♪ scarlet: coming up on "bloomberg best," the stories that shape the week in business around the world. italy's prime minister steps down. the ecb adjusts qe. china's stock markets open a little wider. and a few trump tweets make a lot of news. >> we have seen the offshore yuan versus the dollar trade slightly lower following these tweets. >> we do not really know what the backstory is here. scarlet: it has been a monster month for markets since the election. investors tell us what they expect when he takes office. >> the consensus breaking down will be good for some markets and bad for other markets. >> i'm looking for a 2% economy. not a 3% or 4% economy.

>> maybe the dollar should not be as strong as it is now. scarlet: and opec has a deal to curb oil production, but they have more to do. >> we're looking to do better. scarlet: it is all straight ahead on "bloomberg best." ♪ scarlet: hello and welcome. i'm scarlet fu. this is "bloomberg best," your review of the most important business news, interviews, and analysis from bloomberg television around the world. let's start with a look at the top headlines. the week began with change at the top in italy after voters rejected their prime minister's proposal for political reform. >> italian prime minister matteo renzi says he would wait in the -- quit in the early hours of

this morning after losing a referendum. he called to push constitutional changes. >> i think the expectation that the result of this referendum would have a disruptive impact on italy and possibly even on the eurozone. even on there -- eurozone, i think were grossly , exaggerated, frankly. it was not comparable to the brexit referendum or even to the vote in the united states, which was indeed signaling much more fundamental political change. >> what would you be asking of the new government of italy? >> it is clear that the new government absolutely continues to process reform. we have significant public debt. but not in such a difficult situation as in 2011, where 50% of the debt was in the hand of international investors. today, only 30% is in the hand of international investors.

it is not so huge like in 2011 so, but they have to continue the process of reform. and to add a reform on the recovery, that absolutely must be completed. >> donald trump turning up the heat on boeing. in a tweet, donald trump said "boeing is building a brand-new 747 air force one for future presidents. costs are out of control. more than $4 billion. cancel order." what might have brought this about, and where did this $4 billion come from? >> i am not sure where the $4 billion came from. let's get this out of the way first. where this may have come from, why this is front in mind for donald trump, could be a "washington post" article published last night that talked about $125 billion worth of administrative waste at the pentagon, which is a large portion of the defense budget, which is $600 billion. i think this is interesting.

donald trump, he is returning to the campaign discussion he had about getting rid of waste at the pentagon. so it will not just be boeing that will be in the crosshairs on that. there is a whole defense establishment, and a lot more money and other programs that could be saved. scarlet: softbank's ceo masayoshi son visited the trump tower today. he has now tweeted that masayoshi son has agreed to invest $50 billion in the u.s. towards businesses and 50,000 new jobs. he went on to make a comment about how he would never have done this if the trump ticket not made the election. >> we do not have the details. he pointed to deregulation as being behind this. the deregulation expected under a trump administration. but we do not really know what the whole backstory here is. he is trying to say that the act

he is taking is going to create jobs and new investment in the u.s. economy, and he is trying to show cause and effect. mark: big stories out of the banking sector today. the eu was fined. a total of $521 million for collusion. the e.u. says the banks conspired to rig the rate. more costs cuts are coming. -- planning to cut $1 billion. how may times will mr. thiam have to adjust his turnaround plan? this is number two. >> yes. he laid it out in october 2015 and came back in march with more aggressive cuts. here again saying the markets , are not exactly cooperating with our push to increase revenue, so we are going to have to be more aggressive. mark: thiam, if he has more time, will he have more focus on cost costs than worrying about revenue growth?

michael: i think you have some skepticism from the outset when they laid out this plan a year ago. some analysts saying they were looking at optimistic growth assumptions and you are seeing the bank come back on those and walk back on those a little bit. >> we also had headlines that there is a settlement in the fixing probe. how do the fines measure up with what is expected? how severe are they? michael: the fines are not the biggest we have seen, but they certainly are of reasonable size. the banks have said that they may appeal these. they may fight these. obviously, jpmorgan and credit agricole, their statement were -- statements were perhaps a little stronger, given hsbc's fine was lower. so this may not be the end of the story. there may be some appeals. >> the ecb is leaving its deposit facility rate unchanged.

