♪ >> coming up on "bloomberg best," the stories that shaped the week in business around the world. three big banks celebrate earnings. is the sector turning a corner? >> in most cases, revenue was down, just not as much as expected. >> a raft of tech companies releasing results, and it could be rough sailing for some ceos. >> will you stay to see it through? >> donald trump is officially his party's choice for the presidency. big names in business tell bloomberg why they are choosing to back him. >> people do not want political dialogue, they want to see action. >> donald is such a good listener. businesspeople listen and learn.

that is all we do. rishaad: and christine lagarde has advice for the u.k. and the european union. >> it is worth being together, and it is the future. rishaad: plus, how turmoil in turkey is taking its toll on the market. it is all straight ahead on "bloomberg best." ♪ rishaad: hello. welcome. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews. let's kick things off with a day by day look at the top headlines, in a week that saw three of the world's most prominent banks report quarterly earnings. >> bank of america was out with this earnings report earlier this morning, and they beat analyst estimates. but, second quarter profits fell by 21% year-over-year.

what really stuck out for you? >> well, what stuck out for me across the banks is really the fact that interest margins coming in worse than expected, credit is solid. no one is talking about the fact that energy credit is stabilizing. that has really been the focus, this year to date. what analysts are focusing on is the consumer side. the trends are good. we are seeing reserve increases. there is a lot of talk about underwriting. i think really the bottom line worry is we know that rates will be lower for longer, we know pressure is going to continue there -- is the credit cycle going to turn? >> what about the growth side? the net interest margins look like they will stay solid. where is growth going to come from? >> they are arguing that they can keep net interest income stable, despite pressure on margins through loan growth. we saw very good loan growth at j.p. morgan. we saw growth at wells fargo, perhaps not as much as some people had thought.

that is the hope for analysts and investors, that they can offset some of the pressure through the loan growth. >> now to goldman sachs, the bank posting second-quarter results that beat on both the top and bottom lines. a 74% increase in profits. analysts focus on cost-cutting. as they have been, for the previous banks that reported. it is not really that big of a deal, how many percentage points they cut their expenses by? >> i think it is. when you have net income in the world with low interest rates, you have to look at expenses, as they do become much more important than they would otherwise. if we had rising revenues, then we would not be as concerned with the expense cutting. and we have not had rising revenues. >> goldman sachs says the u.s. bank is most reliant on trading. with the bond trading gains that really helped to boost the profit, investors seeing this as a positive, presumably? >> yes, very much so.

the fixed income was very nice compared to estimates. but i do want to point out that compared to some of the banks, the rise was not as good at goldman as some of the others. bank of america included. so we kind of are watching that in terms of thinking about goldman's market share. >> morgan stanley posting a profit that beat analysts estimates. management from up estimate and bond trading exceeding estimates. net income came in at $.75 per share, down from $.79 last year, but it beat forecasts of $.60 per share. >> everything seemed great. fixed trading was really great, and they have been paring back that business. what was the biggest negative in the report? >> the biggest negative would be compensation costs. analysts were expecting about $3.8 billion. they came in at a little over $4 billion. as we know, at the end of december, morgan stanley

announced plans to cut 1200 workers, including 25% of the trading staff. analysts thought that we would see that compensation cost come down a little. and it just did not quite as much as they thought. >> we have now heard from all six major u.s. banks. what were the common themes? >> things were not as bad as expected. estimates have been ratcheted down dramatically, for a lot of these banks. in most cases, they beat the estimates, and people are happy with that. but i would say overall, it wasn't a good quarter. in most cases, profit revenue was down, just not down as much as expected. fixed income was good for a lot of firms. trading was strong. the question is whether that is sustainable. >> the ecb leaves all three main interest rates unchanged. and the asset purchase program also unchanged at 80 billion euros every month. >> we continue to expect them to

remain at present or lower levels for an extended time. and well past the horizon of our net asset purchases. >> mario draghi says the central bank is ready, willing, and able to act if needed in the aftermath of the brexit vote, and what signal would it send to markets if mario draghi had announced changes? >> if mr. draghi had announced something more meaningful, that would suggest the impact of the u.k. decision to leave the eu was already being felt. clearly, that is not the case yet. what little data we have, in the u.k. and the eurozone, it is pointing at things turning out relatively ok, at least in the short-term. that is consistent with the ecb. >> the telecom giant verizon is said to be nearing a deal to buy yahoo! for $5 billion. what is the price tag signifying?

