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tv   Bloomberg Technology  Bloomberg  August 30, 2021 5:00pm-6:00pm EDT

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>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang.
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emily: we will tell you what to expect in the much-anticipated legal showdown in one of silicon valley's notorious candles. we'll get all of that in a moment. to get a look at the markets. teca leading the -- tech leading the charge today. dark a defensive tone in the markets. the new york faang index up 1.6 percent. helping the s&p 500 and the nasdaq close at another record. the 53 record closes for the s&p 500. what did not do well is the small-cap index. the russell 2000 in the red.
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let's take a broader look at the chart here. this is a little bit of a different story. small caps outperforming year-to-date. the nasdaq 100 leading the way. today was no different. let's look at some of the other tech subsectors. it was a tech friendly trade. semi conductors in the green. the nasdaq biotech ending in the red. that is the macro picture. >> i am looking at the biggest points movers on the nasdaq 100. moderna down 3% after a report from japan that country is investigating the vaccine after two deaths of individuals who had taken it. on the opposite end of the spectrum, apple up 3%. no catalyst. come with me into my bloomberg terminal. that move takes apple's market cap to 2.5 trillion dollars for
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the first time. $2.5 trillion. such a big contributor to the overall s&p 500 index. come back to me in the studio. the big story out of china. the limiting of playing video games three hours a week for children. that is going to be a problem in my house. a massive player in adrs. net in down 3%. it is not just limited to china. we saw activision blizzard down 1.6%. emily: we are going to continue to talk about that one. i want to get more on the gaming restrictions in china. investors are reacting quickly on the lucrative gaming industry. here are some of the main takeaways. children will be limited to playing video games to three hours most weeks. gaming platforms like tencent can only offer gaming to
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children from 8:00 p.m. to 9:00 p.m. on fridays, weekends and public holidays. all gaming should be linked to a statewide addiction system. these new rules are part of a broader push by beijing to move its younger generation and future workforce toward more productive pursuits they hope. joining us is our senior executive editor for coverage. massive impact across the industry and across china's economy. let's take into the details. these are very specific restrictions for only an hour a day. friday through sunday. talk to us about what this means. >> they are getting into the nitty-gritty of daily life for people. in this case, children. the big take away from me and a lot of businesses right now is less the impact on a company like tencent to tencent has
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already said -- china has already limited the number of hours a kids can be playing games. that happened in 2019. this is an extension of that. tencent has said only 3% of overall gross received come from this demographic. in a terms of the stock impact on one specific company or some specific companies, the big takeaway here is the extent to which china is willing to regulate and we've its way into the individual lives of its people. any sense you had china might be tapping the brakes on this, what can we do to rein in the power of big tech in the country, that is not going away. this shows it is continuing and the question is, who is next and how much more? emily: this is part of a broader agenda for resident xi jinping. even this seems former
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prescriptive than some other crackdowns the chinese government has made. why is this happening? >> i think the chinese communist party are reminding themselves and the global market of an important and often overlooked fact. they are communists. communists in general are not friendly to capital. and neither are they shy about intervening in the economy and indeed as tom giles mentioned, intervening in individual choices, children individual lives in ways at which more democratic governments would bulk. the key question here as tom mentioned is not what impacts does the three hours of gaming restriction have on tencent, the question is what is the broader
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agenda here? how far will china's government, china's commonest party we willing to go in their interventions in the economy, interventions in people's lives as they attempt to move the dial away from the investors and entrepreneurs, toward what they see as the interest of households, workers and families. emily: when it comes to games, the chinese government has re--- has referred to have you games as spiritual opium, electronic drugs. from the u.s. perspective, we are seeing this hurting u.s. game makers and it plays into what the sec has warned about china changing the rules without any warning. may market perspective, how do expect this to play out? will this raise the eyebrows again of the sec? >> it is hard to say exactly how much jurisdiction sec can have over this. i think what this is going to do
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and what we have seen happening is global investors are questioning what their stance on the chinese market -- if you are a private investor, if you are a venture capital firm, what do you think about the risks involved in investing in china? the risk profile has increased significantly over the last several months. to what extent do you want to expose yourself to the publicly traded stocks of chinese listed companies or chinese companies that are listed here or might have listed here. there is a whole questioning happening across the globe over how much risk you are willing to take on. emily: what does this mean for china's broader growth story? obviously we are long past the days of double digit gdp growth and it seems like growth is not the priority anymore. >> i think if we could see
