of foxconn, terry gou. [cheers and applause] mr. gou: distinguished guests, ladies and gentlemen, and all of my new family members in wisconsin, for many of you, the story in wisconsin and the united states only began about ne year ago. however, many of you may not know, but 44 years ago, i got my start as a young businessman right here, in the midwest. in 1974 i got my first order from chicago-based tv manufacturer. there is an old saying, don't forget where your blessings come from. if not for this opportunity i got 44 years ago, i may not be ere today. today, 44 years later, i come back to the midwest, to make a major investment in wisconsin, to repay the kindness to the people who gave me a chance to realize my own dream. [applause] wisconsin has been the manufacturing hub of america. it has the skill set, the hardworking attitude, the culture and the people to support the transformation to a high-tech ub and to lead the future. we are here together to celebrate the groundbreaking of the wisconsin valley site and technology park

what a perfect way in foxconn. i was super excited when i heard it was coming in our area. >> good job. >> thank you. >> thank you. [applause] >> good job. thank you, dawn. i'd also like to welcome chris coski, one of the project managers of the site, who has really done a fantastic job. chris, please. [applause] [inaudible conversations] >> hello, everybody. so one of the best parts of my job is getting to put these teams together, and it's one thing to build them, it's analytical. we look at pictures and then we make them into the real thing in the real world. but in order to do that i need, currently, 110 people to help me every day. and they show up early and they go home late, and we spend time together, probably more time together than we spend with our families. but they're there every single day, and they do everything that we ask, and we get the job done on time. and that's, that's the part that makes it special. so we get together out there every day, and we make sure to care for each other, take care of

stay at home mom turned into foxconn builder. [applause] i would just like to thank hoffman for giving me the opportunity to start something new. what a perfect way. i was super excited when i heard it was coming in our area. thank you. [applause] president trump: good job. thank you, dawn. i'd also like to welcome chris, one of the project managers of the site, who has really done a fantastic job. chris, please. [applause] >> hello, everybody. so one of the best parts of my job is getting to put these teams together. it's one thing to build them, it's analytical. we look at pictures and then we make them into the real thing in the real world. but in order to do that, i need currently 110 people to help me every day. and they show up early and they go home late and we spend time together, probably more time together than we spend with our families but they're there every single day and they doing everything that we ask and we get the job done on time. and that's the part that makes it special. so we get together out there every d

also on the show top apple supplier foxconn says the u.s. china dispute is not about trade it's about technology. and an idea that could save the oceans we'll take a look at a project aimed at ridding the pacific of half its plastic trash within five years . it's time for business on the w.b. i'm sure you know welcome to start where all eyes are at this weekend the g. seven summit in quebec a special summit because of donald trump's combative mood he set the tone even before his departure from washington on friday list right now we are not going to live with the deals the way they are european union reaches very unfairly canada very unfairly mexico very unfairly with that being said i think we'll probably very easily make you feel. striking deals like that might be easier said than done though the summit has traditionally been about seeking common ground but u.s. tariffs on steel and aluminum have set trump and the u.s. on one side of the trade debate and leaders of the other six nations on the other a situation that has let the media to dum

what a perfect way than foxconn. i was super excited when i heard it was coming in our area. >> good job. >> thank you >> thank you good job good job thank you, dawn. i'd also like to welcome chris, one of the project managers of the site, who has really done a fantastic job. chris, please. >> hello, everybody. so, one of the best parts of my job is getting to put these teams together it's one thing to build them it's analytical. we look at pictures and then we make them into the real thing in the real world but in order to do that, i need, currently, 110 people to help me every day, and they show up early and they go home late and we spend time together probably more time together than we spend with our families. but they're there every single day, and they do everything that we ask, and we get the job done on time. and that's -- that's the part that makes it special. so, we get together out there every day, and we make sure to care for each other, take care of each other. we actually treat it like it's a family it'

coming up, foxconn is breaking ground on a $10 million plant in the u.s. heartland, all in the backdrop of rising tensions within washington and beijing. this is bloomberg. ♪ emily: this is bloomberg technology. president trump traveled to wisconsin to attend a groundbreaking of foxconn's $10 billion plant on thursday. the administration sees us as a big win that will bring jobs to the region, but there has been criticism of the tax break incentives that foxconn received. and trade tensions within the u.s. and china has not ceased. company's it was the biggest challenge. alibaba is scaling back its investments in the u.s. ande joined by selina wang garrett. talk to us about the economic and political irony, given that foxconn is also china's largest employer. garrett: i think trump wants to make foxconn one of america's biggest employers. he was very happy. the kind of trump the media show he loves to point to. he kept talking about how many jobs this is going to bring. if this goes perfectly over the next 15 years they should be about 13,000 pretty high