is verizon going to buy everything yahoo! has, or only portions? >> we do not know the real estate. verizon will not buy the ip. there is no deal formally done. that will probably happen over the course of the day and maybe the weekend. from where things are now, we hear the price tag is closer to $5 billion than $4 billion. somewhere in the upper $4 billion range, most likely, depending where things shake out. but the ip is not involved. the ip will be acquired by another party. verizon previously offered only between $3.75 billion and $4 billion, we had reported. this is quite a dramatic escalation from their previous bid. >> assuming it goes ahead and verizon gets yahoo! assets, what will an aol-yahoo! combination be able to do better than yahoo! was able to do on its own? it has been failing, losing

market shares. what will aol add? aol will add very good ad technology that can be partnered with yahoo!'s ad technology. it is about taking the cost out of yahoo!, as it is pairing it with aol and coming up with some sort of strategic benefit. there are a lot of operational synergies, job cuts, and you can expect verizon will go through yahoo! and cut the fat in essence. that is part of what this transaction is all about. rishaad: coming up, the earnings drumbeat continues with the reports from some major technology companies. plus, we will be taking a look back at a turbulent week for the turkish economy. up next, more business headlines from mergers, acquisitions, lawsuits, and investigations. this is bloomberg. ♪

>> this is "bloomberg best."

i'm rishaad salamat. let's continue our global tour of the week. the record-setting purchase of a british chip designer by a japanese telecommunications company. >> softbank is buying chipmaker arm in a record $32 billion deal. was it brexit bargain-hunting? >> they surprised everyone. arm does not fit inside softbank in any way, shape, or form. it is not something that softbank had, and it is a complementary acquisition. that being said, arm is a very solid and good investment. they are going to let it run independently. the decisions will stay in the u.k. like i said, a steady cash flow, cash generation business. given their biggest deal was sprint, they need a steady cash-generation business, and they hope arm will be that.

manus: pimco turns to the hedge fund world to get a new ceo. who is the man, and why go to the hedge fund world if you are pimco? >> he has had a long and successful career in the hedge fund industry. he came in as the ceo of man group. he was previously coo. he started as ceo in 2013. after that, you saw assets increased by 1/3 through acquisitions. the share price doubled in about two years. it was a company under pressure, and he did a great job taking it to the next level. pimco is a different beast from man group. i think he will now be tasked with replicating that, and really taking this company, restoring it to some of its former glory. >> do you see things changing at pimco in a big way with this

talent acquisition? >> that is a big question. manny roman has expertise in a wide range of hedge fund strategies. he has got expertise in bonds, which is what pimco specializes in, but he has more than that. one question is whether this will see pimco move into new things. in particular, he is a proponent of computer-driven trading. emily: unilever is scooping up dollar shave club, getting a bigger piece of the fast-growing men's grooming business. the terms of the deal were not disclosed, but according to bloomberg sources, it is worth a billion dollars. dollar shave club is a direct consumer model for an established razor brand and is on track to post $2 billion in sales this year. >> it is a wonderful addition to the unilever family. there's a $30 billion male grooming market out there. unilever, if you exclude shaving, is by far number one in that market. this is a subscription model -- which is interesting anyway, when more and more shopping goes through different channels -- that is based on male grooming

and shaving. we think this acquisition is very strategic. >> roger ailes is out as head of fox news channel following sexual harassment accusations, which he denies. he will be succeeded by rupert murdoch. analysts seem generally sanguine about this. even though fox news is 20% to 25% of 21st century fox's profits. is that because it is rupert murdoch, the guy who runs the whole company, and not a lot is expected to change? >> most investors do not think there will be much of a hit. fox news is about 25% of total cash flow, it is important. they are dominant player. near term, not much of an issue, particularly going into an election year where audiences will be big. >> is ailes leaving at a good moment? the demographic average age is 65. is this the high watermark? >> it very well may be. their core is extremely profitable, but any new leader

has to develop new business. rishaad: it has also been a week of disconcerting business. a slew of headlines involving lawsuits, investigations, and that rounds up our coverage on bloomberg television. >> truck makers paying eu regulators a record $3.2 billion fine for fixing truck prices over 14 years. >> it is a big fine. but we're talking about a very damaging cartel. it lasted for 14 years. it affected all of the european economic areas. these are very important vehicles for the entire european economy. and these are the elements that go into our fining guidelines in order to calculate the fine. i think it was justified with this high amount. rishaad: takata shares under

