♪ >> coming up on bloomberg best from of the stories that shaped the week in business around the world. the federal reserve begins. >> this gradual process had been underway for more than two years. and it has served and will continue to serve the economy well. >> it is not a change of temperament, just a change of acknowledgment.

mark: taking crucial steps forward. a battle begins over a media megamerger. washington faces yet another government shutdown. a global scandal leaves facebook with fewer friends. >> the stock should drop because we will see even more some problems in the future -- people see more problems in the future. mark: the u.s. gets even tougher on trade and tariffs. the rest of the world has plenty to say in response. >> we must absolutely avoid trade wars. >> i think it is a matter of keeping one's head on this. >> the bigger question is u.s. and china. it's a question about the u.s. place in the world. mark: we include some of the conversation with the saudi prince. his detention captured the world's attention and now he is getting back to business. >> we are open. we are open. mark: it is all straight ahead

on "bloomberg best." ♪ mark: hello and welcome. i am mark barton. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. the weekend the turmoil in the tech sector as facebook found itself at the center of a gathering storm. ♪ >> facebook under fire. government officials in the u.s. and europe are demanding answers from the social media giant after reports of cambridge analytical, the data firm -- cambridge analytica, the data firm that helped elect president trump, use the private information from facebook profiles of 50 million people without their consent. the news has sent facebook shares down more than 5%. >> it goes to the issue at facebook and other social media companies about data integrity. where's the data reside? -- where does the data reside? who has access to it, and who can repurpose that data? >> they are now starting to realize this thing is becoming a pattern.

this is a regular problem facebook is having. and i would argue, it is because of failures of systems designed that are endemic to the way facebook has been allowed to revolve. and if that is true, then the stock probably should drop because we are going to see even more such problems in the future. >> facebook's latest black eye will touch off a regulatory avalanche. it sent the tech heavy nasdaq to with the deepest lost in six weeks. >> facebook is the epicenter of the selling. >> this is a big risk for them, but it is hard to quantify at the momentary so, the analysts are being a little cautious, and not overreacting to this, but you have to wonder what the stock investors are seeing that they don't?

>> the u.k. anti-e.u. have >> the u.k. anti-e.u. have agreed on a large part of the agreement that will lead to the withdrawal of the united kingdom from the european union. secretary -- bridget secretary david davis says the deal on what the u.k. calls imitation was, "a decisive step." >> a deal was struck today. it should give us confidence of a good deal for the united kingdom, and the european union is closer than ever before. >> so, there are two main things here that have been agreed. the first is on this transition. that is the implementation

period. from brexit day, which is in a year's time to the end of 2020, they say nothing will really change in terms of the trading agreements. companies and people can move freely. the second thing is that they have mostly agreed for terms at the exit. that is things like the bill, the financial supplement, citizens' rights, and the third issue is around the northern irish border. that is the one we still don't have a full answer. the what they have done is change the wording to satisfy both camps. ♪ >> well, facebook is falling further. this amid reports that the federal trade commission is investigating whether or not the company violated a 2011 personal consent decree. if found guilty, the ftc has the power to fine facebook thousands of dollars a day per violation. >> in 2011, they said the ftc had to give users the opportunity to give express, informed consent if they were going to share their information with third parties. the ftc came out with a statement this morning, not commenting or confirming whether they are investigating, but they said they do take data privacy issues very seriously. ♪ >> world financial leaders just wrapped up their annual summit -- their annual g20 summit in buenos aires. steve mnuchin addressed policy makers last hour, saying the u.s. is not afraid of a trade war. tell us more about what he said and how much pushback from

attendees? >> we know there was a lot of pushback, scarlet, because the attendees all told us that they did not sign on to the administration's trade agenda. the idea that turning inward would hurt the global economy. it was paramount at these meetings, but in his closing meetings, but in his closing press conference, treasury tech -- the treasury secretary said the u.s. would go it alone because it is a trading nation that should be treated fairly. the administration is going to ensure that. he said that was a message that g20 heard last year and this year, and if they have to act alone on china, they will act alone on china. ♪ >> all eyes are on the new fed chair as jay powell makes his fomc debut. will the central bank open the door for for rate hikes in 2018? >> eight point mood and the fed gets more hawkish. the real story is the dot plot, the are just one dot move away from four rate hikes in this year, and 2019, the median moves up to 2.9%. and in 2020, 2 more -- in 2020, 2 more. today's decision to raise the federal funds rate is another step in the process of gradually scaling back monetary policy accommodation as the economic expansion continues.

