future of business p or bloomberg best weekdays on bloomberg television. up on bloomberg best, top stories that shape the week in business around the world. saudi arabia prepares to move beyond oil. the fed and the bank of japan issue new policy statements and earnings come fast and fear from a slew of major companies. >> they partially solved one problem we gave us another >> one. this is a serious realignment going on in the smartphone market and apple is suffering from it. >> this machine is working, stay out of the way because we will not stop. ramy: from nobel laureates to leaders in sports, there is plenty of food for thought in the best interviews. >> the eurozone has been a failure. a dismal failure. >> we think they can handle a franchise. >> we have a rate increase, i fully expect will have another

and maybe two more. ramy: and brexit, the date of decision draws near. experts forecast the fallout. >> it will be a shock if we were to leave. i think there is consensus on that. >> there is the freedom to find new markets in the world and take back control. ramy: it is all straight ahead on "bloomberg best." ♪ ramy: hello and welcome. i am ramy inocencio. this is "bloomberg best," the weekly review of most important business news, analysis and interviews from around the world. let's look at the headlines. and we start in the middle east. bloomberg has been reporting on saudi arabia's plan to diversify its economy and actually reduce its dependence on oil. they officially reduced that's released a blueprint for its future. mark: all eyes on saudi arabia,

officials unveiling a blueprint for diversifying the economy. the economic shakeup has been led by the deputy crown prince mohammed bin salman, trying to away from the decades-long reliance on crude. take us through this blueprint. what do we know so far? andrew: we are talking about the biggest economic shakeup since the kingdom was founded in 1932. they will list the oil company, take the money, the sovereign wealth fund they will use to diversify away from oil. they will roll back subsidies, increase taxes. jonathan: looking at the oil revenue last year at 70% and 2/3 are employed by the state sector. is a problem around the corner and is this a little too late?

john: we will find out in the next few years. there is some grounds for hope, not all of them great ones. one of them, they all understand, even the crust your members of the royal family, but something has to change. it does appear to be extraordinary waste. they pull that back in, that is another area. the fact it is still a monarchy, and the king wants something and the sun wants something, they can push through. emily: apple shares slide as the world's most valuable company grapples with slowing demand for the flagship product, the iphone. we know apple sales would decline for the first time since 2003, but they still got some analysts off guard, and there could be another decline this quarter. what are the takeaways? cory: we know it is 2/3 of revenue for the company.

emily: and is saturating and still growing at 7%. cory: you have shrinkage at apple. it really shows this is increasingly a seasonal product story. secular growth taken away. the real concern, and the reason the stock is down i think is because the margin number was disappointing. you wanted to stay high, but they are coming down. bob: this is a serious realignment of what is going on in the smartphone market and apple is suffering from it. the smartphone i have is sufficient, i don't need upgrades that often. i have a big screen. it does what i want. i will keep it as long as i can. i think that foretells a very different future for apple. it is good that services group, because that is where the opportunity is. frank: i don't agree with bob. we are talking about a dramatic shift down. many are overlooking how tough the compare was with a year ago and the huge burst off the large-screen iphone. the real question is will we see a burst of new innovation that will motivate people to get back on two-year upgrade cycles and get the more excited?

and one other factor, can apple keep drawing, converting people from android, which they are not doing in europe? erik: no change in interest rates, scarlet, but the federal open market committee drafted a policy statement with a somewhat hawkish tone, and that is a surprise. gone is the reference to risks posed by global and economic financial developments which the fed used to explain its decision not to change policy back in march. translation, the fed is not as concerned about the external risks to its outlook and the focus is back on the domestic economy. scarlet: was this a hawkish or dovish statement? dominic: we thought it was pretty dovish because they may set themselves up for a june hike. they clearly did not do that.

and i think there is a sort of more subtle reading of it that the committee seemed quite comfortable that they have underpinned the risk asset recovery since the last meeting. that is why the june hike, although people talked about it. it is so unlikely. it should be basically banished from your mind. >> did you learn anything today about what the fed is going to do? bill: it is much ado about nothing. they did downgrade the global condition. they did not mention june. that has given hard to the long bond in the u.s. by three or four basis points, but we did not learn much. we will learn more over the next month or two as long as global equity markets are stabilized. timmy that is the key for yellen. she has assumed the role of global center of that central banker in the last two meetings, indicating global, not just domestic risk markets, are

