>> ♪ >> coming up on "bloomberg best ," the stories that shaped the weekend business around the world. opecy for retailers, extends production cuts, nuclear flashpoints flair get a north korea. this is a situation we will handle. matt: the senate grapples with the tax bill. case for raising interest rates at the next meeting is coming together. matt: a fed president shares insight in an exclusive conversation. >> movie interest rates up given where the economy is and where

it has been make sense to me. matt: as bitcoin surges, suddenly everybody is paying attention. >> it seems to me at all to be outlawed. the business or any socially useful function. >> i think it is more likely these digital coins move into the mainstream. >>. bitcoin is undoubtedly a bubble >> it is not for me, but there are a lot of things that were not for me in the past it worked out very well. matt: that is all straight ahead on "bloomberg best." ♪ matt: hello and welcome. i am matt miller. this is "bloomberg best," your weekly review of the most important business news analysis and interviews from bloomberg television around the world. the week began in the midst of the year's most critical days for u.s. retail. the pivotal moment between black friday and cyber monday.

we are passed black friday, and the cyber monday and everybody wants to get a scorecard on how retailers are doing. for brick-and-mortar and e-commerce. we look at the last 10 days before the holiday. that would be thanksgiving and black friday. we saw an unbelievable surge of activity that did not take away from the holiday. we saw spending growing at about 9% in 90's to 10 days previous the thanksgiving. thursday,weekend, friday and into the weekend very robust sales. >> the weather looked good across the u.s. foot traffic was strong. >> i think the consumer confidence is high right now. we are seeing it across the board, whether it is foot traffic in stores, e-commerce, mobile. the consumer is ready to have a positive season. be thecyber monday will biggest online shopping day in u.s. history. $6.6 billion in sales after

black friday spending tops $5 billion for the first time. >> 51 million americans shop exclusively in stores. 58 million exclusively online. millionr number, 65 indicated they shop across channels. i think it is that channel agnostic customer or multichannel customer that is most valuable. they spent more money. >> federal reserve chairman nobody to rome powell in the spotlight today for his confirmation hearings. there are no big surprises, although he did hint about next month's rate decision. for raisinghe case interest rates at the next meeting is coming together. >> that is what was expected. they called a confirmation hearings for a reason. he confirmed for the markets were expecting. at least a rate hike in december. with a gross figures -- growth figures and the same next year and is forecasted inflation would come back to the 2% target

eventually, you can pretty much read into that that he is on the general feeling the fed will be several rate increases in 2018. brexit agreement to an ideal for what britain will pay. leading the irish border at the last major obstacle in the negotiations. but we learned in terms of the brexit bill? >> there has been an outline agreement on the divorce bill. it has not been presented to eu leaders yet, orient paper to the eu yet. the people who need to sign off on this have not actually got in their hands yet. that will probably happen on monday when theresa may has lunch with yonker in brussels. onre has been an agreement the wording of the commitment of the u.k.. for eu on what the irish border will look like after brexit. the irish are in a bit of a diorama. they don't really want to hold things up.

if the irish prime minister goes down in history as the one who allowed ireland to be divided again, that will not begin for him. >> janet yellen will testify before the joint economic committee of u.s. congress. what will likely be her final appearance as fed chair on capitol hill. >>-expect with gradual adjustments and the stance of monetary policy, the economy will continue to expand and the job market will strengthen somewhat further. supporting faster growth in wages and incomes. vonnie: it seems she is pleased, but he does not that there are questions remaining. >> it was one of the slowest growing recoveries we have seen. economists say that's what happens after a financial crisis. she brought growth of the 3%. the unappointed rate of 4.1%, may be lower by the time she leaves office. historically low, almost as low

as records in the late 1990's, early 2000's. she has a lot to be pleased about in terms of her performance. there would have been no better appointment for the next term than her, for donald trump wanted to make a change so she goes out with her head held high. nominatednt trump has to the fed governor. mp's thirdu nomination. he has been sharply critical of the federal reserve under chair janet yellen, saying the impact of quantitative easing was questionable at best. >> i think one thing that is particularly interesting is he is hard to put in a hawk or dove bucket. he is pragmatic about a 2% inflation target. he thinks the fed needs to spend his credibility there. he said in the past rates are too low.