this gradual process has been underway for more than two years. and it has served and should continue to serve the economy well. >> we should not make the mistake in saying this is a much more hawkish fed. relative to janet yellen's fed. this is the fed that is acknowledging the improvement in the economy, and thereby, signaling a slightly faster pace of hiking is warranted. so, it is not a change of temperament, just a change of acknowledgment of underlying economic conditions. ♪ >> facebook ceo mark zuckerberg breaking his silence over the cambridge analytica scandal. promising to audit and restricted data collected by some apps, as well as being more transparent with users. >> zuckerberg came out and said facebook is going to do a lot more to actually examine how much information these third-party app developers have about its users, and will do a broad audit to try to figure out if on the largest platforms, if there were in the other outliers or issues that they should be

aware of, and any app that violates them will be blocked. analysts on wall street are saying this is a good first step. others are saying it is too little, too late. ♪ >> the bank of england will stand -- will stay on hold with markets looking for a hike in may. bank of england rates staying. but there was some dissension, 7-2 to keep interest rates unchanged. they do talk about protectionism

being a risk, and market reaction is what you would expect. a big jump in sterling. >> it is bigger on to the table than it was before. you can see that in the sterling reaction that you talked about a moment ago, but it is those brexit comments better interesting. we have moved over the last few days to a more stable footing. i know it is a very small move, but the talk of a transition agreement being made just may start to reduce the brexit risk a little bit for the british economy. if the bank signals this is one of the major factors it is watching, that will make it

easier for the bank to hike interest rates. so that is what we may be looking at, and why -- and that moment ago, but it is those brexit comments better is why we are seeing the reaction we have got. ♪ >> president trump is taking his boldest step yet to level the economic playing field with china. ordering sweeping tariffs on chinese goods and moves that could escalate trade relations between the world's biggest economies. pres. trump: we are going to be doing a section 301 trade action. it could be about $60 billion. >> there are going to be tariffs on chinese-made goods.

there are something like 1300 possible targets, and they are getting industry time to comment on which ones they think should be applied. >> electronics, robotics, biofarma, railroads, even rail goods are in the mix. >> can u.s. stocks -- u.s. stocks tumbling the most in six weeks. 724 point deficit. >> markets hate uncertainty. but we have had from the administration so far, the ustr has issued its communique,

saying the tariffs themselves will be 25%, but on what? we don't know. so there is uncertainty about which industries will get shellacked with large tariffs. so, i think it is an issue, of cell first, and then figure out the details later -- sell first, figure out the details later. >> what response are we expecting from the chinese? >> i expect there will be a shellacked with large tariffs. response. i think it will be a measured response. these are very fossil, very serious people. they know the president and being very fossil and very serious -- they know the president is being very thoughtful and very serious.

i don't think anybody is just going to have a knee-jerk reaction to any of this. ♪ >> china has hit back at president trump's term saying it will not be pushed around. the administration saying it is imposing a response. how measured do think this response is? >> beijing has not taken the gloves off yet, have they? i'm in the 3 billion number versus the 60 billion trump is talking about, so it is an attempt by china to push back. obviously, they are trying to strike a balance between showing the u.s. they carry a big stick, but also not wanting to inflame tensions. >> we don't want to have a trade war with anybody. we are still trying to avoid one. but if a trade war is forced on us, we will have to fight back. ♪ >> european leaders responding to the overnight news that the security temporary exemption from the steel and aluminum tariffs. how have your leaders responded? >> for some of them responded with philly diplomatic language, welcoming the temporary exemption, that only runs may 1. others, such as the belgian prime minister, use colorful language, saying he does not want to negotiation with a gun to his head. the big question really from here is, if there was going to be a trade conversation between the u.s. and the e.u. ahead of that deadline, how is it not going forced out of the rules? >> a government shutdown is potentially back on the agenda for washington. the federal government runs out of money tonight, and president trump is now threatening to veto the spending bill passed by congress early -- passed by congress early this morning, citing immigration among other reasons. >> we thought that the drama has been taken care of over the last couple of days. they thought they had the president's support, but as this president does he surprised everyone with a tweet saying he is considering a veto of the spending bill, which would shut down the government. pres. trump: i said to congress i will never sign another bill like this again. i am not going to do this again. i'm calling on congress to give me a line-item veto for all government spending bills. and the senate must end, they