critical. to me while this may stabilize the stock market and bond prices, it's a sad commentary about artificiality of yields and the extent of financial repression that is going on for almost six years now. >> the yen jumped and they kept its stimulus program unchanged. the central bank says there is large downside risks, half of 1%. francine: the thinking is that governor kuroda wants to see what negative rates due to his economy and the bank longer-term. jodi: that is right. governor kuroda in the press conference in the last few hours underscored the fact that there is more that can be done, and he will do more as needed, including with negative rates. but negative rates just took

effect in january, and he wants to give more time to have an impact in the economy. it is clearly a wait and see. he did not prepare the the markets for this when he took action on this negative action in january. >> is this a central banker that is only with to be dictated to, but chooses to surprise the markets as a weapon? holger: it certainly looks like that he does not mind surprising the market. he does not mind surprising the -- he chooses it as a weapon or other things discussions, in the background which we don't know, we simply can't say which way or the other. we sadly can't say. he does not seem to be gearing very much about preparing markets, preparing the public. to some extent he is not yielding one or the two of central banks. matt: oil. huge story, oil hitting the highest since the

timber, exxon mobil with quarterly profits the lowest it has reported since 1999, down 63%. it still ahead of analyst estimates because it cut capex by 33%. jonathan: we have seen big cuts in the first quarter. what will be the legacy of the cost cuts with the service replacement ratio? jason: we have the right thing for the long-term. the pullback in investment is going to affect the servant replacement and the production down the road. in the case of exxon they are gunning for the production of the essentially flat to the end of the decade. even hitting the target will be difficult given the pullback in investment. jonathan: cost management has been terrific, bp a great example. but on the other side, cuts to capex. 18 month low. how does that set you up if you want crude? francisco: we will go higher into the year and, and we will still see $60 a barrel at the end of next year.

but the price, saudi arabia is no longer trying to price this out in the various quarters. ramy: we will have more earnings highlights later in the program, including mixed results from european banks and bold words from t-mobile's often colorable ceo john ledger. we dive into the top news will be counter whales in the summary. ♪

♪ ramy: this is "bloomberg best." i am ramy inocencio. so many headlines, let's keep moving on the world tour of top stories, starting with some startling statistics from asia's second-largest economy, japan. angie: japan is increasingly working for shareholder unlike any other. we are talking about the nation's central bank. the etf purchases have made it a top 10 shareholder in about 90% of the nikkei 225. our bloomberg colleagues dug through the documents and wow. that is the reaction. the fact is policymakers in

japan don't disclose how them buying etf translates into individual stakes in individual companies. the fact is we can estimate, and that is that we have done for their own record, regulatory findings by companies and also etf managers. john: it is state capitalism weirdly from a new direction. we are used to the old days were governments used to own companies, and now we have other things where they have privatized on the one hand, others have talked about a strategic direction. this is not strategic. they are just buying them and ending up with it. it is a very weird new version of the bank of japan capitalism in its own way. tracy: embattled drugmaker valeant is getting a new chairman and ceo as the other one leaves to help execute a turnaround after a series of scandals last year. is this more about him leaving, or is he really up to the task? drew: perrigo, he had a pretty spectacular run up until april

of last year. shares gained more than tenfold. that is pretty good for any ceo tenure. but since then they got embroiled with really nasty takeover fight with myelin, made a lot of promises to investors about their earnings, then they said they would cut their forecast. they were taking a charge on a deal they finished up last year. and the stock is down by half since reading that august peak. so with a momentum he gained in the first part of his tenure has not been maintained over the last 12 months or so. tracy: with your fantasy ceo hat on, what do you think his first task will be at valeant? drew: restoring credibility. you need to say, i got this, financial reporting on time, it will be transparent. you will know what is in this

business. >> french consortium dcnf has won a $37 billion contract to build 12 submarines for the australian navy. this is a huge contract. what are the details? >> they defeated thyssenkrupp of germany and it is the biggest in australian history and the biggest upgrade of the navy since world war ii. and 2800 jobs and also the heavy use of australian steel. >> the contract is also a victory for talon. they have about 35% of dcnf. patrice: i think the french government and the australian government created the proper environment for trust in this contract. it is very important. we have created a kind of bridge, an industrial bridge between australia and france to begin confidence to both parties. shery: mitsubishi motors has

admitted falsifying fuel efficiency tests as far back as 1991. the now formed a panel of three former prosecutors. the investigation should take up to three months. the president apologize for the scandal, which has wiped out half of the company's market value since last week. can the company survive this scandal? dave: the speculative has turned to a couple of scenarios. one is a buyout and the other is a bailout. as for a buyout, there is the this gushing about the possibility of maybe a chinese company, maybe an indian carmaker. as for the domestic japanese business, the forecast is not good at all. they are one of the smallest

