jonathan: welcome to "bloomberg businessweek." we are focusing on the technological advancements that are much closer than you think. we're talking about virtual assistants and brain controlled exoskeletons that in a year might be as commonplace as your smart phone. that's all right here ahead on "bloomberg businessweek." ♪ jonathan: we hear with editor in chief megan murphy to talk about

the special theme, sooner than you think. megan: sooner than you think has been a core where think you may not even be thinking about now but are actually coming up much closer and much faster and you expect. a lot of times we talk about , but we want to talk about the lesser-known trends. we talk about china and live streaming, how you go about with urban -- the challenges facing the urban centers, mapping where tech is really exhilarating. you are not here in as much about them. taking them to the next level into spaces where we know it is happening. jonathan: reading through the content this week i feel it goes possibly going back and forth between this is exciting and this is absolutely terrifying. megan: one of the covers will be look at a.i., i have a two and a

half-year-old so i see a baby younger than that. an artificial baby mapping the human brain and learning emotion and responsibility that is developing is a little frightening. they should give us hope in terms of only look at the profound social- political disruption. it is the story of optimism and hope in truth that communities are banding together and galvanizing with the tech community and other traditional sectors of the economy to push new innovative solutions. jonathan: let's talk about one of the more positive thematic ones, the combination between technology and society. that is what is happening in china as young people and all kinds of people are streaming more and live streaming more. they are doing so in the face of opposition. megan: this is a phenomenon we see worldwide, but in china takes on a special dimension. the government controls the

internet to such an extreme. what has sprouted up are these live streaming people who bring people into their bedrooms, bring people into their dorms, into their lives the film everyday communities and everyday interactions. at a very baselevel you have gay men and women showing people what it's like to live the lifestyle, something you don't read or see much in china. you also have brands using this phenomenon. how can we get the more exclusive and more authentic experiences by focusing on a group of influential livestream ers and see we can gain share in china? it's a fascinating experience we are seeing play out. it is also big business. credit suisse estimates it will be worth $5 billion. compare that to other parts of the economy, it's a big chunk of is happening in the tech sector. jonathan: there is obviously a big push towards streaming and blogs online.

a lot of times i find myself being cynical about it. how many makeup tutorials can you have or prints can you do and put it online? in china, you guys detail for these people a lot of times they are offering escape. there are so many different parts of the community that are marginalized in china. megan: that is an issue people have not figured out. as they look to monetize this, they will try to figure it out. you can't get anywhere else but it hinges on authenticity. will the government try to crack down on this further just because it is introducing more marginalized groups that they don't really talk about into a wider audience? or will it be that as a community gets broader and more diverse and more saturated that some of the authenticity will be stripped away? that's the most fascinating part of this. only over will be understand this profound shank -- change

this is introduced into society creek and feel just as connected to someone in a dorm room they needed to someone sitting across the table. jonathan: a great story you mentioned, the soul machine. it is such a bizarre concept. what a cool look at interesting technology. what struck you as being the most interesting thing about this story? it is how fast happening in mapping human emotion and development. it is not just about getting someone to do the right thing or the wrong thing. it is also about grafting in natural responses, humanistic responses. that will be the key to a.i. and transformative as it moves forward. jonathan: we have details from the editor. vance wantter ashlee to check out the lap of soul machines, the brainchild of a former university of auckland researcher. for quite a time, a star in

hollywood. he was the head of cgi developments for the characters kong."tar" and "king jonathan: they really pushed how faces are shown in movies. were for decades they trying to figure out how to make virtual faces look as human as they possibly can. it has gotten a few degree closer with soul machine, which has pushed its way and artificial intelligence to make the creatures behind these faces think as humanly as possible. machines is a scary title. it is basically his way of sort of communicating very much so that you can re-create the human experience and human emotion through systems of algorithms and basically inputs that can affect how we react to things.

