from one troubled tech firm to another — uber‘s ousted boss travis kalanick has been sued for fraud by one of the company's biggest investors. we will explain all. also the latest on the european financial markets, cannot see exactly what is happening at the moment but stocks have opened more low following losses in asia and the us as the war of words between america and north korea rattles investors. and we will talk about the google diversity road, the founder of uber being sued. and as tourists in spain face a backlash from locals protest against tourism we wa nt from locals protest against tourism we want to know have you ever faced hostility on your holidays from the locals? hello and welcome to business live. snapchat is the disappearing messaging service thatjust keeps making money vanish. its parent company snap has seen its share price sink like a stone in after—hours trading as it reported widening losses. snapchat launched in 2012 as a mobile app that allows users to send photos that vanish within seconds. it's been a big hit with millennials but has never made a profit. p

now travis kalanick is slapped with a lawsuit for fraud. shares of the owner of snapchat plunged 14% after the social media firm reported more than $400m in quarterly losses and fewer than expected users. hello and welcome to world business report. my name is susannah streeter. in a minute we'll look at the very expensive business of having a baby. but first, ride—sharing giant uber‘s horrible 2017 continues. in june its co—founder, travis kalanick, was ousted as chief executive after a series of scandals hit the company. he is now being sued forfraud by one of their biggest investors. dave lee reports in san francisco. when travis kalanick was forced out as chief executive of uber, he kept as chief executive of uber, he kept a seat on the company's board, and also a10% stake in the firm. but since then, it is alleged that he has been concocting a plan to get his seat back. he told allies that he was doing what stevejobs did, having left only to front and the return to apple. it is said that he fraudulently expanded the board to make

and travis kalanick. tell us about this unfolding. does it mean travis will be removed from the board, do you think? brad: we will have to see how the lawsuit plays out. you are right, it is a bitter rivalry between one-time allies, benchmark, one of the first capital investors in uber. and travis kalanick, one of the founders and personal investors and second ceo to raise the company to great heights, a $70 billion valuation. you can look at these past months in many different ways. you can see it as the chicken of bad management that has come to roost. but also as a complete deterioration in the relationship between benchmark and its founder, bill gurley. and travis kalanick. i think they fundamentally disagreed on how to run the company, when it should go public, and who should be the next ceo. the each own equal parts of the company and pretty much have equal voting power. this lawsuit is evidence they cannot figure out a path forward. caroline: it is amazing thinking back to your book, where we saw b

travis kalanick has about 10% of the chairs and benchmark has 13%. benchmark has even more skin of the game and the founder and ceo the company. we are for these rumors and these chickens on the roof and the sound of travis not too far away even though he's not the ceo anymore. it's beengesting and reported that he wanted to have a steve jobs like return and come back and take over the company as ceo. the idea that he stacked the board and defrauded and deceitfully had done so and it will play out in court is not amazing development. yet another amazing development at uber. the ceo, no cfo, no general counsel. the founders are gone. yet they are bigger and better as ever. it is amazing to see this company, a frankenstein's monster, speeding ahead without the brain that brought it here . nejra: what kind of response have we had from travis kalanick and uber on this? cory: not much yet. we will wait to see what happened. what's interesting is what we see in terms of discovery and what we learn about what's going on with this case through the court docu

what is happening is that benchmark, one of the biggest investors in uber, is suing travis kalanick. at the heart of the issue is something which happened in june 2016, of the issue is something which happened injune 2016, travis changed the rules allowing him to appoint three people to the 8—member board of directors. what benchmark is saying is had they known about any of the issues happening at uber including sexual harassment they would have never agreed to this. what this does is that although travis kalanick is no longer ceo it still gives them control of the board of directors and allows him to place people that are still on his team, in his favour. what does this mean for uber? we have had several obstacles, has tarnished the reputation? it's just obstacles, has tarnished the reputation? it'sjust challenging in terms of how they are operating, they are still working without a ceo and travis kalanick has tried to be involved in those discussions, there we re involved in those discussions, there were talks about having the head of ibm coming in as ceo of uber but travis kalan

travis kalanick and his allies wanted to take a long as you and benchmark investors. julia: talk to me about the ownership here because my understanding is travis owns 10% of the outstanding shares. a smaller proportion has been benchmarked. if they succeed in kicking off the board, what happens to the share ownership? brad: it was not affected share ownership, but the numbers are in the lawsuit. these are uber's two biggest investors, both with sizable stakes and voting blocs, who interests are basically online anymore. a lot of the evidence of their interests are misaligned. benchmark led the effort to out travis kalanick as ceo in now wants him off the board. there is similar stakes of stock, and part of the story of the last six months is the story of the benchmark-travis kalanick relationship souring. julia: we will continue to watch this, brad, great to have you want. breast don't brad stone. scarlet: the president is speaking right now in new jersey, at the summer white house. manafort,garding paul who was his former campaign manager, that he found him to be a