carmakers in japan, so it is unlikely that part of the business would survive. scarlet: yahoo! shares are slightly lower after announcing a pact with star board for getting new directors to the board. is this a surprise? jeff: no, this was the option we all thought would happen. starboard was running a proxy contest and they wanted to replace all or most of the board of yahoo!. that would have been miserable outcome for everyone. what would have happened the sales process would have run, and then they would have picked a winner. starboard would have started this again and they would have to begin again. so this makes sense. it is four board members out of 11 who will be on the board, they seem to be supportive of what is going on and the sales process can continue. scarlet: and there was a statement after this

announcement that said, "this revolution will allow us to keep our focus on the issue important objective. management is looking forward to working with the entire board, including new directors to maximize shareholder value." she keeps her job for now, right? jeff: if verizon wins, they will probably get rid of marissa. tim armstrong would run the whole thing. horizon seems like they are very interested in getting this. they may be the one party willing to pay the most to do it. david: there are some big health and pharma deals that came out. abbott laboratories has agreed to buy st. jude medical at $25 billion dollars. and abbie will buy stem centrex. $5.8 billion. carol: what do you think happened? jeff: it begin with the thing up and down. that slowed a lot of deals. the deals that happened or once we were working on last year and he got slow. today is a pretty busy day, healthcare is leading the way. that is not a surprise. with the obamacare and the push for consolidation, you will see

more companies, whether we are talking about pharma companies or device companies or insurance and hospitals. you will see consolidation going on. carol: that is like top of mind in the health care. jeff: sunopi and astrazeneca will get aggressive. this medivation will be in play for a while. scarlet: comcast plans to buy dreamworks animation. we have been reporting it is a $3.8 billion price tag, if you -- about a 50% premium over dreamworks' last close. do you think this might be a potentially rich valuation? alex: no question, it is comcast who is doing it. in part because dreamworks animation has been for sale for years, and what bankers and advisers in the industry have told me for years, jeffrey jeffrey katzenberg did not want to give up the business. he wanted to run any company post sale. he is giving up control of this business by selling it to comcast. but this is a huge multiple for this company. it is 40 times plus multiple however you look at it. one thing that makes it

appealing to comcast is the theme park connection. scarlet: yes, "kung fu panda" and "shrek" will be at universal studios. alex: they also make "how to train your dragon." there are various sequels that can go along with these things. there is a clear tie into kids movies and being parts that i imagine comcast -- this was appealing to comcast. ♪

♪ ramy: you are watching "bloomberg best." i am ramy inocencio. investors rode the roller coaster this week as companies release the quarterly reports.

here are some of the big beefs and major misses. emily: facebook shares surging after hours. the stock jumping as much as 9% in extended trading, better than expected revenue. also pleasing investors, positive engagement metrics and steady growth in daily active users. the biggest surprise was the proposal for a new class of stock. ceo mark zuckerberg wants to issue a new class of nonvoting shares so he can continue to make big bets on virtual reality, conductivity, and fund the zuckerberg initiative without diluting his ownership stake. what do you think of this, what does it mean? gene: it means he wants more control in the terms of direction of the company. i think he is being wise to do that. the good news given that runaway success, investors will be fine with him taking the reins. this is him making it very clear he is in charge of this company and he wants to see some longer-term bet. he does not want to be pressured quarter to quarter. emily: what do you think of

this? steve: when things are going well, it is a good thing. when they are not, it is bad. in the long run a match sure the dual class torture is a good thing. i think he has earned the right to steer the ship because he is doing it in a great way. rishaad: smashing first quarter estimates. smartphones seemingly paying off. edwin: what samsung has done is taking advantage of a lull with the iphone release cycle, releasing its premium smartphone a month early. so far, it seems to be tracking well globally. we will see. the iphone 7 is coming in a few months. how well they can maintain momentum? rishaad: is this a turnaround? >> nobody is immune to the downturn. things turn on a dime of this market and samsung, their shares of fallen for three straight years.

so investors need some convincing. emily: twitter shares getting whipsawed in the forecast for the second forecast. twitter dropping its forecast from $77 million to somewhere between 590 million dollars and $610 million. but users increased to $10 million, slightly more than $308 million. >> this user number was above expectations. there was call back from third-party vendors it was declined, so that was positive. they solved one problem i gave us another one. that is large brand advertisers. they are pulling back to spend on the platform. as well as the current quarter we are in right now, the they guided below. jonathan: quarterly results, shares surging despite the bank reporting pretax profit dropping

