♪ >> coming up, the stories that shaped the week in business around the world. the president takes to the podium to deliver his first state of the union message. >> for the world watching and saying, we need some emotional piece from this leader, they got that. >> does this change the equation at all? >> no. >> janet yellen leads her final meeting at the fed, and a trio of business legends launch a venture that could transform health care. >> they are teaming up and

saying they will do something in health care, something big. >> canada's minister of foreign affairs sees cautious optimism. >> i think a win-win-win outcome can be achieved. >> the world's most viable companies report earnings. >> we have not done a deal in 3.5 years, but this one was too good to pass up. >> we have shown we have what it takes. probablyk there has not been as good a time to be in banking in the three main economic blocks. >> it is all straight ahead on "bloomberg best." ♪ hello and welcome. this is "bloomberg best." the mostly review of important business news,

analysis, and interviews from bloomberg television. withy, investors watched interest as canada, mexico, and the u.s. concluded their sixth round of negotiations over nafta. ♪ >> u.s. trade representative robert light highs are struck a chord of optimism, saying the latest round of nafta negotiations wrap up today. >> they made progress, but we are still not friends. contentious issues remain. the u.s. trade representative, while more upbeat than in the past, is continuing to say mexico and canada are taking advantage of the u.s., citing import and export data, and called on both countries to help modernize nafta and rebalance trade, and while he is willing to continue the negotiations and he says they have to move faster. the canadian foreign minister was up eat, saying they have

made progress and is pleased with what they accomplished. the mexican economy secretary said the three sides basically are close to being able to make a deal. dimon, warren buffett, jeff bezos planning to join forces. morgan, berkshire hathaway, and amazon announcing a way to collaborate on healthcare services to their employees. aetna, pfizer, cigna all falling on the news. what do we know? >> three big companies, more than a million employees, teaming up and saying they will do something big and health care. know what. we see them expressing frustration. investors have been worried that amazon will get in. all theseng complementary strengths into health care, it will be interesting to watch. >> mr. speaker, the presidents.

>> we are waiting for when the president himself will come to give the state of the union address. >> officials say president trump will deliver a unifying message tonight. i am extending an open hand to work with members of both parties, democrats and republicans, to protect our citizens of every background, color, religion, and creed. [applause] the era of economic surrender is totally over. from now on we expect trading relationships to be fair and very importantly, reciprocal. [applause] >> i am asking both parties to come together to give us safe,

fast, reliable, and modern infrastructure that our economy needs and our people deserve. [applause] >> does this change the equation at all? >> no. i think there are so many problems they have to solve, taking on infrastructure is not going to happen in this congress. up ae longer he can keep performance tonight and play in the public eye, the more have.sful he can the polling is against him, democrats are committed to fighting, and they have party lost a lot of americans. >> no surprises from the federal reserve, leaving the rate unchanged, while hinting at a rate hike in march. , butere were subtle important changes come in the fed statement where they for aed to expectations gradual adjustment of policy and

gradual increases in the federal funds rate. this time they added emphasis, referring to further gradual adjustment and further gradual increases. to change theseem meaning of those sentences, but does attract attention and emphasizes expectations for further rate increases this year. is anyn't think there question the fed will be raising rates. it may not be that dramatic a change, but it does say that the jerome powell fed will be raising rates. he had to have signed off on it. >> facebook reporting another quarter of record revenues despite a dramatic drop in users following changes to its biggest moneymaker, the news feed algorithm. >> one of the most important things we can do is to make sure our services are not just fun to use, but good for well-being and society overall. did a greaterberg job explaining what they are

doing with the feeds. marginsrecord approaching 70%, and mark zuckerberg has been tempering higher earnings with growth, etc., but he has always outperform. my money is they can raising casement and the quality of engagement. >> apple reporting fiscal first-quarter revenue $88.3 billion, analysts looking for $87.3 billion, and iphone units sold, a miss, 77.3 million. >> i just got out of the meeting with tim cook at apple park, these are the first earnings from their new campus, asked about the iphone x. he said it was the most popular iphone. they launched in november. it has been the top-selling iphone every week since they launched. >> at first we got the numbers were not very good and a weak forecast, but the average