he has been critical of the yellen said, but he's an advocate of negative rates in the crisis era. he is interested in defending the 2% inflation target. that is more of a dovish stance. opec and non-opec producers agreed to maintain oil production cuts until the end of 2018. the decision was confirmed after talks indiana. -- vienna. >> we started with an amendment in january 2018 through december 31. it will be basically a one-year agreement. >> this is the performance that opec should have given and may. they were poised, concise, and knew exactly what the market was looking for. they had done their homework. they were giving with a key metric was. they said it is targeting inventories. they went as far as saying 150

million barrels. >> these two heavyweights, russia and saudi arabia side-by-side sharing what they thought of as a confident outlook for energy and 2018. some describe it as a bromance. that is a jovial mood was in the press conference at the end of a long day. what we got in terms of inclusion with libya and nigeria. is locking in a place not to produce beyond 2017 levels, which shows you how opec and non-opec is a group is willing to refine its field a little bit and push some of these expectations to the upside. >> a twist in the special counsel robert mueller's russia investigation. national security adviser michael flynn expected to plead guilty to lying to federal agents about communicating with russia's ambassador.

how does this change the narrative and washington, d.c.? >> this is a much bigger threat to the president than mueller's earlier actions four weeks ago. there is one guilty plea already, but that was a low-level guy. this is michael flynn pleading guilty now. and cooperating. he is at the center of trump's campaign, the lead contact with russia in december of last year during the transition. this is very significant. >> mitch mcconnell says he has the votes to pass the republican tax overhaul. jeff flake of arizona getting a yes if the count to 50. in the last hour senator susan collins saying the senate tax bill will include myself amendment to allow taxpayers to deduct up to $10,000 for state and local property taxes. she is likely moving in the direction of a yes at this point has senator mcconnell made clear. >> they are still trying to win over senator collins.

they made some concessions to state and local tax deduction exemption about $10,000 in property taxes like the house bill. bob corker seems less likely at this point, but they have the votes. as we review the week on bloomberg best,'s eeo of credit suisse by could he sees in the global economy. and a whole host of distinguished s tell us what they -- guests tell us what they see in bitcoin. and a conversation with the cleveland president. top business headlines. a couple of juicy mergers to chew on, including a deal of the dining industry. >> small bumps each time" like 157 was enough. matt: this is bloomberg. ♪

♪ matt: this is "bloomberg best." let's continue our global tour of the week's top business stories with a remarkable roller coaster ride of bitcoin. bitcoin has topped $10,000 for the first time. it is taking this year's price surged more than tenfold. the largest digital cryptocurrency has risen by more than 50% since october, and the euphoria continues to drive it to new highs. >> what is driving the price? more participants? for liquidity? -- more liquidity? give me a sense of the size of the market. >> one phrase i've heard all day long is fear of missing out. it seems like it is really a cycle in bitcoin right now. the higher prices go, the more retail and institutional money is really rushing in. that is really behind the recent rally. there is a sense that bitcoin is

getting increasingly accepted in the mainstream. >> hours of your surging past -- $11,000 in one day, we are talking about bitcoin, it tumbled almost 20% from a high. it wisely almost $2200 of its price in five hours. do we know why? >> several of the exchanges had averages at point basin gemini -- coinbase and gemini seeing a massive surge in volume. this idea sign it is not quite grown up yet. >> u.s. regulators allowing bitcoin futures to trade on the cboe. three exchange operators will offer bitcoin products. this is the exchanges plan to monitor the bitcoin spot market. >> it is bitcoin moving into the mainstream of finance. futures can be purchased by lots

of institutional investors who would not by bitcoin itself. brokers, banks want to have clients that want to buy it through hedge. you can go and on the other side you can go short for the first time. with -- for the first time with relative ease. >> softbank may offer to buy uber shares at a lower price than expected. they could be at a 30% discount from uber's recent $69 billion valuation. what you make of this offer price? this much more discounted offer price? >> this discount valuation reflects all the turmoil the ridesharing company has been going through. we have the recent news of a massive data breach. obviously the countless loss of clashes with regulators. even at a 30% discount, the valuation is a considerable windfall for the early investors. but the deal is far from done.