severe pressure after the airbag makers say they routinely manipulated testing data. what prompted this? >> lawsuits prompted it. these faulty parts have led to fatalities. there have been a wide range of lawsuits against the company. part of the response was to hire a professional to do an audit of the company. what the audit discovered was that takata has manipulated the data, partly by adjusting it to make the performance of their parts look more consistent. they basically reduced the variability of the responses to testing. the word the auditor used was to make it look prettier. of course, this is basically manipulating the data, and something that will definitely come back to haunt the company. >> another key corporate movement that we want to keep an

eye on is volkswagen. it has been down, facing fresh allegations from the u.s. state officials. the claims include emissions cheating went on longer than the company acknowledged. and the incumbent ceo has been aware of it for a decade. these latest allegations, what do they mean? they are coming in late. >> they are. that is why it is a blow to volkswagen. they thought they were through the worst of it. they got the u.s. settlement out of the way. so what happens? they get blindsided by u.s. attorneys general, which are leveling serious allegations. >> what is the tactic vw has to play? >> that will be the hard thing. what the attorneys general are after is not necessarily compensation for fixing environmental damage and the legal damage the cars did -- they are actually after retribution. that is a different scenario than volkswagen faced before. manus: two people familiar with the matter say a senior manager

at hsbc was arrested in new york for his role in a conspiracy to rig currency benchmarks. let's start from the top. what have we learned? >> we know mark johnson, the head of global fx at hsbc, was flying into jfk. he was apprehended and arrested. we are expecting charges. we understand it will be wire fraud. and it is related to the forex currency investigation. the department of justice has been working on it for at least three years. what will happen, we are not really sure. that is still up in the air. rishaad: the malaysian government has been pledging to cooperate with lawful investigations as u.s. prosecutors seek to seize $1 billion in assets linked to the embattled state fund. the fund has denied having assets in the u.s. what is new? what do we know? >> what we know is what we had from the malaysian government. they say they will fully cooperate.

that if any wrongdoing is proven, the law will be enforced. one minister also pointed out that any claim must be treated with caution. it must follow due legal process. all of the reaction, after u.s. prosecutors said they will take action to seize assets worth $1 billion. civil lawsuits have been filed. prosecutors say that billions misappropriated from 2009 to 2015. >> the u.s. government is moving to stop two big takeovers in the health care industry. the justice department has filed antitrust lawsuits against anthem's acquisition of cigna and the takeover of humana. if the deals do go ahead, they would consolidate the nation's five biggest insurers into just three. >> they say both would harm innovation and competition. the aetna-humana deal would affect the medicare advantage market in particular. anthem-cigna is the market sold to employers as well as other

regional markets. scarlet: this could tie things up in the court for months or years? >> humana and cigna both came out and said this deal is not going to get done this year, we are looking at 2017. cigna is questioning whether the deals can get done at all. ♪

>> you are watching "bloomberg best." earnings season is in full swing. companies rolling out quarterly results. tech firms catching the lion's share of investor attention. emily: netflix plunging 15% on disappointing earnings. subscriber growth dropped, adding just 1.7 million

subscribers, most of them abroad. ceo reed hastings says it is due to price increases, not market saturation. is that the reason? cory: we know that they lowered the cost of marketing, at the same time as they raised prices last quarter. we can see the u.s. subscriber growth fell to 0.3% sequentially. my model goes to 2012. i think that is the lowest ever reported. they are spending so much, being forced to raise prices because content costs are getting out of control. they've got over $12 billion in off balancing content cost, that is raising prices, and that is causing new subscriber growth to slow. emily: ibm beating estimates despite its 17th straight quarter of revenue decline. it seems the company's big bet on watson may finally be paying off. revenue, including the artificial intelligence platform, rose 3.5%, the first growth since the revamp.