selling price of almost $800 implies that when shoppers are buying an iphone, they are buying the top one, and that is apple's goal for this quarter. >> the yield is now above 3% and the 10 year yield is the highest in almost four years ahead of the january jobs report tomorrow. what is driving this in your mind? the good data, the idea that if the fed will on the hike three times this year and once next year, that is not enough and maybe they are behind the curve. the surprise in this move is not so much 2.75% plus or minus yields on the 10 year, it is that the curve has steepened a lot this year. how calm it keeps steepening when the fed is still hiking and we still have relatively low inflation. u.s. employers added 200,000 jobs in january and wages rose the most since 2009 come

increasing a 2.9%, even as the uncommon rate remained at 4.1%. 2% unit labor costs and hopefully 2% inflation. it does not factor in the weak dollar. i think it basically means we are approaching that magical number at which the fed will continue to raise rates. we have never seen the rate of 4% when deficit is expected to increase from 4% to 5%, so you have an economy running hot. >> do you see 2.9% as sustainable? >> that is the great question. we are excited to be the 2.9% wage growth number. it is what we have been talking about for the last year. it was really the impetus for our tax plan, to create sustainable wage growth, something missing for a long time.

we are excited to see it this month and hope it is sustainable. we don't want to say after one month that we have done it and it is successful. you hope it is the start of something new, real, and good, and it will need a couple of months to reaffirm we are seeing which growth in the united states. ahead "bloomberg best," more analysis come alan greenspan on the fed, donald trump state of the union message, and canada's perspective on nafta. plus, a deeper dive into earnings from tech companies and some big european banks. up next, more of the weeks top business headlines, to beverage companies combined in a move that could shake up the industry. a gives them "unrivaled distribution capability to reach every point of sale in north america." >> this is bloomberg. ♪

>> this is "bloomberg best." tour.continue our global on wall street, a major bank announced plans that raised as many questions as it answered. named toorgan has people as copresidents, positioning them to succeed jamie dimon. role fromtake the jamie dimon, who says he plans to stay in the top job for about five more years. >> there is a running inside joke at jpmorgan that jamie dimon is always saying five more years, but here we have this clear step of promoting people to take over that role. >> these guys will jump in if something happens to jamie dimon, whatever in the next five

years, these are the guys ready to take over today. that is very important. given their age, if you look at gordon smith, he is not that much younger than jamie dimon himself. he is almost set retirement age in five years, so that would kind of disqualify him. it is more likely that it comes and to two women, the cfo, head of asset management. froig news on the beverage that brings dr pepper brands under the same roof as the singleserve coffee system, creating a beverage giant. ckeurigll be called dr pepper. markets across

the united states, you have green mountain coffee there. they have an e-commerce agreement with amazon and other companies so that is great. the company did say this gives them "unrivaled distribution capability to reach every point of sale in north america." it is a great cross-selling opportunity. >> the latest in a battle, for a belgians drug maker in a 4.8 billion deal that gives sanofi a blockbuster drug for blood clotting disease. >> it is interesting from a company absent from the deals front. hand at a their couple of transactions to-three years ago. that did not work out and they walked away, but now they delivered this knockout punch to another company who had

previously bid for this assets, a low bid they said they did not like, and that left the door open for santa fee of week after they spent top dollar, about $12 .illion, on another acquisition it shows the direction they are going in, this new area of hemophilia blood diseases, and that is where the growth is. hacking incident in japan has led to big swings in bitcoin and calls for stricter oversight of digital currencies. k was hacked for almost $500 million in digital tokens. the boj has been subdued when it comes to this craze in cryptocurrencies, but tell us about the boj's position at this point. >> regulations in japan happened quite forward-looking.