former uber ceo travis kalanick driven further away. and why they decide it is time to step down. plus, revenue misses in the face of the competition. we breakdown today's disappointing second-quarter report. --ing jill little geopolitical tensions rattling the market. tensions between the u.s. and north korea continue to escalate. we will bring you the latest at this hour. drama in uber continues to unfold. benchmark capital, which has a 13% stake in uber, filed a lawsuit to remove former ceo, travis kalanick, from the board. they say he engaged in fraud by misleading investors about his -- allies willing to keep him a director. a representative for kalanick said, the lawsuit is without merit and riddled with lies and false allegations. actinghowing benchmark in its own best interest, contrary to uber, its employees, and shareholders. is stepping down from his current managerial role in the company. let's go to brad stone in san francisco who wrote about uber in his book "the upstart." the continuation of this come this bitter rivalry, seems to be a point between benchmark capita

but really, what it became was meg whitman was benchmark's candidate, jeff immelt was travis kalanick's candidate, and dara was one that they could all agree on >> kara, between a fractured board, a founder who's been troublesome, employees in turmoil, a reputation that's tough for uber right now, this is a really tough situation for dara khosrowshahi to go into compare it to yahoo or anything else you've seen in silicon valley have you ever seen a ceo coming into a job tougher than this >> no, he's got a lot of problems there's also no management, as you know a lot of people have left. there's a lot of open jobs so he's got to do a recruiting job. there's a regulatory issue there's a big lawsuit with alphabet that is very frightening to a lot of people inside of uber there is, you know, cultural problems, a toxic work culture that was reported on in the holder report. there's travis, who's also very talented, and you've got to manage him properly. there's a board that's got -- should be seeking therapy among and between each other so, it's a, welcome, dara, thanks for coming, thanks fo

emily: travis kalanick leaving google, right call? ♪ emily: how do you see the state of ai, and who is ahead, and who will win? >> i think the ai conversation is long. i think we are in early days of ai. a lot of ai -- we don't have good data. is going to be garbage in, garbage out. the technical horse power it, we needto apply to start getting smart about collecting data and being able to utilize it. emily: do you think elon musk's doomsday scenario is overblown? or irresponsible? elon, he is one of the most interesting tech visionaries among us and we need people like him to have these conversations, but i think you might be early on his prediction. emily: what about self driving cars which tesla is working on? google, apple. what happens? it will beus thinks a while before we see a large proliferation of self driving cars. i think the economics, the regulation, the retooling required to get this to happen at scale, is far, far away. we haven't thought about the ownership models in the societal problems that will cause, or how do

he succeeds co-founder travis kalanick, who left the global startup in june amid investor pressure. eric newcomer has covered this ceo search from the beginning, and joins us from san francisco. eric, is this a good fit? eric: of the candidates, it seems at least the company he was running is the most logical fit. expedia -- we are talking travel, general electric, hewlett-packard. there is some logic there. the ceo of expedia is a dealmaker. that is very important. the logic behind this is there. at the same time, uber faced a lot of problems for its perceived closeness to the trump administration. --has certainly been probably one of the most outspoken tech leaders against trump's presidency so far. vonnie: this is coming at the same time we are seeing over co-founder travis kalanick argue that vc firms are challenging his right to appoint three board members and should be heard outside of court. he wants an arbitrator to resolve this. it enter into a good arrangement with this new ceo? eric: hard to say what the courts will decide. it does seem so far that there was not some sort

after years scandals and the ouster of founding ceo travis kalanick uncle of reports. a surprising pick to navigate wilbur out of a nearly year long crisis. the company's board went with lesser known choice dara because russia i for the bellevue washington basd travel site expedia for the past twelve years. as a relative outsider to silicon valley. the iranian american faces the monumental challenge of transforming the image of the most valuable startup to come out of silicon valley in the past decade. morality uber has hit rock bottom after months of controversy. including reports of widespread discrimination and sexual harassment. lawsuits in the brutal ousting of because our shies predecessor and cofounder of uber travis kalanick in jun. the company also faces increased competition from rivals like lift. luckily because russia is a skill deal maker with a strong track record of driving growth while also delivering profits. under his leadership expedia more than doubled its annual revenue since twenty twelve. reaching nearly eight point eight billion dollars in twent