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inside the minds of china's policymakers, they might push back on two points. the first is, is this fundamentally bad for growth? is it good for growth for children to spend all their time playing video games or would it be better if they spent more time puzzling over their math books or their history books? probably more time on education is going to be good for growth in the long-term. the second important point is china's leaders are taking a that on the importance of the big. if a small country, a relatively small country like a mexico or a vietnam made this kind of policy move, investors would be heading for the door, companies would be heading for the door. but this is china. china on a reasonable base case will be the biggest contributor to global growth and the biggest source of profits for
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multinational corporations in the next decade. china's leaders are taking a bit that that means they can regulate in a way other countries will not be able to. emily: something we are going to continue to follow. thank you so much. coming up, we are going to talk to the founder of ira net cybersecurity and the former director of u.s. national security agency. his security firm just went public. we will have the latest. this is bloomberg. ♪
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emily: the cybersecurity firm ira net recently merged with lgl
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systems. joining us to discuss as retired general keith alexander, founder and co-ceo and the former head. why now and what does this help you achieve as a cybersecurity firm in a world where the threat is rapidly evolving? >> that is a great question. why do we go public at this time? we had the unique offering and collective defense with some game changing technical capabilities to the tech threats with behavioral models. we thought this was the right time. we thought this back processing -- the spac process going public would accelerate growth. the public and private sector need this capability today so we are pushing it forward. my time at nsa and cyber command, this was a gap that we
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saw. the reason we created this company was to fill that gap. that is how the public and private sector could create a picture to see threats and attacks on our nation. emily: president biden just met with big tech ceos including tim cook and andy jassy at amazon to talk about cybersecurity and what the private sector can do. he talked about the lack of talent to fill some of these jobs and seem to put the onus on the private sector to do more training. what do you make of that argument and that problem? >> we need more people. this is part of the problem. when you think about the amount of information that is doubling every year, the number of devices, the number of applications, all of that is growing in doubling every year. we cannot double the amount of
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people. we have to do a push on people and we have to make the technology grow and provide greater capabilities. look at 90 midsized banks. we each have about 10 people working in security up center. each of those 10 are working on that one bank. down the road is another bank with 10 people. what if we brought all those together in a collective defense ? you know have 900 people working together. it is a combination of taking that new technology and coupling it with a growing force. both as a private and public sector. emily: how do you see the threat landscape evolving? we have seen high-profile attacks this year. colonial pipeline, jbs. nursing cryptocurrency get involved and hackers using that to disguise their identity or disguise their trail. what is the next year -- what does the next year look like?
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>> i think it is going to continue to grow. part of the reason is everything we do is connecting to this network. 5g will increase it with a number of devices. this network is going to grow significantly. with it, there will be these gaps and vulnerabilities growing as well. we need to figure this out now and a train as a nation. i do like the way the administration has put together public private partnership and working together. we absolutely need to do it. we need to take it a step forward with our allies. when you think about this, that is the future where adversaries are going to attack us. you don't have to fly. don't have to bring an army in. you can let us in cyber. we need to be prepared for that. emily: we are in the middle of a historic moment. the united states has announced we have completely pulled out of
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afghanistan. the last u.s. service members have left. we know the taliban is much more technologically savvy than they were 20 years ago. we can assume other terrorist groups are as well. from a cyber perspective, putting on your national security agency hat, what are the threats in cyberspace you worry about here? >> our thoughts and prayers should go out to the people of afghanistan and to the families of those soldiers, airmen and marines killed over the last week. she keep them in our hearts and minds. -- we should keep them in our hearts and minds. i think we saw destructive attacks nine years ago when i ran attacked saudi aramco. i am most concerned about those who have little to lose attacking our infrastructure with destructive attacks. to prevent that, this is where the public-private partnership