also on the show top apple supplier foxconn says the u.s. china dispute is not about trade it's about technology. and an idea that could save the oceans will take a look at a project aimed at ridding the pacific of half its plastic trash within five years . it's not for business on the w m m how are you going to welcome who start where all eyes are at this week and the g. seven summit in quebec a special summit because of donald trump's combative mood he set the tone even before his departure from washington on friday list right now we are not going to live with the deals the way they are european union reaches very unfairly canada very unfairly mexico very unfairly with that being said i think we'll probably very easily make you feel. striking deals like that might be easier said than done though the summit has traditionally been about seeking common ground but u.s. tariffs on steel and aluminum have set trump and the u.s. on one side of the trade debate and leaders of the other six nations on the other a situation that has let the media to

coming up, foxconn is breaking ground on a $10 billion plant in the u.s. heartland, all in the backdrop of rising tensions within washington and beijing. this is bloomberg. ♪ ♪ emily: this is "bloomberg technology." i am in the chang in san francisco. president trump traveled to wisconsin to attend a groundbreaking of foxconn's $10 billion plant on thursday. the administration sees this as a big win that will bring jobs to the region, but there has been criticism of the tax break and incentives that foxconn received. trade tensions within the u.s. and china has not ceased. one person said it was the company's biggest challenge. alibaba is scaling back its investments in the u.s. we're joined by selina wang and gerrit de vynck. talk to us about the economic and political irony here given that foxconn is also china's largest employer. gerrit: i think trump wants to make foxconn one of america's largest private employers. he was very happy. this is sort of a signature trump visual media show he loves to kind of point to. he kept talking about how many job

also on the show top apple supplier foxconn says the u.s. china dispute is not about trade it's about technology. and an idea that could save the oceans will take a look at a project aimed at ridding the pacific of half its plastic trash within five years . and some pro-business on the w. i'm sure you don't hear us welcome to start where all eyes are at this week and the g. seven summit in quebec a special summit because of donald trump's combative mood he set the tone even before his departure from washington on friday list right now we are not going to live with the deals the way they are european union reaches very unfairly canada very unfairly mexico very unfairly with that being said i think we'll probably very easily make you feel. striking deals like that might be easier said than done though the summit has traditionally been about seeking common ground but u.s. tariffs on steel and aluminum have set trump and the u.s. on one side of the trade debate and leaders of the other six nations on the other a situation that has let the media

foxconn not the example of that. if foxconn has to make choices it's probably not likely to make its i-phones in the united states of america with workers at that sort of factory who i assume should earn upward of $25 an hour versus their very low paid workers in china. >> exactly. what you really want to do in this space is tap your comparative manning. okay? america is still a high productivity economy relative to our competitors. and that's the kind of high-end manufacturing we should do. i would do significant investment in capturing market share in renewable energy, which has obviously lots of payoffs. who is going to be the world producer for example, of battery storage? you know, china already has the consumer electronics market. and they can keep it. when we need is more advanced technology. and this type of a deal points in exactly the wrong direction. >> jared good to talk to you. jared bernstein is a former economic policy adviser to vice president joed byly. currently at the center of budget and policy pr

also on the show top apple supplier foxconn says the u.s. china dispute is not about trade it's about technology. and an idea that could save the oceans will take a look at a project aimed at ridding the pacific of half its plastic trash within five years . it's time for business on the w i'm here to get us welcome to start where all eyes are at this week in the g. seven summit in quebec a special summit because of donald trump's combative mood he set the tone even before his departure from washington on friday list right now we are not going to live with the deals the way they are european union reaches very unfairly canada very unfairly mexico very unfairly with that being said i think we'll probably very easily make if you. striking deals like that might be easier said than done though the summit has traditionally been about seeking common ground but u.s. tariffs on steel and aluminum have set trump and the u.s. on one side of the trade debate and leaders of the other six nations on the other a situation that has let the media to dump the

market and we're going to be looking at a different company here taiwanese electronics manufacturer foxconn they want to invest in the united states the other way around setting up a half quarter staring at the north of the u.s. why what's behind that they're setting up their headquarters into a walk in the state of wisconsin and they're also building. a panel of plans in the amount of roughly ten billion dollars in that state visit johnson actually has offered foxconn tax incentives tax rebates in the amount of about three billion dollars for the next fifteen years and that has become a common theme so if we look at amazon for example picking their new headquarters they're also looking for take sprigg so this is one side of the story and then on the other who knows maybe foxconn also drive tries to avoid tariffs with setting up this plant and the headquarter in the state of wisconsin and was that in the united states yes thank you so much for this analysis. the european union and australia have launched negotiations aimed at reaching a free trade deal now this move bucks a global trend tow

