♪ >> coming up on "bloomberg best," the stories that shape+++

>> we are going to see if he puts his money where his mouth is and is a weapon the center to motivate japanese companies to list wages in some kind of meaningful amount. >> post brexit hard data, import costs surging, input costs jumping. that is the story and the date of this morning it seems. >> the number of 4.3%, to a seenise given what we have post brexit in the pound plummeting. the banking industry expects inflation to reach a 2% target that we have been talking about much faster than it originally anticipated. the question is, will the banks look to this number? if the pound gets stabilization,

many predict it will decline, then the bank could look through it as a one-off hit. you get a base a five-story coming through and the bank can look through it and maybe cut rate further from here. maybe the pound goes down more. >> the ppi at .6% but it was that that put the cut among the pigeon, ending a 32 month period of decline. what does this tell us about inflation prospects? headline inflation prospects going forward? >> experts are sometimes right. what is going on is textbook economics. we have depreciation of currency which is triggered by uncertainty after the vote plus the reaction by the bank of england. the depreciation is generating this pipeline inflation through production prices, both input and output actually through imports. it means that yes, the bank of

england probably has to write letters to the chancellor in just a few months explaining that. >> there is a battle over rates raging inside the federal reserve. that is the clear take away from the minutes of the open market committee meeting just released here at the fed moments ago. the minutes reveal what appears to be a growing and an increasingly frustrated contingent and fed officials who believe the bank needs to raise rates either now or very soon. >> "members generally agreed that before taking another step in removing monetary accommodation it was prudent to , get more data." a couple members prefer to wait for more evidence that inflation would rise on and on sustained basis. -- on sustained basis. what is the number one thing you say we learn from these minutes. >> the most interesting thing was there is a lot of

disagreement at the fed over whether to raise rates or not. it seems like a lot of people are in agreement that there is very little risk that inflation is about to run away from the. you saw in the minutes that there was a split over whether to raise rates because we are getting closer to: ointment. the hawks want to reflect that but even most of them agree it will not put upward pressure on inflation. that gives credence to the ideas we are seeing pop up in the minutes more now that maybe we should wait longer until we see inflation rising on a sustained basis. that kind of reduces the urgency to feel like you need to hike at this past meeting or the next meeting, for example. >> wal-mart reporting earnings at $1.07, higher than estimates. also boosting its full-year earnings forecast in part due to an improvement in u.s. stores. a stable consumer on that end.

the comp sale numbers, 1.6%. david, this is the eighth straight quarter of comp sales moving higher. >> same-store sales are up, up in revenue, what jumped out? >> a pretty solid quarter for walmart. part of that is expectations have been really low for the company over a year now. good increase in traffic to their u.s. stores. a good increase in online sales. those are up about 12% after we have seen some single-digit numbers and passwords. it looks good online, in u.s., and international, there are only two markets out the u.s. that did not do well. i bet alice can probably guess those. with.k., a lot of issues the pound, a lot of issues with competition in china was also relatively weak because of cutbacks in government spending. >> clearly, the efforts they have made in store with labor and technology, they are helping to drive traffic and it is working. you have evidence.

at the same time, you have a competitor, target, not doing quite as well. it makes an easy contrast. it puts pressure on the rest of the space. walmart has been increasing price investment in that is driving pressure for all >> of the discounters right. >> let's get back to the u.k. economy. so far this week, we have seen data on consumer prices and jobs. today, we got retail sales which search -- surged 1.4% in july as british consumers shrugged off brexit anxiety. >> i think this week has been quite a surprise from the point of view of the analyst who thought this hard data arrival in july. you saw unemployment data are better than expected. you saw a retail sales better than expected. the start of the week, this expectation that it would be a poor week has gotten into the

mindset that brexit will be bad. and very quickly back. as some of the data gives a little light, we see the pound going up as a response. >> oil is on a trend up. it is a bull market after headed in a bear market three short weeks ago. during this program, we have had two different viewpoints about why it is in a bull market. s are talking about freezes and the other is fundamentalist. what does your reporting indicate? >> it is a little bit of both. the market is short. we were in a bear market three weeks ago. since then, we have had a complete turnaround. lots of people, including the saudis most important, have started out talking about a production freeze. that shows a degree of unity or unitys finding a sign of within opec. when opec is unified, they can move the oil market. a lot of the people that were short got out of those positions.