must end the filibuster rule and get down to work. ♪ mark: still ahead as we review the week on bloomberg best, an i will never sign another bill like this again. saudi prince who is back hunting for deals following the kingdom's corruption crackdown. plus, a course of world leaders exclusive conversation with respond to the threat of a trade war, and up next, more of the ♪ respond to the threat of a trade war, and up next, more of the week's top business headlines. profits rolling in for china's tencent, but costs are also piling up. >> they are paying for a lot of content. whether it is videos or music to challenge, of course, alibaba. mark: this is bloomberg.

♪ mark: this is "bloomberg best." i'm mark barton. let's return to our global tour of the weeks top business stories would china's central banks. ♪ >> china has named its first new central bank governor in 15 years. the deputy governor will currently take over. this is really a continuity choice. >> it is. as you say, he has been the deputy governor for a decade, and is worked beneath him for that period. he has been with the central bank since 1997. it is an interesting time to take over because the pboc is now in a stronger position as an

institution. institution. it is powers now to change and write regulations for the financial sector, but in many ways, it has lost some of betsy clouds because -- some of its clout because it will now have to report to the chief economic advisor who speaks directly to the president. so, less autonomy than the central bank even had

they -- when it is an self-driving mode. sometimes, it does engage and probably what happened is that

the car did not see the pedestrian, or the software did not detect the pedestrian in time. this is the first known for talent he involving a pedestrian

-- fatality. this will likely for a regulatory backlash. >> activist investor edward bramson's acquiring 5.2% of voting rights in barclays. they say they welcome investors. why now? >> well, barclays fines itself at a real crossroads once again

♪ mark: welcome back to bloomberg best. i am mark barton. this week, in his first interview from being released from detention, after a crackdown on alleged corruption in the kingdom, saudi arabia's prince spoke exclusively to bloomberg. the billionaire chairman of kingdom holdings is now in the hunt for new deals. he told erik schatzker about some of the plans his business is working on. ♪ >> the kingdom now is raising between $1 billion to $2 billion of debt. we do have some cash in holding, but we are now looking for the second piece. last year we did a few big deals. this year, 2018, although the market right now is, i will not say overvalued, but prices are not where we wish them to be. we would like to get some firepower ready for us. i think we are on the verge of getting the one billion to two billion financing facilities. >> so you are thinking about a deal of what size? >> we are willing to do any deal deal of what size? >> we are willing to do any deal between $1 billion in $2 billion. >> in what industry?

>> we are a holding company for we are open. we are open. >> i have heard that you are working with goldman sachs. >> yes. i thank mr. blankfein personally for his support in the previous deal. $1.6 billion to buy a stake in the saudi french bank. right now we are working through them and others also to find and locate others for the kingdom's holding. nationally or internationally. >> would you consider ever restructuring kingdom holding to make it easier for people outside saudi arabia to understand? in other words, taking domestic projects and domestic real estate and turning it into a reach? and then other investments you have remain in the kingdom holding structure? >> you are not only an astute reporter but an astute businessman. that is what our ceo is doing. the ceo is divesting the local part of saudi kingdom holding. real estate, the tower, and all of our local holdings. it is ongoing. we have an ongoing discussion about that particular discussion. ♪

mark: you can find much more of that exclusive interview at bloomberg.com. coming up on bloomberg best, conversations on trade and tariffs. insights from leaders in policy and government. as well as ceo carlos bristow. >> we hope that doesn't take the energy out of what we see out there today. mark: this is bloomberg. ♪ mom, dad, can we talk?