in terms of foxconn in wisconsin , that's exciting. when we can create 13,000 jobs for american workers, that helps high technology because that's linked with manufacturing, especially advanced manufacturing where we can learn even more about productivity that helps our economy, but there's always a trade-off, liz. as you know, those 13,000 jobs came with $4 billion of investment by wisconsin taxpayer s through governor walker's efforts and that's about $300,000 per job at that new foxconn facility. liz: carl it's a fine line between being very protective of our intellectual property in the u.s. and government overreach so we'll be watching that. give us a call any time. we want to hear how the real job generators in the valley are feeling moment by moment thank you so much. >> liz, thanks for the great work you do. liz: oh, thank you so much, we'll see you next time. we want to get to this breaking news the first lady as we mentioned has just gotten on the ground and is visiting now a second immigration facility of the day. she's in p

with the hard-working men and women of foxconn working with you. moments ago we broke ground on a plant that will provide jobs for much more than 13,000 wisconsin workers. really something. really something. thank you, fellas. i want to also thank secretary steve mnuchin who's here. thank you, steve. secretary wilbur ross. secretary alex acosta. and administrator linda mcmahon, friend of mine for a long time, linda. where is linda? where is linda? thank you. and also, paul just got -- just left. i said, go, because we got to pass legislation. we're passing so much. look at what's happening with our supreme court. look at the victories we've had. look at the victories we've had. terry, i didn't speak to him about it but he'll be particularly happy about one of those victories. do you know which one i'm talking about? i think you do. so i want to thank paul ryan. i want to thank our great congressman -- where's glen? thank you very much. great job, glen. and we have so many other officials. but i have to thank a man who i gave it to. it's like handin

how does foxconn expect to do this? >> they had a unit that is what they would call their smart factory unit, using advanced manufacturing techniques, a lot of robotics, trying to pull more and more people out of the process and make it more efficient and also manufacture higher income higher-margin devices, the apple iphone is obviously the prime high-margin device the company already manufactures. obviously, electronics is continuing to grow, a lot of new things are out there to manufacturer, a lot of companies coming out they can reach out to. china is a place where a lot of innovation is coming from, whether it is competing with bitcoin in the blockchain, or more traditional hard work and fracturing. smartphones are not going away. in terms of solid details and what that means, how smart manufacturing is different from traditional manufacturing, it is obviously, there is an element of branding and marketing involved here. like i said earlier, the interest in this unit is strong, people want and, they are very intere

we had foxconn industrial in the limelight. let's take a last look at that stock, jumping 44% by the daily limit in shanghai, becoming the top listed china tech company fight value -- by value. rishaad: more breaking news. bloomberg and twitter have launched tictoc, offering live video coverage and is hourly updated. top news reports verified. jump on twitter and follow ticto c. ♪ rishaad: taking you now to the arrival of the italian prime arriving there ahead of this g7 summit, which is promising to be one of the most acrimonious ones in years. donald trump facing off against six other leaders. we have justin trudeau looking for a chance possibly of redemption as some have been putting it given the war of words with the american president. this could be a chance for that. you have the world on the brink possibly of a trade war. the stakes are high at the g7 meeting. looking pretty miserable, anyway. the italian prime minister just landing there at that airport space. let's get you to the business flash headlines. lufthansa e

thoughts -- at foxconn. he is said to tell to his economic policies of the groundbreaking ceremony for a new multibillion-dollar facility in wisconsin. in two hours.lose let's get a check on where stocks are trading with abigail doolittle. abigail: we have a push for the major averages. we have had moves up and down on the day. at this point, we have solid games for the dow, s&p 500, and nasdaq. the s&p 500, that index, the broadest is on pace for its best day in three weeks per the russell 2000 which have been down earlier, now up ever so slightly. on the week, looking at the climes. the worst decline since the end of march. this week, this comes from the week we are looking at right now. over the course of the month, going into this week, we did have the s&p 500 and nasdaq higher. this past week has been brutal. we are looking at fractional gains for these averages on the month. it will be interesting to see how it does close up. let's take a look at the transports. over the last six days, we have the tran

estimate and foxconn it will be fewer jobs in that. a bloomberg survey of traders and analysts ceased/-- that is 1% below current levels. he says while the yuan's dramatic the senate has traders on edge, they are not yet -- australia has awarded a 26 billion u.s. dollar contract for submarines to bae. the u.k. military contractor will design the warships, which will be constructed in south australia. they will start service little before 2030. londonres climbed in while those of the unsuccessful a tie in better slumped. global news 24 hours a day on air and on tic toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. kathleen: let's go back to the rebound in u.s. stocks. the first one we have seen a several weeks. we saw major benchmarks rise. after the bell, all about the banks. lenders squarely in the spotlight once again. we had more -- we are seeing that and the results. a number of banks having to limit their cast distribution. one failure is deutsche bank. stock look at