japan was one of the first to useally adopt rules for the of bitcoin, and even taxation rules come back last year, but this will most likely make authorities take another hard look at whether those rules are actually going to work. >> cryptocurrencies are plunging along with many assets, but bloomberg reported u.s. regulators are scrutinizing a virtual currency venue and a company that issues a widely traded coin. tether, this to company issues a coin pegged to the u.s. dollar, so what are the concerns surrounding tether? plies, foreg in every tether created, there should be a dollar in the bank account controlled by the company. they have issued more than 2.3 billion tethers now, so there

should be $2.3 billion in the bank account. not been willing to let their books be audited and there is concern that they are printing tethers without the backing of the dollars, and then going out and using the tethers to buy bitcoin. that from our reporting is what we understand they would like to know more about. u.s. published a list of 200 10 russian billionaires and top officials close to president vladimir putin, part of a sanctions law designed to punish russia for interfering in the u.s. election. callednt vladimir putin the list and "unfriendly act." does the market reaction tell us this report on russia's elite may be milder than what was expected? >> yes, that is exactly right. the fact the list was so

, it included every single russian bacon there and every single top russian official, excluding vladimir putin, and the interpretation here was the trump administration isn't serious about going down this road, that they will not sanction any of these people. perrine minister theresa may trying to secure good trade relations with china. she brought the largest delegation of politicians and business leaders to beijing, where she discussed the future of u.k.-chinese relationship with the chinese premier. ofwe agreed to joint review trade and investment, which i think is a good step towards looking towards what our future trade relationship can be. thatd cameron promised

golden era of relations with china. are we approaching a golden era? >> for the chinese it is tricky because they would like nothing more than to have the u.k. split off from the eu, weakening and major global rival. view,n economic point of it complicates things, in terms of investment decisions, as they do everywhere else, so it is a tricky situation for them in particular. there are a lot of conflicting interests. >> the indian finance minister delivering his budget speech to parliament and focusing on farmers and the rural population as narendra modi looks to win over voters next year. with the highlights for you this morning. >> what the budget has told us is that two hundred $25 billion will be spent on rural infrastructure. last year, the whole budget was

nearly $340 billion, so that shows how much infrastructure spending will go on. that means the fiscal deficit numbers have gone -- the fiscal deficit numbers we are hearing for this year is going to be 3.5% of gdp compared to 3.2%, which was what was targeted. next year will be 3.3% compared to a target of 3%. is inarly consolidation search of votes. ,ray dalio's hedge fund bridgewater has boosted its bets against the italian banking sector to $3 billion. what is he betting against? >> mostly attain financials and trigger hishe

italian elections in march, although he has been running these bats over the last three months when he wrote he had $1 billion in shorts against italian companies. >> is it time to do this when you look at how the tying banking industry fair this year? >> it seems to be a contrarian bet. the italian index is one of the best performing this year. , sobanking index is up 14% some of his bets might be painful for bridgewater, but it looks to be a top-down macro call on the country. ♪

>> welcome back to "bloomberg best." talksxth round of nafta wrapped up this week and

commitment to resume discussions next month, but many points of contention remain. canada's foreign affairs minister discuss the situation in an interview with michael mckee. >> i think that my view, which is similar to what both of the other said on monday, is we all felt that we made some real tangible progress with the anticorruption chapter closing, very significant, and that was good news. and we made some progress on the most difficult issues come at the areas of the unconventional u.s. proposal where we managed to start a real conversation, and that is progress, and that is a good thing. having said that, significant differences remain. we have some hard work to do to bridge those differences. i believe it is absolutely possible. i think a win-win-win outcome

can be achieved, but our approach and candidate is hope for the best, prepare for the worst, and we are doing both. the central messages was that the negotiations are moving too slowly. do you agree? if so, how do you speed them up? us would likef the negotiations to be finished as soon as possible. the economic relationship inside nafta are a central to all of wouldonomies, and so we like to resolve it as quickly as we can come and we are all working extremely hard. having said that, it is a really complicated deal with complicated elements, and there are some areas where there is a big cap in terms of vision. canada is working hard to find ways to bridge that gap. >> people have been concerned that it is so complicated and som moving so slowly that