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♪ >> we believe that at a certain point, the market will reach its balancing point and there are different assessments of the timing. we believe as soon as the ultimate goal is achieved which is the balancing of the market, we will consider gradual withdrawal from this deal. most importantly, all of the parties to this agreement are

committed to achieving market rebalancing and further actions are to be considered and taken. >> when do you see the market rebalancing? >> there are different assessments on that. we monitor the situation closely, and we believe it might start to happen with a third or fourth quarter. it is hard to predict anything right now. ♪ mark: that was russian energy administrator confirming his country's commitment to stay with their deal and opec with an

exclusive interview. turning to another dominant theme of the week, trade tensions, u.s. rhetoric and policy have stoked fears of an impending trade war. many current and former financial leaders shared their views on trade with bloomberg this week. michael mckee caught up with several of the g20 summit in when osiris. -- in buenos aires .>> nobody -- >> nobody wants to enter into any trade war. everybody is looking at the way to bridge the gap and to find common terms, common community on trade. we are in a very delicate moment. we need to prepare a possible response to american measures and the eu's is preparing for that.

we think it is best to avoid any kind of escalation. we must absolutely avoid trade wars. the climate here is a polite climate. we are trying to work -- >> trying to, but are you finding common ground with the trump administration? >> that is not that easy if i look at the measures. we cannot agree with that. my colleague, the commissioner of trade, will be tomorrow and the day after in washington because we think it should not be applied to the eu. we hope to find solutions through dialogue which is the best way to deal with that. we also know it is a global case, that this should be solved globally and not through those kinds of measures. the best way is to find a way to dialogue and have a global response to this problem of overcapacities, which is not between the u.s. and eu. ♪ >> common understanding is that no one wins the trade war.

we need to avoid trade frictions, which could be beyond the usual dialectics. i hope the u.s., europe, china, the big players will look at the situation and will avoid taking steps that would undermine the global trade existence. >> we understand secretary mnuchin has been trying to turn the conversation towards china and its trading practices, but without success, correct? >> we have been discussing china, the recent u.s. measures, and we speak with one voice and we want to avoid trade friction. we want to find a solution both through issues with the u.s. and china. >> is there a solution? >> there is always solutions, the question is which one generates the best outcome and over which time horizon? there is a lot to gain in liberalization of services which is not open to global, titian. -- open to global competition. ♪

>> the elephant in the room of the u.s. steel and aluminum tariffs, australia has gotten an exemption, but how concerned are you this could lead to wider trade disruptions or a trade war? >> australia has a win-win arrangement with united states, and we do have a free-trade arrangement with the united states, so not surprisingly, we have a reciprocal arrangement. we welcome that with no strings attached, so that is a good outcome for australia. but it is a product of how we do business. we are an open trading nation, and that is reflected. more broadly, it is keeping one's head on this to ensure that there are not spillover effects that are more damaging broadly. that is concerning more to the wider community, but we need to make sure that we keep cool heads in the room.

>> the u.s. is preparing to launch tarriffs against china for intellectual property theft. china is your most important trading partner, so where does that leave australia? >> again, maintaining dialogue with all players and being focused on what australia's interests are, ultimately. there are clearly issues between some major players, and they are making sure australia does not become collateral damage in any of these things and that we can continue to navigate a very good path for the australian economy. ♪ >> china has done many things they rightfully are pressured on. this excess capacity is distorting global steel and aluminum markets. this is a message they need to hear from the u.s., europe, and other producing nations. the u.s. should not be the outlier. the u.s. should be driving the

world to discussion that leads to better outcomes. >> how do you cross tariffs, should you 12, to target china, given the supply chain? >> i think targeting actions that are violating international law and agreement are entirely legitimate. having countervailing measures is a legitimate response. world to discussion that leads putting a global tariff on steel and aluminum, we are seeing the exemptions start to build up. the idea there was a national security reason the u.s. put a tariff on aluminum and steel did not make sense. our european allies are asking the same thing. this is a bigger question about the u.s. place in the world. right now, i think we have to worry about the world saying, the united states may not be doing the right thing. for the last 70 years, we had a this is a bigger question about line system with europe and asia where our allies around the