what is his technology he is using? jeff: it is not the most intuitive way to humanize a.i., which is a big part of his project. he has constructed a virtual chat bot that looks more human than most. that is the near-term plan for the company, to sell them. they are contracting the 10 companies, including airlines to put these virtual chat bots on company websites to make her interactions with people in the customer service feel better than straight text. jonathan: we think about artificial intelligence and the weight is overlaid on big data or artificial intelligence in terms of robots. it seems like we have expanded the reference point for artificial intelligence, what it actually refers to. for him it seems like he's concentrating on the human face

and how important that is in terms of communicating and making artificial intelligence seem real. jeff: they focus a lot on the micro-expressions, facial musculature, things that conventional avatars don't manage to nail. up and out of the uncanny valley to a place where if you have seen the photos or videos attached to the story, the baby he is teaching how to think as much like a human as physically possible at this point. it looks almost as real as you or i. jonathan: we are looking at basically a baby's face. it looks like it could be anyone's kid. the eyes are very real. it has blessed cheeks -- blushed cheeks. tell us about his first project. it seems like the interactive baby is the brainchild of him right now. baby x, sort of the

principal a.i. creation is based initially on photos from 18 months of his own daughter. from then he managed to get to the point where when a reporter took a look at his lab about a year ago, the baby was still a or was alreadyd amazingly lifelike and could follow your eye line and learn to recognize words and shapes and objects based on you holding a book up to the computer screen . it was already astonishingly emotionally reactive in terms of "gooding to you saying job, he got the apple write." -- right." >> we have done traditionally with the past issuesm we try to

find one image. in this case we had three images would really like. we just ran with it. jonathan: how did you figure out -- if you just go in figure -- pick up bloomberg businessweek off the shelf -- >> the first one is about artificial intelligence. it's a very creepy, realistic digital baby he has been working on. we took a picture of him interacting with the baby on screen. that wants this guy to be a pioneer of deep-sea tourism . he is popping his head out of the submarine. jonathan: it has this buzz lightyear. thing going on >> and vertical farms. it is a woman in a big vertical farm facility, picking vegetables or whatever. jonathan: kind of the soil and en vibe. soylent gre

i think this will not resonate the most clearly with people. from a accretive and photography perspective, it is hard to tell it is not even real. >> on the inside we have close-ups of the baby. you really have to do a double take to realize it is actually a computer. jonathan:, booking your trip for the titanic. and growing whole foods produce at walmart prices. "bloomberg businessweek. this i -- this is "bloomberg businessweek."

♪ welcome back to jonathan: "bloomberg businessweek." you can catch us online at bloomberg.com. and the sooner than you think section, how to book a trip for the bottom of the ocean.

profile. about josh's josh: this is a seattle area entre nous are -- entrepreneur who founded a company called ocean gate. he always wanted to be a an astronaut, and realizes editions to go find the world and see crazy potential life forms just was not a reality. that is not what astronauts are doing. maybe is what will happen, but he started looking at the oceans and realized there is this vast unexplored universe on our planet that we know very little about. below scuba diving depth, we have submarines for military use. there are a few instrumental submarines -- experimental submarines. jonathan: it seems like such a limited number of these devices that provide us with a wealth of knowledge. four there are literally submarines i can go to the average depth of the ocean.

exploration, there is not a lot of funding for it. i don't know why. space seems more compelling. has always per trade space as this romantic thing, and the ocean is this scary thing. it is a dangerous, formidable place. crushing pressures and claustrophobia. a lot of things people just don't feel comfortable getting inside of and going underwater. jonathan: who is this guy? why is he the one to lead the exploration into the deep? why do we trust this guy?/ josh: he would say it's because no one else is. nobody was doing it. each of those subs are run by a government for national purposes. there are a few subs, one-off building engineers. jonathan: a lot of them are very old. josh: you are starting to see a little bubbling up but he was

like, i will have to build my own. there is a need for research and oil platform repair. he has a whole list of things he can tell you he will be able to do want to build his sub, but tourism is a gateway drug. jonathan: looking at the business aspect, he came into some money. he grew up comfortably. he also worked. he was also driven by this and refurbished some old subs. the bottom line is he has some money to spend. he is able to put the capital and with some assistance, but largely he is finding it himself. from this he is saying i'm willing to do this because i see a market that just right now is not being serviced. that was amazing to me. why does he feel like there is such a demand for people to go deep underwater and pay to do it? josh: the original idea was over the need for scientific institutions and oil companies

that oil companies would be dying for a summary that would help them prepare a platform. they were sort of like, who are you and why would he give you money? he was like, ok, i will build it anyway. then he realized there had been a company that leased two russian submersibles into people to the titanic. he thought nobody wants to go to titanic, but a lot of people want to go to titanic. he started putting the word out. how about if i offer tours of titanic? he sold the thing up for the company was even announced. he says, and the guy who ran the towards back in 2004 told me the problem was never demand. it was supply. the russians have these subs they leased out in and they took them away and there was no way to get there. they thought they could sell thousands of seats. jonathan: vertical farming company plenty just got the

