♪ >> coming up, the stories that shaped the week in business around the world. the aftershocks of brexit continue to make markets queasy. >> the level of panic is spreading. >> what borate -- what boris johnson called the lady diana hysteria. >> the dominoes are not falling. matt: meanwhile in the u.s. , investors digest said minutes and jobs data from june. >> i don't think this change is much. matt: italian banks struggle for stability. >> it might be too big to fail and to make the bailout. matt: and the best business minds from around the globe try to place all of this volatility in perspective.

>> what we see is a flight to quality. >> we are in for a very long negotiation. that is what the markets are afraid of. matt: "bloomberg best" is straight ahead. ♪ matt: hello and welcome. i'm matt miller. this is "bloomberg best," your weekly review of the most important business news, analysis and interviews from bloomberg television around the world. let's begin with a day by day look at the top headlines. monday saw more potential fallout from britain's vote to leave the european union. >> a little over a week after the u.k. voted to leave, francis pushing ahead with the claim for -- france is pushing ahead with

the claim for the city of london's euro clearing business. they have laid out why he thinks paris is the new natural home for the operation. >> you have france in terms of organization. i think we have much more players now in paris. and much more deep marketplace interest. >> he seems confident that france could get its piece of the u.k. financial cake. >> is a euro clearing business. they are competing to get a piece of the nearly $500 trillion. and the clearing business they have to do to complete the transactions. at the moment it's 70% of its euro dominated clearing space in the u.k. only 11% in paris.

angela merkel is confident that despite the reputation of france in terms of doing business and the labor market here, france and paris could get a big part of this euro dominated clearing. jon: the bank of capital cutting financial requirements for banks. he spoke earlier as the bank published its biannual financial stability report. >> they had the financial stability side of the bank of england. they outlined five key risks they see for the brexit feeding into the economy. that is from the commercial real estate property markets, the weak global economy, households that might be vulnerable to changing economic circumstances. and it could be fragile market liquidity conditions. what we heard from today was the banks say the risks have begun to crystallize and they were

taking their capital buffers. >> what other measures could it implement to shore up financial stability? >> it's been about liquidity and thereupon make as much as the banks want into the financial system since 12 days ago only have the referendum. that covers liquidity and the capital we have at so far. the missing and is demand and interest rates. mark carney has made it clear they are thinking about loosening policy of the coming months. >> we turn now to japan. government bonds have set another record. is there no end to this? what is causing this? >> there is no real end to this trend in sight just yet. japan is feeling the rest of the safe like everywhere else. it's not just a 20-year yield is some are expecting. the 30-year yield is dipping to negative.

it's all about the rush to safety. it's on the back of the u.k. vote to leave the european union. there are worries over the european union growth, the italian bank situation. a lot of this money is pouring into japanese bonds. >> 1.33. that is the 10-year yield in the u.s. the 30 year yield 2.1%. , what part of this is that global flight to safety and was part of that is the negative on the u.s. economy? >> i think a big part of it is global concerns. we heard from new york president bill dudley today. he mentioned it's a contagion spreading out from the u.k., it could be really a big concern for the u.s. economy. >> moments away from the race of them -- release of the moments from the june fomc meeting. >> if you're looking for guidance for future fed moves, you will not find it in these

minutes. you are seeing a committee that is groping to figure out what the prospects were for the u.s. economy. keep in mind the timing. this was after the dismal jobs report in may but ahead of the break to vote. -- brexit vote. brexit got surprisingly little mention in the minutes. the vote could be a risk and a pledge to monitor development. no detail on what members thought the risks might be or what policy response might be appropriate. >> is there anything you saw in the fed's commentary that would lead you to change your view of what the fed is going to do next? >> highlight two things. the first is prior to brexit the fomc participants were highlighting the increase in uncertainty due to the slowdown in job growth. most were siding that as a concern and something to watch carefully and something that is weighing on them. the second thing is the fomc participants, a small number of them were flagging downside risk through economic outlook. that means there are some people

at the fomc sitting on the table saying it may not be appropriate to raise rates in the future. we have to be foul pole about this and see how it goes. -- thoughtful about this and see how it goes. >> investors seek to dump real estate holdings in the wake of the u.k. brexit vote. columbia threadneedle investment and canada life have suspended trading assets. >> we are 48 hours into the story. we are thinking about global ramifications. is that a fair judgment call? >> i think the level of panic is spreading. i would say it's going back to tuesday, midday. the 17% reduction shows that after they closed the fun of monday it has spread. you now have more than half of these real estate funds in the u.k. by value frozen in the space of four days. >> another fund freezes. is there more to come?