foxconn has major factories in china and has to deal with the follow from the u.s.-china trade dispute. the company is optimistic and say the dispute is not about trade but technology. foxconn's founder finds himself caught between the top economies, and he believes there is opportunity. >> i believe this is a critical turning point, especially because of the ongoing trade friction between china and the united states. i believe this is not a trade conflict but a competition and comparison of technology. china lies behind the u.s., and that is why he wants foxconn to be a pioneer of china's smart manufacturing which leads on manufacturing and 5g telecommunication. he has reason to look forward. the small -- smartphone market is flattening out and apple is ordering fewerer parts. foxconn is building a new lcd display plant in wisconsin. this creates jobs in the u.s. and gives the company access to american technology. javier: if you are heading to tokyo, and we are looking forward to the cheap but comfortable airbnb, you might be in for a nasty surprise. i home sharin

apple i-phone, it says assembled in china, you know, so 45% of foxconn sales come from apple. this is apple, i'm sure, putting pressure on foxconn saying we're not going to build factories in america. we have the most profitable electronics business that has ever hit this planet, okay so you're going to do this cheap little stunt. you're going to put a factory in wisconsin. we're going to have our situation in china where we have -- they have really favorable terms with the chinese government. you have tim cook -- >> child labor an extent. >> that was foxconn at their own factories, they had 15 suicides at apple factories in 2010. i think there's a lot of angles here. president trump wants to bring jobs to america. 13,000 is nothing. foxconn really wants to get these favorable terms for a factory. $4 billion in subsidies. >> but to that point, does that not look like corporate welfare that hurts the wisconsin taxpayer and hooks up a company or investors? >> i hate to say it this way, but we've seen nothing but corporate welfare over the last several years now, particularly wit

foxconn is building a new l.c.d. display plant in the u.s. state of wisconsin the move creates jobs in the u.s. and gives the company access to american technology. now if you're heading to tokyo and we're looking forward to your cheap but comfortable air b.n. b. accommodation you might be in for a nasty surprise the whole sharing giant says japan's government has forced its council thousands of booking bookings ahead of a new law on rentals in the country locals and more and more cities all over the world here in barcelona are angry about exploding costs and housing shortages which they say are fuels by platforms like air b.n. b. the california based company has more than four million private rentals on offer in one hundred ninety countries. it's all for business now inspectors are on a case that has stoked germany's migration of absolutely this is a bit of a sad one because a fugitive suspected of raping and murdering a fourteen year old german girl has been arrested in iraq this man the police are naming him only as al libi is a rejected a

the plan foxconn has to diversify other companies. that is what unit they would call their smart factory unit, using advanced manufacturing techniques, a lot of robotics, trying to pull more and more people out of the process and make it more efficient and also manufacture higher income higher-margin devices, the apple iphone is obviously the prime high-margin device the company already manufactures. electronics is continuing to grow, a lot of new things are out there to manufacturer, a lot of companies coming out they can reach out to. china is a place where a lot of innovation is coming through, -- coming from, whether it is competing with bitcoin in the blockchain, or more traditional hard work and fracturing. smartphones are not going away. details andsolid what that means, how smart manufacturing is different from traditional manufacturing, it is obviously, there is an element of branding and marketing involved here. like i said earlier, the interest in this unit is strong, people want and, they are very interested in the busines

so foxconn getting $4 billion to put that plan there. that's going to cost taxpayers about $200,000 per job. at the event, president trump had words for a nearby company, harley-davidson. >> harley-davidson, please build those beautiful motorcycles in the usa please, okay? don't get cute with us. don't get cute. >> trump has threatened higher taxes on harley if it moves some production to be closer to european customers overseas. but harley needs to avoid steep new tariffs from the eu. those are retaliation for trump's tariffs on foreign metal which he also defended. >> we've put tariffs on steel and aluminum. those businesses are through the roof. u.s. steel called me up. they're expanding or opening six plants. >> u.s. steel is actually reopening two plants, not six, but it does credit the metal tariffs. however, those same tariffs raised the cost for many other businesses, including harley. when you look at harley-davidson, there are three ways the president's trade policies are hurting harley. one, it costs more to make a bike in the

foxconn came in and recapitalized the company. it also had to strike deals with lenders to preferred stocks. this is a way of catching them up and moving on, but that will not happen just now. it is not clear exactly what plan b will be. sharp will be looking towards it. yvonne: what does it mean for the turnaround of the company? hetalked about even before stepped in, there was a recovery. what is a long-term impact? >> i would imagine the plans stay the same. now that the balance sheet has been cleaned by the foxconn buyout, it is in better shape to invest in production and things like liquid crystal displays. they want oled, which is what apple is using. they want to be able to do that. they are capable of doing that, but it is a little bit more constrained without the new shares. the expectations is they will resume it once the markets get more stability. up, we they better catch have lg displays potentially working with apple to provide the oled screens. a moving story when it comes to sharp canceling the share sale today. ka