biggest tech investment in history. i talked to selina wang. selena: this is a massive indoor farm. the difference between the traditional idea vertical farming, these horizontal shelves stacked on top of each other, is that with plenty, the plants grow out of vertical poles stacked next to each other. it looks like there are these enormous, 20 foot tall walls of plants stretching as far as the eye can see. the plan is to build these gigantic indoor farms outside of every major metropolitan city around the world. this eeo and his chief science officer, the way they designed the system is a growth to 350 times more yields than a traditional outdoor field, and use 1% of the water. jonathan: we have basically got giant indoor farms, not to be called labs. let's talk about where plenty

exists now. where did you go to visit thei r farming unit and what exactly did you see? selena: i went to their first farming site in south san francisco. it was quite a process to get into the unit. i had to go into the cleaning room, put on a full white onesie suit. i had the gloves on, put my feet and sterile water. the reason get to take such for caution about the way you protect yourself before going into these farms is that each of these gigantic rooms is a perfectly controlled environment. everything in there is made for that plant so it it that the condition. that means the temperature, the oxygen level, the type of light being sent to the plant. everything is timed perfectly. the plan is to take each of these growing rooms and be able to build them in less than 30 days around the world. they are targeting every city

with more than one million 500le, and there are cities that they can run the world. jonathan: let's talk about who is in charge. i was vacillating between saying a farm in a lab. it's a little hard to wrap your head around. the chief executive officer of the company wants you to call it specific. selena: definitely. the chief science officer and ceo have a history rooted in traditional farming. barnardyard -- matt grew up on a farm in wisconsin. this is really about completely radically changing the way we eat our food and where it is grown and how we consume it. he was this to be as normal as a public utility, the idea that food is grown indoors. it is pesticide-free, much more environmentally friendly. he wants to make sure consumers

see this as something normal and that governments are also supportive of this new way of farming. by calling it a lab or a warehouse, he is worried consumers will be really turned off by the idea of eating food that comes from this indoor room where there is no soil or sunlight. that is the main concern. jonathan: colombians yank out the welcome mat, at least for some oil producers. this is "bloomberg businessweek ." ♪

♪ jonathan: welcome back to "bloomberg businessweek." giving kisses on the radio at , a.m. 1330hannel 119 in boston, 99.1 fm in washington, d.c. 3, and inndon on nux

asia on the bloomberg radio plus app. small towns in colombia are exercising their right to block oil and mining products, endangering the country's status of the major petroleum exporter. christine: in this town in july, the community held a referendum to decide whether a toronto listed company would be able to come in and drill exploratory wells to a lot they had acquired. they voted massively against the project. the company is now stuck. there is nothing they can do. to than: by massively, 6000 76. christina: you cannot find any of the no votes. jonathan: what exactly are the details? how is the relationship between a toronto-based driller and a south american, very different

sort of population, how to this population come to be? christina: this country has all its assets in latin america. it is listed in toronto. the ceo is a fluent spanish speaker and operated in the region for a long time. columbia has traditionally been very from the towards foreign investors. that has been a shock. jonathan: i'm trying to figure out the relationship between the locals and the corporations. this is really at the heart of the story. thoughta: nobody ever they had to go into a community and lobby the local people about their projects. the idea was you bought a parcel, you were allowed to explore on it and you would carry on. -- the onlyden exception has been an indigenous territory where the constitution

specifies there is a mechanism for local people to be able to reject projects. code didia, the mining not allow for any popular consultation before. courthe constitutiona; ruled -- constitutional court ruled it is unconstitutional. the mighty code contradicted the constitution, and the constitution -- jonathan: this opens the door to local level. christina: it started with local projects. there is a south african company that poured over $350 million into a mine they are trying to develop. in march, there was a vote in the town and they also nixed the project. jonathan: why the pushback from the locals? because they have constitutional authority and clearance to be able to do this now that there is sort of a shift in the actual legality of the scenario?

or is it, we don't want this in our backyard. we did not expect this in a particular town. christina: there is a bit of nimby. there was a change in the way royalties are apportioned from projects. they tweaked the formula so local towns are getting less money. the reason is because during the commodity boom there was a lot of money flowing to local coffers. the government felt it was squandered in stolen. they said we will spread more evenly across the whole country. more will come to the national government and we will give it back out. people said we are getting less, so what is the incentive for us to vote yes on these projects? was aing community, there lot of concern about what was going to happen to the water. jonathan: how to move an entire town all in the name of business.

