>> coming up on "bloomberg best," stories that shape the week. >> they are scrapping note 7. >> samsung pulls the plug on its flagship phone and earning seasons kickoff with earnings from big banks. saudi arabia sales ahead with with its bond debut and september minutes reveal fractions at the fed. >> it is about labor market slack. >> kuroda keeps cool. in an interview, he says they will stay on the stimulus train. >> we have to continue our monetary policy.

>> leon cooperman stands firm. he will fight charges no matter what the cost. >> a pledge to forge an oil accord brings optimism and skepticism. >> i think the pressure in saudi arabia in recent months has grown. >> it is a two-way street and not clear-cut. it is a little bit to start -- early to start celebrating an agreement. >> it is all straight ahead on "bloomberg best." hello and welcome. i am caroline hyde. this is "bloomberg best," the weekly review of the most important news analysis from bloomberg television around the world. the week began with oil reports and reports of an agreement that could help the market recover its balance.

>> brent touching a one-year high today. the world energy congress getting out of billion in instanbul today. let them your putin considering -- president putin considering slashing oil. reports of an agreement that could help the market recover its balance. >> putin underscoring they are willing to join an output limit with opec, saying they were hoping opec would come together in november and materialize an agreement. this was always going to be about non-opec as much as it would be about opec. the resilience of non-opec supply has been a headache for opec. so they had to try to carve something out. >> it is a little early to start celebrating an agreement, but we have to wait and see if and how this kind of agreement really materializes in the market.

>> when you get countries such as russia and iran, with very different interests, is it going to be almost impossible to keep this together? tord: we have to acknowledge the differences has been larger than it has been. still, they have made great progress. this could end up in an agreement that will materialize around christmas and the first quarter of next year. >> we are getting more breaking news, this time out of samsung, saying it is ending the production of the galaxy note 7. it said it was recalling it and now is ending production of the galaxy note 7. samsung dropping significantly, down 8%, after telling earlier partners to halt sales. >> it is a combination of one debacle after another. when they say ending production,

they are scrapping note 7, which means they will restart, maybe, with another version, hopefully in time for the holidays. but i doubt that. i do not think most analysts believe that could happen. this is a huge blow for samsung. and we saw that in the market today, when it plunged 8%. emily: analysts are trying to understand what this cost samsung financially. report from credit suisse says halting the note 7 could translate into as much as $17 billion in lost sales. can samsung absorb this hit? >> what is hard on samsung is the fact that this is their flagship phone. though i point out that the note itself is probably around 5% of sales in any given quarter, 10% of their mobile phone sales. so i think they can kind of contain the damage, particularly as we roll into next year. my suspicion is they will move up the introduction of the next

note. >> we are expecting minutes from the federal reserve meeting from september in a few moments. >> let's go to bloomberg's erik schatzker in washington. erik: it was a close call. that was the main headline from the minutes of the fed's policy meeting. the minutes reveal a more divided fed than a 7-3 vote would suggest. several members said it would be appropriate to raise rates "relatively soon so -- "relatively soon," so what is all the fuss about? it is about labor market slack. the three dissenters, who wanted to raise rates, believed conditions of the labor market are already tight, and keeping rates easy pushes unemployment to an artificially low level, that is what they believe, sparking an inflationary irony -- prior that could force the fed to hike so fast the economy tips into recession. >> a lot of market participants find it hard to believe we could see the economy overheat, even

if low rates are kept lower for longer. >> right now, we see inflation below the fed's 2% target. it has been there for a while. inflation expectations have come down. the best type of central-bank policy is one looking through the front window of the car, rather than the rearview window of what happened. they want to be ready. but i think it is not only some of these inflation pressures, but rather the financial stability considerations. thinking about what is some of the consequences of having interest rates low for so long. >> china's exports fell the most since february last month. global demand remains tepid. that added pressure to the yuan. it is that the six year low. >> we are also talking imports way below expectations. fairly disappointing.