now travis kalanick is slapped with a lawsuit for fraud. shares of the owner of snapchat plunged 14% after the social media firm reported more than $400m in quarterly losses and fewer than expected users. hello and welcome to bbc news. president trump has again threatened north korea. if the regime in pyongyang thinks about attacking the united states, he said, "things will happen to them like they never thought possible." "they will be in trouble like few nations have ever been." he also suggested his earlier threat that north korea faces "fire and fury" might not have been tough enough. however, his defence secretary has warned that war would be catastrophic, saying diplomacy is yielding results. from washington, nick bryant. it's from his golf club in newjersey during his working vacation that donald trump is managing this stand—off. and this afternoon he was back in his trademark suit and tie, and using his trademark tough talk, his response to the latest threats from pyongyang. i will tell you this, if north korea does anything in te

emily: travis kalanick leaving uber -- right call? ♪ ♪ emily: how do you see the state of ai, and who is ahead, and who will win there? nikesh: i think the ai conversation is as clear as mud. i think we are in early days of ai. a lot of areas where you want to apply ai, we don't have good data. so it's going to be garbage in, garbage out. the technical horsepower exists, but to apply it, we need to start getting smart about collecting data and being able to utilize it. i don't think anybody is ahead. emily: do you think elon musk's doomsday scenario is overblown? or irresponsible? as mark zuckerberg says. nikesh: i love elon. he is one of the most interesting tech visionaries we have amongst us. we need people like him to have these conversations, but i think he might be a little early on his prediction. emily: what about self driving cars, which tesla is working on? google, apple. what happens there? nikesh: i'm the camp that thinks it will be a while before we see a large proliferation of self driving cars around us. i think the

kalanick. but here we are again, home of the teenage boy in silicon boy my boys behave great, by the way. >> and there's a gender issue, too. i love "the washington post" headline uber search for a female ceo has been narrowed down to three men. does this company need a female ceo to restore credibility >> they need any ceo you don't want a female there just to be a ceo you need a qualified ceo we reported that last week they're down to the three. but if i was one of the three people and i heard reports like ours and this one, i'd be mighty nervous to get in there and have to deal, have to spend half your job calming him down and making sure he doesn't knife you in the back so i think it's a really problematic issue that goes right to the board i mean this is a super dysfunctional board. and they've got to clean it up again, as i said last week, it's a great product. it's a great product and it's not like it's a yahoo or waning or something like. that it's really terrific. and the employees the

you spoke out forcefully about president trump's travel been and that is what travis kalanick got a lot of flack for when he was still on the business council for president trump. he tried to defend his position on the council and ultimately he decided to step down. dara khosrowshahi has spoken out in the wake of what happened in charlottesville and said the president has repeatedly failed to live up to the expectations of the office. is that they were very attracted to that. it felt like a cultural fit for the company that really needs a strong leader. mark: we are hearing product launch event next month. what could we expect? emily: our very own mark berman has been reporting the details. what we do expect the event. apple unveiled three new iphones. two updates to the iphone 7. as well is what may be called the iphone eight. a new brand-new iphone with a big design overhaul. we are expecting facial recognition, technology, a big design update where the screen wraps around. also expecting a new watch to be announced. this is going to be the 10th anniversary of the iphone. a very impor

this is what took travis kalanick down in the first place. it was this contention from a female engineer that she was sexually harassed and that there were deep-seated cultural issues. she called it a political thrown game of war, the way that managers with interact with each other. a number of executives have left in part because they could not work with travis kalanick himself. there is not a deep bench of uber. they don't have many executives. they now have a ceo. dara khosrowshahi is going to need to hire a cfo to help him lead this company. my guess is he is going to recruit right away for those high-level positions, and then try to tackle the culture which impacts the entire company. then, you have the balance sheet. this is a company that last more than $600 million in the last quarter. they are bringing in billions and billions of dollars in revenue. at some point they have to turn this into a sustainable business. scarlet: it is going to be an interesting couple of months for uber's new ceo. thank you, emily chang. up, lessons from h

transferred they finally met the man tracing travis kalanick. their new boss was officially introduced to employees at an all hands meeting yesterday and first order of business. he vowed to address the toxic cultural issues that wrapped goober this year in a tree posted by the communications team, the company has to change. what got us here is not what's going to get us to the next level. he wants to bring in a chairman who can serve as his partner at the board level. he also reportedly set a timeline for an ipo between 18 and 36 months. that will give him time to clean up the company and deal with the legal issues in losses to total about $3 billion last year. uber's valuation of $7 billion has taken a hit recently. lauren: travis kalanick still on the board of directors. tracee: it must've been a bad moment. lauren: coming up, who wants to buy a million dollars worth those one military equipment on ebay? l.a. officials deciding they don't want to celebrate columbus day anymore. we will tell you what to celebrate instead. you will not believe