and how north korea would use its nukes? this is "bloomberg businessweek ." ♪

jonathan: welcome back. still ahead, sooner than you think, what to do when your entire town is sinking into an iron ore mine? brain controlled computers, and north korea's dangerous insurance policy against regime change. all that ahead on "bloomberg businessweek." ♪ editorn: we're back with in chief make and murphy to talk about more must-read stories. let's go with the remarks section and talk about a big

issue everybody has been thinking about more than they want, north korea and the threat the regime poses. megan: we have seen a dramatic escalation of them continuing to do missile tests and also a frustration at the lack of any coordinated foreign policy response, coordinated diplomatic response, and talk of a military response. which is somewhere no one wants to be. this piece is focused on resetting this and making people realized heart of this, at a huge part of what is driving this aggression in terms of military -- increasing their military program and ballistic missiles, is the desire to save the regime which no one expected to still be standing. kim jong-un is strictly depicted as a madman and not knowing what he is doing. what if the reverse is true? the steps he is taking response to acceleration of the country's nuclear program is what he thinks our best to save himself,

's regime and the ruling elite in north korea. we have to remember this is a country devastatingly poor outside the elite. creased as much as 4% this year, the median income is still below $6,000 per citizen that is facing extreme poverty. there is continued economic sanctions, which is in the primary diplomatic response. they only have so much they can go because so much is already reigned in. they will no longer be able to defend under allies russia and china. this is moving against them. if a look at it through that lens of how protected they are and see this program has potentially the only thing that can really protect them. how much other options or really limited when dealing with that kind of situation. jonathan: it is an insurance policy.

megan: and the only when they have. there is no other military, economic or political response they see them will be as effective to keeping their standing in the world. jonathan: there are certainly going to be wide swaths of people that recoiled at the idea of essentially trusting this survival instinct of somebody who has demonstrated to be very ruthless, someone who is kill people in his own family. how do you think this approach can perhaps assuage some of the concerns or get people to start thinking about this and were constructive way? can you think of kim jong-un has a rational person? megan: is a hugely important point that so much of this discussion, and particularly how the trump administration has thought to characterize him as someone who is not capable of rational behavior and operating as a lone wolf in a region that is very unstable.

however, if we tried to imply a method to the madness, perhaps that will allow us to shift from focusing so much on economic sanctions which are extreme and have been able to clamp down other ambitions, on a military response which is something no one wants to see and talk about what michael discusses, which is acknowledging and accepting them as a nuclear power or an aspiring nuclear power. this summer has been catastrophic in that region. it is something that is the biggest threat if you talk to anyone in washington. when he new thinking on this front. existing thinking is not making progress. this is potentially a way forward if we view the problem in a different way. jonathan: let's go back to the sooner than you think thematic. there is an interesting story in sweden. it's about moving uptown. megan -- moving a town. megan: they have the largest deposits of iron ore.it is the

world 's largest deposit of an unusual deposit. as a dig deeper and deeper to excavate this, they basically have made huge part of the town unstable. mine is thethe town. they are used to being displaced. what this talks about is how the urban planning, the development the has gone in, to move town section by section as well as businesses to new places that will still be stable and a part of sweden where the man who has been the biggest protester is a champion dog's letter -- dog sledder. it is not a business you would think is a huge market, but it's a really fascinating way of how urban planners have thought about what it takes to move an entire town in sweden totally

dependent on this wine. -- mine. jonathan: they are definitely good sports. >> the town, the northernmost city in sweden, the gateway to the swedish wild north. this is mostly unpopulated country. account of 18,000 that exists because of the world's largest underground iron ore mine. that mine is causing the town to sink. if the town wants to live, they have to move. there is no town without the mine. jonathan: the town is there because the iron ore has brought in this small economy for this minersnd now because the are pushing further to get to the resource, it is changing the topography of the land and now they are having to move. josh: exactly it opened in 1890. it was a camping permit to

campn't they grew and -- that grew into a town. mostly it is a mining town. that people have a high standard to live in because of the mine. if they want to stay, they have to move. as it goes deeper, than need for increases, that undercuts another section of the town. they have to move the entire center of the town, including 5000 people in most businesses. jonathan: let's start with who actually is mining. is a government sponsored or private? i assume they are probably involved in the government, federal level. josh: it is a state owned money company called lkeb. the company operates on its own. it is quite a profitable entity. they are responsible by swedish law for taking care -- if a