>> this was a meh quarter for ibm. the strategic imperatives group that includes watson and the cloud business, the cyber security elements of ibm, all posted growth. one of the interesting parts, although it is 38% now, the revenue growth of this group has been declining year on year. something to watch over the last four quarters and into the future. the other segments continued to post some weak numbers on a cost currency basis and as reported basis. the hardware segment continues to be a thorn in ibm's back, if you may. bloomberg intelligence's view is that it is a meh quarter. >> let's go to scandinavia. numbers out of erickson, the wireless network company competing with nokia. they are saying the negative trends from the first quarter

intensified. they are taking further actions, initiating cost-cutting and targeting. >> why is the ericsson ceo so pressured by ambassadors? it is a changing world. he is trying to rebalance ericsson. net sales, 54.1. that missed what the markets actually expected. he is going to be under more pressure today, won't he? >> yes, i think he is. he has been with the company as ceo for 6.5 years now. during that time, he has not delivered much of a share price gain at all. it is basically flat during his tenure. there have been rumblings over the last year. essentially, he is under pressure to deliver better and more cost cuts to the company. it is a very competitive market. >> are you set to remain at ericsson? are you fearful that institution shareholders could harry you from your position?

>> we are doing lots of transformation. changing the corporate structure. we are on the forefront of 5g. we are going into new areas. >> will you stay to see it through? >> i think my job is to continue. that is what i'm focused on. emily: microsoft flying high on the cloud. the company reported fourth-quarter profits topping analysts' estimates. fourth quarter coming in up 2% from the same quarter last year. the ceo's aggressive push is booming revenue. the company's corporate cloud platform doubled revenue this quarter. break it down for us. where do you see the bright spots, and where do you see challenges? >> microsoft is doing well in making the shift from paid on-premises software to using cloud services. it is a big shift to go from that sort of private stuff to using shared stuff that gives you better value and a different

experience. the challenges for them are, as mentioned, the flatlining of the growth of pcs, although windows revenue was up in the most recent quarter. the decline of the phone business, for them, once they admitted they cannot easily take the nokia acquisition and bump into being a big player in phones. what we see today is continued progression in microsoft's ambitions and the continued challenges around pc's, and then figuring out how to grow the enterprise software business that they call dynamics. >> sap reported second-quarter results that topped analyst estimates. operating profit was 1.52 billion euros, being forecast at 1.45 billion euros. the company put a week start to the year behind it, and closed more software deals, despite political turmoil in europe. >> you say despite the widespread concerns, there is no effect from the brexit vote.

is that because there was not enough time to react? do you expect the third-quarter to feel pain? >> we see a robust and ever-increasing pipeline for our technology. what is interesting about brexit specifically, just like the greek debt crisis, the china growth issue, our software tends to be very resilient in choppy waters, because business executives start thinking a lot about customers, channel strategies, inventory levels, supply chains, financials, and the real-time data to make smart decisions. our new architecture is in the center of helping them solve those problems, which is why we tend to be very resilient. >> g.m., the highlight is they are boosting their full year earnings view. you have a beat on the top and bottom line. earnings coming in $1.86 per share and revenue a staggering

$42.4 billion. >> as an investor, you want them to beat the earnings guidance for the rest of the year, and that is exactly what they have done. $6 per share is the forecast. raising guidance, too. >> we have just gotten these numbers, as have you. give us your overall take. they look pretty good. is there a problem in these? >> there is not really a problem in the numbers, the question is if the investors will look at the numbers and see something they can act on. g.m. has been showing profits for many quarters in a row. i believe this is the fourth time or fifth time they have exceeded estimates. it just is not moving the needle on the stock, because people are looking at uber and tesla for the future of autos. >> take us through the top numbers that you think we should be looking at. >> we had outstanding results in the second quarter, driven by outstanding performance in north america. another record quarter for north america, $3.6 billion in profit. 12.1% margins. continued strength in china. half a billion dollars of equity

income and strong income margins. and importantly, profitability in europe. the first profit we have had there since the second quarter of 2011. tremendous work by the entirejue entire team. general electric posted second-quarter profits that beat estimates. company is betting on businesses such as energy and aviation. the ceo is also building a software unit. stock is down over 2% in premarket. that profit was at 313%. where is the issue? >> i think investors are still feeling out how to interpret earnings this morning. they beat expectations on profit and revenue. that was helped in part by again in their sale of the appliances

business this quarter. you also have a decline in orders. they finally got out of being a oo big to fail financial institution. investors are waiting to see what is going to happen. >> coming up, evaluating donald trump. bloomberg digs into his financial worth. excuses --ne's exclusive conversation with christine lagarde. this is bloomberg. ♪

>> donald trump has not been shy in saying why he should be our next president. one of the reasons he gives is the businesses he has built and how he has accumulated wealth.

