>> coming up on "bloomberg best," the stories that shaped the week in business around the world. an email trail raises questions for the white house. janet yellen takes questions on capitol hill. date banks answer investor questions -- big banks answer investor questions with earnings reports. >> it is almost an embarrassment being an american citizen traveling around the world and listening to the stupid -- we have to deal with in this country. >> exclusive insight into monetary policy. >> at that low level you would have historically seen more inflation pressures. we are not. >> big names in finance tell us where they see markets moving. >> we want to see interest rates continue to rise.

>> we remain comfortable. >> the valuation between the -- disconnect between the u.s. and europe is actually growing. >> we are in more of a political crisis than americans feel. >> the brightest minds in business drive the conversation in sun valley. >> we should get over the notion of the politics of repeal, and onto the notion of fixing the aca. >> for the industry, there is a lot of energy around making net neutrality work. >> it is all straight ahead on "bloomberg best." nejra: hello and welcome. i am nejra cehic. this is "bloomberg best."

your weekly review of the most important business news, analysis, and interviews. let's start with a look at the top headlines. on monday, the spotlight fell on economic data from china. >> supplies gains holding up in june. signaling demand in the economy there could remain robust in the face of regulatory curbs. steady as she goes. >> it is a positive headline. when you look at that ppi, it suggests factory profits are heading in the right direction. as long as ppi stays positive, that is not a bad thing. servicing debt is such an issue for china. but at the same time, we are a long way from the peak in february when we were 7.8%. we are not seeing any correlation with the ppi story and consumer prices, which remain tepid. overall, it is maybe a one-off restocking of inventories by companies, which is what skewed that number. the overall theme remains ppi is probably headed downwards for the rest of the year.

nejra: russia wanted to aid the trump campaign. it is official. the latest reporting is that donald trump jr. was told in an email that he would receive damaging information about hillary clinton at a meeting with the kremlin connected lawyer from russia. the email says the russian government was trying to help his father's election bid. is it obvious that any kind of crime has been committed here? >> not yet. i am sure everybody, including us in the news bureau, are trying to figure out what the legal definition of collusion is. there are election law issues. you're not allowed to take anything of value from a foreign government. regardless, it is not good for mr. trump's son. >> i spoke with the source close to donald trump jr. who said they wanted to get this information out as quickly as possible, all in one swipe so to speak. they feel they did not do anything legally wrong. the attorney statement suggests

as much. there is no question that this is bad. politics really could cloud any progress on a host of policy issues republicans want to move forward ahead on like health care. >> mitch mcconnell has announced moments ago that the senate will delay the start of the august recess by two weeks. in his statement, he said after the senate finishes its work on health care they can turn to the national defense authorization act, and a series of nominations from president trump that mcconnell said democrats have been obstructing. it is a significant response to the pressure he was feeling from members of his own party, saying we have not gotten nearly enough done to go home to our constituents. >> janet yellen's semiannual testimony before congress, anchor: janet yellen has her able testimony before congress, saying they should continue to

expand over the next few years ramy: she continues to monitor -- few years. she continues to monitor inflation closely. >> want to achieve our 2% inflation target, and it is not a subject of discussion. >> you have a lot of members of the house financial services committee eager to see the multitrillion dollar better -- multitrillion dollar balance , to bee cleaned up investing in some of these other assets. from that standpoint, a lot of good news. the markets don't care. they seem to be incredibly optimistic. >> i think so, too. i think overall there is a tendency and markets -- tendency in markets, there is kind of a fall back there. we probably are more comfortable with higher rates than we ever have been. it is probably more of an evolution. anchor: senate republicans have

released an updated draft of the health care bill. for the most part, we knew what was going to be in here. what are the compromises that weren't in the original? >> there's $70 billion to stabilize the insurance markets. that's in addition to the $112 billion that was already in the original version. also it would keep in place the taxes from the affordable care act. there's also a smith can increase for opioid addiction spending. more broadly speaking, we were talking for weeks about whether or not be majority leader was going to try and peel off some centrists from democrats. no democrats are going to support this. anchor: rand paul has come out against the bill, and senator susan collins has indicated she will not vote for it. the you expected me to be open on the bill, and you expect the vote next week? >> that's an excellent question.