the billionaire chair of foxconn said the biggest challenge facing foxconn is a u.s. china trade war. trade war is not about trade but it is a tech war ended is a manufacturing more. for more global trade tensions we are joined by jenny menard. us about the timeline here given that the first wave of tariffs is expected to hit in just two weeks. >> the efforts that we reported about yesterday which a faction of the white house is trying to get the chinese to engage in talks to make maybe pushed down the talks. seems to not at least from our reporting now seems to not have worked area we have no signs that the president is willing to back down so the tariffs are likely to go into effect on july 6. we know that china is ready to retaliate with countermeasures. same amount, sam timeline. that timeline still stands. learnedus what you have about some officials within the administration who have been pushing for this if unsuccessfully. >> some officials who are from the more pro-trade wing of the white house from the national economic council have reached out to former gove

trump in wisconsin for the groundbreaking of that big foxconn plan. meanwhile, there's the threat to harley davidson jobs in wisconsin and farmers in the upper midwest very concerned about the tariffs. wisconsin isews nice, but not great for others. said that walker, the governor wisconsin has done great work bringing the foxconn project online. walter -- walker put together an incentive package for foxconn to something like $3 billion, the largest package of tax incentives and benefits offered to any company in the united states ever. so a lot of wisconsinites are not thrilled about the amount of money leaving their treasury and going into the pockets of this company. julie: on that front, they're up in polls that show the majority convincedin's are not that the economic benefit outweighs the cost in this particular case. so on balance, when you look at business and trade, how is the president looking and polling? he gets pretty high marks on the economy. this is what allows him to take very aggressive measures entrÉe. the underlying strength of the

the billionaire chair of foxconn said the biggest challenge facing foxconn is a u.s.-china trade war. trade war is not about trade but it is a tech war ended is a manufacturing more. for more global trade tensions we are joined by jenny menard. talk to us about the timeline here given that the first wave of tariffs is expected to hit in just two weeks. >> the efforts that we reported about yesterday which a faction of the white house is trying to get the chinese to engage in talks to make maybe pushed down the talks. seems to not at least from our reporting now seems to not have worked area we have no signs that the president is willing to back down so the tariffs are likely to go into effect on july 6. we know that china is ready to retaliate with countermeasures. same amount, sam timeline. that timeline still stands. >> tell us what you have learned about some officials within the administration who have been pushing for this if unsuccessfully. >> some officials who are from the more pro-trade wing of the white house from the national economic council have reached o

maybe the focus on the fact that not just this foxconn news. unemployment is 2.8%. for more now on what's happening. i want to bring pour panel rick unger, and forbes senior political contributor kristen tate, and peter morici. peter, let me start with you. a lot of incentives were given out. but it's one of the biggest if not the largest project of its kind in this country by a foreign country. >> with modern factory automation labor becomes much more insignificant. it makes sense to start manufacturing here again. a lot of those chinese companies that assemble things would assemble them if it wasn't for the fact that the chinese government leans on them, subsidizes them and so on. foxconn makes products in a very competitive market and it wouldn't do it if it didn't make good business sense. charles: one of the reasons it makes more sense now are the lower tax barriers and regulatory barriers that are making manufacturing more attractive in this country. >> a lot of that is thanks to governor scott walker who has implemented regular store tory relief and tax refor

. >>> the president is in milwaukee today for a groundbreaking for foxconn, which comes amid attacks against harley davidson. former head nora daily and also with us, former acting u.s. trade rep and wendy cutler thanks for joining us today, guys good to see you. >> good to see you. >> nova, i would love to get your take on this enhanced review power that they may get what does it bring them? do you wish you had it when you were there >> yes, i do think i wish i had it when i was there. one of the key elements it provides is a mandatory declaration for state-owned and controlled transactions, meaning under this new law they'll have to declare their acquisition before they do it. other passive investments where folks who wanted to get certain technologies were able to skirt the law and find a way around i it. >> where does it exist semis, wireless? how granular can we get on that? >> i think it's absolutely in semi conductors, emerging technologies that are rising, autonomous vehicles, robotics, nano robotics. these technologies are coming out of silicon valley every day and emerging

the broader market look at looking at a different company here taiwanese electronics manufacturer of foxconn they want to invest in the united states the other way around setting up a half quarters there in the north of the u.s. why what's behind that. they're setting up the headquarters into a walk in the state of wisconsin and they're also building. a panel of plans in the amount of roughly ten billion dollars in that state visit johnson actually has offered folks call on a tax incentives tax rebates in the amount of about three billion dollars for the next fifteen years and that has become a common theme so if we look at amazon for example picking their new headquarters they're also looking for huge incentives to goldman sachs has done the same picking and you have quarter in new york a couple of years ago also getting a multibillion dollar take sprague's so this is one side of the story and then on the other who knows maybe folks can also drive tries to avoid tariffs was setting up this plant and the headquarter in the state of wisconsin and was that in the united states yes thank you so