community is affected in an adverse way, if they want to continue mining they have to address the problem. they call it the deformation zone. that zone keeps growing. every time he grows, anyone who has to move for businesses, they have to pay for the relocation. they are just embarking on a huge and complicated move that'll require -- no one really knows. 10 to 15 years. by 2035 they have to be done or the art of temple sink. -- or the part of town will sink. jonathan: one of the effects of the actual mining process? if you know this thing is there, let's build around it. was therefore here than we thought or we need today deeper than we thought? what was the change that came about? josh: it is the world's largest body of iron ore, that we know

of. is shaped like a piece of toast on an angle starting under a mountain and running below the town. it began as an open pit mine. they exhausted that, deeper underground. i don't think anyone anticipated it would be mining this long. at some point it will become unprofitable and they will stop, but they have not reached that stage yet. everyone knew that some people would have to move. already people have moved the is the original cancer gone. the lake has been dammed. no one realized how long do we continue mining. now that they are profitable at a deep depth already, well, maybe we can go further. we will have to move everybody. we will just deal with the problem we have created. people want this ore and they will mine it. of mind: and the era

control computers may be closer than you realize. this is "bloomberg businessweek ." ♪

♪ jonathan: welcome back to "bloomberg businessweek." you think it is online at week.com.w the business of migrating they keep elon musk up at night may

seem far off, but it's already here. >> in some ways it is closer that we think. is actually now positive when people -- possible when people are connected via their brains to a computer. people are moving cursors around on a screen. even able to sense objects in the outside world through wires connected to their brain. that is more possible than maybe many of us would have imagined. the really hard stuff like doing a robocop, or you just plug a brain into a matrix and they can sense and act upon the world fluidly, that is still a long way off. jonathan: we are talking about specific technology you profile, braingate. tell us what this project does. >> this is really a wide reaching consortium of researchers at a number of different universities who are

working together to probe the question of how can we connect the human brain to the outside world? both to sense the outside world and act upon the outside world. and also to reconnect connections that have been may be severed. if someone is quadriplegic. fellow who had fallen, broken his neck and was paralyzed and it was assumed that was it. that is with dr. said set for generations. we cannot cure this kind of paralysis. but now thanks to some research that is been done at stanford, he is able to -- he imagines moving his hand. he can't actually move his hand, but the part of his motor cortex that would do that is generating signals that can be picked up and transmitted and interpreted by a computer. so out a cursor can move on the

screen and he can potentially type out words. jonathan: it is very complex science. give us the overview. this is basically a chip that is implanted into the human brain, it is connected. pretty weird stuff going on. >> in principle it's very simple. you are just plugging something in. the brain is essentially a very collocated electrical circuit. -- complicated electrical circuit. to actually get it to work, it turns out to be really hard. jonathan: it is great technology and interesting to me personally. i brother worked as a student and was actually at the time around 2008. they were basically still in the early stages of this. what has been the drive for the progress made? in the a demand from a market perspective, funding from the federal level?

what is able to bring this technology forward so quickly? >> it is technology that is very easy to grasp. anybody on the street can understand connecting brains to computers, that is telepathy. artificial communication and robocop and all the things that are easy to understand. at the same time it is very basic research. the work being done with live human subjects and animal subjects, this is not something you can walk into the drugstore anytime soon and say give me one of those brain interfaces. comehe day probably will where the technology -- the way that all caps of information technology is progressing these days, who knows how quickly these things will come? jonathan: we are going to need a lot more lithium and fast. we talk about the need for battery production. >> we were interested in what goes on inside and electric car.

a lithium battery is a key component. interestingly, the lithium-ion battery is only made up of 15% lithium. there have been a lot of questions about whether there is enough lithium on the planet for the boom in electric cars. one third of the vehicles on the road will come with a plug. is there going to be enough lithium in the world? two years ago there was a huge spike in the price of lithium because traders were worried there was not enough. actually analysts found even if we meet the ambitious forecasts for those vehicles, they will meet less than 1% of the lithium reserve around the world. jonathan: that that's the question right off the bat, how do you go from thinking there is a shorting to thinking you'll it? only mined 1/100th of

jess: you will think it is made up mostly of lithium. is really a small amount, something like 15% or less. elon musk called it the salt and the salad. it is crucial to making a battery work, but you don't need that much of it. you need nickel, cobalt, manganese. these will not run out either. jonathan: we talk about lithium and some of the viewers might have seen some bloomberg programming which we have gone to some of these lithium plants in latin america and south america. there is big feels of this, but were also going to be mining this? how difficult is it to get to the 1%? jess: it is mind all over the world. you can find it here in southern oneok,, or in chile acatma plains.e

lithium is abundant. there is still a question about whether we are able to get it out of the ground. but we need to do, and this is where the bottleneck could come, the forecasters think we are going to need about 35 factories producing batteries the same size as elon musk's factory in nevada by 2030. they are buying up the land, but we need to get it out of the ground. when you get that made into batteries. that is where some of the bottleneck could come. jonathan: by more people are going to medical but choosing not to practice medicine. less, white diamonds are not a banks best friend. this is "bloomberg businessweek ." ♪