we can't lose any others. we will have to have 50 and wait and see. ♪ anchor: jpmorgan, citigroup, and wells fargo kicking off earnings season for u.s. banks. investors are getting a sense of how wall street fared in the corner with sluggish markets and weak loan growth. >> i think the big thing people focus on his trading. that tendency -- that tends to be were get the biggest surprises. we had lower expectations approximately a month ago. jpmorgan basically coming and about in line with those lowered expectations. citigroup actually coming in better. they're fixed income is much more important for their equities business. >> jamie dimon has come back from a busy trip overseas. he's got something on his mind.

>> we have money the most bureaucratic, confusing, litigious societies on the planet. it is almost an embarrassment being an american citizen around the world and listening to the stupid [beep] we have to deal with in this country. we have to get our act together. >> jamie dimon is consistent in calling for tax reform and how he thinks that can benefit the economy. we have been hearing this from him generally consistently. he is perhaps exceeding expectations with his enthusiasm on the subject and his sort of passionate plea for action to be done. ♪ anchor: still to come as we review the reek -- review the week, the leader of france's central bank offers a view into the policies. plus, conversations from sun valley on u.s. health care reform and other hot topics. up next, more of the week's top business headlines.

another opec nation may be ready to follow saudi arabia and sell shares in its state-owned oil business. >> this comes as many golf own economies and energy companies are reconsidering their strategies in the face of lower oil prices. anchor: this is bloomberg. ♪

♪ anchor: let's continue our global to her -- our global tour of the business stories of the week. ♪ >> late yesterday we learned president donald trump is going to be nominated the senior treasurer official in the george w. bush administration to be the federal reserve chief banking regulator. he would be expected to play a pivotal role in carrying out

president trump's pledge to ease regulatory constraints that we put on banks after the 2008 title crisis. this is a big move -- 2008 financial crisis. this is a big move. what will this do to banks? >> this should mean less regulation for banks, and perhaps a little more profit. the question is, how much can he get done on his own? a lot of dodd-frank is written into the legislation and federally supervises the biggest banks. he have to get big changes through the fed board of governors and working with the comptroller of the currency and the fdic to try and standardized regulations across the industry. but it would probably do things like have the volcker rule lightened up. he doesn't want to see banks broken up, and doesn't like the resolution authority that they have put in place to wind down banks if they are failing. he thinks capital standards are too high. he says that causes banks to raise interest rates to increase profits.

he does think there are some good things about dodd-frank must've is not going to take a meet ask to everything -- a meat axe to everything. one thing would be to light up on stress test regulation. >> i would. these -- apple dobby -- abu dhabi's state-owned oil company -- >> this is hot on the heels of saudi aramco's plan. is thatdifference here adnoc says it does not intend to sell a slice of the entire company. instead it is going to sell some minority stakes in its services business. this is still a big deal for a company that for many years was basically synonymous with the abu dhabi government and ruling elite. it comes as many gulf economies and energy companies are trying to reconsider their strategies in the face of lower oil prices. saudi arabia isn't the only one. neither is abu dhabi.