tom: very disappointing compared to the estimates. exports came in down 10% on the u.s. dollar for september. there have been predictions with estimates down 3.3%. if you look at the imports, they were down as well at 1.9%in -- 1.9% in september. the forecast there had been for an increase of 0.6%. >> we are seeing a big falloff in orders in some of the biggest markets and europe and the u.s. we would have thought that the weaker currency would help, but this shows this is as much as about global demand as exchange rates. we have also seen this in japan. the weaker yen did not necessarily turn things around overnight. china seeing the same thing. it is about the weakness in demand in the u.s. those are external factors china has no control over. but it can tempt chinese authorities. to allow the currency to weaken further, not substantially further, to have reading full

effects. -- really meaningful effects. david: john stumpf, who built wells fargo into the world's most viable bank, stepped down as the ceo, bowing to public outcry. >> we have seen banks go through scandals before and see the ceo stay. why did it not happen here? >> when i talked to them on the phone, he was adamant this was a decision mr. stumpf brought himself. he brought this to the board. he was not fired or pushed out. that is something he has seen. >> this is some of the worst crisis management i have seen in my three decades covering the banking industry. they were reactionary. they did clawbacks and changed product sales. in response to questions. and they did not intervene early enough. they had known about the problems since 2013. they did not fix them in time. you're seeing the fallout from that.

having said that, i think the change in ceo helps turn the page to a new chapter. >> banks in focus. j.p. morgan chase posting a $6.3 billion profit as bond revenue rises. tom: here is what you need to know. return on equity double-digit, 13%. that is a number to make mr. dimon happy. a $1.58 is nice as well. investment banking revenue, $1.74, a beat, beat, beat moments. jonathan: a big upside on jpmorgan. stock up by 1.64%. similar story from citigroup. a beat. the stock up 2.23% in the premarket. wells fargo unchanged or down 2.6%. income down to $5.6 billion from $5.8 billion. on an eps basis, it is still a beat on the margin, but the stock is unchanged. >> all of the free banks that reported earnings reported a decline.

the markets are delighted. it is not necessarily a better earnings environment, but there are signs of optimism and consumer credit building and trading being up. jonathan: you look at the situation as it evolves with u.s. banks at the moment. as christine points out, earnings are down, but it is an upside surprise. is it about expectations management versus overall earnings? >> you could say that. we have had weak earnings from the s&p 500 for a number of quarters in a row. we think we are starting to get outside of that. maybe the banks are giving us a signal that this earnings season will be ok. caroline: we will dive back into the issue of oil later in the program with insight from industry officials and analysts on what may happen now that a production cut is on the horizon. plus, we dig deeper into monetary policy in an exclusive interview with bank of japan governor kuroda. and more of the top business headlines. from singapore to south africa

to saudi arabia. this is bloomberg. ♪

caroline: this is "bloomberg best." i am caroline hyde. let's continue our global tour of the week's most important business stories in singapore, where they were crackdowns in the investigation of malaysian 1mdb.investment company >> singapore manager authority making headlines. they are directing private falcon bank to cease operations after arresting its local manager linking its trouble to the malaysia investment fund 1mdb. this is a bank that has been backed by sovereign wealth

funds. we know about what has been happening with 1mdb with connections in the middle east. it is being forced to cease operations backed by a sovereign wealth fund. what is going on? >> all of that has been confirmed this morning. it includes three banks, dbs, ubs, included. not just falcon and imposing fines on all three. ubs is getting fined for 13 breaches. dbs find. falcon received the heaviest penalty. more than $3 million u.s. in fines. it was also ordered to shut operations. its branch manager was arrested. piano finalizing the assessment on the standard bank, so investigations are not over yet. >> big news out of south africa. the finance minister will be charged with fraud from his time running the nation's tax authority. what has happened?

>> some details have emerged into what the summons was about. the national prosecuting authority said that the charges are related to the finance minister allegedly authorizing the retirement of a colleague that resulted in about 1.1 million rand of fruitless expenditure of government money. this came out this morning. the finance minister saying his lawyers will respond shortly. we are also waiting on a statement from the national treasury. >> i want to get your sense of the political pressure exerted on the south african rand. many of us waking to the news the south african finance minister will be charged with fraud. we have a chart showing the political pressure exerted on that currency the last two months. this is the latest incident. what is your outlook for the rand going forward? >> the south african rand is still going up, mostly because it was so weak at the end of

last year. now, these political issues are coming to the forefront again. yesterday, it was one of the strongest performing currencies. whenever that happens, i kind of scratch my head and say "is this a typical market environment?" but sure enough, it goes the other direction. the challenge is structurally, south africa needs to get stronger. the market does not appear to see that happening. as long as that is the case, the currency is vulnerable. >> saudi arabia will hold investor meetings in london, los angeles, boston, and new york as it prepares its first foray into the international bond market. >> what do we know so far about this bond sale with a series of roadshows kicking off today? >> saudi arabia is the largest economy in the middle east, planning to come to market with an issue of $10 billion to $15 billion, the largest bond issue in the middle east ever.