we do not know of the tender period is, but over the next month we will likely see a cat and mouse game played out because if softbank is not reach a required brush holder -- threshold of shareholder selling , they might up the offer. we will not likely see the deal complete until the very end of the tender offer. >> the media world saw the end of an era when the artist agreed to buy time. sports illustrated, people, and of course time magazine itself. meredith will pay $18.50 per share in cash, bringing the total to the deal to $2.8 billion. supported by a $650 million cash infusion from charles and david koke. -- koch. magazinesrebirth for

or are they on their way out? we hear conde nast is even struggling. >> the business continues to be under a lot of pressure. when you look at print advertising it continues to decline to double-digit rates. that's the forecast going forward. meredith has done a good job carving out a stable of properties they cater towards women. advertisers looking to reach young women can come to meredith and get a really broad solution. that is what meredith has builder magazine business on. they also own a lot of television stations. the cash flow from tv has supported their magazine business. meredith is a stronger company because of that they versification. i think i hope that they versification help them -- diversification will help them buy properties. >> big deal news this morning. work line buffalo wild wings for $2.4 billion. emerson withdrew its bid to buy rockwell automation. >> they had been wanting to get into this space for a while. they own rvs and a few other

restaurant brands. they made up plaintiff by popeyes chicken and were beaten by burger king. they have shown a willingness to expand in the fried chicken business. this was a great fit for them. buffalo is a company that had some problems going back quite some time now. they had an activist in the stock now on board. they had an outgoing ceo and no replacement. this is a good time for work -- roarke. i think three offers, small bumps each time and it looks like 157 was enough. manufacturerer down in tokyo 4.3%. 4.4% now. take data on its products for more than eight years. -- fake data on its products. >> we became aware of posts on social media, philly had inquiries from customers. --felt we needed to discuss

disclose the facts rather than have rumors spread further. we delayed a public announcement until we had all the facts and explained to her customers. >> made in japan, yet another blow. what is happening? >> over 130 cases of the falsification, but no safety issues have been raised as of yet. they are not disclose any details on why this came about, but the question is is a valid one. what is happening in corporate japan? >> a change at the top of the fed. to become ai partner. >> the stock is had a good run. perfection basically priced in. the communication from the company suggests the resignation was abrupt and unexpected. they have a succession plan that is not price -- pacifying

investors. >> the chief executive will step into his shoes for the moment. harley big shoes to fill? >> he has led the strategy. >> barclays is one of its investment banking staff half of them they get their bonuses cut this year, even if some top performers make it raises. that is going -- coming from people briefed. they are looking at a cut in the overall size of the pool. >> that is right. it is not hugely surprising. we have seen consistently bad performance from the european investment banks. barclays is down 7%. that is not really a surprise. the new investment head is trying to introduce a bit more differentiation to use his word and what they are paying employees. they will take the top 25% and give them a lot more. they cost in the bottom half or

bottom quarter should expect their compensation to shrink over time as they try to inject more competitive business and their investment banking division. askinghs ago, they were credit suisse shareholders depiction billions of francs. now we talking about returning cash. he spoke to bloomberg on tuesday about what shareholders have endured. >> they have been through a lot. i'm painfully aware but i have to dilute my shoulders significant weight. this is no way to solve without massive dilution of shareholders. >> he has hailed the end of a restructuring program which he started just a couple of years ago. he pointed to better shareholder returns in one or two years. all divisions are coming in on target. the stock is up more than 4% today.