we have also seen oman saying it is intending to sell some shares in downstream energy assets, and some kuwaiti countries as well. >> ever country -- abercrombie & investorsing hopes of trying to rescue this retailer. >> it has a brand that is tarnished at this point. part of the reason this deal didn't happen is if you take a look at the revenue and the net income of this company, over the past few years it is a pretty stark downturn. the estimates are perhaps even worse on both ends. you come into this and say, all right, well, abercrombie needs a new strategy. that's what part of the idea was here, let's try to talk to american eagle or kick does company private. throughabercrombie went

the process of this and probably found from the buyer perspective that there just wasn't anyone there is a public company. ♪ have told authorities telcos to stop the use of vpns. that is an attempt to plug loopholes in the several great firewall of china -- the so-called great firewall of china. what are they trying to do? >> virtual private networks are a form of technology that peoples, businesses, universities used to tunnel through the great firewall and access sites that are blocked outside china, from "the new york times," google, facebook, instagram. in the past government has taken a rather ad hoc approach to targeting individual vpns for shutdown. the new move which is supposed next into effect by

february with a much more copperheads of an aggressive approach by asking china's major stated -- major state-owned next telecoms to block traffic that appears to be vpns. virtually everyone in china gets onto the internet through one of these telecoms. ♪ anchor: saudi arabia says the anti-terror pact signed between qatar and the u.s. is not enough to end the diplomatic isolation. they say qatar is violating the 2013 riyadh agreement which was kept secret until it was leaked to the media on tuesday. the handwritten document barred qatar and other gulf nations from supporting opposition and terror groups. they say accusations that it is violating the agreement are false. idea from the united states is there going to go to kuwait, get some ideas. they signed a deal and this memorandum of understanding around terrorism financing would possibly unlocks doors when they go sit down with the saudi led block later on. as you go into thursday now, the

response we got speaks to a picture that is insufficient from the qatari side, underscoring that more needs to be done and thrown the prospect of an immediate resolution for the moment into cold water. ♪ >> we are continuing to see spending power of the u.k. unemploymentte falling to a four-year low. well behind the rate of inflation last month, inflation up 2.9% year on year. these figures underscore the dilemma that split the bank of england other whether or not -- over whether or not to raise interest rates. they said are not ready to vote for higher rates even though they see the pressure building up to do so. he's is there is reason to see

the committee moving in the direction, but lots of in ponder of things making the decision at the tricky at the moment. >> to my mind, ben broadbent is right. banking to before looking. is rise in inflation actually squeezing real wages, slowing the economy down. that means as long as wage inflation doesn't pick up, the bank of england will be hitting the target going forward. >> i think the bank of england recognizes domestic inflation remains relatively high, that global inflation is not within its control. it is fiscal policy and encouraging investment that now needs to be the real focus. ♪ amazon isn't revealing exact figures, but analysts at jpmorgan estimate that their 30 hour sale generated about $1 billion in revenue. >> is the biggest day in sales

they've ever had. they did about $1 billion in revenue in about -- and about $2.5 million in gross revenue, which is a pretty fast growth for them for the small businesses selling on friday. -- on prime day. the added most numbers in a single day in the history of a company. for us, prime is the biggest driver of their retail business growth over the long-term. ♪ >> the market reacted positively to this news. is that because they now don't expect him to run in 2018? >> yes, exactly.

that's a very good point. we are talking about someone with a very strong political influence in brazil. mightdication that lula not be able to run for president next year is a good indication for the markets because lula is not someone that is against all of the reforms that are being and limited now in brazil, including the pension system reform that was voted this week. the markets have given a clear message here. -- any bad news for lula is good news for investors. so-called repeal bill is aimed at transferring eu laws onto the british statute look with the brexit takes place in march 2019. the draft would handy government two years to alter u.k. law three fast-track process. -- through a fast-track process.

it could turn into a vote of confidence on the government. allgot remember, they actively what brexit in their manifestoes, but they want different forms of brexit. certainly for jeremy corbyn, the you can draw torilla member -- you can draw tory members over to push legislation through. ♪