we have this rapid rise up and we are back in a bull market in three weeks. we have had something like one trillion dollars worth of trade in futures on brent and wci. this is happening with heavy trading so it is quite serious. we are still around $50 a barrel. nowhere near where we were at the peak previously. >> plenty more to come. carl icahn explains how he is seeing eye to eye with aig's management. some illustrious economists tell us why central bank policies seem to be falling short. plus, highlights from another week of earnings reports coming up next, major progress towards the dream of a self driving car. this is bloomberg. ♪

♪ scarlet: this is "bloomberg best." let's continue our global tour of the week's top business stories with the bloomberg scoop from monday.

a well-known tech company may be preparing to go public. >> dropbox is considering making the big leap into the public markets. executives met to discuss the possibility of going public. this according to people familiar with the matter who say the file storage company wanted to discuss the feasibility of a listing and get a sense of the valuation it could fetch from investors. what exactly do you know about the discussion they have had? >> the violation is going to be top of mind here when it comes to whether or not they want to move forward. basically, management brought advisers in to say if we did this in 2017, what would it look like and what would public market investors want to give us? you have to remember with the backdrop of ipos this year, we have seen a pullback in how much investors are willing to give these companies when it comes to valuation. if the company is not profitable, if they do not have a clear path to getting there, these are all things that have

prompted public market investors to really push down on what they are willing to give in an ipo. >> our morning must-read. it is brought to us by courtesy filingsec, the 13 f that give us a look at some big investments bought and sold. a few things jumped out. one of them was financials. people going back to financials. talk about this? . >> they took a stake in morgan stanley valued at $1.25 billion, a 2% stake, 38 million shares. absolutely, it is kind of bridges the in activist and a bank because banks are so big and they are regulated and you have to get government approval to buy back her get dividends. >> netflix has been hot for some time. we have the tiger people coming out of it. >> absolutely. chase coleman, tiger global is out. so is julian robertson. chase is julian's protege.

tiger management also out. tiger global cut about a $2 billion dollars stake in that. there was a boost in amazon and a boost in amazon, facebook while a lot of hedge fund managers did go netflix and google. >> warren buffett is doubling down on apple. >> he is. 55% boost in his stake. the shares fell 12% in the second quarter, so he took advantage of a get there and revenue is supposed to decline for the first time this year since 2001, so a lot of bearishness is coming from this. at the same time, they are coming out with a new phone in the fall and that should boost sales. >> big investment banks with their european headquarters in london could start the process of moving jobs from the u.k. within weeks of the government triggering brexit. that is according to people briefed on the plans. it is drawn out by four of the firms. it is frustration with top bankers and top ceos that the u.k. negotiators still think they have access to the single

market without giving in to a free movement of people. >> right. i mean, the u.k. government needed to take this time to try to convince banks that they had a plan to keep passporting and a very reasonable one. the banks do not feel like that is heaven. there still seems to be this feeling from the government that they can get everything without giving up much of anything. the banks are concerned by that. because the process of moving people is going to take 18 months and two years between regulatory approval, office space, all of the logistics, they need to act quickly once brexit is triggered if they want to have people in place when the two near -- to your negotiation period is up. you are talking thousands of jobs across the sector. that is a meaningful amount. >> ford putting more fuel behind its technology bet. the automaker will make

additional investments in ridesharing and autonomous vehicles, and are doubling the size of their workforce at the silicon valley technical center. ford hopes to have a fully autonomous vehicle by 2021. >> you are doubling your workforce in silicon valley, investing in technology companies to get you there. this suggests a more go it alone approach when it comes to self driving cars. why take that route? >> actually, we are asking three important questions when it comes to the development of economists vehicles in a lot of different areas. when you look at autonomous vehicles, we have been at this for over 10 years, so we have a lot of engineering know-how, but as you can see with some of the partnering with some of these great technology partners, we have said in some cases, we cannot do it all ourselves. we are partnering with companies to allow us to realize the vision of getting fully autonomous vehicles on the road. >> uber is taking a step forward

in the race for self driving cars. starting later this month, they will allow customers in pittsburgh to hail autonomous vehicles from their smart phones. tell us what is going on in pittsburgh. >> big news in the world of driverless cars. uber has embarked on this crazy research project that everybody thought would take decades and they are trying to launch it right now which is very exciting and in some ways leads them ahead of google in tesla, even though google is still seen as the leader in terms of technology. >> how did they get there so fast? was it google that was saying this is years and years away? >> i think it still is. it is important to know that the cards and pittsburgh will have safety drivers and copilots. i rode in one and it is an interesting experience. someone is taking notes while you are driving around. one thing they have done that is interesting and really aggressive is they just bought a company, auto, a driverless trucking company. it sounds kind of weird, but it