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has to come together. you're going to see china steel intellectual property. i don't think they will attack and less we get in a situation in the south china sea or taiwan. same thing with russia. they are to steal money. ransomware and attacks on our infrastructure. those countries like iran and north korea who have little to lose and if they get pinned into a place where they want to respond as they did nine years ago, they're going to do it again. it is a combination. then you have these ransomware and hackers out there to get money. they are doing what they can to go after us. that is a lot of money our nation is losing. add the intellectual property theft, this is huge. we have got to put a stop to it. that is our future. that is my grandchildren's future. emily: destabilization of --
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does the destabilization of afghanistan change the balance of power in cyberspace? >> i think everybody has got to be concerned about that. what happens with afghanistan going back 20 plus years when you look at where it came from, what happened with our country and 9/11, we have to be concerned about it. it is not just a u.s. problem. the world has to come together to address this problem. i am concerned about the destabilization not only in afghanistan but the region. what does that mean for us and how are we going to work together to prevent that from happening? that is a tough problem. emily: always good to have you here on the show. i airnet -- iran net cofounder and ceo. as we had to break, want to take a look at is doing video shares shares are down within 10% after giving a sales forecast that fell short of analyst estimates. it is fueling concern the
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company may have difficulty maintaining revenue growth. tuesday, we are going to be joined by the zoom ceo on bloom technology to find out more about their post-pandemic road. this is bloomberg. ♪
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>> this week's episode of power on, i will be taking a look at who can one day succeed tim cook as apple ceo. hook has reached the 10 year anniversary in charge and was recently granted one million shares that pay out 32025 ensuring he will remain ceo for the next five years, but what about after that? it's take a look at four potential successors. first, jeff williams, coo. if cook were to step down, look no further than him.
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he leads all the operations. next, greg dulls whack, head of marketing. he has been in charge of product marketing and could certainly be capable of the next leader. next, deirdre o'brien. she has seen it all in her three decades at apple. before becoming the retail and human resource achieved, she held several sales and operations positions. lastly, the youngest member of the executive team. if he became ceo in five years, he could hold onto the role for well over a decade. with cook's departure probably at least five years away, someone else could emerge. with one decade in the rearview mirror, we are on schedule to start looking toward the future. this is power on. emily: forget, you can sign up for the power on newsletter at
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casino operator wynn resort says it will spend $100 million this football season marketing its new bedding app -- it's new acting -- it's new betting app. we caught up with him for this interview. >> we did launch a campaign as you mentioned today featuring ben affleck and shakeel and neil. the purpose -- and shakeel o'neil. the purpose is to convey our brand positioning. among our best when based gaming in north america. we think we have a unique position in the market. if you think about our land-based strategy which is about bringing people together to have fun, we went to convey that because our digital strategy is no different. as we look at what will be a $40 billion market or so, we think we have a very strong position
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in the market and we look forward to stealing our business over the course of the season. >> out about the competition? there are a lot of other casino operators, gaming companies who are -- who came to this market a lot earlier. i am curious as to how much the brand is going to catch up and close the gap? >> we are in the first or second inning from an industry perspective. it is a market that is generating $5 billion a year. it will be a 40 plus billion dollar market. we are in the very early innings. the state-by-state nature rollout means it is not a typical duopoly situation. it is very straightforward to carve out a competitive petition -- additive position. our brand is an iconic brand well-known in the industry.
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we like our ability to compete. >> you mentioned scaling is next. what does scalability look like to you given a state-by-state basis? >> we are live in seven states now. we have a great market position. we pull together a whole bunch of market access arrangements which allow us to go to market. we have the real estate. now it is about crating awareness through the branch campaign, backing that with a whole bunch of performance-based media buying. and attracting users to our products. many of whom become multiyear users and deliver tremendous lifetime value to us as the operator. emily: that was when interactive ceo craig billings. coming up, alibaba fires a group of employees after they shared details of a colleague's alleged rape online.
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we will look at how the #metoo movement is gaining steam in china's tech industry. we will get insight into the harassment lawsuits in the u.s. industry. more on that next. this is bloomberg. ♪ it's moving day.