that ultimately led to the ouster of travis kalanick. >>> uber's biggest investor is doubling down on meg whitman to be the next ceo. landon dowdy has more on the ongoing uber debate. >> uber's biggest investor has not given up on meg whitman to take the helm of the ride hailing company. two sources familiar with the search says benchmark has had recent conversations with whitman and she's the preferred candidate. benchmark is denying rumors that it will reintroduce her name for consideration. last month whitman took herself out of the running she said we have a lot of work to do still at hp. the next uber ceo will not be meg whitman. travis kalanick stepped down in june back over to you >>> the "new york times" has a big takeout today on apple's bet on self-driving cars the times says the tech giant is scaling back its ambitions to build a fully apple-branded car. instead it is working on the underlying technology in autonomous vehicles. this "new york times" report was based on five people familiar with apple's car project code named tighten. the paper also revealed apple is testing

shares unchanged. >>> travis kalanick looking to get back in at uber. he asked former colleagues if they support him in shareholders battle amid reports softbank looking to invest in uber, buy shares from existing shareholders last week, he said softbank may be trying to do a lot of deals, one isn't investing in uber. we don't know what happened to the valuation. i wish it was listed >> it is pretty exciting >> we have a market for the latest -- >>> in other tech news, google executives respond to 3300 word anti-diversity manifesto written by one of their employees. the memo talked about gender inequality to biological differences. suggested google doesn't have more female engineers because men have a higher drive for status the employee argued the left bias created a politically correct mono culture which prevented honest discussion of the issue. the new diversity vice president fights back saying comments advanced incorrect assumptions about gender. >>> now on today's top trending stories. have you ever fantasized using your watch like a phone? bloomb

i want to bring in brad stone who wrote a book about uber and travis kalanick. what is your reaction? what do you think of this? >> i was surprised like everybody else because so much was leaked. people knew the name of the other candidates. dara is a savvy choice for a couple of reasons. he has run a company in a fast-moving internet industry. he has built a homegrown, thatng-edge tech platform allows for different types of transactions and brands. he runs expedia with 20,000 young people. uber has a lot of young millennials. he has faced a behemoth in priceline that is a trial by fire. the experience at expedia will translate nicely into most of the things he has to do at uber. emily: what about the experience with the travel industry and uber being a transportation company moving into the next level? >> it is a marketplace with all the complications. you have customers, travelers, drivers who as a group were not happy with travis'leadership at uber. dara is an immigrant who came from iran at the age of nine, someone who is perhaps a more sympathetic figure to

.>>> uber said travis kalanick will not come back as ceo. the chairman gave that word to employees to squash words that he was attempting a comeback. and an email that was obtained, the chairman said the company is committed to hiring a new world class ceo to lou -- lead. travis kalanick was fired surrounding sexual harassment and a dysfunctional corporate culture. >>> a san jose store owner killed at work. the search for his killer and what his family is saying. >>> the man accused of killing kate steinle was in court. a judge decided he will now go by a different name. >>> campbell police say a crane was facing a power pole tipped over and crashed into the roof of a home on sondra way. no one was home at the time and there are no reports of injuries. the crane reportedly operated by a subcontractor caused major damage to the home. firefighters and police say removing it will take several hours. >>> police arrested a suspect in connection with the grizzly peak fire that burned in the east bay hills. alfredo bautista is accused of setting th

this lawsuitake of against travis kalanick? >> it is pretty unprecedented. obviously, you're asking the easy questions today. [laughter] --ved as a director for it in silicon valley for 14 years, so i have a somewhat detached arspective, but running company with 14 operating executives and no ceo is a disaster. secondly, it is clear they have .omewhat unsolvable issues it is hard to get divorced in business, especially when you are on the board. they have to reconcile this. i think a lawsuit is very weak. it is clearly a strategy, may be effective, but the substantive claims, the fraud claims are pretty weak. the case, at least what is in the public domain -- there are things not in the public domain yet, like what is an what concessions benchmarks may have made to give the board seats are to get travis to resign. there may be a lot of new information. thein the public domain, case is weak, but it can be effective in germany -- incoming to a compromise. emily: no venture capitalist wants to be considered the investor who will out the ceo. if benchmark is doi

he will replace co-founder travis kalanick, who was forced to resign in june. let's bring in a bloomberg intelligence analyst. let me just ask you how big a surprise this was. we've been talking about a short list for many weeks, jeff immelt, meg whitman, who said she was not considering the job. how out of the blue was this? >> they were looking for a ceo for a while, but it came down to finding somebody who has that kind of experience of running a large internet company with a similar business model, taking it to the next level of profitability, and i think dara is a great choice. with him at down couple weeks back. i asked about his understanding of the regulatory landscape. let's listen to what he had to say. >> the visibility into the landscape has definitely gone down. there's a lot more uncertainty. volatility,e although capital markets reflect that. i think as a company, you just have to stay flexible. you can't get set in your ways. david: what do we know about his political engagement? he's been critical of this administration. he has weighed in on a