may be the biggest deal that has happened in the space yet. we think it was about $680 million and there are still incentives, so it could get bigger. >> china losing their grip on domestic stock markets, lifting restrictions on assets in the theting issue has regarded quota of stocks. what are the key takeaways? >> the stock link will start in about four months and give investors access to any stock in the shenzhen composite as well as some small and mid cap technology shares. china's securities regulator will not impose an aggregate quota. that total cap will be scrapped for the existing shanghai link, limited access to china's domestic markets for foreigners was a key reason they did not add a man shares to its benchmark indices in the latest

review, said the opening of the shenzhen stock link potentially takes china's quest a step forward. taking stakes are party telecom and in touch with the equivalent of $1.8 billion. tell us a little bit more about these deals. >> they announced today it would acquire a bigger state in touch and it would spend about $1.8 billion, u.s. dollars on the transaction. it is going to acquire the shares from temasek and with that, it hopes to increase its presence in both thailand, india, and africa, where it has a presence. >> india's reliance then. are they about to disrupt the market? >> we not clear when it will come into the market but it is imminent. they have a sort of, they have spent $22 billion in the intend

to spend some more money, and it will go in with generation services. because they are spinning some us money, they expected the price or in the market. t-mobile is moving to shake up the wireless industry, the care -- carrier announcing it is switching to an unlimited only plan for new customers. >> how are you going to make this unique? >> we are eliminating forever data plans unlimited high-speed and going all in on a limited. unlimited high-speed data, unlimited video streaming at standard definition, and a family of four gets that for $40 a line. we want to eliminate for the whole industry data plans. if somebody else has figured out how to join us, bring it on in. >> that somebody else is sprint. they announced this today as well that they will be offering me much the same thing for a family of four, $160.

is this going to come down to a price war? >> sprint has their own issues with their balance sheet in their network not being invested in. frankly, i think the group you want to talk about as it relates to this is verizon. i know that is probably who sprinted thinking about as well. verizon not only would never give customers unlimited, they cannot. their network was built six years ago before instagram, snapchat when netflix still mailed you dvds and it is for calls. they are not capable. we have twice the capacities for customer that they do it a much more modern, twice as new network. we have learned, we have been building to this day for three years. ♪

♪ scarlet: you are watching "bloomberg best."

i am scarlet fu. earnings season is in the home stretch. let's take a look back at the most significant quarterly reports. starting with a record loss for a commodities giant. >> bhp, the largest mining in 81% dropreported in for your profit. according to headlines, is this rock-bottom as bad as a gift? >> i think that is a consensus forming in the market. the numbers we are getting this earnings season could represent the trough. this year, we have seen a big rebound in the share prices, a 40% so there is some optimism there in some pockets. generally, it is been a quite dark two to three years for these companies. is that the message for investors today, the dividends perspective? >> i think it is important to put those numbers in perspective. the majority of the statutory loss was caused by the right

turn we had to take the smartphone disaster, but evaluation of our u.s. shield business in some -- shale business and some taxation matters. into the confidence or your, we are looking at a 12% reduction in costs, a 4% uptick in volume which combined will release further operational productivity gains of $1.8 billion. we are now in a place where we can continue celebrating intercompany while our prices have stabilized and kicked up a bit. >> $1.45 billion is the revenue number. if youend of 3.1 cents are a shareholder. copper makes up 83% of overall sales. they see production for the year way down, going into the second half. in the face of what has been a youh, tough market, are seeing light at the end of the copper tunnel?

>> i think we are. i think prices have been down for quite a while. i think we have been making very significant improvements in terms of rebasing our costs and focusing on profit. we see some of that now reflected in the numbers that we have just now released. we have a good set of numbers for the top of the year. our numbers of 571 million are up a few percentage points over last year despite the lower prices, prices down almost 20%. that is with the results the hard work on the cost side. >> home depot second quarter earnings matched analyst estimates as profits rose 9% while americans spend more money fixing their homes. the company boosted its earnings forecast by four cents. >> we would characterize this as an in-line quarter. it did slow sequentially but that was fully expected. the first quarter was benefited from some abnormally warm