>> there are different strategies being applied. aberdeen says they will have a 24 hour gating of the fund. what they will do is mark that fund down by 17%. we will allow you 24 hours to figure out if you want to exit with a 17%. others are taking a different strategy and saying we will gate the funds for north of 20 days until the situation calms down. i have a lot of people here in the city of london saying they knew this was in place. they knew people were looking to exit some of these finds. what we saw brexit do is accelerate the process. >> the june payroll report is right here with julie hyman. julie: 287,000 jobs added in june. that is the best gain since october of 2015 and better than the 180,000 estimated by economists. bill: things are not as

hunky-dory as 287,000 might suggest. but a normalized 102,000, that is nothing to get excited about. >> but does it get anyone interested in what janet yellen and company are going to do? does this change the calculation of when they might move it all -- move at all for you? bill: i don't think so. they still have brexit to look into brexit's eyes. the ecb and the eu do have problems with u.k. property mutual funds. there is a sense of illiquidity in markets and the fed is very obsessed and concerned with markets to the extent that there is discord around the world. i think the fed stays where it is. they wanted to raise interest rates, they did it once.

they want to have us believe they will raise several times and therefore, have a pretty positive yield curve which will help banks and insurance companies. for the most part i don't think this change is much. -- changes much. matt: still to come, italy's banking difficulties may force europe's leaders into difficult decisions. and more fuel for anxiety in the u.k. from evaporating bonus pools to frozen real estate funds. this is bloomberg. ♪

♪ matt: this is "bloomberg best." the implications of the u.k. brexit vote continues to unfold. this week saw the pound plummet, clouds gather in the forecast

for banks, and first and foremost, convert -- convulsions in commercial real estate. >> commercial property companies slumped after standard life investment suspended trading of its 2.9 billion pound real estate fund after a series of redemptions. today, property trust also froze on extraordinary market conditions. where do we begin with this? a series of redemptions forced it to freeze the fund. at what point did a series of redemptions make themselves sound assets in the fund. >> we are almost unequivocally there. this holds a value of about 30%. somewhere in their perspective they will have the maximum , amount they can borrow. you can meet redemptions by borrowing money and just paying people out of leverage. what happens is the remaining investors and up more levered.

that generally has a way of ending in an unhappy situation and in a courtroom. as it is you have $.30 of debt for $.70 a capital. they goes to 50-50. they are leveraged two to one -- jon: is there a signal in this right here right now? , does it feed on itself? +++

>> you've seen the almost a -- almost -- almost hysteria, with boris johnson calling it the lady diana death-like hysteria. a lot of the is jim by domestic investors pulling out. that will not give you the fx mitigation. >> regulators in britain are meeting with the country's biggest asset managers. are the dominoes embraces -- of brexit starting to fall? if you watch only equities, it has not looked that bad. you are in the black if you were an investor. in other asset classes you are starting to see real weakness, aren't you? >> the dominoes are starting to show to. >> if i'm not invested in a fund that has not been gated already, i'm thinking i want to -- will more be gated? >> it always happens. once one starts, they all go. it happened about a week ago. from reducing the prices of the funds. lots of clients suddenly want all their money back. i would presume. we had a lot more publicity, more than we had in 2008 when the situation arose. >> brexit's first casualties have been u.k. property funds

which of been forced to close. it's reminiscent of bear stearns subprime klinsmann fourth the lehman debacle -- 25% are closed. this is an indication of illiquidity in the system. central banks would counter and say all the liquidity you want. the system basically does not allow liquidity flow into the proper places and certainly here in terms of these property funds if they are just one indication that perhaps there will be others to follow. i think it is something to worry about. >> june 27, 1985. that is how long you have to go back to find sterling trading at these kind of levels. a fresh 31-year low on the red. goldman sachs said it three-month target. it feels like a one-way bet of a

weaker pound. >> i think 120 is very pessimistic for the short run. i think it is my worst-case scenario. we get into the negotiations, the eu-u.k. negotiations in the breakdown. there is no flexibility on either side. i think it is unlikely we are going to have a situation of processing capital outflows from sterling. aggressive em outflows from sterling. the boe is likely to act and they would talk about asset purchases. once financial markets and investors see the type of assets they might have lined up on the private sector, that will prevent full-scale capital flight. >> london's investment bank bonus pools are said to because by at least a quarter. some bankers won't even be that lucky as a further round of job cuts is likely in september if client activity does not pick up.