i'm sure investors are going to be happy with that, and it certainly looks different from a couple of years ago or six month ago when he was asking the same shareholders for cash. nearing an agreement to acquire aetna. more than $65 billion. this is according to a person familiar with negotiations. they could reshape the pharmacy and health insurance industry. >> it would take one of the biggest health insurers and the u.s. and combined with this huge pharmacy drug distribution operation, retail pharmacy. really mash these companies together. it is a combination we have not seen before. there will be some degree of antitrust scrutiny here over is this will give at the and cvs to much market power. tna and cvs too much market share. certainly this could still fall

apart. ♪

♪ matt: welcome back to "bloomberg best." i am matt miller. heading into the final months of 2017, economists and business leaders see many encouraging signs of global growth. credit suisse ceo shares this confidence. he visited bloomberg's the european headquarters in the city of london for an excuse of -- exclusive interview with francine lacqua. >> we are very positive of the u.s., every positive about emerging markets in china. noticeably positive about europe, which is new. micron andn of , we are keeping with secret city -- synchronicity.

we at the three major economic zones doing well at the same time. a major shift in the world economy. it can create a scenario we can have high group of low inflation because of productivity gain fills the gap. view investing capital and productivity grows, you can get into a healthy growth scenario. we'll -- i was concerned about qe. i think that is been well-managed. it is slow, gradual, and the q medication around it is very good -- communication around it is very good. to take theant investor by the hand and not surprise him or her. i think so far this is a banks

have done a really good job at that. m&a, themarkets, qe, street the corporate earnings -- strength of corporate earnings at the balance sheet and credit. in the background that you have our industry. the lack of availability of credit puts a damper on growth since the financial crisis. that is starting to shift. we can support our clients and their ambitions. >> global growth continues to look strong, areas of volatility remained. a missile launcher north korea, credit concerns in south africa, in a cabinet shakeup in mexico. all ahead as we review the week. up next, for compelling conversations including opinions on the future of bitcoin that truly run the gamut. >> as long as the music plays, we dance. as long as the prices go up, people think it is fantastic.

somebody will get hurt. matt: this is bloomberg. ♪

♪ i led a transformation that might be one of the biggest transformations in global business history, from a single company, an enormous company that was really facing a lot of nimble,es, to four agile companies with hewlett-packard enterprise, the one i still run really well positioned for the future. this has been in the works for some time. just decided it is right for the next generation of leaders to take hewlett-packard forward. as you know, i'm a big believer in the right person in the right job at the right time. i think antonio neri will be a fantastic ceo. whitmanat was meg

explaining her decision to step down from the company early next year. in an exquisite interview with bloomberg television. now back to the buzz surrounding bitcoin. sharehout the week guests their opinions on how high or low this red-hot digital currency might go. let's start with nobel prize-winning economist joseph stiglitz. >> it bitcoin were to be regulated, could it be viable? >> look, one of the main functions of government is to create currency. bitcoin is successful only because of these potential for circumvention, lack of oversight. it seems to me it all to be out laewed. to what to just go back we always have had, and this is just a bubble as several of your

commentators have pointed out. it is a double-double get a lot of people a lot of exciting times as a goes up and then goes down. asshould bitcoin be outlawed the laureate from columbia suggests? >> if you think what is behind, probably an attempt by some people to try to make payments or use currency with a view to evade taxes, give a budget -- in a legislation, money laundering, antiterrorist financing. i have the impression that policy authorities at the global level have not focused on the dangers of the development of these scams. when they will, i think some people will get hurt. they thought this was a new invention and they will lose money. chuck greene'snk

said, as long as the music plays, we dance. as long as the prices go up, people think it is fantastic. somebody will get hurt. >> i know you don't think of bitcoin as a currency, but it is an asset a lot of people hold. a burst of this bubble could be painful. is that a risk? >> i don't think so. as you said, it is an asset. in the portfolio of many people. values in the crash of the price, taken happen again. it is not created instability that is been meaningful. i don't see it. it is a speculative asset. people are buying and cbs and going up. -- and cbs it going up.