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emily: welcome back to bloomberg technology. chinese tech join alibaba has fired 10 of its employees for leaking accusations of sexual assault against a former manager. the group was dismissed after sharing an internal forum's harrowing account of a colleague's alleged rape. bloomberg's quicktake has been looking into the issue and has spoken with vocal critics. >> they are telling their
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stories. in early august, an employee at alibaba during a lunch break, she went to the cafeteria and held a loudspeaker and told all the employees in the cafeteria there is a rape case and later she posted a detailed at memo -- detailed memo about what had happened. that memo leaked and became a nation wide discussion about sexual harassment, discrimination at the workplace. >> then, the accused alibaba manager has been fired and arrested. two senior executives at the e-commerce giant have resigned and the ceo called the company's handling of the incident a humiliation. china enacted a new civil code in january.
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it outlined for the first time what sexual-harassment is an made employer is responsible for the supervision of sexual harassment in the law. >> there are improvements. there is no detail. there is nothing saying this company is responsible. i think there are more regulations to make this enforceable. >> if this happens in the company, is there a support system in which they can safely report the issue? >> she meant and she was caught by her manager -- he was called by her manager a beauty. she was presented by her boss a gift -- by her boss as a gift to the client. this is not unique to alibaba. this is happening to many
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companies whether it is bigger small. >> these incidents also highlight china's toxic drinking culture. >> tricking culture is bad. clients and employers, they are supposed to drink. one has to outcompete the other to show respect. if a person in a higher position drinks a glass of wine, you are supposed to show respect by drinking more wine. >> your kind of peer pressured to drink. it is a situation that could easily especially for women be a bad situation. >> the chinese communist party's anticorruption watchdog says it is cracking down on a culture of heavy drinking and replacing it with correct values. china has been slow to absorb lessons from the global #metoo movement but the movement may be
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gaining momentum again with high-profile cases like alibaba and the chinese kadian popstar who was arrested and charged with sexual assault of a minor, something he denies. >> to speak up in general is already a big step. to file for a legal case against someone for sexual harassment is another step up. it is that people are more willing to talk about it because these things have been happening for decades and decades. >> women are much more willing to come forward. there is a lot of censorship online to women's rights groups, social media accounts. from one side, the government is on state media saying we should tame this drinking culture. we should not have those activities. they are conducive to immoral behavior >>.
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in a speech to the united nations, chinese president xi jinping has pledged to promote women's rights and address. activists say it is not enough. >> on the other hand, they don't want women to have their own way to organize together, to voice what they want. emily: the videogame industry in the united states is undergoing a reckoning of its own. california is taking legal action against the so-called borough culture at activision where women say they have been subjected to constant harassment, unequal pay and retaliation. the lawsuit paints a disturbing picture where men objectified women's bodies and openly joked about rape. california is accusing wright a games of using secret settlements to prevent workers from speaking to regulators. training is now, the ceo and chair of super league gaming. you are a veteran in this
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industry. you have been working on some of these issues for a long time. what you make of the state of california taking on activision, taking on a company like right games in such a specific way? >> it is just the reality of having a state that really has always put the employee first and that is a good thing. that is one of the many benefits of living in california. sometimes the taxes don't make you feel so good but certainly fairness and employee treatment has always been top of mind. it does not surprise me at all california has done that. i think there is a pattern there. there is enough frequency that they are trying to send a bit of a wake-up call. the reality is these behaviors cut across many industries. i was new to the gaming industry about six years ago. of course there were impressions or images you had heard about the industry not being as welcoming. i had a different experience.
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i found it to be welcoming. i thought there was a lot of respect for my background and the way i have proven myself in different industries. this is about the fact that other industries and many companies all go through a crisis. as they do, there are a lot of lessons learned when you look back. for me, i look at the companies and the case of riot, he went from a company that went from being small and young to explosive growth. when you go that fast, you need to catch up with the right kind of covenants and processes and the maturing the company needs to do. with activision, this is been a very successful company. company cultures erode over time and that is why need to keep an eye on those signals. emily: the coo said it is imperative with knowledge all experiences and respect the feelings of those who have been mistreated in any way.