this is according to multiple banking executives who asked not to be named. not good news but at least they can to keep their jobs is the bottom line for most of them. >> a lot of london bankers will be lucky come the end of the year the still have a job in this industry is some of the more pessimistic predictions come true about investment banking revenues. a lot are expected to get bonuses cut by a half or doughnuted, which is getting zero. shery: we are talking about deutsche bank and barclays and credit suisse. how will brexit effect that? >> stuart gulliver said they might have to move up to 1000 investment bankers to their office in paris. that's a fairly large exit is from their trading cohort in london. they are also hearing from barclays they may be moving

something to dublin, which will remain inside the eu press london is looking increasingly likely to be out. we really like to see some the banks can i coach her after just having revealed the strategies in the past six months, sometimes even four months. they will have to look at not only the structure of the bank of whether they will put their people in the region. >> jamie dimon outspoken in his unhappiness with the brexit vote. the more he be relocated a few thousand of his employees in the u.k. to countries. >> this is really a story of the financial sector and london. london is the question the -- is no question the european , center of finance. it's a global one. everyone is wondering about the uncertainty about brexit does that mean you start to see relocation very soon. before we even know the details of the brexit agreement that could take and probably will take years to finalize. ♪

♪ matt: you are watching "bloomberg best." i'm matt miller. let's continue our global tour of the week's top business stories. in italy with troubles mounted for the banking sector. >> italy said to consider capital injection. italy wants to save its bank and the eu has rules that you might not be able to do that. >> is a crucial sticking point, this aspect of competition rules. it seems from our reporting that what italy is trying to illustrate is this is an exceptional situation. after the brexit vote clearly italian banking shares have just been clobbered. one of the banks in the spotlight right now, the number

three bank, is a bank that has lost more than 70% of its market cap. it's already been bailed out twice by the italian government. the discussions now are centering on potentially a third bailout. >> italy is systemically important. it is not like greece. there is a real issue if italy needs help because it might be too big to fail and too big to bailout. it is by definition a major issue for europe as a whole. and on the banking side and political side, tempers are rising. >> deutsche bank had a really interesting turnout over the weekend that shows banks claims on italy. france's claim is about $300 billion, meaning is not an isolated event. all of europe needs italy to stabilize. >> and if we compare italy to the u.k., and the u.k. his strong financial links, eurozone countries are more tightly integrated with each other on

the trade side and the financial side. any major issue italy has is undoubtedly going to spill over to many of the other countries. >> i don't understand why it's so difficult to fix the italian banking system. is a problem they don't actually understand some of the nonperforming loans? is it the political system not dealing with it in the right way? >> this is a very precarious situation. it requires lots of attention and flexibility in approaching this. that has not always been there the last couple of weeks. basically italian banks anywhere -- but tie-in banks are sitting on anywhere between 300 million and 400 million francs and nonperforming loans. they are in desperate need of capital infusion of about 40 billion. the no bailout clause does not allow the italian government to directly capitalize the banks. there is some difficulties in dealing with it directly.

my view strongly is that the regulatory policy has to be countercyclical, not pro cyclical. and by tightening up on the regime and forcing it to go down is just making things worse. that is the difficulty in making decisions and a european context. you can't quite react as quickly as you like or be as flexible as you would like. the eu commissioner has come out in saying the italians cannot recapitalize. that's kind of that the bottom. there is a set of rules in the center that makes it difficult for a country to respond flexibly to a local problem. and that problem could spin out of control. >> remind us of where the talks are about the recapitalization of the italian banking sector. >> we have been told people that -- told by people that there is a sticking point. it is basically who should foot

the bill. the plan according to these people familiar is a design a plan which would help to overhaul banks, not just in italy, but other italian banks also, and possibly european banks after. the sticking is whether burden point sharing should kick in. whether there is state aid or bondholders should be called into for the bill as well, which is an explosive political issue. >> jpmorgan in a note this morning said the italian banking issues are political and not financial. the sums involved are relatively small compared with greece and that italy could fit the bill itself, did disney's the political will to do that. is that a realistic assessment? >> i am sure it is, but there is a constitutional vote coming up at the end of the year. 80's the deal to be in place. against that you have the state , aid that is impossible under eu laws. give it another month or two of

prices -- >> it just need someone else to go the crisis is big enough. to say the nonpolitical loans the is a nonpolitical note is to say a mouthful. >> it was also a turbulent week in australia where the prime minister promised an election vehicle would give the party a platform to deliver economic results. but the results were not what he would help. >> the opposition reviled no over the weekend.