broader market i'm going to be looking at a different company here taiwanese electronics manufacturer foxconn they want to invest in the united states the other way around setting up a half quarters there in the north of the u.s. why what's behind that they're setting up their headquarters into a walk in the state of wisconsin and they're also building. a panel of plants in the amount of roughly ten billion dollars in that state visit johnson actually has offered a fox call on tax incentives tax rebates in the amount of about three billion dollars for the next fifteen years and this has become a common theme so if we look at amazon for example picking their new headquarters they're also looking for a huge incentive to goldman sachs has done the same picking and you have quarter in new york a couple of years ago also getting billion dollar take sprague's so this is one side of the story and then on the other who knows maybe folks can also drive tries to avoid tariffs we're setting up as this plant and the headquarter in the state of wisconsin and was that in the united states yes thank you so

we talked about the focus of the president, foxconn the technology company. they will ground breaking today. his remarks from the president coming up. stay close. from the moment you met you wanted to surround them in comfort and protection that's why pampers swaddlers is the #1 choice of hospitals to wrap your baby in blanket-like softness so all they feel is love pampers swaddlers three are fha, one is va.e so what can you do? she's saying a whole lotta people want to buy this house. but you got this! rocket mortgage by quicken loans makes the complex simple. understand the details and get approved in as few as eight minutes. by america's largest mortgage lender. pepsoriasis does that. it was tough getting out there on stage. i wanted to be clear. i wanted it to last. so i kept on fighting. i found something that worked. and keeps on working. now? they see me. see me. see if cosentyx could make a difference for you- cosentyx is proven to help people with moderate to severe plaque psoriasis... ...find clear skin that can last. don't use if you're allergic to

market and we're going to be looking at a different company here taiwanese electronics manufacturer foxconn they want to invest in the united states the other way around setting up a half quarters there in the north of the u.s. why what's behind that this setting up the headquarters into a walk in the state of wisconsin and they're also building. a panel of plants in the amount of roughly ten billion dollars in that state visit johnson actually has offered folks call on a tax incentives tax rebates in the amount of about three billion dollars for the next fifteen years and that has become a common theme so if we look at amazon for example picking their new headquarters they're also looking for a huge incentive to goldman sachs has done the same picking and you have quarter in new york a couple of years ago also getting billion dollar take sprague's so this is one side of the story and then on the other who knows maybe fox can also drive tries to avoid tariffs was setting up this plant and the headquarter in the state of wisconsin and was that in the united states yes thank you so much for t

drama's in milwaukee wisconsin way has been visiting a new foxconn factory complex u.s. president says the project with the taiwanese electronics manufacturer will see the creation of fifteen thousand jobs john hendren is in mt pleasant wisconsin forest hills rather like president trump is trying to claim this box called project design . yes indeed he came here and he took credit for thirteen thousand new jobs coming to the state of wisconsin this was a groundbreaking for a company called foxconn that is a time when ease company that manufactures l.c.d. screens like those behind me there and also manufacturer assemble apple's i phones so this was a big addition an opportunity for donald trump to take credit for what he has done for the u.s. economy and he certainly did that he said that when the company mentioned this to him he was the one who mentioned the state of wisconsin so he took credit also for the location of this place and that's very important to donald trump the reason is that he was the first republican to win the state of wisconsin since one thousand nine h

who is buying into foxconn share sales? baidu,, alibaba, -- alibaba, and tencent. 21.8 million shares apiece at roughly 13-14 baidu, yuan per share. this is the unit which is the main assembler for apple. the company unit is called foxconn industrial internet, and clearly baidu, alibaba, and tencent want a slice of the action. it has raised $4.3 billion they will plow into things like 5g wireless and smart manufacturing, and it's not just interest in the unit, but the cloud of these companies when it comes to investing across the tech space in china. u.s. is starting talks with the eu to reach a settlement over state subsidies that would block paid to airbus, according to a person familiar with the matter. a resolution could potentially avoid billions of dollars in actions against investors. now significant is the proposal put forward. >> it came unexpectedly. we were expecting yesterday the dispute settlement body, the to start the process for sanctions against the eu as a result of illegal subsidies to airbus. the result

the firm has made a recovery after being bought by taiwan's foxconn in 2016. the british government has announced plans to sell a 7.7% stake in royal bank of scotland. the latest sale of shares is expected to raise $3.abn, and will reduce its holding in rbs to 62.a%. the bank has been majority owned by the government since it was bailed out for $60bn at the height of the financial crisis in november 2008. the man who built starbucks into the world's biggest coffee chain, howard schulz, is stepping down after nearly four decades at the company. let's go to our asia business hub where rico hizon has been following the story. this is a big loss for starbucks. what is mr schulz going to do next? starbucks is everywhere and is prevalent in asia. howard schultz is a loss for the company. he is exploring a number of options, writing a book, spending some of the family this summer. the most interesting option is running for public office. we could see howard schultz 2020. speculation has been swirling for some time now that he has presidential ambitions, frequently me

