♪ >> coming up on bloomberg best, the stories that shaped the world. the accident took the stage in his state of the union address. -- is over.f >> we need some emotional piece. does it change the equation at all? janet yellen yield -- leads her final meeting at the fed. and a trio of business legends launch a business that could transform health care. going to do something

big. >> nafta talks continues. canada's minister of foreign affairs is cautiously optimistic. world's moste valuable companies reporter earnings. we have not done a deal in three and a half years. but this one was too good to pass up. >> we have shown we have what it takes. >> i think there has probably 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. i am julie hyman. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television. around the world. on monday, investors watched

with keen interest as canada, mexico, and the u.s. concluded their sixth round of negotiations over nafta. ♪ their sixth round of negotiations over nafta. >> hints of promise, 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 a lot faster.

the canadian foreign minister was more upbeat 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. >> jamie dimon, warren buffett, jeff bezos planning to join forces. jp morgan, berkshire hathaway, and amazon announcing a way to collaborate on healthcare services to their employees. aetna, pfizer, cigna all falling sharply 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 -- something big in health care. we don't know what. we see them expressing frustration. investors have been worried that amazon will get in. so you bring all these complementary strengths into health care, it will be interesting to watch.

>> mr. speaker, the president's cabinet. >> 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. >> 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. [laughter] i think there are so many problems they have to solve, taking on infrastructure is not going to happen in this congress. >> the longer he can keep up a performance like tonight in play in the public eye, the more successful he can have. the polling is against him, democrats are committed to fighting, and he has already lost a lot of americans. >> no surprises from the federal reserve, leaving the rate unchanged, while hinting at a rate hike in march. >> there were subtle, but important changes come in the -- but important changes in the , fed statement where they referred to expectations for a 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. that does not seem to change the meaning of those sentences, but does attract attention and emphasizes expectations for further rate increases this year. >> i don't think there is any question the fed will be raising rates. it is only a matter of how many times. 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 this 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. >> mark zuckerberg did a great job explaining what they are doing with the feeds. i think you saw record margins

approaching 70%, and mark zuckerberg has been tempering higher earnings with growth, etc., but he has always outperformed. my money is they can raising -- my money is that they can raise engagement 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, the new headquarters. 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. he could not be prouder. >> at first we got the numbers were not very good and a weak forecast, but the average selling price of almost $800

that 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? >> it is the good data, the idea that if the fed will on the hike -- if the federal reserve will only 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. that is the question i keep getting. how come it keeps steepening when the fed is still hiking and we still have relatively low inflation even though it is picking up a little bit. >> u.s. employers added 200,000 jobs in january and wages rose the most since 2009, increasing 2.9%, even as the uncommon rate

-- even as the unemployment rate remained at 4.1%. >> we have 2% unit labor costs and hopefully 2% inflation. it does not factor in the weak dollar. over the past 12 months. yes i think it basically means , we are approaching that magical number at which the fed will continue to raise rates. >> in the last 70 years 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 very excited to see the 2.9% wage growth number. it is what we have been talking about for the last year. it was the -- 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 wage growth in the united states. >> still ahead "bloomberg best," more analysis of the week's top stories. 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. >> they said it gives them "unrivaled distribution capability to reach every point of sale in north america." >> this is bloomberg. ♪

>> this is "bloomberg best." let's continue our global tour. on wall street, a major bank announced plans that raised as many questions as it answered. >> j.p. morgan has named two people as copresidents, positioning them to succeed jamie dimon. they will take the role from 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 at retirement age in five years, so that would kind of disqualify him. it is more likely that it comes down to two women named mary. the cfo, and head of asset management. >> big news on the beverage front in a deal that brings dr pepper and snapple brands under the same roof as the keurig singleserve coffee system, creating a beverage giant. >> it will be called keurig dr pepper. lots of iconic brands including keurig, cured, and --

and dr pepper. if you think of 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, sanofi outbids nova for a belgian 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. they tried their hand at a couple of transactions two-three years ago. that did not work out and they walked away, but now they delivered this knockout punch

today to novo who had previously bid for this assets, a low bid they said they did not like, and that left the door open for sanofi, a week after they spent top dollar, about $12 billion, on another acquisition. all in all $60 billion which shows the direction they are going in, this new area of hemophilia blood diseases, and that is where the growth is. >> another hacking incident in japan has led to big swings in bitcoin and calls for stricter oversight of digital currencies. tokyo-based coincheck 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 -- have actually been quite

forward-looking. japan was one of the first to actually adopt rules for the use of bitcoin, and even taxation rules, 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 today 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. when it comes to tether, this is a company that issues a widely traded coin pegged to the u.s. dollar, so what are the concerns surrounding tether? >> as the peg in plies, for 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.

they have 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. >> the u.s. published a list of 210 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. president vladimir putin called the list an "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. essentially the fact the list , was so wide-ranging, it

included every single russian billionaire 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. isprime 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. >> we agreed to joint review of trade and investment, which i think is a good step towards looking towards what our future trade relationship can be. >> david cameron promised that golden era of relations with china. are we approaching a golden era?