when will we see an idea of what the next government will look like? >> it could be a minimum of 13 days before we know any result. it could be longer if the recount is affected. there is a liberal coalition on 67 states and the opposition labor party. malcolm turnbull still confident he can put together a government but a lot of things have to follow his way. a complete state of flux. complete policy. >> australia's central bank stood still in the midst of rising uncertainty today, holding rates at record lows. how much is dependent on us as we get an election that is inconclusive. the heavyard to do

lifting. they have been front and center in economic policy. given the situation with the election, that will continue. treasury,australian they say now is a time for supply of the after the outlook country's aaa rating. >> they did not flat out credit, but it is a sound morning. >> it is not beyond the realm of probability. the treasury has been trying to put a positive spin on it. they said it is a one in three chance it could lower if the government cannot legislate savings and they agreed the economy was strong and banks were strong. the treasurer said ratings could stabilize. he said it could reduce

deficits. that is a clear signal the political gamesmanship has begun. whoever forms and, he will say the coalition is responsible and anyone who opposes is fiscally reckless. >> some of the biggest companies stories. and the asian technology firm decided to hike the target price of its upcoming ipo. favorite messaging apple was already on track or the biggest ipo of the season. why has it raised its target price. >> we are now looking at a range between ¥2900-3000. the final price will be set on july 11. the company is looking to raise ¥116 billion. considering with everything roiling the markets in europe, this is a strong show of confidence. >> why do it now? why not delay things?

>> this may be a case of better now or never. the fact the company's growth is, you know has slowed down in , the past year. the needle has barely budged above the 218,000 monthly users. at the same time, you have whatsapp, facebook messenger, wii chat in's giant the market. you have competition breathing down their neck him have to raise money and expand or die. >> the national bank of abu dhabi is merging that will create a lender with 155 billion dollars of assets. is this a merger? >> it's a megamerger in the middle east. we have first gulf bank and national bank of abu dhabi which will have a combined market value of 29 alien dollars which

is larger than deutsche bank. this is all part of an effort by by abu dhabi to -- to diversify its economy in the face of lower oil prices. they want to create a national banking champion that can better compete in emerging markets and potentially on the global stage. >> tesla, the electric carmaker delivered 14,000 cars. it was below what was estimated. >> they needed this to come earlier so they wanted a slightly smoother extreme production ramp because someone -- because so much was done in the last temperate tells let measures its sales by deliveries. the bigger established automakers sell them to dealers and they are told when they come off the line. there is a little bit of a rationale in that. they knew that's how they did it when they set the original goal and i missed the goal.

vonnie: it takes a long time to build infrastructure to get to where elon musk wants to be. 500,000 vehicle deliveries by 2018. is it doable? >> there are different stages. right? first they have the factory which is never made 500,000 cars in a year. it used to make 450,000 when it was a toyota-g.m. joint venture. in theory, it can get to then 500,000. they have to get them out to customers. if you are making all of your cars in one factory and selling and delivering them in europe and china and california and new york, it is challenging. >> let's talk samsung which is climbing more than 2% after it reported second-quarter results earlier that beat expectations. how do they do it? >> the result came as a big

surprise to me today. it is the biggest operating profit in more than two years. it's on the back of strong sales. no new iphones were out during the second quarter that helped samsung sustained growth as many carriers had to boost their market standing to drive sales. that partly shifted from promotion costs away from samsung. on top of that, it is a division that performs very well during that quarter. altogether, this contributed to stronger than better earnings results. alix: the leader in dairy products is buying white way foods in a deal worth $10 billion. it is paying up to do so. the average for this kind of industry deal. the average is 13.8. it is unbelievable. >> it's unbelievable except this

pivots toward health and wellness. we are seeing the big food groups trying to do this. it does not come cheap. there are not many companies that do -- that specialize the way that white wave does. it has a huge amount of noise around it. many people have been interested in it. it's expensive but it makes sense. paying off for this very high-priced absent. matt: still ahead, the week's most interesting interviews featuring conversations from the allen and company conference in sun valley, idaho. this is bloomberg. ♪

