♪ >> coming up on bloomberg best, the stories that shaped the week in business around the world. another change rocks the trump west wing. apple stores are seeing bright times ahead, the barrels of oil thebaetes role -- keeps rates low, and a stronger job report. 22,000,breaks through so, where are stocks going from here? >> dow 30,000 is going to happen. next the time to sound the warning is when everybody is making a lot of money. >> it is a peak week for

earnings season. >> we are comfortable that there is a profit earning stream that is going very well. >> we have the momentum, it is working. >> and also, how to fix its sick problem. >> there are several reasons in retrospect that we can look at and say g, we may have messed up . >> all of that ahead on bloomberg best. ♪ >> hello and welcome, i'm alix steel and this is bloomberg best. your weekly review of the most important business news, analysis and interviews from bloomberg television around the world. the week again with the thelight, once again on white house. a high-level shakeup in the trump administration. >> anthony scaramucci has been

removed from his job as white house communications director just 10 days after he joined the team. fromdent trump removed him his post on the recommendation of his new chief of staff, john kelly. >> it is certainly high drama, that on general john kelly's first day on the job as chief of staff, he seems to have decided that a little bit of drama on the front and, will save him a lot of drama on the back and. a pretty swift and decisive decision prompting the did dust the exit of mr. scaramouche e -- mr. anthony scaramucci after an incredibly short and to marchers time on the job. >> i think that anthony scaramucci, the supernova over the past week has been a huge distraction on capitol hill. i remember when the drama was going down, on the health care bill, senators were reading it -- reading his comments in the new yorker and shaking their heads. >> if john kelly comes in and

actually has the authority to run the white house, that would be a change that i think would be welcomed, frankly by both parties on capitol hill. apple reporting third-quarter results a moment ago let's call one dollars 67. the consensus estimate was 1.57. fourth-quarter revenue estimate areers, but the estimates coming in as $49 billion to $52 billion. the estimates are 49.1 billion: and this gives us a flavor of what they are expecting in times of -- in terms of sales. >> i just got off the phone with apple ceo tom -- tim cook, and everybody wants to know, why the guidance of $49.52 billion is important to read it is above consensus. he would not talk about future products of course, but when it

comes to the guidance, he said that we are happy with it. they hope to set an all-time quarterly record to read he told me that over the last few months, this is a milestone that we had projected. not this soon, but we are thrilled, that we have achieved that. we could not be happier. >> let's talk about china. i asked him, are the winds changing in china, are you starting to see a turnaround? he told me, the results are very encouraging in china, we thought we would improve him, but we improved a bit more. they had a record june quarter in china, ipads is nas is really strong. best are flatre's in mainland china, but ultimately, he said that they feel really good. ♪ >> president trump has signed a russia shanks than -- sanctions bill into law. he says that he has many , therns about him, writing

bill remains flawed because it encroaches on the executive branch's authority to negotiate. congress could not even negotiate a health care bill after seven years of talking. by limiting us, this bill makes it harder for the united is to make a good deal for the american people. >> really, his complaints are that it is encroaching on executive authority, and the second is that everyone from afghanistan, to that germany and the eu, could be impacted by this downstream of the application of the sanctions. and that the u.s., as a result could be impacted in its ability to work with allies, and to work in a multilateral fashion with allies. the president is making this alsoent, and germany has spoken up. in the longer term, the president is doing two things. he is trying to give a pass to congress to rescinded, and

revert to a version of the sanctions legislation that gives them a little more wiggle room on waivers. he is also trying to send a signal to u.s. allies that russia is in fact -- in russia, that this was not his idea. and that he is cap with it. >> a record low of 0.25%. the vote was 6-2. the program remains unchanged, 435 alien pounds sterling. -- 435 billion pounds sterling. forecast, cut to their growth forecast and their wage forecast aggressively as well. >> uncertainty about the eventual shape of the uk's economic relationship with the eu, weighs on the decisions of business in the households and route down both demand and supply. forecastcut the growth and the wage growth forecast, which was perhaps a bit more surprising out there too. elsewhere, you had more carney

saying that they have the new material evidence really, from households and businesses. if they were expecting anything but a smooth brexit. then, of course, you would assume that you were expecting these cuts to the forecast, that that would dedicate perhaps a policy,ferent stance on but instead, we could see more tightening than what the current is best the market is currently pricing in. >> independent counsel robert mueller has convened a grand jury in washington in the investigation between in hisions -- investigation on the connections between the trump campaign and russia. >> it is looking at president trump's businesses, the businesses of his son-in-law jared kushner as well as his campaign manager paul manafort. it is a sign that this investigation will continue, and there is going to be a cloud over the trump administration for several months to come.