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i am sorry we did not provide the right empathy and understanding. the #metoo movement happened in the u.s. years ago. gamer gate was years before that. how much progress do you think the gaming industry has seen? this happens across all industries but the gaming industry it is interesting in you also have the demographics of the people playing these games. more women, more young girls playing these games, which is why it is important to have a diverse culture. when you look at the people making the games for the broader audience. >> it is kind of ironic. you say, in the u.s., 55% of gamers are male. gaming is a place where everybody can be of equal footing in that virtual environment. in some ways, it is mucker tithing and liberating regardless of your gender. equally, gaming has toxicity built into it. some of that comes from the anonymity.
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when you look at the cultures of companies, it is a tough one. super league has had a lot of growth. we are at 80, 90 people. different from five years ago when there were eight of us huddled in a corner of an office. as you get larger, you have to establish more mechanisms to identify these patterns are happening in the culture. when you are sitting at the top of the helm like at activision, it is hard to understand and look into the org and what the company is becoming known for or how it feels to work there. certainly, it helps a lot if you first set the standard at the top shared i know it is so cliche but i really do think the first question i would be asking myself is, does the leadership team and the next player down really embody and passionately believe in this notion of a fair playing field? i do think again while gaming is
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democratize, so it food and music and it is not to say those industries do not have cultures that sometimes go awry or processes that break down that prevent fairness for all employees. it is ironic but it is kind of par for the course unfortunately as you try to establish a healthy working environment. emily: i'm curious when you think about this cracked down in gaming industry in china where the chinese government is saying children can only play video games three hours a week friday, saturday and sunday. we sell some impact on u.s. gaming market here today. what is your impression of how this could impact the broader industry? >> my personal opinion, i think they might be missing the bigger point. we have a strong point of view in our company gaming is good
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for you when it is done in the right context. many of the things we were talking about earlier about inclusive places, places that welcome diversity but also the lairs of strategy and critical thinking. people -- things we have talked about before on your show. it is about crating healthy environments where gamers are empowered to use tools to create cool games, create compelling content, to share that content. that has always been at the heart of super league. this notion that instead of looking at a very small percent of the cases where gaming has negative consequences, let's rise up and let's create tools that allow gamers to really thrive and grow. emily: i always appreciate you sharing your thoughts and insights here. we are going to continue to follow how these trends play out. ceo of super league gaming. things for joining us.
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coming up, the pandemic has caused mass exits across all industries and disproportionately women and mothers are leaving the workforce. we are going to speak to a representatives from the u.s. census bureau hugh has -- who has new details on how far women are backsliding. earnings season may be winding down but we have a few tech companies out this week crab striper putting its numbers tuesday. all details right here on bloomberg. this is bloomberg. ♪
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emily: we have some breaking news out of apple.
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apple said to be adding satellite capabilities to iphones for emergencies. future iphones will be able to send sos texts via satellite in the case of emergencies. they are planning a satellite-based tool for reporting emergencies specifically, we are going to look into the story and bring you more details. this coming from my colleague mark hermon. -- mark gurman. the pandemic has led women to leave the workforce in droves. the principal economist at the u.s. census bureau has a new paper out addressing the economic impact of women and mothers opting out. she joins us on this week's work shifting segment. for the last 18 months, we have been concerned about women backsliding. that is what you are seeing in your numbers. walk us through the most significant findings in your report.
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>> thank you for having me, emily. i am -- have been looking at the situation of particularly -- the most significant components of this report i have coming out focuses on this issue of telework able jobs. i look at whether or not mothers slid back from active work status, meaning they have a job and participating in that job based on whether or not their job was telework feasible. the funding -- the findings are interesting because if you look at mothers who are non-telework able jobs, you are seeing a demand side of the story where employers had to shut down. they shut down and everybody lost their job and there was not a disproportionate impact on mothers and fathers in that case.
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with telework able jobs, what we did see and my report shows is telework saves a lot of businesses. it saved a lot of jobs. it did a good job of doing that for everybody but mothers. mothers in telework able jobs took a significant hit in their ability to stay attached to the labor market and their ability to leave. emily: that is where the interesting things i pulled out. remote work has not helped save mothers, which i thought was fascinating. i spoke with melinda gates about this and she said that women are in crisis. take a listen to what she had to say. >> women in the last 30 years were coming out of poverty as a global add piercing a huge setback in that arena. we are seeing setback in the labor force. the number of women who stepped back in the united states.