♪ matt: this is "bloomberg best." i'm matt miller. time to revisit the most

compelling interviews of the week. let's begin with a conversation about brexit. ian: if you ask me from the wider uncertainty of investment, i suppose you would have to say that europe and the u.k. are moving at a relatively slow pace and that has probably increased. therefore, demand numbers are likely to be less and perhaps that softens overall demand. you know, a relatively small amount. but the big increases were not in europe. if anything, i would say it is not significant, perhaps slightly bearish of a reduced european demand. >> how does brexit affect your investments? possibly not huge.

there is some uncertainty in europe. we will wait and see how that plays out. we have a moving currency at the moment which certainly reduces cost in the u.k.. us, i think we will have to try and see what exactly the arrangements are they want us to commit with europeans before we make the sort of -- if we are a slowed -- worry global business and their businesses not directly affected by this. offices are to a large extent not directly affected by this. jon: what do you make it what's happening in the bond market versus the u.s. economy? >> i think what you say is certainly right. i think what we see is a flight to quality after the brexit shock. people are going for sovereign debt of the strongest countries. the feeling of risk aversion is very high and they say take me

to the safest asset and those happened to be the sovereign debt of japan and germany and the united states. and even what's interesting is the u.k. yield is going down. and of course, the pound dropped 10%. it do well, you did in u.k. bonds if you are a non-sterling investor. high-qualityd for liquidity has been the story of the last two or three years. jon: you've got to a lecture halls and teach them about what's happening in the market. how do you do that when the biggest buyer of some of these bond markets is price insensitive? what do you tell your students? >> i have been a professor 44 years, and for 42 years, i said you cannot have negative yields

because the lender can put the money in his pocket or her pocket and get zero. so why would you lend at a negative. and suddenly we see negative yields. the problem is, you can put $1000 or $10,000 in your pocket but $1 billion is hard to put in your pocket. vonnie: the swedish central bank kept its rate the same. -5%. and have on the show. how much of the thinking on brexit persuaded you in your interest rate setting. >> it has increased sensitivity but it has not change things that much. in the swedish economy where things are moving. we will have to watch and see what happens in the u.k. and in europe. but, we are basically talking about indirect effects for us.

francine: so governor, it has not impacted your growth or inflation at the moment? >> we have moved our forecast down a bit for 2017. we would probably have done that any way but it has increased uncertainty coming out of the brexit debate. >> do you think a difficult divorce can be avoided between the u.k. and the eu? how do you see this one working its way through? >> first we need a plan by the u.k. government. i mean it is difficult to start , the negotiation without knowing where we want to go. the easiest way would be the norwegian solution but that does not seem to please the british government necessarily. so, what is the alternative? my fear is that to we're in for a very long negotiation may hand that is what the markets are afraid of, too. one possibility would be to start the norwegian situation

and maybe develop from that. took a longreement time to develop. so, that is what the markets are afraid of, a longtime of uncertainty. and the british economy has been sitting on a major and balance. 7% deficits. this will not the good for the financing of these deficits and you see the pound sterling the way it is, plunging.

♪ you are watching "bloomberg best." i'm matt miller.

leaders in media, technology, and politics gathered in sun valley, idaho for the allen and company conference. we were there to speak with them. here are some highlights. let's start with the aol ceo tim armstrong. >> we have these seismic shifts in television to internet raised consumption of tv material. how do you focus on monetizing that? tim" i think there are a few -- tim: i think there are a few things that are happening there. you are starting to see people like the nfl bringing their content online which will drive more eyeballs and advertisers will be interested. you have not seen it at scale but when you look at virtual reality, which is what a company called riot which is working with the rest of our brands and when you see how that content can be brought to light,

consumers and advertisers will love it. the advertising business is over 600 billion dollars. there is 80 or $90 billion they will switch from video and tv to more online things and mobile platforms. you are at the early stage of another seismic shift that will happen around video. it will be better for consumers and advertisers. it might be more expensive for advertisers but it will be better outflows for everybody. mark: at this conference, there is conversation about the way the country is migrating to new platforms. talk about that in the context of ad revenues. what does this mean? >> well, a few of our clients are worried about the lack of data so facebook is a powerful medium. you've got to have data. you cannot have someone refereeing and playing the game. you have to have a referee that has data that is viable. a three second view, does it measure against a 32nd commercial? i think some of the strength is

a reflection of a move back to the margin, not fundamental from video, from facebook and google and youtube and others back to more traditional. it's because the audiences stronger in traditional media. david: when you look at a startup, what are you looking for? >> disruption. it's that simple. it's disruption with the dream of changing the world. if you have a small dream, it's hard to succeed. you will just do something which will be nice but not disruptive enough to interest people. you have to be very disruptive. the winner of the contest is a small israeli startup.