>> this is a big deal, obviously, you are crowding out some really important policy decisions. the question will be, will there be any leaks from this? what will we hear about it going forward? how does this -- the how does he respond to all of this? >> the job report as follows, job numbers, 200-9000. 180,000 was the estimate. the forecast for the unemployment was 4.3%. the previous month of 2.5% is the average hourly earnings. >> a little bit of enthusiasm in which growth, is it a wage growth that is enough to change janet yellen's dialogue into the september meeting? >> maybe not, .3, as opposed to point to, but why oh why, we don't the why did not change. obviously it is a positive, but much.

jobs above $200,000, as you mentioned, is more than was expected at this point in time. rather strong economic report, but i do not think that it moves markets much. >> we would obviously like to see some wage inflation and the system, which would mean that we are putting more income in consumers pockets. >> and then we would lower their tax rates, and on top of that they would have more money to spend, driving more. economic growth that is what we want to see. we want to create jobs, it by getting rid of the regulations that are bogging down industry. we want to reform the tax code so that we can incentivize companies to invest in america. we feel confident that we can get that done between now and the end of the year. >> still ahead, as you review the week on lumber at best, exclusive interviews, the ceo of stop gem, explains how his

company is bracing for brexit. also, italy's banking system, and my conversation with goldman sachs chairman, and ceo, lloyd blankfein. coming up, the top business headlines, july was another slow month for u.s. autos will. >> we do not see double-digit drops very often. >> this is bloomberg. ♪

>> they are getting a full and fair value here, from the discovery mixture of cash and docs. this is a great transaction, i believe, for both companies. >> softbank's ceo is said to be continuing his pursuit of communications, after proposal to merge the cable provider with britt -- with sprint was rebuffed. he is considering a plan to buy it outright. >> he wants to do something with sprint, he failed to turn it around in the years and he is headed, and he fails to invest

in the company, as i said before. here is refusing to put money into the cap backs, and building it out. really, it shows that he is dressing it up for sale, than anything else. his bit plan has been to merge it with t-mobile's usa, but that has not gone anywhere, so the next plan, would be to merge with chartered, but charter rebuffed them. then, the idea would be to use the merger with charter, to then go on and merge with t-mobile usa, but sprint alone does not do much for anybody really. he wants to ban the lit that she needs to bundle it with another company, and that would of been charter. 's official factory gauge, dialing back a notch in july. this is after authorities are curbing financial risks. . >> 51.4 was the number, a

manufacturing number, as used a missing marginally, the estimate as we had in from economist. this is down from the june number which was 51.7. numbers, andthe they suggest that the momentum moving into the second half, is growth, falling to some degree, but not any major red flags at this stage. u.s. has sanctioned venezuela's president, nicolas maduro. the office of foreign assets control within the treasury may the announcement here, and again, he is impersonally sanctioned by the united states. it freezes any of his assets, that are subject to u.s. jurisdiction. prevents u.s. businesses from dealing with him. individualn sanction, and a lot of people had been speculating about the possibility of broader economic

sanctions, it is a sanction of a president of another country and at the same time so far, we have not seen any broader economic sanctions pacific we against than as well as oil sector, which had a lot of people worried about that. with the rising default possibility, for example. -- whether or not people whether or not the u.s. will do anything about oil imports, if oil imports were to be sanctioned, what effect would that have for foreign investors? >> would it be bad, yes. these --an portray this as an attack against the country, so that is why i think the government has replied well with its tensions, because it is showing that it is concerned about the situation, but, attacking and giving maduro even more arguments, would be not rational. . severing ties with qatar,

and reinstating a list of 13 demands its has must he met. this comes after fresh economic data highlights the impact of the boycott of the gulf nation. qatar has been forced to open new and more expensive trade deals, for importing things into the country. it seems that they are going backwards and forwards, but there was no resolution in sight. >> yes, francine, at first glance, the new causes confusion to read you have the original 13 demands on the list, which were boiled down to six, with rod principles. people thought that the mediation was getting traction, and then all of a sudden they threw it out the window and we are back to the 13 demands originally envisioned. that is continuing to take control on the us to take a toll on cutters economy. -- on qatar's economy. the first real queue. >> . >> cue in terms of what is