foxconn promising to bring jobs into the region. we know that local officials offered about $4 billion in tax breaks to lure them. the presidentwhat plans to do the today. >> he will brag about this plant opening. talked it up a lot. he worked with wisconsin on developing an incentive package. but there is a lot of public opposition in wisconsin to this project. it is the largest state tax incentive package ever offered to any company anywhere in the united states, an enormous amount of money, $4 billion. job.s a lot of money per not everybody in wisconsin is happy about it. he is swimming upstream a little .it there just up the road is harley davidson, a company that announced that they will move production overseas because of the president's trade war that has resulted in european counterterrorist on harley-davidson motorcycles. keeping trackne of the promises of jobs. alibaba promise ability jobs. how many are exit being delivered? alex: the u.s. economy is doing pretty well. that is the ace up trump's sleeve. as much as he start

a us labour watchdog has criticised amazon and one of its suppliers foxconn over working conditions at a plant that makes echo speakers and kindle e—readers. china labor watch‘s nine—month investigation of conditions at a factory in the city of hengyang, highlighted excessive hours, low wages and poor training. microsoft is beefing up its games offerings, buying several indie studios and given a glimpse of the next halo video game at the e3 gaming event in los angeles. but its having to work hard to stop the xbox falling behind leader sony's playstation. dave lee has been at the e3 gaming gathering in los angeles. you've been talking to microsoft? yes, i have. this is a huge week for gaming, if you're a gaming fan, this is the most important time of year because there will be hundreds of games on show this week that haven't been seen before and if you're one of the 70,000 people lucky enough to have a ticket to get in, you'll be playing the games just before pretty much everyone. before the show there's always big press conferences from the makers to show off what's going to be o

there are a lot of true believers for foxconn still. rishaad: very quickly, where does this company go next in your view? >> i think they need to go beyond just the standard manufacturing. really athey are components maker. that is where there are good margins. i think they will spend more time getting back to the basics on that. he wants to build services, do robotics, which is a tough is this, industrial robotics. he needs to build up cloud computing, software, analytic, and a ip address where he wants to go, and he does need to go there. rishaad: great stuff as ever. up, looking at opec and what happens there next. ♪ rishaad: asian benchmarks closing out their worst week in almost three months. globe.ears around the the white house said the split on restarting talks with china. s -- committing to long-delayed elections early next week -- next year. this is bloomberg markets: asia. ♪ it's been a volatile time in the oil patch heading into the opec talks in vienna. ministerial talks about he begun. optimism that the 600,000 barrels

where do you see this ending up, ultimately >> remember, foxconn assembles in china, but they have taiwan roots. this is a global story, not just a china-u.s. story the harley davidson story is a disaster this is a great company. one of the top ten brands in the world. it's hard to run a global business the people inside it know more than about it than trump does. ignorant about the fact it imprings on decisions. that said, he should, irresponsible for him to single him outs and attack them, and it's, i think, probably, illegal for him to threaten them with targeted tax increases, but all that said, tax policy that encourages capital to come in is a good thing it's let's quit the show, stop having the photo opportunities, and help the companies make decisions they have to make to run their lives. >> well, i think, i mean, i think the administration would agree with you on the last one, and, chris, say president trump would say that that's what he's doing, and, in fact, this to tout the american manufacturing revival and the america first open for business -- >> no, no, no. >> how much pot

they are clawbacks, pay as you o as foxconn creates t jobs, they get the incentives. it protects the taxpayer, makes sure they do what they say they're going to do so the taxpayer is protected. so the taxpayer, this is one of the best deals i think i've seen in the united states as far as a majorncentive package to move a major plant like this to a state. stuart: was this president trump strong arming foxconn, come on over here, you create jobs because we want them over here. was this a strong-arm tactic. >> the co-founder of foxconn came here saying he wanted to invest in america. they don't have liquid crystal display of manufacturing in north america right no the president certainly played a role and does suggest wisconsin to chairman ngo but the wisconsin business climate, the proximity to chicago and michigan and all the combination of factors together that allowed wisconsin to get this massive project. stuart: 10,000 jobs, is that the accurate figure? >> about 13,000 direct jobs. 10,000 construction jobs and probably at least thousands more in the supply chain.