weather in the spring. this is more typical of what you will find at this state of the cycle. we do think we are in the middle stages of the home improvement cycle into the last four a while. 5.4% growth based on the u.s. is a good number. >> we got about an hour and a half ago she, shannon, earnings report from target which was a mixed bag. tell us about it. able to beat expectations in part because of cost cutting, but when you look at same-store sales which is a key indicator investors look for, they were down one and one are sent. this is the first time those storm -- same-store sales have fallen at target in about two years. the ceo told investors, do not expected to get better in the second half of the year. he is expecting sales down as much as 2%. the consumer might be feeling more confident, they might be spending some, but when it comes to real true brick-and-mortar retail and companies like

target, we do not see it coming up in the numbers. >> we also have numbers from loewes. what do they tell us about where the consumer is now? >> another mixed bag. home depot had great numbers yesterday, they see consumers investing in their home. they still feel their home is an asset. they come out today, a disappointed. they have not been able to capture that tailwind of spending coming from consumers. there is the market of winners and losers right now. not every retailer will be succeeded because the consumer, while they are still spending, it is still modest and very targeted. >> cathay pacific posting profits of lunch 82%, missing estimates. the largest airline was battered by losses from jet fuel hedges. passenger yields fell from competition from chinese airlines. >> yields are declining. jet fuel hedges are mounting. how do you reverse this massive

slide in earnings? >> the big issue is that we are facing quite a soft world economic environment. we see the china restructuring going on. seeing strong are u.s. vis-a-vis other currencies, dollars so the market is a bit challenging, not just in the u.s. and europe. airlines demand, traveled to -- demand very much related to gdp growth. we are seeing less demand for travel. we are seeing a customer trading down from a long-haul flight to a short-haul flight so the demand of travel is slowing down. we hope that it is a short-term issue rather than a long-term one. >> tencent recent splurge for content has paid off in the second quarter.

a wave of new users and a record profit. it is all about entertainment, right? >> pretty much. tencent is about buying intellectual property rights. things like m&a, comics, novels, things that have potential and they also have exclusive gamemings to nba games, of thrones. it is buying and a lot of this content. the question is how long can they continue spending like this. this does not come cheap. it has to spend a lot of content, so the overall cost is a most double for the quarter. the question is how long they , theyue but a good result have beaten expectation for profit and revenues and is also one of the last six quarters. >> to another movement is cisco,

reporting for the quarter sales but declined 2% from a year " challenging macro environment." the company said it would cut 5500 jobs. give me a sense of where you are on that transition and how this potential layoff fits into that. >> first of all, if you normalize out the box business that we sold about six or seven years ago, i mean six or seven months ago, our revenues were up 2% and we had record earnings per share of 9%. as we look at the transition of we are going through is a company, the first thing we have to remember is almost 75% of the our your resources at cisco software engineers and have been for a long time. what we are working on now is, how do we even all our offers to customers? how do we evolve the way we package our innovation, the way we presented to them anyway they would like to procure it more as

a service, a subscription and the data point i gave for the fourth quarter in a row that we provided this information, are deferred revenue balance from software and subscription services was up 33%. we are making that transition and i'm pleased with where we are. >> straight ahead on "bloomberg best," the week's top interviews. including conversations with sandel, steve wynn. this is bloomberg. ♪

♪ >> this is "bloomberg best." i'm scarlet fu. bloomberg television caught up with some of the world's prominent investors. in just a moment, you will hear the thoughts on the u.s. real estate market and steve wynn's take on the climate for casinos and opening up his newest

resort. let's start with the legendary carl icahn, who has been an outspoken activist on aig's board of directors. we asked him how he feels about the latest move. >> you've gone to battle with many a ceo over the years and i'm thinking of last year, when you called for the breakup of aig. aig came back with another plan, and today they continue to execute on that plan, selling united guarantee for $3.5 billion. my question to you -- >> and i am proud of them for that. i really think he and i see eye to eye on what they should be doing at aig. i supported him just recently when a few people were really wanting me to go to battle. i think he takes it very seriously. i am hopeful that he will do a lot more of this and -- there is a company, air, that should do buybacks because as

they get more cash, the stock is so cheap related to what they could buy it for, and they do have that money around, and there is no machinery they can buy. aig does not by machinery. each one is unique. i cannot say every company should do it. that is a good one you just mentioned. i do believe hopefully peter should do buybacks. i'm not wearing the hat of being on the board. >> if you give me low rates, if dollar and her a can borrow for nothing to dig you a hole, what's the story for the housing market? >> i think the thesis is identical. it was confucius who said, a builder will build when money is available. that is demand, all of the other factors always secondary to, is

the money available? right now, we see very significant additions on the commercial property side. they are likely to have significant impacts. certainly, we have seen significant increases in the amount of multifamily housing under construction and delivered in some markets like san francisco and new york, we have seen the impact pretty significantly because that was where the first new supply occurred. i suspect we are likely to see it across the country, as more supply of multifamily housing becomes available. i think when you talk about office space, i have been kind of a bear on office space for some time. i see a lot of movement in the office space arena but i do not see a lot of growth.