>> for the chinese it is tricky because from a strategic point russiansthey, like the would like nothing more than to , have the u.k. split off from the eu, weakening and major global rival. from an economic point of view, 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 in the middle of delivering his budget speech to parliament and focusing on farmers and the rural population as narendra modi looks to win over voters next year. what were the highlights for you this morning? >> what the budget has told us is that $225 billion will be spent on rural infrastructure. out of that -- 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 a little bit a wry. -- a little bit a 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%. so clearly consolidation is in 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 italian financials and banks, and the trigger his

-- and the trigger is 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 -- how the italian banking industry fared this year? >> it seems to be a contrarian bet. the italian index is one of the best performing this year. the banking index is up 14%, so some of these bets might be painful for bridgewater, but it looks to be a top-down macro call on the country. ♪

julie: welcome back to "bloomberg best." the sixth round of nafta talks wrapped up this week and a commitment to resume discussions next month, but many

points of contention remain. canada's foreign affairs minister, christopher he led, discussed 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 round,at in the montreal 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 -- difficult issues, in 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 in canada is hope for the best, prepare for the worst, and we are doing both. >> one of the central messages was that the negotiations are moving too slowly. do you agree? if so, how do you speed them up? >> look, all of us would like the negotiations to be finished as soon as possible. the economic relationship inside nafta are a central to all of arere the central -- essential to all of our economies, and so we would 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 gap in terms of vision. canada is working hard to find creative ways to bridge that gap. and we will continue to do that. >> people have been concerned that it is so complicated and moving so slowly that you run up into the mexican elections.

on july 1 and the u.s. midterms on november 1. -- does canada agree 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 false 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 -- and all possible speed, 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? >> there are two bubbles, a stock market bubble and a bond

bubble. -- and a bond market wobble. julie: this is bloomberg. ♪

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 phd's at the eccles building. does alan greenspan still believe in the phillips curve? >> i never did.

[laughter] >> well, with the sainthood of the phillips curve right now, or at least it 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 to basically engender inflation as the unemployment rate fell. well, the unemployment rate kept 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. i believe you used the term "in speech. a do you see any signs of the irrational 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 will be the critical issue. for the short term, it is not too bad. a majorrking toward increase in long-term interest rates. and that has a very important impact on the whole structure of the 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 -- it can't 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 to gdp 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. we discussed the speech in -- and analyzed its 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. >> this was the president's 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 he 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. his cadence was smoothed his -- was smooth his , delivery was perfect, he was on script, beautiful, touching, emotional american stories. the focus of the policy issues was soft in tone, dreamers is a big issue for everybody, so attacking that in a sophisticated way was difficult.

the world is watching, saying we need an emotional peace 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? tom barrick: sure. sure. look, he deserves credit for continuing to steer. the economy, president obama also deserves 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. -- as much on the way down as you do on the way up and that

can't be good for confidence. tom: 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 decorrelation, 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 that presidents have on

the economy. very few of his policies were in place in 2017, and in fact, the 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 in the supermarket, 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 on optimism and hope. ♪

julie: you are watching "bloomberg best." i am julie hyman. 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 -- swapping 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. in eight years. it was dominance in e-commerce and cloud computing, even as it pushes in 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, even the other revenue like

advertising, robust growth across the board. they're executing better than what we anticipated on some of these challenges. a specially whole foods. >> 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. -- they have to pay to network and distribution partners. and those increasing costs, the expectations are that some of these costs will slow down in terms of growth in the coming quarter, but you feel this will go to google for the next couple quarters as an overall -- from a profitability standpoint. >> microsoft tapping analyst estimates, helped by growth in

it's cloud and corporate services. 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 culture, and not too long ago, 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 for $2.4 billion to bolster its growing cloud-based business. fourth-quarter sales were in

line with projections, and new cloud bookings grew by almost a third at constant currencies. 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 acquisitive 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 define this customer 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. >> samsung electronics surged after it reported record quarterly profit showing its chief business pulled in more revenue than intel. the 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. -- in seven years. fixed income trading, the largest source of revenue, went from 29% -- this was worse than what they expected 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. >> i more confident this year am 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 -- in 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 we are still looking forward to euro rates going positive again, which i think will drive a lot of activity. >> santander has been estimates -- has beaten 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 outperformer. it has taken us from 14% to 17%, and we think it is the right way for customers, digital -- very good performance in brazil. mexico also. actually 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. >> ing group, the dutch financial behemoth, coming out with fourth quarter underlying pretax profit 1.56 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. we are also happy, if you look at the whole year that we have generated 27 billion of new net loans in 19 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 due to tax reform. it says it will free up $9 in cash. million what will you do with $9 million 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, neurals and numeral -- 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 aal science. strategic benefit for us now that our tax rates are competitive, we can invest at a similar rate to foreign competitors. >> novo nordisk, the ceo and chairman are stepping aside as the cfo and 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%. in the u.s. we are already investing in the u.s., building a $2 billion usd plant in north carolina. we see a strong opportunity, and we are investing also based on lower tax rates. >> europe's biggest oil company has delivered fourth-quarter earnings ahead of estimates, led by upstream and shell.

an adjusted report of $12.3 -- shell reported an adjusted profit 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. i think we have shown that we 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 can meet the commitments and 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 refining margin which in the last quarter hit a lot of people. ♪

>> i'm looking at jpmorgan's mgm two 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. mary callahan. jennifer. terry young would. ungwood.

>> 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. julie: 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 is 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 maximum 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 against diseases in europe and the u.s., at health -- and 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 retracted the study in 2010 and u.k. authorities stripped the author 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 267 in 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. communities lose herd immunity, and those who can't be vaccinated either because they are too young or have copper -- or have become susceptible to infection. 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. ♪

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