's 9 billion raised earlier this year. >> how rich will they have to make this offering in terms of the pricing? is there any precedence that we can look at? between other assurances over the past six months to eight months. >> saudi arabia would like to price in the region of qatar. it is saudi arabia's neighbor, a regularly established issuer that is rated two levels higher than saudi arabia is at moody's. the closest proxy we have for saudi arabia and the market is the saudi electricity company. i think we can expect saudi arabia to price somewhere between qatar and seco, probably more towards seco. given it is a debut in the amount of money they are seeking to raise. >> the u.k. prime minister theresa may has accepted that parliament should be aligned to vote on her plan to take britain out of the e.u.

she asked lawmakers to do in a way that gives her space to negotiate. >> that seemed to calm investors after they dumped the pound on concerns that the pound was taking a gung-ho approach. >> we were believed to think parliament would take a boat, but she did not categorically say whether parliamentarians will have a vote. >> i think they will avoid a vote, but there is little she could do to do that. there is good evidence that she will allow a vote and not feel particularly bound by it. >> what will parliament decide to do if parliament gets a vote? >> it is less what it would do with the vote, it is more about how binding that vote would be. what is clear is theresa may is not going to give parliament any say in whether article 50 of the lisbon treaty should or should not be triggered, and the mechanism by which we start the

talks. at the moment, theresa may is holding fast to her feeling that she has the right to start those talks and nobody else. tomorrow, we start to see a legal challenge to that. >> the parent company of snapchat is said to be one step closer to a public offering. the company chose morgan stanley and goldman sachs to lead its ipo. the recently rebranded snap has a private market value of $18 billion, making it the largest social media ipo since twitter. what do we know so far and what are the details you have been able to uncover? >> we know morgan stanley is the lead. goldman also co-leading and there are five other banks in the mix. it is not surprising. you notice a lot of the banks helped extend its credit line in recent months the snapchat, so perhaps a little bit of a pay to play.

what we know is snapchat has filled its fleet of underwriters. they are prepping ipo documents, looking to go public as soon as next march, according to our sources. really some momentum in terms of an actual offering from one of these big unicorns that we thought may have been further off. >> deutsche bank implementing a companywide hiring freeze, according to people with knowledge of the matter. give me a sense of the importance of this hiring freeze in a process ongoing within deutsche bank as it tries to deal with this external position with the doj and its internal position. >> i think it is a move that will help on the margins. they are already cutting thousands of jobs. this will help bring the headcount down faster, but this will not move the needle dramatically.

it is one more step they can do to get that cost down. guy: what is the next step? michael: some analysts want them to cut the bonus pool in a more draconian way. they are continuing to redo their technology side, reducing the number of systems they have, trying to get the cost down on the technology front. that will take time. ♪

caroline: welcome back to "bloomberg best." i'm caroline hyde. at the imf bank meeting, bank of japan governor kuroda hinted more stimulus could be on the way. he spoke to francine lacqua in an exclusive interview.

gov. kuroda: i think the japanese economy is recovering. but modestly. and the monetary policies we have been implementing have had an impact on the economy. and the economy has the fed recovering. still, we have not yet achieved to the inflation package in the target. we have to continue our monetary policy to get to the target. francine: with this new package you have unveiled, do you think this is the right one? gov. kuroda: i think so. you may know that three and a half years ago, we introduced a new framework.

and early this year, there was a negative interest rate. now we came up with a strengthened framework for quantitative easing, called qqe. this new framework has two components. one is inflation. that is to say we will continue our extremely economy monetary policy to allow inflation rates to go beyond the 2% target. then gradually soft land at 2%. that is, i think, a strong commitment. another part is not just controlling the shortest inter

-- interest rate at -.1% but also, we continue to control or try to influence it to around 0.1%. so by monitoring the interest rates, we can get it to income control. francine: what do you will reach the 2% target? gov. kuroda: at this stage, the policy board members' focus is that 2% inflation rate would be achieved some time in the next fiscal year. meaning from april next year through march the year after next.

but that is the latest focus. we will revise the focus every quarter. so we may change our focus, but the point is the very strong commitment, inflation overshooting commitment, coupled with the crowd control. these two are fairly unique. francine: very unique. [laughter] gov. kuroda: for central banks. caroline: coming up on "bloomberg best," russia, greece, and brazil are looking for economic policies. this week, we ask some tough questions. conversations with the people who make policies. plus, will opec's promising oil deal stick? and we speak with hedge fund manager leon cooperman. about the legal fight of his life with the sec.