bloomberg took a look at exactly how wealthy mr. trump really is. caleb, tell us what you found. >> we looked at his net worth. billion.ne up $3 which is less than the $10 million that he claims. >> how confident are you in these numbers? there's a fair amount of appraisal and estimation. >> absolutely. assets, of trump's these trophy resort properties, you could expect someone to pay a healthy premium just for the sake of owning them. we feelbers basis pretty confident about the range we are in. he has also borrowed a

fair amount. >> he has a $170 million loan out against the new hotel he is building in washington, d.c. he is renovating the old post office a few blocks from the white house. it is expected to open in time for the election in november. david: do you get a sense of how much liquidity he has? he probably has using the high end of the disclose ranges about $170 million of assets that he can liquidate immediately. i humbly and gratefully accept your nomination for the presidency of the united states. >> it's official. this week donald trump formally secured the republican nomination.

business leaders who spoke on his behalf at the convention explain their support for trump. what would donald trump as president be able to do with unconventional monetary policy? >> to sit down and say when you wee deficit finance thing -- don't have a gold standard anymore. we are printing money. >> so we go back to the gold standard? >> no. no one knows what that means. you have a group of unelected central bankers who have quantitative easing. too big to fail and now you have bailed them out. >> i get the fact that it's a problem. i just want to know what he should do about it. what should he do about quantitative easing? the tax code? the federal debt? >> you need to ask him specifically what he needs to do is shatter the old system.

the bureaucracy will tell you that you need them and you need to move slowly. we are dying. we are on the hospital bed. we have social inequality. we had this division between blacks and police. we will have civil disorder. look what's happening around the world. people don't want any more political dialogue. they want to stay -- they want to see action. other business leaders have expressed worries about trump. you are the quintessential businessman linked to the american dream. you do your due diligence on every deal. talk us through your process of due diligence for trump. he is such a good listener.

business people listen and learn. that's all we do. certainly he is one of the best. we have demonstrated that so many times. i am involved with the trump leadership council. that heemonstrated knows so much about all of the sectors across the entire .conomy he has demonstrated he will listen and learn everything he needs to go forward. alix: part of that is listening to you. he calls you the king of energy. there are reports you could be the next energy secretary if he wins. would you take it? abouthing has been talked

in that whole area at all. certainly i would be honored if that was offered. i have not given any thought about at all at this point. >> imf managing director christine lagarde sat down with tom keene for an exclusive interview. after the success of the brexit referendum, what is the path you can take to assist prime minister may to move the united kingdom forward in her negotiation with brussels and europe? >> there has been significant progress in the macroeconomic situation of great britain over the last five years. we have seen it moved from a 10% fiscal deficit to more than half that now.

my recommendation would be to really reduce the level of uncertainty, identify clearly what the goals are, identify the , and understand that it will take time. but it will require understanding on both sides in order to eliminate the trade uncertainty. the regulatory uncertainty. the passport uncertainty. there is a whole range of issues whichneed to be addressed has brought european countries together and from which clearly the united kingdom has indicated in its intention to withdraw. ofrity of intent, rapidity execution, identification of the goal and timeline would be very helpful. >> are you pleased with what you have seen out of european leaders so far?

we are focused on the united kingdom. are you pleased with the messaging from angela merkel and others in europe? they have notent decided to lay out the terms and deliberately so and the space in the maneuvering that they all want to offer or expect from their partner. i understand that because there has to be certainty about the timeline. the two years which will be triggered by article 50 which has not yet been invoked will open a limited period of time and i can see why they would not want to put their cards on the table yet. if the u.k. moves in the direction of clarity of purpose, transparency then certainly the europeans should respond. my hope as a european myself is that european leaders will find

the strength and determination to bring about them of those structural reforms. changes that will deliver value to the europeans that will demonstrate that it is worth being together. and it's the future. ♪

>> you're watching bloomberg best. last week turkey faced a coletta cataclysm -- political cataclysm. now they face painful economic repercussions. the financial markets have been reeling since the uprising as we explore in detail on bloomberg. is reboundinga this morning since a failed coup attempt on friday.