-- and see the asset going up. >> is this canary in the data mine? how we approaching one of those moments where irrational exuberance, and that took a while to get into reality, are we seeing that happening? >> bitcoin is a bubble. cryptocurrencies are here to stay, by the way. the concept is potentially got considerable value, but big point is undoubtedly a global. -- aroblem with any mobile bubble is you don't know how far before it halves, but it will go a long way back down. you could be $20,000 and it could go down quickly, and you can't short it. it is a bubble. overall you have a sense in the marketplace that the market valuations are high, but that does not mean it cannot roll-on a bit.

are --s of bull markets when everybody is bullish and assumes things can only go one way. we are not there quite yet. >> what is it? a security, commodity, currency? >> it is a commodity. if you look at security by definition it has a liability attached to it. commodities do not have liabilities. they are bearer assets. you look at that point, is not much different than gold. i don't see why there is always hostility towards it. if it's the same mold as many other commodities. -- fits the same mold. the push back i would have against bitcoin really has to do with liquidity. i checked the numbers this morning. is aat $10,000 or $11,000, wonder $68 billion market cap. gold has a $.3 trillion of gold above ground. that is really pretty.

the lack of liquidity is creating volatility that has everybody concerned about bitcoin. going be ack landmine? we have seen above 945% this year. vanguard saying avoid bitcoin like the plague. am i making myself clear? there is a lot of risk attached to this interesting asset. >> i think it's likely the digital coins move into the mainstream. i think there are issues around the edges of this. i personally have been more focused on block chain. a couple of investments we have made our focused on the infrastructure -- >> you like the technology behind it. we hear that a lot. the technology is really good. >> i think history did ledger technology and what it promises for the future of not only financial markets but any asset transfer between two people or

forming a corporation or table management, it is too obvious to me that all these things can so easily be digitized that it will not happen. i agree with paul. the bitcoin market is pretty speculative right now, but given the limited supply -- >> where do you think it is going? what is your target? >> is going higher. if i was looking out six to 12 months, i'd say they were talking about a higher price, not lower. >> you have not rejected forward to waste it going. -- endorsed or rejected bitcoin. >> i would say life is be really rosie and this is what we are talking about. >> i was talking to jeff curry agholor the other day. he said the only thing people are asking him are bitcoin and

-- >> life must be really rosey. i said where i am is it is not for me. but there are a lot of things that were not for me in the past that worked out very well. if you told me that it was 20 years forward and it worked out, i could tell you why, but based on everything i know, i'm not guessing it will work out. but i can't say not going to stand there and say it is a fraud because it might. people confuse bitcoin the block chain. there is a technology where you can have different accesses the different data. different people can control it. there are places where that is a useful thing. in fact, the bloomberg system is a block chain. instead of having the users control it, we control it. it has all the after piece of that. bitcoin is something very different.

bitcoin -- there was a bunch of cryptocurrencies that have been started. every day you have a new one. that is something very different. whether or not the governments of the world will lose control of monetary policy, i am skeptical. they will just not let that happen and they should. and they should not. matt: it was an important week for the federal reserve. the senate conservation -- confirmation hearings for jerome powell and janet yellen giving what they will be her last testimony to congress on the economy. on thursday, michael mckee discussed the future of the fed in an exclusive conversation with federal reserve bank of cleveland president loretta mester. jayhe news for the fed, powell. the case are raising rates is coming together. do you agree? >> i do agree with that. i have been on that case for a while, we really need to be moving inches of gradually.

growth is that is sustainable pace. labor markets continue to improve. inflation is below are target no doubt, but it is on a path to moving up gradually at 2%. we have been at interest rates that are very low for quite a while. it just makes sense to start up gradually. the strategy of moving inches rates up and where the economy is or where it has been or relative to our goals makes sense to me. monetary policy has to be preemptive. i don't have concerns about moving it straight up given how low it is, even though we had not hit 2% inflation yet. >> in the last two days governor powell and chair yellen both said there is a possibility our inflation models are wrong and we will not see it rise to 2%. how much credence to you give that? >> we have to be open to the fact that models can be wrong

for sure. one of the reasons it has been is gradual is that we have in recalibrating things as we go along given the evidence. if you look at the summary of economic projections, which is what the fomc members put in, some of the structural aspects of the economy have moved in relation to the data. my own interest rate half looked like inflation was going to remain lower than longer than i thought. i think we all are open to our models being wrong. that is why we take a prudent approach. we want to with the upside and downside risks. to my mind, weighing the risks, i think interest rates should remain on this gradual upward path. ♪