you run up into the mexican elections. those canada agreed that you can talk through those selections and that this could go into late 2018 or 2019? >> from the outset canada has said we are not putting any artificial deadlines on these talks, so our objective is to work as hard as possible. we are throwing tremendous resources at these talks and are working with goodwill and all possible faith, but artificial deadlines aren't helpful to anyone. >> coming up on "bloomberg best," more of the week's corporate earnings reports and more of the week's most compelling conversations. when alan greenspan was fed chair, he warned about irrational exuberance in the market, so what is he worried about today?

are two bubbles, a stock market bubble and a bond bubble. >> this is bloomberg. ♪ we use our phones and computers the same way these days.

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>> this is "bloomberg best." no surprises from the fed this week, as the fomc voted unanimously to hold rates steady. it was janet yellen's final policy meeting before jerome powell takes the reins as chairman. former fed chair alan greenspan joins bloomberg tv on fed decision day and talked about the challenges facing central banks in the global economy. >> i don't want you to pontificate on what jerome powell's to do list is, but you can talk about the underlying theories at the eccles building. does alan greenspan still believe in the phillips curve? >> i never did. [laughter] sainthood of the

the phillips curve right now, being as honored as it is, which model should we use as we move into the rest of this decade? >> well, let me just say this. there was a big dispute in the 1990's about the phillips curve. the phillips curve was supposed basically engender inflation as the unemployment rate fell. well, the unemployment rate cap falling, but productivity was accelerating at the time, so unit labor costs didn't move, and we had a period where the phillips curve did not work. the phillips curve presupposes a certain fixed rate in productivity growth, and that is not the way the world works. >> we are missing that right now. speaking of the 1990's, you used the term irrational exuberance to describe the bullish

sentiment that was driving up stock prices during the dot-com bubble. you used the term "in 1996." do you see any signs of the exuberance today? >> let me put it to you this way. i think there are two bubbles. we have a stock market bubble and we have a bond market bubble. at the exuberance end of the dad market bubble will eventually be the critical issue. but for the short-term, it is not too bad. we're working toward a major increase in long-term interest rates, and that has a very important impact on the whole short-term economy. >> so where -- you don't believe in the proclamations that the market began in bonds, so this move toward 3%, if we do get there, it can sustain itself. what is behind that? >> what's behind the bubble? well, the fact that,

essentially, we're beginning to run an ever larger government deficit. remember, we are talking now about deficits close to $1 trillion, but debt has been rising very significantly, and we are, if you wanted to take the congressional budget office figures at face value, we're going to run through the peaks of where we were during world war ii on the ratio of federal debt, which is extraordinarily hard, and i think we are not paying enough attention to that. >> president donald trump's state of the union address commanded plenty of attention in washington and on wall street this week, both for its style and substance. discussed the speech in analyzes claims about the u.s. economy with several guests on bloomberg television.

let's start with erik schatzker's interview with longtime trump's friend and supporter billionaire investor tom barrett. president'sthe opportunity, let's call it, to strike a tone different from the anger and frustration we have seen in his tweets. how do you think he did? >> i think you did a terrific job. -- i think you did a terrific job. the bipartisan atmosphere is never going to gain applause from all sections of any audience, but he did but everyone was hoping for. was smoothed his delivery was perfect, he was on touching,autiful, emotional american stories. the focus of the policy issues was soft in tone, dreamers is a big issue for everybody, so attacking that and sophisticated