>> many are saying this is their chance.'s >> he has been working very hard to change turkey's parliament to a presidential system where he is dominant. >> talk to me about the money. ostensibly that is what we are looking at in terms of the currency and equity market. nearly $60 million came back into turkey. that's what at risk here. the flight of capital. the first five months have been quite strong. you have the return of foreign capital to turkey. as opposed to last year when there was actually an outflow in the first five. the question now is will that continue or not. this will certainly make a lot of investors nervous. >> given the level of

uncertainty around -- >> how does this impact european investments? does it at a discount to the european investment story? >> maybe not immediately but if it's theany spillover, spillover that happened in syria a long time ago. maybe not at this stage but if things were to get that it would be a factor to take into account. >> a measure of turkish debt risk rose for a third day. moody's signaled it was considering cutting the country's credit rating. we are also watching the lira fall more than 2% the most among emerging markets worldwide. this consideration about cutting turkey's credit rating, is that based more on politics or

s?onomic fundamentals that g two elements. one is political risk which has been present in turkey for some time. happened over the last few days is just a manifestation of the very shifting type of political landscape we have. that has implications on growth potential. it has implications on the advancements or lack of economic reform and also exposes the countries to potential external shock. >> what do you make of the central bank's decision to slow the pace of rate cuts? >> as any central bank in the face of very turbulent episodes they have to react quickly. marketsg that helps the

to absorb the news today and yesterday is the fact that they have made some announcement over , liquidity in the banking system to make sure -- >> i would like to ask you about turkey and what it has done to stabilize matters after the attempted coup. have they done enough and what impacts could we see? >> financial markets have been somewhat volatile. the authorities have done a good job reassuring the economy and markets in particular the central bank has provided ready liquidity to the financials is t system. the economicxt

developments will be driven more by political events that occur. i think the authorities have reacted promptly and energetically to contain the damage. repercussions in turkey. s&p has downgraded its rating to bb.bl this has added even more pressure to the turkish lira which weakened to a record low against the dollar. how big of a deal is this? >> it's a big deal. people are selling assets. , theys do not like coups like purges even less. is gaining political control and not so much a switching investors. lms the political

situation. >> a three-month state of emergency. investors like to invest in places where they have th rule of law. >> it applies to the extent government wants to apply. come out andhas said this is going to be limited. this is not going to have an effect on turkey's democracy. investors don't seem to be buying that. seeinger-term we are's dini is a putinization of the country. ♪

>> what i want to show you first

of all is this function here. it is the trade flow. it gives you an idea of where the trade flow is for the united kingdom. top of the agenda is germany. go -- ea go.yet on average failed to surprised by 2%. better than the s&p 500 at large. >> there are about 30,000 bloomberg andhe we enjoy showing you are favorites on tv. as a quicgo. -- examines the issue of independence for scotland. claims credit for giving us television, kindness: and some of the biggest ideas

that shape how we live today. it's also home to an independence movement that refuses to die. s got a vote. scott 55% voted no. and was less than an end the start of something new. a change in scottish politics. whyrge part of the region scotland rejected 2014 was fear the economy wasn't strong enough to strike out alone. fear ties to the european union would be cut. when the u.k. voted to leave the eu overwhelmingly scotland voted to stay. >> scotland faces the prospect of being taken out of the eu against our will. i regard that as democratically unacceptable. enjoysla sturgeon

widespread support. party explodeder after the 2014 referendum. from 25,000 members on the day of the vote to 115,000 in april this year. wonhe 2015 election they all but three of the seats in parliament making it the third largest political party in westminster. is this scotland's chance at independence? finally? here's the argument. nationalists say the united kingdom scotland voted for two years ago is not the united kingdom that is on offer now. for them brexit changes everything. this is the opportunity the movement has been waiting for. >> a second independence referendum is clearly an option to be on the table and it is

very much on the table. >> while brexit may have sped up the possibility of another run at independence, it has also made the prospect far trickier. say the economic case for independence is even worse now than it was in 2014. plunging crude prices prove going it alone is too risky. and what would happen with the rest of trade in the u.k.? even if scotland gets independence, it will need to convince eu member states it is worthy of joining the club. it's uncertain how sympathetic summit eu members might be if they are battling separatist own.ents of their >> that was one of many quick takes you can find on the bloomberg.

that's all for bloomberg best for this week. thanks for watching. this is bloomberg. ♪

charlie: welcome to the program. on the final night of the republican national convention in cleveland, ohio, donald trump made the most important speech of his life. he was introduced by his daughter, ivanka. here are excerpts from these speeches. ivanka: one year ago, i introduced my father when he declared his candidacy. in his own way and through his own sheer force of will, he sacrificed greatly to enter the political arena as an outsider and he prevailed against a field of 16 very talented competitors. [applause] ivanka: for more than a year, donald tmp