and i continue to see users becoming more and more clever and how they need less space, therefore less demand. >> talk to us about europe at the moment and particularly post -brexit vote britain. have you exited a lot of your investments? >> we sold one of our larger ones. we have the largest railcar leasing company in europe, a company called vtg. very good company, really fine. we think both the eu and britain will be hurt by the brexit. i do not think there are any winners. they are really going to be the most defend -- expensive divorce proceedings. >> does a 10% drop in sterling since brexit offer some you or not?s for >> on a personal basis, i bought some sterling. we don't speculate in currency in the fund.

the funds always hedge back to dollars. our investors gave us dollars and we want to give them dollars back. on a personal basis, sterling may be getting a little overdone. i don't quite agree with george soros. >> you applied for 280 new gaming tables at the win palace and ended up getting 150 altogether. what was your reaction? >> we thought 100 was the minimum, and we planned accordingly in we hired accordingly. fellow, ana executive that has a hotel that includes a gaming room, they would say it is much better to be under spread in games then overspread because no one likes to see a bunch of empty tables. >> it seems as if times have changed, the messaging has changed. coming from the government and regulator, they want to clamp down on things a bit more. they do not want to see the vip players as much as they did.

>> the clamping down as you put it, the vip section, it has shrunk because the demand went away. the customers went away. i do not think that the government took aim at the junket operators. that is not my opinion. that is not the impression i have. policies of the central government in beijing had an effect of reducing consumer spending at the high-end louis vuitton, chanel. , gaming fell into that category. >> are we in the recovery? do you see signs of a recovery? >> good question. i don't know. it is hard to answer that. i think everybody is waiting to see what kind of impact this has on the market. the last two places that opened did not cause the market to grow, did they? no.

this one, good question. we will get an answer to that in september or ♪ october.

♪ scarlett: you're watching "bloomberg best." i'm scarlet fu. some are renowned economist john bloomberg and the proper rocketed opinions to the table. first up, nobel laureate paul krugman who spoke frankly about what he sees as a limited effectiveness of monetary policy. what does the federal reserve really know when it comes to monetary policy and the economic outcome in a low growth, low rate environment? >> really not much, except that i think there is an accumulation of evidence that monetary policy is pretty ineffective.

for a while, we came into this thinking monetary policy at zero rates was ineffective, then along came qe, and along came negative rates. i have to admit, i did not think that was possible. it turns out, there are many things the central banks can do but it is not actually doing very much. you have negative rates in europe and they still can't move inflation off. you have massive qe. how much good did that do? it looks as though the things that we may be going back to square one, because when we started this discussion, when i started this discussion 18 years ago, the only thing you could do was to credibly promise higher inflation in the longer run that was credibly promise to be responsible, and that only by changing, creating the impression of a regime change that was going to change what you do even after recovery, that was the only way that monetary policy would get that traction. we are kind of most of the way back to that view i would say. >> yesterday we got this note

from john williams, head of the san francisco fed and he laid out some possibilities for what he's rethinking, may be committed to higher inflation or maybe we need more aggressive fiscal stabilizers or and gdp -- a gdp target. this is something i feel people have been talking about for years. the real story is that it's coming from someone so central at the fed. >> that is right. >> why is it taking so long? >> i think, a lot of it is history. central banks -- there was blood, sweat, tears, and toiled to get inflation down from 10% to 2%. they all settled on that 2% target. very, very hard to say, maybe that was set to love, maybe we really need to change this. that is something they haven't really elected to rethink and even now, it is news that anybody at the fed is even willing to entertain the notion. yes, these are not new ideas but it is who is saying them and not what they are saying. >> you think helicopter money can help in any way? >> helicopter money?

you know, this is, to my mind this is one of the silliest ideas that journalists have come up with. >> whoa, whoa, whoa! [laughter] >> i'm sorry, there are no central bankers in the world that are talking -- i am not doing a donald trump here. it is a fact that no central banker in the world is talking about it. when they asked mario draghi about it at a press conference, he said, we've never talked about it. they kept asking him about helicopter money. hello. >> a little reminder that you probably were saying this about negative rates in january. in fact, when governor kuroda before he went to negative territory, he said, negative rates? nothing to look around her, we are not looking at negative rates. more central bankers are saying it, the more efficient it is when they start using it. >> we can blame central bankers for miscommunication and negative interest rates. but the practicality of helicopter money is zero.