-4/10 of 1%, and that is no surprise. it is also leaving its refinancing rate unchanged at 0%. the ecb will buy 80 billion euros of assets until march. -- euros of assets per month until march. >> they will keep going until april. then they will go at 60 billion euros until december. alix: the ecb does say if the outlook becomes less favorable, they will increase the programs. is this a dovish take? or a hawkish ease? >> good question. 60 is certainly less than 80. i see this as tapering to the extent that it is open-ended if there is some dovish elements to it. they have put in language in there to increase the run rate, increase the duration. if the situation deteriorates. clearly, draghi has turned this super tank qe towards the exit by cutting the run rate down. i see it more as a hawkish move. you know, confidence on their

side that they are reaching a goal. although we look at the average inflation rate. they are forecasting out to 2019, i really see this as backing away a little bit from their 2% target. 1.5% is the new 2%. >> the ecb is said to refuse italian bank monte dei paschi's request for more time. shares plunged on the news. jonathan: the question everyone asking is why? alessandro: we can imagine the ecb did not see any advantage in giving monte dei paschi more time. the recapitalization plan has been in the cards for a long time. private investors have not stepped up. there is not a huge likelihood it is a very small likelihood , someone will step in and in the next 20 days, given the instability there is right now in italy. which is very difficult if it will clear by the 20th of january. >> italian officials telling

bloomberg the government is finalizing a decree law for the rescue of the bank. shares of the bank tumbling today. >> the italian government, this caretaker government, if you will, is moving quite rapidly after the decision by the ecb not to grant the bank additional time to put together this capital increase. so they are trying to put together a decree, obviously, that would have to be approved by the italian government. that would essentially provide a rescue for the bank. we do not have a lot of details yet. we do know that obviously, bondholders of the bank are going to be affected. presumably, the government strategy is to soften the potential blow for retail investors. some of whom have claimed that they were not provided sufficient information to make their investment choices in the past, in buying securities. we do not, however, know the mechanism that italy is going to use to try and engineer this rescue.

scarlet: still ahead on "bloomberg best," much more on global politics with developments rocking governments from austria to new zealand. plus, markets seem to like the prospect of a donald trump presidency. prominent investors tell us how much they think the honeymoon will last. and up next, more of the week's top business stories. vladimir putin cutting a deal with glencore. this is bloomberg. ♪

♪ scarlet: this is "bloomberg best." i am scarlet fu. let's continue our global tour of the top business stories with yet another tweet from donald trump that struck a nerve in beijing. >> donald trump has taken on china via social media, hitting

back on criticism of his decision to take a phone call from the president of taiwan. >> he has been hitting back at china over what he sees as the devaluation of the yuan, what he sees as taxes on u.s. imports to china and the south china sea. we have seen the offshore yuan trade versus the dollar slightly lower, and the question really is whether this is more empty rhetoric from trump or whether it confirms that he will be taking a more confrontational line with china. >> very much the word out of beijing is he is not president yet. and also perhaps that he has been badly advised. they are doing everything they can to play this out. >> does this show they need for -- show the need for president-elect trump to nominate a secretary of state as soon as possible who can, a, advise him and, b, explain his thinking to foreign governments? john: i think yes on the one hand. people are keen for him to

appoint the secretary of state. someone who can decode trump for the rest of the world. then the question that comes from that is even if you did get an articulate secretary of state, the question would still be out there -- to what extent could you believe what the secretary of state says? >> you have the trade balance widening out in october, coming at -$42.6 billion. in fact, the september revision was revised slightly better at $36.2 billion. but the trade deficit continuing to widen. >> there seems to be an escalation between china in the one hand and the incoming trump administration on the other. yesterday, china came up more powerfully. did this escalate? >> probably not. they are probably feeling each other out like two boxers at the beginning of a match. interesting thing yesterday, we , were talking about how trump had the whole idea of manipulating currency backwards.

look at what happened in the trade data today. our trade balance with china is actually lower on a year-over-year basis. this is the first time in many years this has happened. i have a chart that shows we are starting to see the trade go in the other direction. and the american people have that in mind. politically, it is a good move for him. economically, it doesn't square with the facts right now. >> the stock link connecting -- connect between hong kong and singin here giving foreign investors access to more than 800 chinese stocks. >> from a foreign investor's perspective, shenzhen is the story of growth. if we look at next year's growth expectations, we are expecting the average citizen to grow about 20%. versus shanghai roughly flat. that really drives the momentum in stock.

definitely, there is more of a small cap, which probably a foreign investor would shy away. >> i guess the most significant change is really the removal of the overall quota. that quota, initially, was put there because there was a pilot, and there was not a clear certainty as to whether it would work, whether it would create unintended consequences. i think the removal of the quota is really the manifestation of a great confidence that this program is going to be great not , only for investors to be able too trade easily but allow the , risk management to work. french drugmaker sanofi is reportedly preparing a bid for actelion, challenging a move by by u.s. health-care giant johnson & johnson to acquire europe's largest biotechnology firm.