♪ anchor: welcome back to "bloomberg west -- bloomberg

best." when and how will the ecb changes stimulus settings? theuncil discussed direction of european monetary policy in an exclusive interview with bloomberg television. he speaks -- >> our target is midterm inflation self sustained to one or 2%. what we have to do and what we started to do is to adapt the intensity of this monetary policy to the progress towards andinflation target economic recovery in europe. if you are what we did last from 80 towe reduced

agowe announced one month that we wouldn't reduce further interest rates. in the future -- and this will be our decision next fall -- we will go on adapting the intensity of this accommodative monetary policy. reporter: do you think that it should move quicker with mark -- quicker? do you think the markets are expecting it to move more quickly? guest: i think we have been extremely clear about the project ability of a -- the predictability of our monetary strategy. last december we announced our monetary policy for the year. we will see what happens after that. we will clarify next fall, no impatience please. i say this especially to the financial markets.

being independent from political pressures, but also for such market impatience. reporter: are you also waiting for the political? the governing council is waiting. have greater risks involved for this year? guest: this is an important characteristic of the european situation. if you are never what was said 27 hear ago after brexit, was supposed to be a dangerous -- 2017 the eurozone was supposed to be a dangerous year for the eurozone, which much turmoil. we have seen the opposite. our trade is solid because it is domestic trade. our policies are at risk, but

more at a global level outside the eurozone. brexit negotiation is a real challenge. there are uncertainties about the new american policies. what we have to do, an important state of the g20 summit happening as we speak, is to go on with policy with international rules on financial regulation. these are the best solutions for global growth, and also the best solution against inequalities. ♪ anchor: coming up, we will get a exclusivee fed in an conversation with the dallas federal reserve president. plus, u.s. energy policy makes a green energy advocates see red. investors from around the globe link perspective of the markets. a heavy header says he sees no sign that credit is contracting. guest: when you take a look at

the levels of activity, it really does not show it subsiding anytime soon. anchor: this is bloomberg. ♪ these days families want to be connected 24/7.

that's why at comcast we're continuing to make our services more reliable than ever. like technology that can update itself. an advanced fiber-network infrustructure. new, more reliable equipment for your home. and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most.

♪ we talked to switzerland on reignite -- on reuniting the country. that the outcome maybe people were hopeful of at beginning of the process. have you built in any expectations that we would see some sort of reunification? guest: none at all. it is regrettable. results. to deliver obviously it takes two to tango. we still have to see tangible , which are must worse. anchor: that was the finance

minister of cyprus speaking exclusively with bloomberg. let's revisit more of the week's top interviews, starting with billionaire investor and clean energy advocate tom steyer. he has criticized the trump administration energy policies and its decision to pull out of the paris climate accord, leading to speculation he might be preparing to run for political office. >> the polling says that americans oft that every stripe across the country, including republicans, know that we have to deal with climate change and are up for it. the second thing you should know is the studies we have done , aether with hank paulson republican, and mike bloomberg, an independent, have shown that if we moved to clean energy, our economy will grow faster, costs will be lower, and americans will be better paid. the whole republican lie that somehow moving to clean energy is bad for our economy is just

that. they have no justification for it. they asserted repeatedly. it just doesn't ring -- it just doesn't happen to be true. reporter: you are clearly very frustrated with this administration. everything i have read about you continue to be an environmental activist, but clearly you feel very passionately not just about the environment. clearly something far bigger about washington and what is going on there. is it time to run yourself for governor of california? guest: let me say this. i think we are a much more of a political crisis that americans feel at the moment. we don't feel it's because the economy is pretty good. but if you look at what is happening in the political theater, and my mind, we are seeing true crisis. we need to be at the grassroots. hard torying really change the way americans see issues. we feel as if between going door

to door, enabling americans to learn the facts, to talk to each other, that's the way we can progress. i think everybody would say that we are in the later innings of this. having said that, when you take a look at our backlogs and the levels of activity, it really does not show it subsiding anytime soon. reporter: really? guest: it really doesn't. reporter: you don't see a trend in the credit cycle? guest: it doesn't seem so. reporter: how is this possible? guest: you've got to remember, we had a rather severe correction in 2009. if you look back through history, it does take a longer. bank -- a longer.