once foxconn to move beyond cranking out iphones. jack ma's fund has raised about $40 billion in its latest funding round and the financial is said to be valued at $160 billion. investors in the latest rally included singapore sovereign wealth fund and silver lake. flash. your business julie: we have been watching this story on verizon. it has new leadership at the company. hans vestberg is heading it up. he is the former ceo of ericsson. he takes the top job in august. let us bring in john butler. you and a surprise for is this the right direction for verizon to go? >> yes and yes. it was a big surprise. hans has not been with verizon all that long. many people may remember him as the ceo of ericsson. he was there about six years. he did a great job. he's a great visionary. john: he is big on 5g. his belief in mind is that it's really going to transform the industry. it helped to shape him as a good choice for that role. the timing and the actual news is a big surprise to many. wase: lowell mcadam, there a view that he was not going

who is buying into foxconn share sales? >> baidu, alibaba, and tencent. 21.8 million shares apiece at roughly 13-14 yuan per share. this is the unit which is the main assembler for apple. the company unit is called foxconn industrial internet, and clearly baidu, alibaba, and tencent want to get a slice of the action. it has raised $4.3 billion they will plow into things like 5g wireless and smart manufacturing, and again it's , not just interest in the unit, but the cloud of these companies when it comes to investing across the tech space in china. >> the u.s. is open to starting talks with e.u. to reach a settlement over state subsidies that would block paid to airbus, according to a person familiar with the matter. a resolution could potentially avoid billions of dollars in sanctions against investors. now significant is the proposal put forth by the u.s. >> it came unexpectedly. we were expecting yesterday at dispute settlement body, the u.s., to start the process for sanctions against the eu as a result of illegal subsi

who is buying into foxconn share sales? >> baidu, alibaba, and tencent. they are all buying into this. strategic investors, 21.8 million shares apiece at roughly 13-14 yuan per share. this is the unit which is the main assembler for apple. the company unit is called foxconn industrial internet, and clearly baidu, alibaba, and tencent want to get a slice of the action. they hope to raise about $4.3 billion they will plow into things like 5g wireless and smart manufacturing, and again, it highlights not just interest in the unit, but the cloud of these companies when it comes to investing across the tech space in china. >> the u.s. is open to starting talks with e.u. to reach a settlement over illegal state subsidies that block paid to airbus, according to a person familiar with the matter. a resolution could potentially avoid billions of dollars in sanctions against muscles. now significant is the proposal -- how significant is the proposal put forth by the u.s. ? >> it came unexpectedly. we were expecting yesterday at the wto dispute settlement body, the

apple is indirectly a huge employer of people in china by foxconn, the company that essentially assembles the iphones in china about 1 million workers are working on that. so they have to be careful on the retaliatory measures it puts on apple because of that situation. i think you look at the chinese companies that are relying heavily at the moment on u.s. technology i think that's something now that china will look at and say how can we change this >> how does the chinese government try to protect companies not just like foxconn but other major giants >> what you've seen is a top-down approach. they released a paper or statement saying they want to be world leaders in artificial intelligence by 2030 they started to invest in 5g infrastructure these are three major battlegrounds that china will be fighting the u.s. on you will see a lot of investment from those chinese firms backed by their government in trying to develop that technology to stand on their own two feet in the future >> luca, a broader question, as you talk about the tech companies in the u.s., they're a big part of the in

cheers therump groundbreaking of a foxconn plant in wisconsin. robots, pre

shoredof apple foxconn -- stored. that gives foxconn a market value of $61 billion. it is the largest tech company listed in china. a billionaire wants foxconn to move beyond cranking out iphones. there is a report apple -- there will be fewer iphones this year. told suppliers to expect a 20% drop in component orders for phones debuting in the second half. some reports say apple is quite conservative when it comes to ordering parts. the parta shakeup at of a former u.k. phone monopoly that has been struggling. the ceo will step down later this year after a strategy reset failed to win over investors. patterson has thousands of jobs in overhaul management. 36% sinceas fallen last august. that is your bloomberg business flash. starede: deutsche bank -- chairman is said to have spoken with shareholders about merging with commerzbank. understands he discussed the combination with investors. joining us is our bloomberg anchor matt miller. you know german institutions like no other. just the chairman discussing with shareholders. we do not know whether discussions actually

who is buying into this foxconn share sales? tom: baidu, alibaba, and tencent are all buying into this as strategic investors, 21.8 million shares apiece roughly at about 13 to 14 yuan per share. this is the unit which is the main assembler for apple. the company unit is called foxconn industrial internet, and clearly baidu, alibaba, and tencent want to get a slice of the action. they are hoping this company to raise about $4.3 billion u.s. they will plow into things like 5g wireless and smart manufacturing, and again, it highlights not just interest in this unit, but the clout of these companies, baidu, alibaba, and tencent, when it comes to investing across the tech space in china. >> the u.s. is open to starting talks with the e.u. to try to reach a settlement over illegal state subsidies that block paid to airbus. that is according to a person familiar with the matter. a resolution could potentially avoid billions of dollars in sanctions against brussels. now how significant is the proposal put forth by the u.s.? >> it came