♪ jonathan: welcome back to "bloomberg businessweek." you can catch us on the radio at 119, a.m. 1330 in 99.1 fm and washington, d.c. nux 3.on on a lot of people -- >> the physicians foundation doing annual survey hints out about 13.5% of medical school graduates are considering nonclinical work. they are seeking it. they are going into feels like law and business. i find as a biotech reporter more and more ceo's i interview

had just gotten out of medical school and starting companies, drug companies, medical device companies, consulting, running hedge funds and things like that. jonathan: i feel like there are some a potential extra nations for this. i am thinking about the complexity of insurance, especially when health insurance is constantly in the battle with the political side. there seems to be a booming while tech -- biotech. private equity. is a coming from a demand side, supply-side? what is behind the trend? >> there are some the things behind this trend. a number of doctors are frustrated by the amount of paperwork they are seeing other doctors having to do. they look ahead at a career that is not paying as well as it used to. they are having to deal with third-party payers and health insurance uncertainty right now. a lot of them are deciding to use other skills they have. go into business or go into law or other fields.

the business folks are the ones i focused on. they felt they could in many ways here more illness -- cure more illness by going into medical device or biotech field and developing drugs that would the able to treat a number of patients rather than just the one patient at a time each day and feeling distressed -- the stress of being a day-to-day doctor. jonathan: the world's dominant diamond financer is a cautionary tale for any bank. site is diamond mining dominated by two companies. diamonds and rough what is called the midstream. this is dominated by family-run companies, mainly from indian and jewish backgrounds. they are based mostly in antwerp, india, tel aviv and new york. polish and trade

those rough diamonds before selling them to retailers like signet and tiffany. they are often quite large businesses, but family-run. incredibly capital-intensive. and because they are family-run, you don't have the transparency that you see in many other sectors. they have losts of interdependent bodies. volume is what you send going. every step of the way they are utterly dependent on bank financing. jonathan: the capital intensive middlemen that need these loans at the onset to get their operations running, those loans probably have a little more -- a little less clarity to them in terms of who you are dealing with. is that what came home to roost for the bank? tom: the difficulty is what you lending against. if you loan money to a cement

company or steal plant and he goes belly up, there is a clear asset you can then go and reclaim things go wrong. with the diamond industry that is not the case. the world is the diamond themselves or the iou's that i not been paid for yet. trying to claim those back is very difficult. is nods that maybe there other commodities were so much money can be transferred in your pocket so quickly. it is automatically a risk for them. the diamonds are constantly being moved. they are in antwerp and in dubai in and moved to mumbai and then new york and tel aviv. it is incredibly hard to follow the circular path they take. jonathan: how big is standard chartered gifford dimon related lending? tom: maybe $5 billion at its peak level. for a bank of their size it was never going to break the bank,

but it was a significant amount of money. jonathan: some of the default start to happen. how much default was there? have been to the problem get for the bank? wanted they doing now? tom: they have provisioned about $400 million for losses and loans they don't expect to reclaim. they still have $1.7 billion into this industry. they said they want to either sell or reclaim the money. it is difficult to do. a lot of businesses are very stretched. . they have not made much money for the last five or six years a lot of companies are not in a position to repay these loans unless replacement financing comes in. there is not a huge amount of people lining up wanting to come and replace the loans. of howve this question much, how and when public if this $1.7 billion back. jonathan: bloomberg businessweek is on newsstands and online.

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♪ matt: coming up on "bloomberg best," the stories that shaped the week in business around the world. things get testy after north korea's latest nuclear trial. another fed seat opens up as stanley fischer is stepping down. >> by february, you could see five new people on the fed. matt: the ecb leaves stimulus settings unchanged. >> the euro is rising despite the ecb. matt: president trump gets rid of daca. and delays a tool on the debt ceiling. on the debt ceiling. >> beware