leon: to convince the jury of my peers that we have done no wrong. i would be shocked if we do not win. caroline: this is bloomberg. ♪

caroline: this is "bloomberg best." i am caroline hyde. visiting the most interesting interviews. financial leaders sat down bloomberg to discuss challenges they seen the national economy. let's start with the bank of russia governor, who spoke exclusively. >> the high real rate in russia, relatively high real rate, is one of the reasons russia is one of the hottest trades at the moment in emerging markets. at what point does this inflow of capital become a risk for the economy? >> we are assessing the trend in capital inflows but it must be

said that at the moment, we did not see large significant risks because the russian economy is working with limited access to international financial markets. therefore, there is a capital inflow but not so large in scale that it concerns us. first, we are adhering to our floating rates. in no way do we want to interview -- influence the exchange rate. second, in this period of the inflation policy of reducing inflation, when we have to keep interest rates high, that could be in effect. it is temporary. after we our inflation target, we can touch a interest rates and ease monetary policy. nejra: you recently criticized the chief money policies of global central banks. what is the one thing that central banks, like the fed, bank of japan, even the ecb, should do to avoid unintended

consequences on russia and other emerging markets? elvira: i think the central banks of these countries face a difficult past considering the deflation in these countries and the so far limited impacts of loose monetary policy. they have to resort to art to achieve their goals. >> if the private sector steps up in a big way, what could growth look like in 2018? >> 1.6% growth. a pessimistic, let's say very, very reasonable but impossible, so something like 1.3%. optimistic i would say 2%. but the baseline is 4%.

erik: private economists are putting the risk of recession a 50% and you just will make the pessimistic scenario for growth in 2017 is 1.2%. what is the difference? henrique: in brazil? erik: now, yes. henrique: probably the deepest now and brazil. erik: deeper than the recession? "bloomberg -- henrique: yes. for next year, the most conservative forecast like for the imf is showing that percent growth. what i am saying is i would like to see some well-regarded sooner analyst projected a recession

next year. what we are seeing from a conservative side is the most optimistic. >> in many ways, greece is like a broken country, but on the other hand, a lot of what was wrong has been fixed for the first time after many years. we are spending less than what we are earning in taxes. that is an important step. secondly, a lot of the structural reforms are necessary, labor market reforms, opening the product markets, privatizations. not enough and institutions are not adapted yet, so that is a good basis to start a more viable growth process. what is necessary now is some political stability that will

bring this back because what greece needs in the next 10 years is over 100 billion euro in fresh investment and that can only come from abroad. i worry as the current governor is sending extremely mixed signals, if not negative signals to the investment community. we need the international investment community to come in. interesting sectors are in the greek economy but nobody will touch it without stability. >>. imf says nobody will touch with that debt forgiveness. can greece survive with debt reduced? >> we do need debt release. it probably will not happen as fresh given now that it is all held in the majority by the official sector, so you will have public capping interest rates extending maturities along the grace period. even though that has been put up as the holy grail, it is not enough. necessary but not efficient.

the heart flow, what will bring confidence back is holding institutions and the kind of stability in the tax system, the environment for businesses that any investor looks at and that would take a longer time than the decision. caroline: one of the world's best-known hedge fund managers took us inside the serious legal battle. the sec has charged leon cooperman with insider trading and he told erik schatzker why he feels he has done nothing wrong and what accusations that cost his business. erik: do you as a mother practice in an effort to produce returns for your investors sale close to the wind? leon: not even close. we are a deep dive fundamental firm and information is not a crime. we stick with companies who try to develop information. iran goldman sachs interest for several years and if an economy

gives you something, significant nonpublic information, basically urge the company to do a press release. we are not looking for inside information. we're looking for insight. do not make any information about outlaws speaking with different companies. we do not seek insider information. i would like to go with the fax but my lawyers have me muzzled. it is so sad i cannot begin to tell you. erik: i want to go back to the term you used a couple moments ago, astronomical. in a statement released earlier today where you say "the damage to the firm is to radically impacting the opportunity for professional growth from i-43 partners and associates," what is? -- for my 43 partners and associates," what is astronomical? leon: goldman sachs pulled out, there are others, in fact, i have a wonderful gentleman who

has been with me for 25 years who said, you have made make the rich man, please, do not send me back the money or retire. they not retiring or sending back the money. we are working hard to deliver investor returns they deserve. job one right now is to deliver returns to investors and despite all the hoopla, our credit fund is up 14% this year, equity fund up 7% this year, and i do everything fund is up 5%. their competitive returns. my job number two is to give the jury of my peers that we have done nothing wrong and that would be shocked if we did not win. ♪