why would sanofi be stepping in now? it seemed like johnson & johnson was far along in the process to on -- actelion. >> we think this is the case. we obviously report this kind of thing 10 days ago. we think those two companies are still in discussion. i think potential buyers, sanofi the most obvious, are trying to work out does this fall apart? potentially does actelion say what, -- say you know what? what j&j had to offer is not quite what they want, and they will see if other people want to bid. >> $250 is the price, bloomberg news says j&j would pay. what is the knockout figure? >> it's a good question. i don't know there is a knockout figure. it presents this unusual set of circumstances. is it about money? is it something completely different? like him keeping a portion of

r&d or him deciding that he loves the company and will keep it and no one will buy it for any price? >> the u.s. high court upheld an insider-trading conviction. the ruling will make it easier for prosecutors to bring cases against people on wall street. let's start with what the court decided. what were they asked to decide on and how did they rule? >> the issue was whether somebody can be convicted of insider trading when the insider, the person who provided the tip, did not get anything from value of it. whether the insider was just giving it to a friend or relative as a gift, that was enough to support a trading conviction. the supreme court said yes, it is. david: what does this mean for regulators to go after those they think are guilty of insider trading? >> it won't revive any cases where courts have thrown out convictions, such as in the newman case. but certainly, it puts the law back to where a lot of people thought it was at least in one , key aspect.

>> at&t's boss defends his company's $85 billion deal for time warner. he says it will challenge cable and hasten the development of 5g networks. he testified before a senate judiciary subcommittee on competition. >> for your constituents, we believe the benefits are substantial. david: what power does the subcommittee have? >> they could raise issues or concerns that the regulators might get into, but the reality is this is more of a show. it is a little theater, if you will. i do not think anyone in the market really believes this is going to get blocked, despite what then candidate donald trump said in october, that he's going to block this deal. i've talked to the bankers and lawyers. i talked to the investors. none of them really feel like this is going to get blocked. i would say it is a in 80%, 90% likelihood it is going to go through.

>> china's exports rebounded in november. demand held up. a cheaper you want boosted competitiveness. yuan boosted- competitiveness. >> and surprise numbers. the one to focus on is 0.1%. it does not sound too glamorous. that is the export number increase in november year on year. the reason it is important is it compares to a drop of 7.3% the previous month in october. prior to that, exports were down 10%. so that 0.1% is looking very healthy indeed. >> it is a sign the global economy is healing. we have had a weak period for industrial production. of course, china stands at the center of the world's factory system. it is a sign that things are looking better. >> russia sells an $11 billion stake in its largest oil producer, rosneft to glencore. vladimir putin went on national tv to tout the deal as one of the largest acquisitions in the oil and gas sector in the world in 2016.

>> what is in it for russia? what is in it for glencore? >> in terms of glencore, what is important to remember is this is a company that was founded on this kind of trading. trading russian oil was a big forte for it. in recent years, it has lost out in pole position, so this is a big signal for glencore that it owns russian oil or at least the , international trading of russian oil. for russia itself, it is obviously a huge win for them in terms of getting big international names into the sector. it gives them an injection of foreign exchange to the point where they do not have to sell off the ruble. it is starting to chip away at this notion that russia is isolated. these are big names to have on on -- to have on your side. ♪

♪ scarlet: this is "bloomberg best." i'm scarlet fu. oil prices began the week at a 16 month high after opec members made a deal to curb production. but the rally stalled on the report that output rose in november as well as doubts that non-opec nations would agree to the cuts. yousef gamal el-din spoke about challenges ahead in exclusive interviews at the most influential summit in abu dhabi. yousef: if oil prices continue to decline, would opec act again? minister al mazrouei: i think it is premature to answer that question. we have studied the level of production cuts needed for the market recovery. i think it will be enough to achieve the market balance.

if we remove the 1.8 million barrels per day, i don't think the market will stay at the lows for the average of the 2016. if we truly achieve the 1.8 million barrels. yousef: are you confident russia will deliver its promise? minister al mazrouei: we are very confident. yousef: if you look at the track record, it has not been very accurate. minister al mazrouei: i think, historically, we have not done what we have done. so opec's position to lead the market first, to balance. and then react when the market is about to balance. this is also a new phenomenon. so i think we're looking at a new world. a new dynamic. yousef: this is a scenario that you probably don't really want to have to deal with. you make this move, take oil out of the system. demand is weaker.