happening in the last few weeks. a automakers could be facing tougher second half, u.s. auto sales came down a little bit more. japanese automakers like toyota, not -- and miss, all beat estimates. >> the overall demand is good, but these are the worst declines we are seen in about a year for some of these companies, so it was definitely a big surprise. we do not see double-digit drops very often, and for gm to the it on their silverado, and the era, full-size pickups which are money machines, was very surprising. it is a pretty ugly month for the detroit automakers, while everyone else is doing ok. >> bloomberg has learned that wall street regulators will rewrite the volcker rule. it originally set limits on banks from investing with their capital, what did you learn about what they're planning as

part of the volcker rule #>> as i said, they are about to start rewriting what has been one of the major thorns on the side of wall street banks, ever since the enactment of the dodd frank act in 2010. banksole, which bans basically from investing with their own money, and investing in hedge funds, and private equities, this marks. the beginning of financial deregulation movement. that the trump administration has long been promising. to brexit,urn deutsche bank set to be considering a plan that would shift half of its uk's workforce to the european continent. most of the 4000 positions would move to frankfurt and berlin. this seems to be more dramatic than the other banks who are moving employees such as he and jpmorgan, why is that? >> and seems like it will be

half of deutsche bank's workforce, in what is still is, the trading heart of deutsche bank. this is a huge change, apparently, and i think the reason behind that is they have a new strategy in place focusing more on the german home market and the european continent. so it seems like they are using the brexit changes to trigger and implement further strategic adjustments, which is why it is a bigger change for many other banks. >> to you and master are to acquire -- tell yoda and must -- mazda, in a deal that could create 4000 new jobs are said to be getting ready to build a $1.6 billion factory. is the mazda deal, does it create a strategic defense? why are they doing that? makes, i think it strategic sense, we have been seeing over a number of years, a

big industry trend where manufacturers are teaming up and building alliances, especially due to cost and stringent regulations across the globe. it enables them to share more costs, and make a wider range of vehicles. >> and looks -- it looks like an interesting time to invest in factories. why now? >> it is an interesting time, the market had been going down and i think they are just using the opportunity to prepare for a stronger market recovery, when demand starts to pick up again. that way, they will have additional manufacturing capacity in place. ♪

alex : welcome back to

bloomberg best, i'm alex deal. we'll have a roundup of the results later on in the show. exclusiven for an conversation with several bank ceos, including carlo miss ina of texas on paulo, and frederick -- from societe generale. he told us how he is preparing his bank for brexit. strong presence in both countries, and i do not think the adaptation to a brexit scenario, which is still very unclear, is a significant change. what we said is that we are seeing between 300 and 400 tople, might have to move paris, and we have said that we would choose paris for relocating these people. i don't think it is a big expanse, but let us wait for the real scenario, we have time to

decide when and how, so we will see when we have more clarity from the negotiation point of view. putting costs at about $300 per job, is that something that would be similar for your bank? >> we have not really disgusted, as i said, we are still working on the pricing. >> i wanted to talk to you about your bank, when you bought them, there was a lot of speculation about this putting you in a huge advantage compared to your other competitors. do you believe that that is the case? >> the point of the veneto banks, is to avoid systemic risk within the country. the bank was the only one that could remove a toll risk within the country.

when you are told that you can move on and increasing that income or reducing cost of equity, and that is related to systemic risk. banks, wee of veneto were able to reduce the cost of wasty, in italy, and that in my view, an example of .eamwork within a bank the european situation and the government of italy as well. because of course we do need the approval of probably meant to finalize these kind of transactions. >> what are the implications for your bank, it was not a good bad deal, it was a good deal for you,? usit was a deal that allowed to have capital neutral, giving earnings and the point of the deal was, for sure it was a good deal, a deal that can allow

us to change part of the story, growing structuring, revenues, transforming business models, and now we can add the story of reducing cost and restructuring. so, i think that in the end, it ulo a good deal for pa shareholders and the customers of veneto banks and also for europe as well. italyic risk in him -- in could be considered systemic risk in europe as well. >> up next, more of the week's most compelling conversations this professor, presenting a different forecast for equities. and, i talked to lloyd blankfein picturek about big topics. we also got into the details of goldman's trading troubles.

