaign, and it has to do with the company that is facing a whole lot of policy issues in dc. foremost is cambridge analytica and there was the russian
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investigation must fall so they have been wrapping up amidst all of that in the last six months. shery: how much are they spending and how does it compare to other tech companies? ben: they are spending $11 million a year, and this is a record year for tech lobbying. facebook was third among major companies after google -- and another i am blocking out right now. they are big spenders and increased from before, so they are moving forward and pressing even as theyena, touch other ways of influencing policy and d.c. david: apart from the people helping them to do it, do we know what they are trying to do? what is their position besides we are sorry? ben: it seems that mark zuckerberg has accepted the is going to be the one to make that appearance before congress and he is going to have to testify.
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you may remember he was. sleep saying i might not be the right person or expert in the company. it sounds like he is finally understanding that in bc the buck stops at the top and it does not matter if you are the expert. come before and lawmakers need to ask you questions and it sounds like he is ready to do that. what that may accomplish, we don't exactly know because we are hearing he hasn't formally accepted any invitations and have a workout details but it's on sex is going to offer more. -- it sounds like he is going to offer more. shery: they seem very unprepared to answer questions. ben: he is want to face the same issues they have, when his staffers were briefing commercial committees last week, a lot of those staffers on the committee -- what they were telling us as they were unsatisfied with a lot of answers especially around who has the data and who may have gotten it. other firms like cambridge analytica may have gotten huge data dumps. ken mark zuckerberg answer that
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question when he goes before congress? that i think is the main thing i will be watching because it is the biggest risk. if you can't answer that it is going to be played on evening news all around the world. david: you are in washington and you cover this beat. thesebe honest, fact-finding investigations are not fact-finding and they want to pound flash. esh. is mark zuckerberg going to say yes, for regulation? are exactly you right that they want a pound of flesh this is a. ,his is a publicity campaign and which houses company and discover thanks, it sounds a farbook is only now, in so zuckerberg is realizing -- it is exactly what they want and it is not clear that he can offer them. david: it will be fascinating. think you for joining us.
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yet some breaking news? suspended selfas driving testing after the uber vehicle killed it woman last week, and we here at vignette is spending self driving tests. globally they were testing the self driving, and now the stock is plummeting. at our technology will not make that mistake. shery: this issue is heating up and an nvidia is down at more than 3% and can find more later on. "bloomberg markets" is next. ♪
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mark: i am mark crumpton with first word news. says russian official moscow is vowing to retaliate to the announcement by the united states that is it -- is that it is expelling diplomats for a
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nerve attack. agencysian state news today was told the country is disappointed by america's irresponsible behavior. met with a will be but did notse elaborate. in barcelona, protests continue but did not elaborate. over carl -- detention. overa bid for independence was crushed by the central government in madrid and is awaiting a tribunal decision. germany's criminal code includes a defense that appears to be comparable to rebellion, the main accusation against the politician. iraq's prime minister today says he ordered the military to t


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