shale recovers faster. oil prices combat down. -- comes back down. does opec flex its muscle even further and follow-up with further cuts? minister ibe kachikwu: it is hard to predict. we are looking at six months' outlook position. let's see what happens. nothing too dramatic is going to happen in six months. yousef: have you seen what has happened in november? minister ibe kachikwu: but that is a lot of hedging. in terms of real effect, you're going to have some of that in shale. if all of us continued to walk consistently -- work consistently and focus on the issue, which is cutting the volume, working collaboratively with non-opec members, we will get there. nothing is as predictable as it used to be. keep watching the envelope as we we're going to just go. yousef: what is that going to do to your outlook for oil price in the first half of 2017? it is around $55? minister ibe kachikwu: we are hoping to do better. we're hoping to get towards $60 towards quarter one.

it the momentum that we see today gives up, and if parties remain disciplined to the cause they have committed. scarlet: coming up on "bloomberg best," a look back at an eventful week in global politics. plus, some renowned investors look ahead to a donald trump presidency and what it could mean for financial markets. >> the three industries you would expect immediate reaction would be the financial sector, the defense sector, and the bio-science sector. scarlet: this is bloomberg. ♪

♪ >> that i understand donald trump's transition team has conversation.

what do you expect to talk to him about? it is going to happen in the next couple days and the message from my side will be, my dear please thinkct about the small and midsized countries, they need open markets and an open market philosophy. seeing it as an opportunity and welcomeonald trump well the opportunity to discuss the and the the smaller future of the smaller economies. presidents the swiss talking about president-elect

donald trump. election andthe opportunity. when it comes to the long-term picture, janice capital does not does gas -- janus capital not think they are getting it right. >> a lot of negatives in terms of policies. anti-trade to a certain extent and many of them promote a strong dollar which sounds good but ultimately puts u.s. corporations at eight asadvantage so negatives opposed to positives and none of it which we know will come to fruition with 100% probability. >> of course, the devil remains in the details. what would cause the market to reassess and start pricing in the long-term negative effects of that stronger dollar, for instance? what would be the catalyst?

bill: i don't think anything in the short-term, right? because he has not even been sworn in. that takes place in january. i think perhaps some statements by some of his appointees in the cabinet, perhaps something that the market interprets negatively in terms of capital, but for the moment, smooth sailing. i would say, though, that we sailed upwards in terms of in the green by 5%, 6%, 7% on most stocks in the market, and one could argue that much of the positives have been built in. i think, for instance, that their claims for 3% or 4% real growth are specious.

the old standard, which was 10 or 20 years ago, is really being affected by structural factors that can't be dismissed. i'm looking for a 2% economy, not a 3% or 4% economy to the extent investors begin to agree with me, then perhaps there -- their expectations for profit growth are diminished to some extent. luke: the last 5, 6 years have been characterized by a complete consensus between governments and central banks, within countries and across the globe. everybody has been following the same playbook, the same set of policies. and the mixture of first to brexit, now trump, maybe italy, certainly other moves in europe, suggests a situation where the consensus might break down. the consensus breaking down would be good for some markets and bad for other markets. and we might get a break down in high correlations we have had. and we might get something interesting in the active management environment.

>> so when you look at the broad asset classes, which one would benefit from a breakdown in correlation? luke: you have to look at it regionally rather than particularly by asset class. clearly, if trump comes up with a set of policies that are cutting tax rates aggressively in the u.s., increasing tariffs into the u.s., that are about getting people to repatriate cash in the u.s., about making it easier for private-sector infrastructure building, i would say that public sector infrastructure always takes too long to matter in the year. all of those things would be bullish u.s. equities, steepening in the yield curve, bullish for the u.s. dollar. >> you have been quite positive on the donald trump victory. you are saying he is down to earth, saying he will bring the american economy back to its

feet. doesn't that imply a stronger dollar, even if he goes on a fiscal spending spree? we are at record highs on the bloomberg dollar index. >> i think, yes, in the short term, the dollar will get stronger. but in the medium-to-longer-term, i think the heavy spending that he will embark on, and spending not only on infrastructure, but also defense, will result in people starting to think that maybe this dollar should not be as strong as it is now. and we will probably see a weaker dollar. of course, you must remember that trump's objective is to help american industry. when does that mean? it means they have to export. in order to export, you need a competitive dollar. i think down the road we will see a weaker dollar. >> do you think donald trump has overpromised and is there a risk of under delivery? mike: well, one person is not capable of delivering.