>> the expectations is that we will do better, because historically we have, that we really haven't. >> this is bloomberg. ♪ who knew that phones would start doing everything?

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♪ >> this is bloomberg best, i'm alix steel. the dow keeps hitting new heights, breaking 22,000 for the first time on wednesday. >> but how long will double run continue #we talked to professor jeremy siegel and bill or where -- billionaire investor howard marks. marx, reached caution in a conversation with erik schatzker. >> the time to sound the warning is when everybody is making a lot of money, it makes that -- it means that the market is going up and enthusiasm is incorporated in pricing and behavior. you cannot sound a warning after

the thing has turned over and died, so, i think that we see there are in which lots of uncertainties, prospective returns are low, asset prices are high, and didn't ball are engaging in risky behavior. >> that is the kind of climate in which we should take a hard look at what we're doing, and i think, reduce risk. >> you have wronged the alarm wells before, in 2000, as well as in 2000 five, which as you yourself has acknowledged, was a bit early. >> right. . >> does that needs to reduce risk feel more urgent to you now than it does then #>> in 2000, my comment was not about the stock market, it was about the tech stocks. they really looked offbeat in those days, so it was more urgent than. in 05, it wasn't quite so

urgent, the market had another two years to run, and that it became urgent. so, i would not describe it as urgent today, the economy is still clipping along at a modest pace, and likely to do so. there has not been an economic boom, so i don't think there has to be an economic. last. certainly not any time soon. i am really commenting -- not so much on the fundamentals, but on investor behavior, and asset prices. >> . >> dow, 30,000 will happen whether it happens before the end of this decade, i cannot doubt it, it is not impossible, but i think we are looking at the early 20 20's, for a dow 30,000. is your near-term forecast the you are working from jeremy? >> well, you know, at the

beginning of the year i did say that 10% was possible. this year. we are very close to that. most of that, has been on the back, not of the trap agenda -- the trump agenda, not on good earnings and a lower dow, that has been very important for boosting earnings. i still think that a corporate tax cut is coming this year. i think that that could raise after-tax earnings another 10%. there is a lot of pessimism after the fiasco with the health care, but i actually think that makes the republicans more determined than ever to say, well, let's get something on taxes, and actually corporate taxes, is where i think there will be more agreement. get ahink, that if we corporate tax cut, and i think that 2017 is still possible,

that is another 10% in the market. had the week, i opportunity to sit down with goldman sachs chairman and ceo goldman'skfein, blanck -- goldman's lackluster performance lately has worried investors over the last couple of quarters. i asked him to address those concerns. >> how can something not be wrong with it after the last two quarters? >> well, we did not make as much money, so that was wrong, that first of all, we are diversified , and everyone performed very well, so well that we actually did well as a farm. our return on equity has doubled, six months had double-digit r.o.e., that being said, we did not perform very well. a risk business, that we don't always perform well in.

that being said, some people performing in the same environment are better than us, and we are on the balls of our feet, and we are concerned about it. of doing this, there have been periods, a lot longer than this one, where we outperformed and it has been newsworthy, not because we are in -- we are a chronic underperformer, but a chronic over performer. we know what we have to do and we are doing it. it is an execution matter for us, and guess what, that is what we do. >> so, execution seems to me like it is cyclical. there are people saying that there are structural problem -- problems in the commodity business. what do you think of the view? lot, bute cut back a the fact of the matter is that if we were simply bigger and had more assets, we would have made more money. that is why there was an execution issue, because we

should have -- the expectation is that we would do better, because historically we have, and we really have not. we know that there are several reasons, in retrospect, that we can look back and say we miss -- we may have slipped up. have a terrific client base, which we will never abandon, but we were disproportionately involved in trading clients who trade a lot, such as hedge funds and others things. again, we are an investment banks, and the more corporate banks tend to have more business with corporate and others. that is something we should fix, and we should not have let it get that disproportionate. but we did, and we will fix it. we are in the commodities business also, and mutter these been in a recession, and many's -- not very many banks compared to us are in that is not. commodity firms, oil companies, that his in and a little bit of