64% and the route short of estimates. i was looking at the headline numbers and thought why is the stock popping so much? to make up the story on the loan. richard: there is a big drop in revenue this morning. about 24% down on last year. a huge amount of for a company to be down by. the big beat this morning was on the loan impairments. investors have been very scared this company was growing bad loans as the slowing economic growth in asia takes its toll on this bank which is focused predominantly in that region. it wasn't as bad as expected. david: there was also a bead on the tier one capital ratio. how important was that? richard: tier one capital is something investors around the

world fixated on at the moment. it rose to 13%, and that is a good level. and above the bank stated ratio that they needed for supporting regulatory purposes. the capital dictates how strong the balance sheet is and how much dividends the institution can pay when it has finished the turnaround program and a couple of years time. guy: we got new first quarter european bank earnings, creating a mixed picture for the industry. the chart shows yesterday a beat while bloomberg loan impairments declined and capital levels improve. profits are 25% to £793 million. analyst predicted £846 million.

our clays going through this but you have profit down 24%. this number heavily affected by foreign exchange. michael: it is not as bad as it could have been. the investment banks need to hold up better than some of the they had a weak quarter, somewhat easier of a comparison. trading held up, better than expected. there is some nuggets good news, and a lot of the bad news came from businesses that are exiting. investors can say, if i believe they are going to get out in a timely manner, i can look past that. >> deutsche bank profit declining in the first quarter, still beat estimates. estimates were shoved a lot lower. profit hit by a slump in trading

revenue and the co-ceo speaking to the bank. how positive is this? elisa: of the estimates were ranging very widely, the company is going through a deep restructuring. it is very difficult trading environment for analysts to have much visibility. that is because you have an investment bank doing better, but you also have got improvement on the numbers are in primarily by lower legal charges in what is difficult for the bank for many cases, as we saw this year. also an erosion with capital, which has investors worried in the fourth quarter in particular. if you are not generating enough earnings, you will struggle to bolster capital buffers. francine: bp has reported a surprise first-quarter profit. adjusted for one time items and inventory changes was $532 million. analysts had expected a loss of $244.9 million. basically, bp confident about a longer-term? ryan: one of the big takeaways

from bp is they are repositioning their business to keep cash flow positive at a price range between $50 and $55 a barrel for oil. that is on the back of the company preparing for $60 oil. in order for to be profitable, they were anticipating $60 a barrel next year. to be able to pay the dividend without having to borrow money. what they are doing in this earnings statement is saying, we are recalibrating the company so we can make sure we can ensure the dividend for you, even if the oil price is as low as $50 a barrel. emily: t-mobile earnings out, beating estimates for earnings and revenue. you summed up verizon's earnings in a call and a wrap. rap t-mobile's takeaways? john: 12 quarters in a row, we grew customers. the model is working.

we are now generating huge service revenue. it is leading to cash flow growth. this machine is working, stay out of the way as we will not stop. emily: amazon shares popping over 12% in extended training. -- trading. the e-commerce giant reported just over $29 billion, up 28% year-over-year. operating profits were $1.7 billion. amazon web services continues to be a juggernaut source of profit. the cloud computing arm generating $2.5 billion in revenue, a 64% year-over-year growth. what are your takeaways? gene: the unit growth accelerated from 26% in december to 27%. that is also higher from the september quarter. two quarters in a row. they are systematically taking over your wallet. that was the biggest takeaway. a quick side point, putting this in perspective, edp grew that

gmv, so 1%. their 1% versus 27%. cory: this is only about 6% of revenues, but a vastly larger percentage of prifits company. it is only 64% over year. very powerful. it is really changing this business. ramy: an all-star panel from the business and finance world dissected the prospect of brexit this week on bloomberg television. we have got highlights ahead. up next, opinions on the world economy from outspoken interview guests including a nobel laureate who calls the entire eurozone "a dismal failure." ♪