♪ caroline: you are watching "bloomberg best." on monday, aggression and opec

announced a commitment to a quick joint efforts. but it is a far cry to reduce the supply glut. where will the promising first step lead? we explored the question throughout the week. what do you think of the opec deal? will it make a material difference? >> this will affect the markets. we have seen them ramp up a couple of dollars and such an agreement to further push the prices up. having said that, one needs to take two factors into consideration. one, higher prices, that would -- what would be the impact of the fragile oil demand glut? oil demand increased by eight point million per day and this year, we expect we drop the price increase to 1.2 million, a

significant decrease in oil demand. we see higher prices and one may expect what would be slower as a result of efficiency improvements across. >> we understand the russians would prefer a freeze rather than cut. do think we need a cut some of the price higher to a new level? you mentioned higher prices, do you think it can get back to $60 and in what time? >> i would not speculate how much, but if it goes with what you mentioned, this was the second point to highlight, non-american producers are watching the debate closely and they are going to make their investment decisions. when the prices reach those levels, i am sure with the time they have, six months or so, we will see the non-american production increased again in this will put a lot of oil in

the markets, so this decision, cutting or freeze, and it could lead to an oil demand glut and higher production from [indiscernible] and this is crucial for oil market rebalancing. jonathan: what are the challenges -- what are the chances they appear to what they agree? >> when we look at the rhetoric economic the saudi arabia and russia indicating they're willing to participate, the probability of an agreement when up. what else have we seen over the last several days? the iea came out this morning and showed opec production was 36.4 million barrels a day, nearly $500,000 -- five hundred thousand barrels higher than the numbers two weeks ago. so the bar continues to go higher and higher in terms of

what they need to do. the way we would describe the outcome yesterday, yes, the probability of an agreement has increased, but the probability of having a successful outcome given the fundamental picture has decreased. >> you make a great point. if we have higher oil prices because the saudis and opec have a cut that winds up incentivizing more to come back and produce more, does that negate the efficacy of any cuts they do? >> there is a window of opportunity and it is relatively short. the reason for that is the past cycle nature of shale. right now, we are in a lifecycle of the decline rates that have find out. the high-frequency data suggest that u.s. production is beginning to pick up, so what that means is if you have higher prices, more drilling activity, your ability to increase production into next year is

higher. even if they did cut 500,000 or one million barrels per day and push prices into that 55 range, you would have a $500,000 barrel per day response next year from the shale producers, and then you would have brownfield production in places like latin america, the caspian, we can increase quickly. then you would have demand weakness. you put it together by the end of next year, any significant production reduction would be negated by the end of next year and we would not change our price forecast of $52.50. instead, we would rotate the upside. right now, depp sat goes from $45 to $55. next year, we go from $55 to $45. >> talk us through the next meeting you will be having with non-opec suppliers like russia. they are key in the equation. they are pumping at post-soviet

record highs. are you seeking specific commitments from them? >> thank you. we drafted a roadmap, if you like, the implementation of the landmark decision, and as an integral part of this, we have increased the level of consultations, not only within all non-opec oil countries that opec oil countries, and the russians have been active, very constructive. before algiers and in instabul. later today, we'll have another consultation. >> you see another go, but looking at russia's track record in terms of living up to pledges, it has not been stunner. why would it work this time?

>> you have yourself from president vladimir putin here [indiscernible] at the highest level of government, so he is an able minister then has been in the north and has been with us, walking side-by-side, shoulder to shoulder, so we are confident. >> the markets we have gone on are still in question. if opec cuts reduction, it does not solve the problem, they need to cut production. i am talking at least 2%. we see all prices going higher. long-term for prices [indiscernible] which i believe will be above $60 to allow shale production to continue because all is maxed out, opec cannot produce more oil, so global demand needs to increase, therefore, they will

be back. the question is when. >> when opec has been effective, it is because saudi arabia. do they have the wherewithal, the power and influence to drive a deal? >> it is only because of the war of wars number -- the war numbers. having said that, higher prices would also bring response from shale producers. shale production is going to be profitable at $55 oil and this is what it is targeted to be at at least the bottom of the range, so all prices go to $55 and stayed there, we will see lots of activity coming in. we cannot half $1 million in three months or six months and that would negate any production drop that they do, so it is a two-way street.