uber's board of director may vote within two weeks on travis kalanick's successor. joining us from new york, michael wolf, who served on the of numerous companies. and eric newcomer. you were the first report jeff i'm out was in contention. >> that was when meg whitman was seen as a serious candidate. jeff has been the only solid candidate since the report surfaced. he seemed like the front runner the whole time. there is this continued fight between benchmark and travis kalanick and some of the other board members. it is hard to know exactly if someone is a front runner given the great divide of the board. given he is the only public candidate, he would be the front runner. that some board members like him but it is not clear how many, correct? what is it he brings to the table that they like? , theyhink for a long time , formero states person c.e.o., with a technician. with him, you seem to get two out of three. it is hard to find someone that has all three. the hope for people close to travis is he can continue to play that role as some sort of advisor saying thi

. >>> and travis kalanick fires back he's filing new legal documents against benchmark capital. >>> as we head to break, another look at futures. the dow looking to open lower by 14 points. p weby 3 "worldwide exchange" will be right back ♪ ♪ ♪ ♪ >>> welcome back to "worldwide exchange." if you're just waking up or heading into work, let's get you up to speed on the market action on the european side of things, carryover negativity, the dax off by 0.75% the ftse 100 off by a percent. the cac in france off by over 1% >>> checking in on what's happening with oil oil prices will be in focus given today's baker hughes rig counts wti, $47.85. ice brent crude futures, $51.14 the last trade there. >>> fed chair janet yellen will be speaking at the central bank's annual symposium in jackson hole next week she says she will talk about financial stability next friday. yellen was in jackson hole last year and in 2014 but skipped the event in 2015. this could be her last appearance as fed chair as her term expires in february president trump said she is in the running for a second term but

. >>> uber is a new ceo to replace travis kalanick. the company announced yesterday that board members chose expedia's dara khosrowshahi as the new chief. they have been without a ceo since travis kalanick stepped down in the midst of scandals. dara khosrowshahi has a job of cleaning up the damaged reputation for price searching and sexism and turn their story into profit. >>> mark zuckerberg rubber and his wife are getting attention with the new baby announcement. he posted a family photo with her newest daughter born this month. the announcement includes a letter to their baby and impart says they are both girls grow up where better education, stronger communities and greater equality are the rule. it's gotten more than 1 million like and 20,000 comments.>>> it's going away but it doesn't mean it's not hot, we saw a record high in sacramento of 112. the heat is there but it's not as hot pushing forward. >>> the weather is creating challenges for firefighters in livermore at the front lines of a grass fire but they are making progress

. >>> uber said travis kalanick will not come back as ceo. the chairman gave that word to employees today to squash rumors that he was attempting a comeback. in an email, the new chairman said the company is committed to hiring a new world-class ceo to lead the company. travis kalanick resigned after scandal surrounding sexual harassment at uber and a dysfunctional corporate culture. >>> still to come, wildfires are still burning and a new tool is right here.>> it's a beast with a fire. it carries enough water that you feel like you can make a difference. >> we show you the amazing things this helicopter can do.>>> seasonal temperatures this afternoon with only minor changes coming our way. and pg&e is ready to do our part. our care program can save you 20% or more on your monthly bill. it just takes a few minutes to apply and you'll see the savings on your next bill. when having a little extra can mean a lot ...turn to care. go to pge.com/care and enroll today. >>> the flooding in texas is getting worse. emergency officials are out in full f

kalanick, growth of 17% to 1.7 $5 billion, 9% to $645owed million. ae delay in finding replacement ceo is creating skepticism with mutual funds cutting their outlook for uber shares. hp delivering a fourth straight quarter of revenue increases. sales topping $13 billion, beating estimates across its lineup of computers and printers. shares on the way down after hours. haidi: samsonite shares trading in this catch-up session in hong kong. robust series of gains this year. of $256r income million. the results when it comes to a shellacking other regions. it's ceo told bloomberg how he plans to turn that around. >> it has been satisfying for us. has been consistent .cross all regions that gives us the confidence the that trouble businesses resilient in spite of all the noise in the marketplace. >> the noise once again europe continuing to see terrorist attacks better devastating for the region and the world. how are you gauging that right now? will we seized shrinking sentiment in that part of the world when it comes to travel or sales for samsonite? >>