>> when you say the euro is a failure, what is the alternative at this point? this is what we have. we do not have an alternative until we break it up. what if that be a systemic and dangerous thing to do? >> it is better than continuing in the current path. in other words, if you look at what is happened as a result of the euro, the rigidities that is put in, taking away interest rates and exchange rate mechanism for adjusting and did not put anything in his place. the output, the gdp of europe has been well below even the united states. we were the country from where, from whence the crisis began. we have done a better job in recovery. they are basically stagnant. growth over the last couple of quarters, point 3%, .4%.

that is not a good performance. >> right. >> when you have to contrast is continuing that dismal outcome, greece.ngs in spain and in alternative? of course a divorce is not going to be easy. book, it argue in the can be done in a way that is better than the current system. it would still be better if they put into place institutions that would make it work. the question, will they do that? >> right. ,he figure of breaks apart let's say some thing happens, they vote in a party that both of the euro, how many years of paying to be see? is it six years in recession before we get into this world you are talking about? inremember, the crisis began 2008, 2010 and we are now in 2016. the market with the euro is not adjusting well.

i think the example of countries that have a flexible exchange rate like iceland responded to the crisis, one of the countries in the deepest crisis, responded very quickly. it is a small country. i think we are not talking about six years, i think we are talking about a couple years. ♪

♪ >> i want to draw viewers attention to a function on the "--fed "go."d on the top left you can see minutes. >> there is a function that shows the s&p 500 faa that actually shows were evaluations are, the equity market anything

i stare at quite a bit is where dividend yields are where we are paying for rates, relative. scully: -- scarlet: there are roughly 30,000 functions on the bloomberg, and we always enjoy showing you our favorites. here is one function you will find it useful. get important context and fast insights into timely topics. this week's examines the recent turmoil in turkey. >> turkey's president is using a failed military coup to tighten his grip on power. more than 250 people died in a night of street battles and aerial bombardments on the 15th of for turks, revolt is nothing july 2016. new. the country experienced coups in 1960, 1971, 1980, and the prime ministers step down because of pressure from the military in

erdowan has been encouraged by 1987. the latest. the latest highlights one of turkey's biggest problems, a division tearing the country apart. so, here is the situation. turkey's political identity echoes its geography. straddling the middle east and europe, it is a nation where east meets west. the father of modern turkey is the military officer who led the nation and the founding of the post- ottoman state in 1923. since then, turkish armed forces have played a central role in maintaining the secular, western looking society. the ak party was elected in 2002 with erdogan becoming prime minister the following year. as turkey's most powerful ruler since then, he is molding turkey back into an islamic world power by giving a voice to an underclass of islamic conservatives. many turks love him. the size of the economy nearly tripled in a decade. over the last few years, he

stifled political debate while fighting accusations of corruption. in 2014 he began purging the police and judiciary, detained journalists, and heightened control. he said those responsible for followest coup attempt an islamic cleric in self-imposed exile in the u.s. that has been denied by him. erdogan has not been shy about his ambitions, building a 1150 room presidential palace, a complex four times the size of versailles and over 30 times larger than the white house. here's the argument. while he has been denounced for being increasingly autocratic, he is still admired. his party's role have set the longest rule since the second world war. he has built hospitals and schools. over the years, the turkish people have been divided up what

they think about the man in charge. turkey has been a member of nato since 1952, but it has not been able to join the eu. that has been critical of the country's track record on civil liberties and lack of democratic reform. loved and loathed by many, erdogan does not look like he has plans to leave power anytime soon. ♪ scarlet: that was one of the many quick picks you can find on the bloomberg. you can also find them at bloomberg.com with all the latest business news and analysis 24 hours a day. that does it for "bloomberg best" this week. thanks for watching. i'm scarlet fu. this is bloomberg. ♪ . .

emily: i'm emily chang and this is the "best of bloomberg west." we bring you all out of interviews from the week in tech. uber it's the gas on its push into driverless cars. we will bring you the biggest details on the company's biggest acquisition to date and its driverless car pilot in pittsburgh. ford ceo mark fields tells us why he is focusing on a driverless car and doubling down at silicon valley. putting valuations to the test. dropbox meet advisors to discuss