-- so attacking that in a sophisticated way was difficult. the world is watching, saying we need an emotional piece from this leader, and they got that. >> the president likes to take credit for the strength of the stock market. he did it in his address to congress. isn't that dangerous? >> sure. sure. for, he deserves credit continuing to steer. the economy, president obama also deserve credit for starting the process. it's an aircraft carrier, it doesn't turn on a dime. but i think as part of what the president needs to do, which is instill in us confidence and hope and enthusiasm, an ability for entrepreneurs to invest -- >> right. but if you hitch your wagon to stock prices, stock prices go down, you own it just as much. >> i don't think he is worried about that.

i think he is worried about getting enthusiasm behind where we are at the moment, and where we are at the moment is the best it has been a long time. regardless of who deserves credit, it is the best it has been a long time. >> we have been hearing from the president, taking credit for the economic recovery, talking about stock markets hitting record high after record high. but this is essentially a chart that shows the d correlation, the disconnect between consumer sentiment, which is rising, and the presidential approval, which as we know is the lowest in recent memory. how much can president trump take from this recovery in terms of credit? the second part of my question is how do you explain the situation where you have people feeling better about the economy, but also feeling not so great about leadership. >> on your first question, people always overrate the impact of presidents on the economy. very few of his policies were in thee in 2017, and in fact,

u.s. growth surprise has been smaller than the growth surprise in other advanced economies. that is why you have seen the weakening dollar, because europe is leading the global recovery, and at this stage, the united states is a follower. in terms of those consumer confidence numbers, what i find interesting is they have been somewhat disconnected from the actual economy. consumer spending is growing much less quickly than you would predict based on the consumer confidence reports people get. they are telling surveyors one thing, saying they are confident, but when they go to spend their money, they're not spending in a way that is consistent with that. my bottom line is i wouldn't pay a whole lot of attention to the confidence, to have the economy grow on a sustained basis, to have productivity growth, wage growth, we will need the fundamentals.

you can't just levitate your cell phone optimism and hope. ♪

>> you are watching "bloomberg best." let's resume our round of corporate earnings reports. tech companies from around the world released results, including chinese e-commerce powerhouse alibaba. >> alibaba shares reversed losses in late trade after earning and beating expectations. they also announced 33% financial. what are the key takeaways for you? >> this is a mixed bag of earnings for alibaba. they did beat on guidance and revenue and earnings, however investors were really concerned about the massive increase in investment. jack ma has been pouring billions into his off-line retail vision, as well as

investing in artificial intelligence and spending heavily on content. even though alibaba says that these investments are key to the long-term profit driving centers of alibaba, investors are still concerned about the margin pressures here. we did learn that alibaba will be taking a 33% stake in a finance affiliate, which means they are finally slopping the profit-sharing agreement for an actual equity stake, which could pave the way for an ipo. >> amazon's hiring an extended trade, reporting its quarter sales growth. it was dominance in e-commerce and cloud computing, even as it pushes and to other businesses. it was a blowout across the board and it continues to show this dominance. >> absolutely. it's across the board. if you look at results from whole foods, aws, from third-party seller services, subscription services,

advertising, robust growth across the board. they're executing better than what we anticipated on some of these challenges. >> it was a very different show for alphabet. what went wrong in the most recent quarter? >> so, if you look at their growth, which is off advertising demand, it was pretty fine. networkhave to pay to and distribution partners. hed those increasing costs, t expectations are that some of these costs will slow down in terms of growth in the coming this willut you feel go to google for the next couple quarters as an overall -- from a profitability standpoint. microsoft tapping analyst estimates, helped by growth in

corporate cloud software. the company reported a loss. what are your takeaways? >> the big takeaway to me is accelerating growth. the cloud business is growing 97%, 98%. it is hard to imagine the business that will grow even faster, but that is what we saw. i think it shows that satya nadella has done an impossible job of turning the battleship that was microsoft, changing the ago,re, and not too long we were talking about was microsoft going to be microsoft ten years from now, and now we are seeing a company that is doing terrific under his leadership and doing things that steve ballmer couldn't get done. >> europe's largest software firm just got a little bigger. sap has agreed to buy callidus software to bolster its growing cloud-based business. fourth-quarter sales were in line with projections, and new