it is not clear how it is going to play out but there is no question that saudi arabia cannot serve $50 oil. they can produce oil at $10 to $30, but do you need five or six times the multiple of that to survive economically? >> crude holding around $50 a barrel after an instant -- after an increase. opec members on how cuts will be shared. i will be the cynic and say they have all got their internal objectives, but ultimately, they will not really implement whatever they agree in the coming months. >> i think they will and i think the pressure in saudi arabia in recent months has really grown to something about the market.

i do not want to be looking at opec and think this is about opec. no, it is about saudi arabia, they have pressure in the corporate and financial sectors, the government level, they have got to do something. they have been knowledge did in the last couple of weeks. they have injected liquidity into the system and they have also tried to fit it open and back together. whether opec joins aggressively in the cut, i don't think it matters as long as the rest go along with it. >> what is the freeze materially going to do? >> the saudi patrol minister puts a gentle hand on the wheel aimed at, marking the ready rebalancing and attempt to accelerate it. it is noteworthy you have two big players on the same side of the table, saudi arabia and

russia. >> yes, maybe putin said their beer ok with the freeze and, but they have come out and said they will not cut, so in reality, if you have pressure pumping 11 million barrels of oil a day, who cares? >> one guy who was in charge in russia, i think you will have the final word on what happens. iraq, iran and saudi arabia have added $3 billion a day since 2014 but the countries are leveled off. they will be doubts about it and people will say it is not working, but i think on balance at the end of the day, they will come out with something that will restore confidence but they will always be the argument where people will say or iraq says, our production is this, not this and that is what they will argue about, what is the real production? ♪ >> and looking at the supply chain of samsung because when you have a product that goes away, it not only affects the company.

>> and looking at the supply chain of samsung because when you have a product that goes away, it not only affects the company. suppliers are on the left, top to see but you have the trails, lam research, qualcomm, -- >> care about 30,000 functions on the bloomberg and we enjoyed showing your favorites on bloomberg television. a.b. they will become your favorites. here is another function you find useful, quicgo, where it takes you to fast insight of timely topics. here's a quick take from this week. >> these islands to not look like much but they are at the center of a simmering dispute about who owns them. in all, seven countries have

overlapping planes of the islands in south and east china sees and there is one common player, china, which has been jostling with their neighbors over maritime territories for more than one century. the recent tension threatens to boil over. even prompting talks about possible war. here's the situation. china claims more than 80% of the south china sea within the border they call the nine-line proven by 1940's map, so why diamonds so sought after? one, many have oil and gas reserve potential's. two, it counts for global fishing production, and three, they are strategic. it gives china an extra 1500 kilometers of influence.

about one decade ago, countries started making more claims on the new u.n. rules and that led several nations to share ownership. china got the most attention and started to build islands, installing runways. that led to the philippines challenging chinese claims. the philippines won the case in 2016. china's reaction -- it is void and has no binding force. washington endorsed the ruling and called for peaceful resolve. beijing said they have no intention of proof -- of preventing traffic but protecting their territory. china is also locked in a dispute with japan over another rocky out front area china calls them the di the islands and japan caused them [indiscernible] president obama has said the u.s. security treaty supply

silence, which means they could act in japanese violated. there is one incentive to stay friendly, trade. they have posted $5 trillion of trait every year. on the other hand, given how quickly china has been building military positions in the south east china sees and how nervous that makes everyone, some analysts say there is a significant risk of armed conflict, perhaps the result of this calculation or mistake. caroline: that was one of the many quick takes you can find on the bloomberg. you can also find them at bloomberg.com, along with the latest business news and analysis 24 hours a day. that is all for "bloomberg

best." thanks for watching. i'm caroline hyde. this is bloomberg. ♪

♪ from our studios in new york city, this is "charlie rose." charlie: zanny minton beddoes, editor in chief of the economist. she is here. she became editor in chief of the economist last year. she began working at the magazine in 1994 as a correspondent. she is the first female editor in chief since it was founded in 1843. this edition includes a guest essay written by president obama. i am pleased to have you at the table. welcome. zanny: thank you. charlie: first, the u.s.