travis is in that group -- travis kalanick. travis is in that group. then there are those that are ambitious, want to push an ipo so they can grow quickly. you have another group on the board that wants a more professional operator, some like a meg whitman, who took her name out of contention, who wants to professionalize the company quickly, play by the rules, and dotcom -- public quickly. i think it is such a fundamental disagreement, which my colleague and others have reported on, which is why this process has taken so long. david: thanks much. brad stone. the news, ryan graves stepping down to it will remain on the board of directors, he says in an enough to the staff at uber. well, a tweet fired off this week from the president -- we focus on that, to mitch mcconnell. there were also in planetary words from the president saying -- inflammatory words from the president say north korea would face fire and fury if they continue to threaten the united states. joining me, tim o'brien, and eli a columnist for bloomberg view. both have been chewing over

cheryl: cooper has put basically to rest that travis kalanick is coming back. reporter: boo-boo will not be bringing trust have a knack -- goober will not be bringing travis kalanick.. in a staffed e-mail reviewed by "the wall street journal," we are committed to hiring a new world-class ceo to lead the prayer. lauren: two companies with a culture problem. gruber and -- goober and down netflix. reporter: netflix make its first acquisition, the book publisher miller world which ranges from superheroes to science fiction. this is part of its broader strategy to create and own more original content. the same netflix evolve from licensing tv shows and movies from other networks and studios to funding original content and now owning intellectual property and production. financial terms of the deal weren't disclosed. another big move for them. cheryl: it makes a lot of sense. analysts have been saying they are concerned about what they are spending for original content. millions of dollars for hollywood directors. the stairway to maybe pull that back i'm assuming. re

. >>> uber said travis kalanick will not come back as ceo, the chairman squashed room and -- rumors and a staff email, garrick can't said the company is committed to hiring a new world-class ceo. travis kalanick resigned after sexual scandals.>>> you may have seen this video, two men hiking and sequoia national park rick -- reported a heart stopping encounter after spotting what they thought was a tale of a mountain lion. they came into direct eye to eye contact with more than the tail of a lion. >> for more, we are joined by one of the hikers. thank you. we saw that video. what made you decide to follow that animal.>> we were hoping that it went up the hill and got out of the way. usually, i expect wild animals do not want to interact with humans. we weren't trying to follow it or chase it. we were just trying to figure out what was going on. we did not have a lot of options, it's a narrow trail on a steep mountainside. it was near the end of our day, we were hoping that it had left and we could move through. >> it's interesting, you come around the corner and you're looking down of th

the vote came two months after the toppling of travis kalanick. the board has been holding daily meetings with meg whitman, the favorite despite saying she is not interested. withdrawnmelt has from the race, disillusioned with the conflicts among board members. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> thank you. how markets are performing this monday morning, dollar weaker, equities in the green. let's get the latest from sophie kamaruddin. sophie: quite a bit this week, more earnings out of chinese corporate's. japan's job data tuesday, followed by retail sales on wednesday, the nikkei 225 higher , up .25% ahead of that. aussie shares extending right is drop, but the kospi continues to gain. the korean won also gaining ground. plenty of action given the dollar near a 2.5 year low as janet yellen said little when it came to policy. jumping against the dollar and trading at october 2009 high against the pound. keep an eye on the yen, particularly against european

top investigators demanded former ceo travis kalanick step down earlier this summer. >>> we are now less than 48 hours from the great american eclipse in the bay area. if the eclipse had a sound track, it would be this. the sun is providing, will give us sonic backdrop. >> the kronos quartet is rehearsing this score for the eclipse. images will be turned into sound for a stellar back beat. >> there are things we don't know what we're going to be hearing as we're playing. >> the music can be harder on monday on the exploratorium's app and website. >> i'm so excited to be here. >> the exploratorium's robin hig den are in caspar wyoming where viewing for the eclipse will be amazing. the speedometer and nasa will provide a live stream of the event. >> we'll see stars and planets and then the beautiful correspond row in a of the season. the totality stretches from oregon to south carolina where an estimated 7 million people are expected to travel from prime viewing locations creating miles of gridlock traffic. viewing glasses are selling fast. >> this is line for solar eclipse viewing sunglas

the uber saga continues as travis kalanick is hindering the search for his replace them. lauren:'s got a go i suppose. tracee carrasco not an airway. doing this without another headlines. >> good morning ladies. former cto travis kalanick can't shake the controversy pier one of the early investors benchmark capital sent a letter that he's undermining search for his replacement. the benchmark set kalanick churching he had defrauded investors by keeping secret that business practices. they fear he is plotting a return to the company. kalanick has criticized benchmark actions saying is disappointed and baffled by the lawsuit. >> a lot of people like to watch what warren buffett from the oracle of omaha does. reporter: allies always than warren buffett. according to an sec filing, berkshire did not list any ge shares in its holdings at the end of june. the company owned more than 10 million shares, but warren buffett boosted its investment in the bank of new york mellon court for an 30 million to 50 million shares. cheryl: he's somebody people is that for them as he is making