a recession, which is a cyclical matter. do i think that oil will always be this price, within three dollars of this price, for a long time #no, i do not think so. but still, we have to scale it to the empire meant that we are in. whether it is profiting with the kinds of things that we trade, whether it is the people that we serve, we should be serving everybody, and not a disproportionately more forecast -- focused space. i cannot say that we are right all the time, because he obviously are not, but i will reputationat a good for resilience, is ours, and it is our good skill set. >> i also discussed the current regulatory climate with lloyd blankfein, president trump has promised major policy changes, but will they fulfill the business community? he told us what he thinks washington can deliver. that peoplething

are talking about, the administration -- there are some things already getting done that you have to say, a bit of a change in sentiment, and attitude. i think that the way rules are implemented, the attitude of the new class of regulators that are again, we-- and operate within the financial services, but we are big mergerse advisors in and acquisitions, so we get involved in every industry. every industry is regulated, and to tell you the truth, more regulated than they ever have been in this day. in some cases, some things which do not need approval, it certainly does not need legislation, and that is the way regulations are in limited. -- implemented. i think we are already witnessing, in some of these

industries, a change in sentiment towards the regulation. >> we heard that the controller of the agency is started stash starting a process on where people like you can comment on which regulations you would like rolled back. can you tell us what your profits would be, what you would like to roll back #>> -- rollbacks? >> you could regulate the amount of capital, you could regulate processes, leverage, and you could regulate activities. do this transaction, you cannot do that kind of transaction. did, wasvolcker rule impose a state of mind test. positions, but they wanted to damp down speculation. but the line between speculation, which as a word, seems very easily that we should market off of, and making facilitating other people's trading, taking the other side of what your client

wants to do, is also a risk take in -- risk-taking principal activity. the line between the two is very blurred. says in effect, if you are taking a position's point of view, in anticipation, or in connection with a specific client operation, that is good, and if you are doing it, away from that specific, it is not good. but if you are a market maker sitting on a desk, it is hard to know where that distinction is. because what really makes a market, is a million people, all at the same time, buying and selling, because the -- somewhat things it is going to go up, and someone else is saying it will go down. and everyone enjoys that process, which is called the market. it is cumbersome, and mix people who were sitting on trading desks very nervous, and i think what it has done is had eight happening effect on liquidity in

the marketplace -- had a damping in -- dampening effect on liquidity in the marketplace. i think that now that it has been in place for a while, and we see how it operates, i think there is a consensus that the ball has to be in re-examined. ♪ the rule has to be re-examined.

>> you're watching bloomberg best, i'm alex deal. it has been a busy evening for corporate reports. hsbc witht headlines, a courageous report for european banks. >> hsbc second-quarter profits beat estimates and the bank said it will spend up. >> to $2 billion buying stocks we are very happy with the first half of 2017's performance, we have revenues heading in the

right direction across all major businesses and regions, good credit control, good cost control. another $2 billion worth of buyback we are announcing today, and over the last 12 to 15 months we will make about point -- but $1.5 billion buyback. a growth shifting to story, with two quarters of great numbers right now. on the advisory side, they are performing very well but on the trading side, the of had a bite quarter. but also, you had the pivoting to asia, where markets are getting higher and own growth is there. they are fewer below the line items, fewer misconduct charges. much bettereally a quarter this time than last year, but they are still not totally out of the woods. numbersave had these from the 60's, another french banking institution posting a net revenue increase of about 20% in the second quarter. one of the few investment banks that had growth in trading

revenue in the second quarter. how you managed to achieve that? a 13% rise in revenues in the second quarter in fixed income, in a market where most of the company had decreased revenues. i think it is an illustration of a change in our business model. al have moved from a tradition house to a much more solution focused house, and we have been able to develop our relationship with our clients all over the world, from the asian client base, to the u.s.. it has been very successful, and this is another registration of that success. >> the litigation issues have weighed on shares, the third-largest bank saw a 20% drop in profit, with $350 billion a -- $350 million of provisions.