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two thirds of the jobs lost in south africa were women's jobs. emily: here is the question. how do you expect this to play out as the pandemic drags on? schools are reopening but locked is happening again and start restrictions, coming down, going back up. still a lot of uncertainty ahead what is next for women? >> there is a ton of uncertainty and a ton of angst in the community with the delta variant. it is unclear how school is going to play out this fall. lots of schools are going back to in person. you see again how somebody in the classroom had coded and everybody had to go home for two weeks. that is a challenge for working parents, particularly mothers, to continue actively working when their kids are being pulled in and out of school.
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one silver lining up a put on this is i do think mothers are amazingly resilient. they do tend to take a hit when there are transitions with kids but they bounce back relatively quickly. i personally have been very impressed with the ability of mothers, of those who have been able to hang onto their jobs and have been able to continue working throughout all of this chaos. if anything, this shows us we do need to make sure we have support around childcare systems for children if we want women to be equal in the workforce. emily: absolutely. i thank you so much for your work on this. simply economist at the u.s. census bureau. really appreciate you bringing this all to light for us. robinhood shares ending the day down more than 6%. this after gary gensler said april 4 ban of payment through
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order flow is on the table. the process involves sending customer trades to financial firms to execute an account for 80% of first quarter revenue. there had been controversies during overpayment through order flow to the last year. indian ride-hailing start up a lot is said to have picked citigroup and morgan stanley to manage its mumbai ipo. giving the company evaluation of more than $8 million. there joining a strong pipeline of indian startups including the digital payments company atm and flip cart. coming up, the long-awaited trial of elizabeth holmes gets underway this week. what we can expect in that case, which stands out as one of the biggest scandals in recent silicon valley history. the thriller candy man reached the top of the u.s. box office over the weekend.
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candyman premiered exclusively in theaters. the release was delayed three times but it was worth the wait making $22.4 million in the u.s. and canada, above estimates. this is bloomberg. ♪
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emily: jury selection will get underway in a legal case that has transfixed silicon valley and beyond. elizabeth holmes is charged with defrauding investors and patients of her blood testing start up theranos. it turned out to be too good to be true. we are joined by jewel rosenblatt. jury selection is underway. we are learning more about elizabeth holmes' planned
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defense. >> this weekend, documents run sealed in the case revealing what we had known previously about a possible plan to point to her former boyfriend and former president and coo of theranos as the cause of -- the reason that she made up what she did, the reason that she supposedly defrauded investors and doctors and patients. she is pointing to psychological abuse as the reason for her behavior. that is her defense. more details came to light this weekend. emily: as i understand it, that is pretty unprecedented especially in a white collar fraud case, right? >> as far as i can tell, it is completely unprecedented. it is a reason that people give
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often times in murder defense. in particular if a woman is being subject to abuse and murder somebody who is subjecting them to better use, that is a defense that is sometimes raised in a murder case. it has never been used as far as i can tell in a white-collar criminal fraud case. most criminal defense experts think it is a long shot. it is a real stretch. emily: this case could go on through december. i believe the case will be in session in just about three days a week. what you think our chances are given how much reporting to has been on this? documentaries made, books written already about this whole scandal. >> that is an interesting point and has been the subject of jury selection. to my surprise, questionnaires went out to 200 people in san
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jose. 200 potential jurors. to my surprise, one half of the 200 did not know of the homes. had not heard of elizabeth holmes. uni -- you and i hope the jobs we have and they were nose is well known to us -- and theranos is well known to us. some people, they don't know anything about it. that is the jurors they are going to be looking at. emily: i never will forget the time i interviewed elizabeth holmes. we will have to dig that went out of the archives as i chart this case. that does it for this edition of bloomberg technology. make sure you tune in tomorrow. we are going to be joined by kelly steckelberg. also going us, -- running is, gary chan. i'm emily chang in san francisco. this is bloomberg. ♪
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♪ >> very good morning. welcome to daybreak australia. >> we are counting down to asia's major market open. >> good evening, i am casing haze. the top story. big tech leads the s&p 500 to its wealth record high this month. the longest winning streak since january of 2018. >>


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