♪ ramy: this is "bloomberg best." i am ramy inocencio. it is time to replay some of the most interesting interviews on bloomberg television, and we start with erik's conversation with the chief of the largest asset manager, blackrock ceo larry fink. larry: i believe what is happening in spain with the lack of governance since november, and they are going to push the new elections in june, there is not any real government. you have the fear of brexit in the u.k., the phenomenon of new party leaders in the united states with donald trump and bernie sanders, and i think all of this is -- is an issue around how many people in these democracies have been left

behind, and what about their children's future? so i believe all of these elements of this political instability is going to force whoever is the leaders of spain, the u.k., and united states, we are going to see a greater emphasis towards fiscal policy. i think this is going to be key. there was a major increase in fiscal policy -- i do believe the candidates in the united states are trump and clinton, both will be talking about fiscal policy stimulus in the form of infrastructure. erik: the problem is most of the

people who support these candidates whom you speak of whether it is here in europe, they want to spend more money. spending more money is not really an option, is it? larry: france is getting worse, spain, no. but in the u.k., with its economy, and the u.s., if you spent it in infrastructure, that will be frontloaded. in the back end it does produce positive gdp, creating jobs, better and more efficient grid, better efficient roads, ports, airports. joseph: the eurozone has been a failure, a dismal failure. they promised two things. they promised it would lead to economic prosperity, bring up political cohesion. they failed on both records. economies are doing terribly. francine: it makes me think about your president barack obama yesterday, saying it was not much of a failure because at least we haven't started a war. let's go back to brexit. do you believe this would be a big risk in terms of a shock? it would freeze the financial

markets if brexit were to happen? joseph: they are always looking for reason for a shock. it would be a big event in that term. i think the big event is the train of events that will likely lead there on. there is the failure of the eurozone has led to large constituencies of each of these countries wanting to get out. they have a much stronger argument for getting out of the euro than britain has for

getting out of the eu. david: we have goal of a revenue heading to $25 billion by 2025. how important, whether it is twitter and facebook be in achieving that goal for you? roger: the most important thing is to do it in a sustainable way, think long-term and not think short term. we are not trying to get to a number. we want to grow the nfl. that includes on a global basis. we believe that international is a great opportunity to expand our game. we are playing in london, mexico this year. we have plans to play in china in the near future. we want to continue to bring it to the broadest audience. david: i understand these are sold out for the most time. is there a london franchise? roger: we think that is a potential. we are playing several regular season games. this will be our 17th this year. we think there is a great potential for us to continue to grow probably with more games in the short-term. but at some point in time, if we

continue to be successful and can work out the logistics and competitive issues, we think one -- london could handle a franchise, and that is exciting to us. francine: janet yellen has been extremely dovish. if she becomes a lot more hawkish in the next couple of weeks or months, what does that do to emerging markets and debt? bill: i think emerging markets are better prepared for this growing great differential than in a year or two years ago. but last year, and the volatility this year, a little bit of jitter, stimulus jitters in the market. the fed has to be very careful. we had a rate increase, i expect

to have another, maybe two more. i think the market can handle it. francine: are you concerned about brexit? bill: it's one of those unfathomable. should the u.k. vote to exit the eu, life will go on as it did before. there will be a tremendous amount of conjecture about what may happen. that is destabilizing. even if the u.k. votes to stay in, if it is a close call, there could be some element of uncertainty with the matters. if the u.k. leaves, that would be an adverse scenario. there is risk that creates tensions in europe that will this destroy it. ♪

♪ ramy: you are watching "bloomberg best." i am ramy inocencio. in less than 60 days, great britain will hold a referendum on whether to remain in the

european union, the so-called brexit. recent polls show a close contest. many voters are still undecided. on friday we had politicians and influential business leaders together for a debate on the implications of brexit. mario: so many bad things happen within the eurozone that no one, no one can speak of the euro crisis. we have lived through very difficult, and i can testify to this financial crisis within many members of the eurozone. but the euro has been unimaginably strong since the very beginning, and sometimes too strong for the european producers would say -- norman: i want to comment on the point about peace. i think this is a complete myth that the eu has created peace in

western europe. it is nato that has done that. and we live in a different world from which people travel, there is trade, there would be trading without the eu, lots of tourism, global media. it is not the eu that has brought about this happy condition. the one opportunity the eu had to bring peace was in the balkans and yugoslavia. but the eu made a complete mess of that. in its vanity, remember the eu external foreign affairs spokesman talking about the balkans crisis. he said this is europe's hour. not america's hour. what happened? america had to come in and clear up the mess that was left by europe. carolyn: hold on. i want to pick up on this point of economic shock. and link it to the point about young people. because i think they are