also, since 2014, when it struggled to make money from new clients. >> definitely a very interesting set of results for commerce bank. nothing positive on revenues, but again the markets showing you that there are still interest in the banking sector. it, nothingat really wrong with the results, a bit lackluster, but momentum is stalling, i think. expectation, is it just dividends? dividendslders want and banks more than they ever have? >> i think, growth is what it is about. banks will continue to relatively outperform, but all right fors is investors. >> and uncertain future, chief executive ill winters says that the overhaul of the bank is imperative. he talked about the company's

growth prospects, in their second quarter earnings report yesterday. probability, 50, about 50 or below 50? >> we said really that there would be two things important for us, one is that we are comfortable that there is a profit stream and an earning stream, and that is going very well, we announced nearly double profits. the second one was making sure that there is enough capital for other banks have been playing -- paying their dividends. asset choice, is a little different. we stopped paying the dividends a while ago, and the decision to recommence, is one that we hope to make, and when we do we hope to be able to pay it going forward. their rates,raises bringing it to a stable place in

2017. they beat the second quarter estimates and the sale of all of the vaccines and mx drugs, that had previously been expected to roll over. my question is, how do you keep the momentum going, and bold newer drugs help you do that? >> we are expecting some new things, and we have a new drug antibiotice first made available for epidemic diseases. we have a strong start, 26 million euros, of the bit low of course, but looking forward, we think it could be a very significant driver in drugs -- in a drug buster in our system. >> we will see how bp will open this morning, second-quarter numbers from the company it beat estimates. sharplyysts will be reducing expectations for the company over the last couple of

weeks. they have a lower bar. meanwhile, debt continues to build as the cash flow is -- with payments lynch to the u.s. gulf of mexico oil spill. >> it is a mixed bag, good news. there are generating a bit of payments, the continued to be a drag for the company, and it is starting to show it in the rest of the european oil majors. we had some upbeat statements from shell, and others, but it is harder to get a view on these numbers. most importantly, debt continues to rise. the of added $10 billion of net debt in the last 12 months. it does leave them vulnerable to another slump in oil prices. tinto reaping the benefits of a rally, and its investors will get bigger words. the world's second-largest mining company is beginning a billion dollar share buyback

this year. the company reported earnings of more than double from a year ago. >> a very strong set of returns of cash3 billion returns and $2 billion of dividends. it means that inch practical terms, it is one of the largest dividend returns in the history of rio tinto. we did pretty well, and where we are today, we have the momentum, and we have value over volume. the entire company is focused on continuing to develop the cash returns for investors, day in and they out. in latees are swinging trading, after reporting second-quarter earnings. the electric carmaker for, tesla, was a little bit less than analysts had expected. revenue was also a little bit

less than expected. the big question now, is how much cash the ceo, elon musk am a burned through, shortly before unveiling its most affordable car yet. is going toree, start at $35,000, and has racked up more than 500,000 reservations. what are the highlights? they spenthe board, less, they said they would spend a lot, but they spent last that investors feared. model three reservations are full the roof, through the roof, and it looks like the spirit of cannibalization, is not as areas as others have been can earned about. shareholder said the the of actually seen an increase in reservations since the model three was revealed. >> also out with earnings, square. its quarterly results topped earnings estimates, thanks to what platform on increasing sales of its business services. they beat extremely high

expectations, on the bottom line, and the bottom line -- the top line and the bottom one. they continue to contribute to their platform. they added more sellers as well. the other sellers have more money to buy into the software services, ranging from food-delivery to instant deposits. >> we have a business that is reaching more of our small businesses, and more of our independent contractors. , recently, weat are not really competing with financial institutions, and banks and traditional lenders. in our average loan size, is $600. we are competing with people going to their friends and families and going for a loan. that is a massive market. ♪

>> i thought the ccrb screen up for contrast. we have a slight dip now from the first month to the second column -- the second column, and if we go five years backwards, and compare the charts, this is the current growth here. we are down, down, down. >> this is a great function, srxk looking at venezuela.

a miss payment over the next few years has risen to 64%. the government $3 billion of bonds are due in 2022. this is the sd ag function, and i will click over here, a new function that we have been using. i will set the. -- i will set the period to 20 years, showing us the degree which it moves in any given man over the past 20 years. >> there are about 3000 functions on the bloomberg and we always enjoy showing you our favorites. maybe they will become your favorite. here is another function that we go, which willic give you important context and insight into timely topics. here is a quick take. ♪

greg that was just one of the many quick takes that you can find on bloomberg. you can also find them on bloomberg.com along with all of the latest business news, and analysis number 24 hours a day. that will be all for bloomberg best this week read into so much for watching, i'm alix steel. this is bloomberg. ♪

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