♪ matt: you are watching "bloomberg best."

i'm matt miller. let's return to the review of the top stories. in north korea or yet another nuclear test caused concern around the world. tensions once again on the rise in asia. emergency meetings after north korea fired its first ballistic missile since president trump labeled it a state sponsor of terrorism earlier in the month. south korea responding with a missile exercise. japan protesting in the strongest terms. president trump said the u.s. will handle it. president trump: a missile was launched a little while ago from north korea. i will only tell you we will take care of it. >> i think the real significance of this particular missile is the fact japan sentiment more than 2000 -- 4000 kilometers into the sky, which means it can easily reach the east coast of the united states. we are talking about new york and washington. there is a bit of discussion about whether this missile i

have the capability to take a really heavy nuclear warhead onyx o -- on its tip. the united states will have to accept north korea as a nuclear power. north korea we notice of multiple nuclear tests. and now it is showing an increased technological capability with its missiles. >> a war of words after president trump retweeted far right group britain first. theresa may responding, saying trump is wrong to promote the videos. trump fired back on twitter saying, "don't focus on me. focus on the destructive radical islamic terrorism that is taking place within the u.k. we are doing just fine prime ." >> we are not afraid to say that we think united states has got

it wrong, and to be clear with them. i am very clear that reach weeding from britain first -- retweeting from britain first was the wrong thing to do. >> does this damage the special relationship? >> theresa may has made it clear that the special relationship and doers beyond the term of one president. it is damaging for her because she was quick to become quite chummy with trump. she invited him to the u.k., to meet the queen which is an honor not the stone everybody. time, same time, this unlike previous occasions, she is clear that this is wrong. jordan a got applause in where she said clearly this is the wrong thing to do. >> let's turn to mexico, where meade through in his hat. there have been a lot of changes only in mexico.

this is just the most recent one. the central bank governor will be leaving. you have got any change -- a new change there. >> this on phrases a lot of things in mexico -- unfreezes things in mexico that kind of been stuck. it was announced he was going to the b.i.s in switzerland. he delayed so the government could announce a successor. but for the fact he may run for president. these two things kind of froze mexican monetary policy. it looks like they are now being resolved. >> it is a relief for south africa's currency traders today. moody retaining its investment-grade rating on the nations global currency. >> living update and reputation for the currency, on friday night after the downgrade we had

a knee-jerk reaction. and moody's gave it a reprieve. at the end of the day it is its best day in almost two years. the reason is in order to maintain the world government bond index, south africa needs of investment strategy from either moody's or the s&p. they concern is it could lose both ratings. the movies are pretty -- moody's are free -- moody's reprieve means we will not see outflows from the country's bond market. >> the bank of england said the u.k.'s biggest bank has the strength to keep lending, even during a disorderly brexit. five of the seven thanks past the latest stress test. barclays and royal bank of scotland l below their systemic

reference point. they will not be forced to bolster their capital. >> this is the first time in the four years of the stress test all the u.k. banks actually passed. this kind of data jubilation was ruined by the fact the bank of england is asking banks to boost their capital buffers in anticipation of potentially disruptive, disorderly brexit as a move to negotiation periods. what should have been a positive day for the banks and their share prices looked quite negative in retrospect. >> shares of the big aussie banks are sliding after malcolm annbull call for an inquiry into the banking industry. rebuilding public trust in and political uncertainty they say they haven't depressing the sector. >> we are talking for well over a year now. these are just intensified, almost as soon as the bank