period tor recover. it feels like it is getting very late. having said that, if you actually look at the data and client behavior, it really does not look like that. reporter: if something is going to bruce's they -- to precipitate a credit contraction, what would it be? guest: was likely a geopolitical shock of some kind. reporter: when that comes, would you expect to see it first in the terms being extended in private credit commitments, or a show in public bond spreads? guest: public bond spreads. public markets react very quickly. the private markets react in a more measured fashion historically. ♪ treasury yields just backed up by 25 basis points in the space of about 10 days. would you look at that and say it is a healthy repricing, or does it represent something of? -- something else? guest: i'm not sure which of

those two options i would pick at this point. it is interesting to see what happened. insurancerom an company investing perspective is we want to see interest rates continue to rise. our in-house forecast has been end of7510 year by the the year -- a 275 10 year by the end of the year. to look at what has happened the last few weeks and say, maybe it can get there. a couple of things perhaps have been driving it. there are a number of factors cited by experts and the like. to be there are two things that stand out. frankly, i will call it coordinated, but there are a lot of central-bank narratives around that time about rising rates, the prospect of rising rates, and starting to remove accommodation from the markets. that really got the market going. at the same time we continue to see reasonably strong growth statistics, particularly in europe.

i mention europe because you talked about u.s. rates, but that is important because for the last five or six years, we have been talking about global capital flows. if we see growth and rates increasing in europe, we might see capital flow starting to move a little. ♪ we are cautiously optimistic in terms of the economic growth outlook globally, so looking for decent growth in the u.s. and europe and china and elsewhere. what makes us a little more cautious there is valuations, the likelihood that global liquidity may tighten a little bit, and also the inevitable political risk around the world. reporter: one of your areas has been nonbanking financial services. how will you go on with that? will you do -- will you reduce your exposure to chinese banks? guest: we remain comfortable with our holdings of the china banks. we look at china more generally, china has the room, but in terms

of the time and policy to space, to bring about the rebalancing of its economy over time. that we think will allow a move to perhaps a slightly slower but savor growth in the medium-term. in terms of our location within china, we remain covetable with our bank holdings, but also changed the focus towards some of the more innovative areas in china. when you look at the shift in

+++ area, and that, i think, offers opportunities for us. anchor: how is starting a new position in europe today than it was in 2016 -- different today than it was in 2016? guest: there's a lot more stability in terms of the growth profile of both. obviously growth was anemic in those countries. today we are seeing some inflation take off and growth to got, and the valuation disconnect between the u.s. and europe is actually growing. we see that as opportunity, and we continue to find europe a strong alternative. anchor: is it easier to find under followed, unloved companies in the early stages of a rotation like in europe, or when we are nearing the peak like in the u.s.? guest: the key with europe and to some degree the u.s. as you are seeing a lot of these companies, especially these small companies, under followed, underresearched, banks pulling away. that creates a great opportunity because in today's market, everything is being traded on momentum algorithms and money flows. with that you're getting the undervalued value stocks getting pushed ever lower, momentum stocks pushed ever higher. we see an opportunity in the

value of opportunities. when we look at a lot of these companies, we see there is a strategic initiative that needs to take place in order to get the value out of those companies. it is much more difficult to do real governance changes, management changes, longer time frames. i look at it as you have to the situation. there's also a lot of equity value you can acquire. ♪ anchor: on the heels of janet yellen's testimony to the house financial services committee, dallas federal reserve president robert kaplan spoke with bloombergs tom keene and another exclusive conversation. --st: that for roy for sent that 4.4% unemployment and the unemployed plus discouraged workers as people working part-time for economic reasons is still not far away from the pre-recession low at 8.6%.