related. this point about there being a shock if we were to leave, that is almost consensus on that. even gerald lyons confirms that. and the other thing about young people, i couldn't agree more. i have three of them. i know what they think and what they care about. they are confident about the future within the european union. it is not just jobs. this is a generation that went through the financial crash, saw this out of university and school, and are we really going to do it again? are we really going to inflict another downturn, another short-term recession for this unproven trade deal that we have no idea what they might look like. two veryk these are connectedand very things. francine: we are running out of time, so i will ask you all 10 seconds, come the referendum,

what people should be thinking about in the booth? nigel: what people should be thinking about is what the european union is about. the european union is about political venture which we don't wish to be a part of. there is no economic benefit net to the european union itself. the european union is one of the slowest growing countries in the world, groupings in the world with one of the highest levels of unemployment, which is very sad. so it is a political project which we do not -- the british people do not wish, and the french don't either. france is an elitist country, it is the elite who run it. but there was an article in le monde where the french people were asked if they want to do have a referendum like the british people have to leave the european union, and 53% said yes. francine: there be huge queues if people knew what to think on that day in the booth. mario: i would think as a british citizen, do i really have much greater confidence in the political class in the u.k. then i have generally, and what

-- what i feel comfortable in having this political class leading me and my fellow u.k. citizens in the rather perilous adventure of going against the wind at a time when countries try to combine rather than pursue nostalgia through disintegration. jonathan: i want to appeal to my right side, right on target. if i was younger, one thing i would pick up in the eu is the level of youth unemployment. they might prefer someone else. carolyn: it is about what is best for the next generation or what will create the best career path, prosperity, opportunity in the u.k. and globally. that should be in the mind of

all of us, even those over 30. norman: it is what is best for the young people and where are the opportunities. it is about where are they globally. europe is a sclerotic, feeling, slow growth economy, they need the freedom to find new markets in the world and take back control politically of own affairs. maurice: i think the british people are benefiting today, of being inside and outside of europe. we shouldn't make any mistake, -- they are inside because they are part of the eu and also outside because there are lots of things that have elected to be a part of like shenzhen and

the eurozone. so therefore they are benefiting from the best of two worlds, and i wouldn't think what it is to live one of the good worlds. ramy: visit bloomberg.com for more coverage of the brexit debate. you can monitor all the news, polls, and indicators using the function brexg this is "bloomberg best." ♪

♪ matt: the bloomberg function wirpgo shows investorssee zero probability of a move that is gathering in june. if you look at the bloomberg, we have splc that allows you to see the supply chain, splc, of any company you enter. >> if you look at the bloomberg and run mhd on a mutual fund, you can see what is in the fund. ramy: there are 30,000 functions on the bloomberg. keep watching bloomberg television to learn about our favorites.

here is one more function to check out, quicgo. it gives you access to the entire library of quick takes. you can gain fast insight into timely topics. let's take a look at a quick take from this week. scarlet: the publisher of usa today, gannett, made an $850 million unsolicited bid for tribune publishing. all of this comes with the overall newspaper business a fading. here in the u.s., the revenue has fallen by a third since 2005. here is the situation. prominent american papers like the new york times and the washington post are pushing digital subscription plans. the trend is not limited to the u.s. and that you take independent newspaper said they would stop print publications, and we see this echoed in australia. a survey showed the number of u.k. consumers who would consider paying for digital content in the future is only 7%. here is the background. newspaper has been under assault from other providers since the age of radio.

nonetheless, they grew in size and importance by classified advertising sales. the rise of craigslist hit print news hard. locals have weathered. have withered. the industry decline has scholars wondering if it is essential to democracy is being lost. it is because newspapers conduct import investigations. still, the revelations in 2013 about the u.s. government electronic surveillance program came from a leak by government workers to an independent journalist, a fierce critic of the government. some industry watchers say this journalism could blend with traditional newspapers. meanwhile, people still want news. one survey showed a proportion of those paying for news who have an online news subscription has grown to 59% in 2014. ramy: you can also find quick takes as well as business news from around the world 24 hours a day on bloomberg.com. that wraps up "bloomberg best" this week.

i am ramy inocencio. thank you for watching bloomberg television. ♪

♪ announcer: from our studios in new york city, this is "charlie rose." al: loretta lynch is the 83rd attorney general of the united states, a native of north carolina, graduate of harvard college and harvard law school, she was a federal prosecutor that rose to be head of the eastern district. she was sworn in a year ago, this week. happy anniversary, welcome to the program. let us start with the issue of crime. this is a national reentry week, where you are trying to help people who get out of pr t