you have to be able to lead to make that happen. i think the reaction to the markets is first, in the united states, that it is over. after two years, there is just a relief that it is over, so that is your first reaction. i think the other reaction is giving more freedom to the companies. and so the three industries where you would expect immediate reaction would be the financial sector, defense sector, and bio-science sector. and all those have moved a great deal in just a few weeks. >> tell me your view and vision as you look at the world, travel the world, the next big set piece of change in economies and markets. mike: i think the next change here is how are we going to

create jobs. in a democracy, if the majority do not feel they have a future, there will be a change in government, so we have a reeducation, a substantial reeducation effort in front of us in making sure people's skills match the jobs of the future, and sometimes you get these imbalances. there is not any major industry today in the world that isn't undergoing some disruption, starting with agriculture. >> the media business was also a focus of conversation this week. david weston sat down with chief executives at the ubs global media and communications conference in new york, starting with les moonves of cbs. david: to accomplish everything you would like cbs to accomplish, can you do it

without owning some distribution? we have seen how disney is trying to force distribution over the top. do you need to have an ownership interest in some of these distribution platforms? les: i don't think so necessarily. we are small when you compare us to disney or comcast. we are primarily a premium content company. our job is to do great content for cbs, showtime, the cw, late-night sports, etc. if we do that, all of the distributors will meet us. they will pay us for what we are offering. and we do not necessarily need to be in distribution. david: for example, at&t said they needed time warner, so they went and bought the thing. at some point, you have distributors saying we need you, cbs, so badly we don't want to do a license deal. we want to buy you. les: i'm sure there are distributors who want to do that right away. as you know, we are a controlled company, so that is more difficult, but i can imagine there are plenty of people out there, especially when you see

at&t paying a lot of money for time warner, that a company like ours would be very valuable in the open market. mark: we have seen a really astonishing surge in subscriptions, particularly digital subscriptions, and good news on the print front as well. not just headline audiences, but people willing to pay for the kind of journalism we do, which we like to think of as accurate, thoughtful, delivered without fear or favor. it would appear the public appetite for that has grown. david: can you quantify that a bit? mark: we have seen 10 times as many net subscribers as the same week previous year. we guided the market to 100,000 net subscribers, so more than twice as many as q4 last year, well over 200,000 already and we are nowhere near the end of the quarter.

so a very, very big surge. david: this comes amidst an overall trend. will you be adding digital subscribers for some years now? mark: and the rate has been accelerating. normally with the subscription model, you would expect an initial growth spurt, followed by plateauing. we have actually seen a rather attractive curve, where it has been accelerating for essentially two years now, and our belief now, knowing what we know and thinking about our opportunity in america and around the world, is we can grow substantially further. i don't think it is unrealistic to imagine 10 million digital digital subscribers or more, ultimately. ♪

♪ scarlet: you are watching "bloomberg best." i am scarlet fu. matteo renzi's resignation as prime minister of italy was one of many important political

developments around the world this week. let's begin our roundup with unexpected news that moved markets in new zealand. >> the new zealand dollar has fallen after the country's prime minister, john key, announced his surprise resignation a short time ago. >> why is he quitting? it was a bolt out of the blue. >> it was. he gave a number of reasons. family reasons being one of the reasons he gave, saying it's time to spend more time at home, but he also says he has nothing left in the tank after eight years, and a good leader knows when it is time to go, and it is time to go. but he has a long history of success, john key. he was the former head of global exchange for merrill lynch. along with bill english, he has made new zealand's economy one of the fastest in the world and saw the country through the financial crisis and devastating earthquakes. as you can see, the new zealand dollar sank on the news, everybody caught by surprise. john key going out on his own terms and on top.