what it tried to do is detect very early on skin cancer. there is 400 million people in the world who have skin cancer. if they can do that, then you can reduce the cost and you save lives. and you have something which is just fantastic. big.ou need it to dream david: what brings you here in what conversations are you having at the conference? >> this is a good opportunity to talk about the impact of the transpacific partnership especially on the digital economy and the media industry. the content industry. tpp is a rare agreement where we have support from the industry content industry -- and

the technology community. it strengthens international property rights on one hand and will make sure the internet remains open and free and that our world-class companies can have access to networks and other countries and other countries will not tax digital products or force companies to move to their countries or force the transfer of technology. those are disciplines in tpp for the first time. david: you have the endorsement now from google, yahoo!, and other companies. you have been meeting with folks for a variety of people. there is not a lot of time left on the congressional calendar. do you think this will became kicked into a lame-duck session? >> we would like to get it done as soon as possible. leader mitch mcconnell has made it clear he does not anticipate having a vote for the election. -- before the election. we are working with congressional leadership to lay the foundation and make sure it's ready to go for whenever the opportunity is. >> i personally think the u.k. will be increasingly interesting.

that the -- for foreign capital my guess would be that the -- cheaper pound combined with the more pro-business government -- personally, i am a substantial investor in ireland. i worry that the u.k. will start competing with ireland as the most business friendly player. so, but, in all seriousness, i think the u.k. will be fine. i think that the reaction has been way overblown. and i think this will create , investment opportunities in the u.k. there is a fair chance that they the eu issues and if they don'exit entirely, they may have a special relationship. ♪

♪ vonnie: this is like the vix index. this measures how much traders in option markets are willing to pay to protect against rare but extreme events. matt: there are about 30,000 functions on the bloomberg and we enjoy showing you our favorite. maybe they will become your favorites as well. here is another function that is useful, quic where you can get fast insight into timely topics. this is a quick take from this week.

>> since 2011, the number of abortion clinic set of shut their doors and skyrocketed. 162 abortion providers have either closed or stopped offering abortions. just 21 have opened. right now, there are five states with just one abortion clinic. what has happened? abortion opponents move the battleground from the picket line to the state house testing how far abortion rights could be limited without being overturned. 1:00upreme court provided a.m. syriza in june. here's the situation. in 1973, the supreme court in roe v wade legalized abortion in all 50 states. in 1992, the high court laid the groundwork to undermine that ruling. it said states could pass restrictions that don't present burden" to women seeking an abortion. since then, abortion opponents have tested what that means and found that legislation with restrictions to the clinics have proved more potent. the state of texas provides an case study.

like forcing clinics to meet hospital like standards and required abortion doctors to have admitting privileges at local hospitals. that caused half of the state cause clinics to shut down and threatened to close another 10 if the law had been implemented. the supreme court struck down that law saying it imposed that undue burden that we were talking about on a woman's constitutional right to an abortion. the ruling is likely to do similar restrictions set in other states. 24 hours later, the high court turned away appeals from wisconsin and mississippi to revive their privilege laws. now, here is the argument. how do abortion clinics actually affect women? the pregnancies -- half of the pregnancies each year are unintended and have of those and an abortion. 31 states outlawed abortion -- if 31 states outlawed abortion tomorrow, the women was still travel to states where it made legal in the impact and women

who can or want travel could result in a 50% drop in abortions nationally. there is also evidence that diminishing access results in more women resorting to dangerous and illegal means to avert motherhood. ♪ matt: that was just one of many quick takes you can find on the bloomberg. you can also find them at bloomberg.com along with all the latest business news and analysis 24 hours per day. that will be all for bloomberg best this week. i am matt miller. this is bloomberg. ♪

♪ announcer: from our studios in new york city, this is "charlie rose." al: bernie sanders, the socialist turned democrat, senator from vermont, stunned the political world this year by running a very competitive race with hillary clinton for the democratic nomination. he received more than 12 million votes in the primaries and the caucuses. she got 3.7 million more and will be officially nominated in philadelphia in less than three weeks. big questions remain for the challenger. will he endorse clinton, how enthusiastically, and what are the big elements of the democratic platform and any rule changes, and hr