uber is been without since travis kalanick stepped down. dara khosrowshahi has the job of cleaning up the damaged reputation.>> the culture will be an issue. uber has been dealing with accusations of sexual harassment and they have a culture that he will need to address. he will need leadership.>> the board hopes dara khosrowshahi can lead the $70 billion company to profitability and compete in the race to build a self driving car. >>> whole foods is working to shed its whole paycheck image. the price cuts that shoppers will notice today. >>> we're getting rid of the heat advisory very soon. it's so hot inland but it's cooling off. >>> shoppers at whole foods received a surprise after amazon took over with a pledge to make the store more affordable. prices on certain my -- is certain items were cut by as much as 43%. tara moriarty went to market street to see if customers were saving.>>reporter: it's been referred to as whole paycheck, that store where just one bag of organic roasteries can set you back $100. >> i feel like we should be abl

uber's board of director may vote within two weeks on travis kalanick's successor. joining us from new york, michael wolf, who served on the board of multiple companies, including yahoo!. with me here in the studio is bloomberg tech reporter eric newcomer. you were the first report jeff immelt was in contention. >> right, right. that was back when meg whitman was seen as a serious candidate. she dropped out soon after that report. jeff has been the only solid candidate since the report surfaced. he seemed like the frontrunner the whole time. there is this continued fight between benchmark and travis kalanick and some of the other board members. it is hard to know exactly if someone is a frontrunner given the great divide on the board. given he is the only public candidate, he would be the frontrunner. emily: we know that some board members like him, but it is not clear how many, correct? >> yes, that is a fair assessment. emily: what is it he brings to the table that they like? >> i think for a long time, they wanted a statesperson, former c.e.o., with a tech vision

what do you make of benchmark travis kalanick? prettyit is unprecedented. obviously, you're asking the easy questions today. [laughter] served as a director in silicon valley for 14 years, so i have a somewhat detached perspective, it is clear uber is a mess. running a company with 14 operating executives and no ceo is a disaster. secondly, it is clear they have somewhat unsolvable issues. it is what people caution their founders to keep it -- pick their companies carefully. it is hard to get divorced in business, especially when you are on the board. they have to reconcile this. i think a lawsuit is very weak. it is clearly a strategy. it may be effective but the , substantive claims, the fraud claims are pretty weak. i think the case, at least what is in the public domain -- there are things not in the public domain yet, like what is an older report, what concessions benchmarks may have made to give the board seats or to get travis to resign. there may be a lot of new information. but in the public domain, the case is weak, but it can be effective in term

camp said travis kalanick will not be returning as ceo separately, benchmark capital claimed in a tweet that uber's capital could rise to over $100 billion. benchmark was one of the company's first investors. >>> pershing square has announced it has moved bill ackman to the board. an adp had taken an 8% stake in the company. yesterday on cnbc's halftime reports, leon cooperman and my good friend and former board member pushing ackman, listen in >> i know and respect bill ackman, so it's difficult for me but i understand his behavior to be in this instance to be somewhere between foolish and inappropriate and irresponsible. and i feel it's my job to speak out. i don't think he appreciates the fact that this business model is a high-tech, high-cost service that costs money i don't know where he's coming from >> pershing will hold a webcast with investors later this month to outline its research on adp >>> to this morning's big earnings moves, shares of trchlt -- trillio. >> reporting 49% year over year. the revenue beat comes quite twi twilleo losing business this year twilio reports a be

kalanick and one uber's early invest informations benchmark capital immelt could have a lot to gain from taking this job being the person to rescue uber from its woes he announced in june that he was 12e7 stepping down from ge after 16 years. and while some say he lacks entrepreneurial drive, he's located on the east coast, sources say he isn't someone that can be pushed around easily, which is probably one of his best characteristics and this comes after hpe ceo meg whitman dropped out of the runs last month so one to watch. >> it is indeed. stocks to watch, barons is positive on starbucks. the stock down 18% in the past two months nowyears but barons believes that it can recoup the shares. >>> the world's third largest gold producer says lower income hit its bottom lines down 5% in australian trade >>> b and g foods is brooiing snackwe'll cookies for $162 million. b and g which owns green giant frozen vegetables says it gives them more leverage with natural food retailers >>> turning to this week's wall street agenda, housing and the fed are in focus new home sales on wednesday, a