>> european populism has been an issue across many countries, many different elections. that right-wing populist movement has suffered a setback with alexander van der bellen set to be austria's next president. he is a green party backed candidate, running as an independent. do you see this as a turning point? that a pro-european candidate can win, and maybe it is not all about right-wing populist movements sweeping over the continent? >> no, in short. i think this is the limit to populism in a core european state. it is very much around memories of the 1930's and 1940's. i think the extreme right wing are going to struggle to get into power, even in places like austria that have a record of skirting with that. >> what about france? >> france is a slightly different story. because marine le pen's agenda

has shifted, actually, towards more social policies like larger consumer tax giveaways and benefit giveaways. i think there is a risk, that because she has moved away from the more flowery rhetoric, if i can put it that way, and copying some of trump's electoral strategies that she could do very well in the second poll. >> the french prime minister, manuel valls, has confirmed he will run for the presidency next year. he will resign as prime minister today in order to prepare for the two-round primary in january. the current presidential front runners are marine le pen and the republican, francois fillon. valls vowed to unite the left. can he? >> unfortunately, probably not. he cannot unite the left because there is a hard left in france. the question is whether he will be the candidate for the socialists. he has a good chance.

in one way, i find it reassuring that at least the sort of leading candidate of the centerleft is a reformer. france seems to be yearning for reform, but the centerleft field seems to be splintered. valls and then the independent, probably the centerleft does not have much of a chance to make it into the final runoff off of the presidential election anyway. mark: german chancellor angela merkel was reelected as the christian democratic union chairwoman with 89.5% support as the delegates. it is the lowest level support she has received in her chancellorship. angela merkel is in germany today at the two-day convention. matt: it is not a great result for her. i mean, to get less than 90% for the first time since she has been a sitting chancellor at a

time when she has absolutely no opponent is a very poor result. on the other hand, she is trying to flank out to the right and try and appease members of her party who are very angry about her decision to let in so many refugees. she definitely rolled back her open-door immigration policy. she also went on record as saying she does not think that muslim women should be allowed to wear a full face veil. she also talked about corporate tax dodgers that germans have long seen as a problem. going to other places to do business. obviously, there was that story about the e.u. telling the irish how to deal with their tax policy. the germans are concerned they are losing a lot of money. and the cdu is concerned about a

balanced budget. they had one for three years in a row. one of their pledges is to keep that as a typical cdu party concern. it is interesting at a time when you have negative interest rates to be that worried about a balanced budget. >> there were protests at the u.k. supreme court as judges heard the government's appeal against a lawsuit which is attempting to force it to pass a new law before officially starting britain's exit from the european union. the government, which lost in the lower court last month, is trying to avoid that to start the process in march. a ruling is expected in january. francine: what are the chances of the supreme court overturning what we heard from the high court? jo: i think the chances are slim that the supreme court will overturn the high court ruling. francine: do we believe them when they say this is a purely legal case, not political? this is a truly legal case. to we believe them? jo: yes, the case will be decided on the legality and the correct procedure to trigger article 50. tom: how is the prime minister going? -- doing? is the honeymoon over? how is she doing going into the new year? jo: in relation to brexit, i

think she has a couple of concerns. until a month ago, the brexit story was entirely hers. she controlled the narrative when she said "brexit means brexit" and she has the power to trigger article 50. a month ago, that changed with the high court decision. i think it is likely to change again when the u.k. supreme court rules, so there is a counter narrative building up. we will see a different vision of how brexit can be achieved. we then have a question of where we end up. where it can't be the status quo. i also do not think the so-called "hard brexit" is possible. there has to be some shifting of ground and some compromise. and we do not know, as of yet, what that compromise will look like. >> south korea's parliament has voted in favor of impeaching president park. what does this exactly mean for the presidency?

>> it means that the president, park geun-hye, will be or has been suspended from duties, and prime minister hwang kyo-ahn takes over as interim leader of the country. park geun-hye has said she respects the voice of the parliament and the people. she apologized for causing national confusion. what happens next is the motion goes to the constitutional court, and six out of nine judges need to approve the motion to go forward. if that happens -- and they have 180 days to do that -- if that happens, presidential elections will be held within 60 days. this whole process, if you take it out to the end, could take as much as eight months, but much think it will be much shorter than that. but if it gets thrown out by the constitutional court, we could see president park geun-hye come back, and we could also see once again a big swelling of public anger towards park geun-hye and really what we see at the heart of the matter which is what they see as the very close ties between big business and government and the anger it has fueled in the country.

♪

him

♪ >> a pretty crazy idea. ♪ was one of the many quick takes you can find on the bloomberg. that does it for bloomberg best

this week. thank you for watching. this is bloomberg. fu.scarlet

♪ announcer: from our studios in new york city, this is "charlie rose." charlie: brian moynihan is here. he is chairman and ceo of bankamerica, the second-largest bank behind chase. second only to j.p. morgan chase. bankamerica has success continues to hinge largely on the fate of the u.s. economy. the incoming trump administration has signaled it will roll back some regulation and pursue a massive program of pro-growth. over the