cloud bookings grew by almost a third. i remember covering sap as a young reporter, 15, 16 years ago. at the time, acquisitions were a massive part of the strategy. is this a come back to that old company? >> you are still young reporter. no, it isn't. we haven't done a deal in three and a half years. but this one was too good to pass up. this is a company that helps us refine this custome driven growth revolution. every ceo wants to be in touch with their consumer, they want to protect the privacy of that consumer, they want to interface with them on any channel in any device. this completes us, in a certain sense, as the market leader. calida spills an important space and it will take over. surgedung electronics

after it reported record quarterly profit showing its chief business pulled in more revenue than intel. he maker of consumer electronics also unveiled a 50-1 stock split, during which the heir apparent was jailed in connection with the peddling scandal. >> what we got today was the consolidated operating profit, but also income numbers which were below estimates. we also got the division by division breakdown. we had some standouts in the chips, which is the flagship division, operating profit more than doubled from a year earlier. we could get a pop coming out of displays. keep in mind they are a contract supplier of oeled screens. they had a pick up in operating profits. >> let's talk about deutsche bank's shares, in the company suffering a biggest intraday

drop since july, tumbling to the lowest level in 20 years. fixed income trading, the largest source of revenue, went from 29% -- both in terms of the revenue line, which came well below expectations, and also cost. suddenly the cost control isn't what it was before. >> are more confident this year than last year. i'm said to say i don't think any bank can anticipate what happened last year. although we are very disappointed with the year on year and quarter on quarter, we seem to have gained some market share, which is perhaps reflective of the fact that we are in this recovery phase. right now, though, i think there has probably not been as a good a time to be in banking and the three main economic blocks. the macroeconomic backdrop is marvelous. i think levels are picking up.

much more so on the corporate side then the institutional side. there were some drivers on the institutional side, particularly looking forward to euro rates going positive again, which i think will drive a lot of activity. >> santander has been estimates with fourth-quarter net income, thanks in large part to a strong performance in latin america. the brazilian unit saw 26% jump in earnings. i spoke to the chair about the numbers. >> it has been an outperform or. it has taken us from 14% to 70%, we think it%, and is the right way for customers, digital -- very good performance in brazil. mexico also. all of latin america has done very well. >> do you worry about protectionist measures taking force in 2018, after we heard noise from president trump? >> as i say, when i look at his

reactions, and what the u.s. has done in terms of the economy, it is pretty good. group, the dutch financial behemoth, coming out with fourth quarter underlying pretax profit of 1.5 to 6 billion -- 1.50 6 billion euros. ing misses estimates on profits. >> if you look at our overall momentum, it is quite good commercially, because we had 500,000 customers and now in total 37.6 million customers, of which 10.8 million are really primary customers. we are happy with that. it if you look at the whole year that we have generated 27 ans in 19f new net lo billion of new net deposits. all of these numbers are good. if you look at the whole year, it is good. if you look at the fourth quarter commercially, it is also good.

in that sense, we are quite glad with the development so far. >> eli lilly, fourth-quarter earnings raising the 2018 outlook two to tax reform. it says it will free up $9 billion in cash. what will you do with $9 billion in cash? >>, we will put it to work first investing in our own operations, r&d projects. the second priority is building a pipeline, looking at development, acquisitions that can add to areas like oncology, diabetes, and nerve science. finally, if we run out of ideas, we will give it back to shareholders. tax reform does allow us access to cash, and i think it levels the playing field for american companies against our foreign competitors. our industry is half american, half foreign, and this is a strategic benefit for us now that our tax rates are

competitive, we can invest at a similar rate to foreign competitors. ceo andnordisk, the chairman are stepping aside as the world's biggest maker of diabetes medicines, another year of muted growth. products face competition and price pressure in the u.s., a familiar story. you have a tail wind in the u.s. with tax reform. can you quantify the effect of the tax bill on novo nordisk? >> we expect that we will have a lowering of our effective tax rate by 1.5%, with an effective tax rate of 21%. we are already investing in the u.s., building a $2 billion usd plant in north carolina. opportunity, and we are investing also based on lower tax rates. companye's biggest oil has delivered fourth-quarter