. >> i think you have to remember that months ago travis kalanick of uber stepped off this council. if travis kalanick stepped off it, i don't really see how it is much of a decision for some of the multinational companies. what just said about bringing jobs back, that was optimism, no reason not to be optimistic at that time. >> certainly a message that coincided with what they wanted. and now to a developing story, amc slamming netflix's movie pass julia boorstin has the details >> it slashesed price from $30 to $10 a month but now the nation's largest movie theater chain amc saying in a statement to cnbc that movie pass is not welcome here quote, the reselling of movie tickets is not in the best interests of movie goers, movie theaters and movie studios accordingly amc is consulting with its attorneys to determine if or how amc can prevent a subscription program being used at amc theaters in the u.s movie pass announced that it sold it's majority stake giving consumers access to 30 movies a month for the price of a single ticket sounds unprofitable move have i pass pays theaters

the new ceo was introduced to employees by travis kalanick. he is seen as a man of principle with little ego. one of his first tasks will be to rewrite uber's ethical code. haidi: bloomberg has been told that apple is waiting into the battle for toshiba's memory business. aat is in companies with group that includes western digital and kkr. flash memory on from toshiba and its iphones. they want the continued supply so it is not dependent on rival samsung. rishaad: expedia naming finance chief as its new ceo, quickly filling the job with the n-terminal canada. -- in terminal candidate. sent expedia stock lower on news of the departure. don't miss our interview later on, bloomberg markets america, :30 p.m. u.s. dollar bounced off its year-to-date lows in that stronger-than-expected gdp and jobs number. bloomberg dollar index extending gains against all major g10 peers. waiting for thursday's monthly inflation number for further direction. friday's jobs numbers as well will be key. let's bring in an executive director from the bank of singapore

travis kalanick of uber. they have all independently decided whether it's for the benefit of customers, employees, public pressure -- >> kevin plank has been in and out of this debate before and had heat for not having done so. >> before he said president trump is an asset, that sort of made athletes angry. >> these departures after president trump did come out and increase the strength of rhetoric against it. slightly surprising they waited until that >> maybe it was the heat under armour stands for -- it doesn't want to get involved in politics maybe they were sick of the questions. >>> the president did take aim at merck again following frazier's departure. he tweeted merck pharma is a lead ner hier in higher and higg prices, taking jobs out of the u.s. and bringing jobs back and lower prices merck had no comment we have more on this from eamon javers coming up later >>> in terms of the political uproar, perhaps, i get that people are still angry that president trump took too long to come out and call it w

theomes after removal of travis kalanick. the united states still once talks with north korea despite what it calls the provocative firing of three short-range missiles. rex tillerson said washington would maintain its pressure, working with china and other allies to move pyongyang towards potential negotiations. the launches came soon after tillerson have praised north korea for showing restraint. beginning this is the of this cigna we have been looking for that they are ready to restrain their level of restrainand a ready to their provocative actions, and that perhaps we are seeing our pathway to sometime in the near future having some dialogue. to see more on their part, but i want to acknowledge the steps they have taken thus far. haslinda: china factory output and investment slowed, but the economy still shows resilience. profity maintained a surge, rising 16.5%, giving policymakers room to tackle excess capacity ahead of the party congress this fall. we will have another check thursday when the official manufacturing ga

kalanick. these numbers though despite the scandal and a lot of criticism that the company has been facing, still a lot of demand for its service. >> absolutely right. those numbers, the other one i liked in that, started allowing drivers to get tips within the app service. that's been going since the 20th of june. already $50 million in tips has been earned by uber drivers. something that consume e and dri consumers and drivers wanted maybe price hag to come down a bit to be more competitive, either way a good offset public image wise and for the drivers >>> meg whitman is sticking to her guns the hpe ceo says she will not be the next chief executive of uber she told the "wall street journal" that knock has changno changed since her series of tweets in july saying she would not be taking on the role. this after the board said they were still in talks with whitman about taking over a seat. >>> andrew bossworth will lead the consumer hardware efforts for facebook this as facebook will have a vid

he replaces travis kalanick. amazon says the price drop at the new subsidiary whole foods will happen today. look for lower prices are on a variety of products including some fruits and vegetables, beef, eggs and peanut butter. acquisition of whole foods market closes today. also happening today, a sign that fall is approaching. dunkin' donuts will start selling pumpkin spice flavor drink. this year adding maple and pecan flavor. also offer pumpkin cream cheese spread and maple sugar breakfast sandwich. >> tropical storm harvey driving futures to a two year high. good morning, landon. >>> hi, good morning. that's exactly right. gasoline prices on the futures market hit a two year high today as the massive flooding from tropical storm harvey forces refineries along the texas gulf of mexico cost to shutdown. 15% capacity is estimated to be offline. crude production is said to be less effected and refinery fortified against the weather, but the inability to give back to facilities will have a bigger impact. >> so as