at that low level of unemployment, you make stories we have seen more -- you would historically have seen more inflation pressures. we have not so far. march was weak, april and may were a little stronger. i believe some of this is transitory, meaning there is some one-time factors in the march numbers. i think some of it is not transitory. technology enabled disruption. the fact that workers are being replaced by technology, shoppers can use technology and have much thinkricing power, i businesses have far less pricing power right now than any time in my lifetime. because of that phenomenon, as well as to some extent globalization, and that goods and services are being competed for to some extent globally, i think we need to accept that some of this beauty deflation is the fact that some of this muted -- some of this muted inflation is that we are

in a different situation than 5, 10, 15 years ago. reporter: you say we are going to see wage growth. when are we going to see if? guest: in my conversations with business leaders throughout the ,1th district and the country and in our surveys, we are already seeing wage pressure for skilled workers. we are now starting to see more wage pressure for unskilled workers. companies i talked to talk about the term "churn." --killed workers are leading are leaving for higher wages, and they realize they have to pay more to keep those workers. i think with a lag, you are going to start to see more wage pressure in the months ahead. ♪

anchor: you're watching

"bloomberg best." titans of media and tech gathered in sun valley, idaho for the annual conference. traditionally it is a meeting place for power players to lay the groundwork for megadeals. this year, politics and policy were among the main topics of discussion. we got up with a few of the big-name attendees. here we are with a bill called the aca that could fall apart. our view is, we've got to fix it. there are a whole host of changes recommended already by the other side of the aisle or in a bipartisan way. there are bills introduced. i think those are important things we have considered -- we should consider. should get over the politics of repeal and get on to fixing the aca and getting to other agenda items that are more important for growth than this bill. reporter: how engaged with this process do you want to be? i get press releases from the white house.

is the quality of conversation like between you and the administration, between you and congress, about what needs to change? guest: we are very engaged. we have a lot of proposal on the table about how to make it better. there are pieces of what we introduced today that are important for us to reconsider. we do need to continue medicaid expansion. in medicaidpect expansion that by 2024 we ought to see costs go down. this happened with medicare advantage. feere at 100% of medicare per service. i think the way we are talking about it is politically oriented. instead of saying by 2024, if we , ifn't had enough momentum we haven't invested properly and

costs don't go down, we have made a big mistake. i think we have to hold everybody accountable, including the insurance companies and to say, wherery, he going to do to make medicaid costs go down? reporter: an additional $70 billion to stabilize these exchanges. what would it take to get you back yet? is that a positive step? guest: i think it is. i think this reinsurance model, continuing cost reductions, flattening out the curve on the poverty level so they don't drop off receptively, which -- drop off precipitously. if we can get that underway, we can stabilize. ♪ see the sameyou problems with the health care system the president does? he talks about it being a crisis or failing. is that resonate -- is that rhetoric measured? doesn't reflect the way that insurance looks to you?

guest: the exchange program in the marketplace was very successful. we just added 3, 4 new states. we went from 500,000 lives to over one million lives, and we want to increase that in 2018. we find it to be a very successful program. reporter: what is it about the way you approach health insurance that makes it a success for your company? power you doing things differently than other major insurers? guest: we are looking at the population structure. the solicitation is right so they can -- the subsidization is right so they can afford it. they are learning how to use insurance. those who are moved off medicaid are able to move into to the exchange and continue with the same network. it has been very successful. reporter: us talk about about policy and the policy deficits you see them -- deficits as you see them.

if you were to list the top two or three things you think need to change in health care policy, what would they be? guest: we are dealing with the .ost vulnerable population there are some that are very dependent on this. what we recommend to get the expansion down to 100% of the federal poverty level. by putting in place the exchange with subsidies of 300, 300 50%. i think in some chant -- 350%. i think in some chances they will move in that direction ♪ reporter: we have the senate debating the republican plan to repeal and replace the affordable care act. how optimistic are you that that piece of legislation is going to make it through the senate? guest: we will see. i am optimistic, but not blind. i realize the political pressure on a lot of republican senators to switch on something that i inherently think is a terrible