earnings ahead of estimates, led by upstream and shell. an adjusted report of $12.3 billion, its best profit in three years, the with a surprise drop in cash flow. >> altogether, the year has been successful. earnings close to $16 billion. shown that wee have what it takes to be a world-class investment. altogether on a cash basis, we came out to $39 billion after working capital adjustments. we have been able to pay down the debt quite a bit. i'm very, very confident that we andmeet the commitments promises we made for the end of the decade, which is $25 billion to $30 billion organically. >> oil stocks falling short of investors' hopes, exxon mobil chevron reporting below estimates. what's going wrong? >> this should be a really good time for big oil right now.

we have the oil price rising so much. but what you saw, especially with excellent, was being heard on the downside, the chemical refining business, especially outside the u.s., it has been a big struggle for them after that they collapse in the margin. ♪

>> i'm looking at jpmorgan's page on the bloomberg here. jamie dimon obviously at the top, his title as chairman, president, and ceo. naming him as copresident, they are in line to succeed him. there are a lot of women on this page. ary and like, -- >> i just pulled up the ddis

screen, the debt distributions screen on the bloomberg, so you can see what shall's got in terms of outstanding debt, and when it is coming due. >> there are about 30,000 functions on the bloomberg, and we always enjoy showing you are favorites on bloomberg television. maybe they will become your favorites. here another function you will find useful, to uic go. it will lead you to our quick takes, where you can get important insight and fast takes. this one from this week. >> for protection from polio, three inoculations. the second given not less than two weeks after the first. >> a minority of parents believe the most life-saving medical advancement in history does more harm than good. this group has undermined progress to give diseases in europe and the u.s., at health officials worry about further setbacks, considering who has endorsed these discredited link between vaccines and autism. >> two and half years old, a

beautiful child, went to have the vaccine and came back, and a week later got a tremendous fever, got very sick, now he is autistic. >> here's the situation. the vaccine backlash took off in 1998, when the medical journal "the lancet" published what turned out to be a fraudulent study linking vaccines to autism. the journal stripped the article in the doctor was stripped of his medical license, but the idea still to cold. preventable diseases are on the rise again. the u.s. was measles free in 2000, than the cases spiked to 260000 and 2014. it is worse in europe, where there were 4000 and 2016. will think off has remained at elevated levels in both places since 2012. the choice not to vaccinate doesn't just effect individual children. since unvaccinated kids often live in geographic clusters, groups can lose herd immunity.

that is why the pathogen itself can die out in the area. immunity,s lose herd and those who can't be vaccinated either because they are too young or have copper might immune systems become damaged. here's the argument. in the u.s., there are setbacks and requirements for school attendance. many states offer exemptions for personal or religious beliefs. some public health specialists support eliminating them, and some courts have agreed. in striking down a religious exemption, the mississippi supreme court cited a public interest in keeping people healthy. others worried that if vaccinations are mandatory, it would harden the opposition. >> that was just one of the many quick takes you can find on the bloomberg. you can also find them at bloomberg.com, along with all the latest business news and analysis 24 hours a day. that will be all for "bloomberg

best." thanks for watching. i'm julie hyman. this is bloomberg. ♪

>> i'm mark crumpton. let's start with the check of first word news. the white house says a newly released gop memo raises serious concerns about the department of justice in the fbi's handling of the rush investigation. a former fbi director, james comey, is not impressed. he asked on twitter, "that's it?" be called the memo dishonest, misleading, and not worth the damage it has done the public trust in u.s. intelligence agencies. the memo was declassified by president trump and released friday by house republicans. the president says his immigration plan is necessary to protect human borders. the plan offers a path to citizens