bunkley put certain scandals behind. -- the banks thought they had put certain scandals behind them. the banks of the prime minister have decided with the pressure for the inquiry growing, it is better for him to be in control of it. if the government calls it, he gets to set the terms of reference. if it was the pushed or force and by the opposition, he would -- >> the numbers after past economists expectations. 51.8. november topic of forecast of 51.4 and improving on the reading in october. people will say this is just the country maintaining its economic momentum, but doesn't move the narrative in any way in your view? >> it does suggest these global -- remain very much in china's favor. if you break down the components, there was real strengthen output, the orders

and you export orders. there is still plenty of demand for chinese made goods. us that as we let into this report. the other side is the domestic picture, which clearly is not feeling this cruise yet -- the screws yet. some of the efforts to write and the pace of infrastructure investment, that sort of thing. we saw both gauges manufacturing and on manufacturing both accelerate. the domestic economy is probably a little better than people thought, and the external environment is pretty favorable. ♪

♪ >> take a look at the bloomberg. these are the financials. over the past 20 days we get seen a dip and then they come up. over here we have let's happened with technology, which came up and is coming down. they had these opposite arcs. >> there are about 30,000 functions on the bloomberg. we always enjoyed showing do our favorites on bloomberg television. maybe they will become your favorites. here is another function, quic

. here is a quick take from this week. iranr over two decades insisted it was not building nuclear weapons. but it's history of hiding nuclear facilities, stockpiling enriched uranium raise alarms. after two years of negotiation, ira agreedn in 2015 to limit his severe program and extensively from crippling economic sanctions. now president trump claims a ron is not living up to the spirit of the deal. the international atomic energy agency is the party that conducts oversight. they say iran has been on our disagreements. here is the system -- it's agreements. 's moderate as president. ir mayhe agreement, think the ability to enrich uranium for peaceful purposesan. it retains about 5000

centrifuges capable of separating uranium 235 isotope from uranium ore, only to the level needed for nuclear power plants. it pledged to limit its nuclear stockpile. u.s. officials estimated if they were to resume producing more highly enriched uranium, given need a year to make enough for a nuclear bomb. before the agreement it would've taken a few months. in october of 2016, iran slightly surpassed its limits of heavy water, which is used in medical imaging they can also fuel reactors. it address that within weekly shipping the surplus to oman. trump accused the iranian regime of spreading death, destruction and chaos all over the globe, and threatened to cancel u.s. participation in the agreement of congress did not create new restrictions on iran. middle east powers have criticized the agreement, tsonga powers i -- saying it empowers iran's regime.

skeptics believe allowing iran to make any fissile material is acceptable. to the iranians, is a matter of national pride. they make the case or should be restricted in its pursuit of energy and modern medicine. supporters of the deal point out decades worth of sanctions did not stop i ran from pursuing nuclear ambitions. they believe the agreement offers the best hope of continuing those aims because it provides oversight by the world community. >>. the deal is terrible >> trump's goal is to use u.s. body change the terms of the deal. the u.s. could reimpose sanctions lifted in the deal unless iran curbs its missile program. the rest of the world committee involved in making this deal disagrees with that approach. trump's that's a pretty good deal isolate america,. iran -- not iran. threatened to withdraw

for the u.s. reimpose his the sanctions. the collapse of this agreement could be a watershed moment for both american and iranian diplomacy. ♪ matt: that was just one of the many quick takes you will find on the bloomberg. you can also find that allmberg.com, along with the latest business news and analysis 24 hours a day. they'll be all for "bloomberg best." banks are watching. i am matt miller -- thanks for watching. i am matt miller. this is bloomberg. ♪

♪ alisa: i'm a alisa parenti in washington. you're watching "bloomberg technology." former national security advisor michael flynn has pleaded guilty to cooperating with russian agents. bloomberg view columnist eli lake has learned jared kushner, the president's senior adviser and son-in-law, is said to have told michael flynn to contact russia. republicans made an of changes to the tax bill to win enough votes to pass the senate. they include allowing bigger local property tax deductions, tax break for so-called pass through businesses is also on cap. a bloomberg count shows 51 senators now favor the le