idea. on 20l back insurance million people to provide tax cut to the richest 1.2% of americans, most of whom don't want or need the tax cut. they are not asking for it. is a political promise and a political transaction that -- theis going to leave harvard study came out of that there will be 700,000 people that would die as a result of this. you look at the suffering that -- several hundred thousand people that would die as a result of this. are republican governors working with democratic governors to say, maybe we could be bipartisan and figure it out. we know it's got to be improved. ♪ reporter: let me ask you about cybersecurity. we watched last week -- last month as the vpp was a victim. what happened? guest: it was a piece of

software, tax filing software in the ukraine. we have a number of subsidiaries in the ukraine. it infiltrated into our system. ?ould we have stopped it no. alsober of other companies were faced. that has caused a lot of other issues for us, but we are sorting our way through it. and affected to half or 60% of the company. of the wayt 2/3 there to getting our arms of around all the problems. i think it is very difficult to be 100% certain.

is rather like the consumer brand safety issue. you can't be 100% certain. this area is becoming more and more sophisticated. the hackers are becoming more and more sophisticated. there are more simple things you can do, that you have to do, that i think we have done. there are other things we will have to do in the future and invest more. ♪ reporter: there's a lot of focus on net mutuality today. we have seen a lot of regulatory --nge net neutrality today net neutrality today. we have seen a lot of regulatory change. guest: there's a lot of energy around making net neutrality work overall. verizon has put out a really clear statement that basically says, verizon supports net neutrality. thats been penciled in congress should pass real laws around it and cemented -- and

cement it. action has been organized. i think all those things are really positive. the u.s. government and companies involved in consumers involved have a real chance to really cement a net neutrality situation that people like. i think it will go from something that was sort of crafted quickly years ago into something that will hopefully give the country and our industry a big advantage if it is done correctly. i feel good about our stance on it and all of our brands have their own stances on it which i everyone is leaning toward net neutrality. that is the good news. is up to congress and the government to make sure it gets congress-- it is up to and the government to make sure it gets cemented. ♪

♪ anchor: the bloomberg has a

of this the bottom screen, these are all the inputs into the bloomberg taylor rule model you have to fill in. how do you know which is the right one? these are all different taylor rule models. you look at a different one here and see the blue line, how the interest rate would go up if you use that model. if you use the aggressive taylor rule model, a goes of the more -- goes up even more. anchor: there are about 30,000 functions on the bloomberg, and we always enjoy show you our favorite. baby will become your favorite. there's enough -- maybe they will become your favorite. here's one you may find useful. quicgo will take you to our quick takes to get timely topics. here's one of our quick takes. anchor: chinese president xi jinping as a dream, or a pet project. he wants to reside that he wants to revive china's ancient silk

road. the silk road project is supposed to boost his element and deepen economic ties across central asia, but critics see it as a way for china to spread its influence further west. here's the situation. the original silk road began of a trade route that stretched from central china as far as europe. in its heyday, silk, spices, and porcelain were transported to the west. today they want to use steel and other materials from china's overproducing factories to improve infrastructure along the route, including the moment of ports in malaysia and tanzania, and high-rise in pakistan and to take a stand -- and she can stand -- and tajikistan. more than 30 countries signed formal agreements to china, and 20 more correct operating on plants such as railways and read nuclear power.

partner nations are weighing benefits against the increasingly dominant superpower's demands. thailandr a project in fell through because according to thailand, the restraints hed, with china demanding property rights. china says the silk road initiative is a way to boost -- boostrelations industrialization and the global economic growth. there are risks, like funds not going where they are supposed to in a region beset by corruption, mentsongshot develop turning into white elephants. there is also concern about china's increasingly present military, especially in asian waters. anchor: that was just one of the many quick takes you can finally bloomberg. you can also find them -- you can find on the bloomberg. you can also find them on bloomberg.com 24 hours a day.

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

president xi jinping calls for -- >> the jp morgan trading revenue drop to a new record. >> investors supporting restructuring ahead this week. areackers