world could rely on us being the protectors. i worry that policies that weaken our leadership in the world have much bigger consequences than even the retaliation and tit-for-tat. ♪ mark: companies that do business around the world are also concerned about protectionist trends. bloomberg's jason kelly sat down with an exclusive interview with the chief executive of ab inbev and asked him how the terrorists on metals -- tarrifs on metals affect his business. >> we try to think always about our consumers. if this or that approach is better, that is what we would like to see out there. when you put tariffs on aluminum in the u.s., for sure, that will increase the price for

consumers. for example, if 10% of aluminum at the current price represents 2% or 3% more pricing for the consumer. if you think that our business or any business out there as an inflation of pressure on your cost structure, that is just on the aluminum piece. that will be a burden for consumers. we are trying to do what is best for our consumers. some things are not necessarily good for them. >> how do you model that in or do you make strategic decisions now, or are you in a wait and see mode to see how this plays out from a global perspective? >> of course. we all want to see that the world continues to grow. as i have said previously, the world -- the stars are aligned. most major markets in the world are having good economic growth and people are optimistic. we hope these tariffs do not take the energy out. ♪

♪ mark: you're watching bloomberg best. let's return to our roundup of the top news stories and are -- and that incredibly busy week for global business. in a landslide that surprised few observers, rush's president won reelection. ♪ >> president putin has cruised to a landslide victory in russia. the win extends his 18 year rule. what is the first item on his agenda? >> it is this spat with the west. he came out with a landslide victory last night, and this really was a referendum on his rule and he clearly got the

vote. the situation with the west, his campaign manager said boosted the results. last night, we heard from putin himself talking about this dispute. he said it is complete nonsense to imagine that russia would do this ahead of a national election and the world cup. this will be top of his agenda, the heightened tension with the west as he takes on another six years. ♪ >> the european commission and a flat tax of 3% on tech giants. the eu commissioner on financial affairs says he is hoping to impose an interim tax, when does

it become law and who is it going to hit? >> it is going to be interesting when it becomes law. this is a tax measure and therefore, eu and the states members require unanimous decision. there are countries afraid of the impact that they could have, including countries like ireland, a great source of direct investment. they will be hit like this measure if it becomes law. we are at the halfway stage. they are trying to come up with a global solution on this. the eu for the moment is coming up with interim measures but there is a gap at the moment. ♪

>> clearing a major hurdle for a $66 billion takeover. the eu giving the green light with one condition. the company still has to win approval from u.s. regulators. how did bayer achieve this today? what does it have to do and promised to do? >> it has to sell a package that is worth $7 billion which is quite sizable. the idea is to bolster a smaller player in these markets. and to make them a competitive force to merge, so in some ways, that answers regulator concerns about the deal that the competition becomes less. ♪ >> apple is designing and producing its own screens for the first time. the ambition is the latest example of apple bringing the design of key components in-house. >> they are doing their own small-scale manufacturing near their campus, but ultimately in the long term, it is highly likely they will work with another manufacturing partner to produce these in hundreds of millions of quantities per year. >> apple's business model has depended on this network of suppliers, mostly in asia, who have helped manufacture iphones

and ipods. they rely on samsung and other companies like that. they also want to be able to distinguish their products from other smart phones on the market. most recently, when they came out with the iphone x, it was their first oled display, that came from samsung. they're looking at another technology called micro led and if they are able to get this to work, they would be able to distinguish their products even further than other products on the market. ♪ distinguish their products even >> the saudi prince has been meeting with president trump and during a brief photo op before their meeting, they emphasized the strong relations between their two countries. how much of this meeting is about geopolitics like iran and how much is about commerce? when the president went over there, he came back with a $350 billion order. >> this is essentially a two-part meeting. first and foremost, regarding those financial private investments the saudis are looking to lure u.s. business, but it comes at a time in which those financial private lawmakers on capitol hill have concerns about the saudi's

purchases of mission defense systems from russia. there is an urgency with united states and saudi to move forward with these kind of deals. we should note the saudi prince is going to meet with business leaders, including the likes of folks in the tech industry. there is that element. >> it is obviously a wide spectrum of sectors, entertainment, infrastructure, mining, oil and gas, technology and a lot of the investment banking and banking sectors are part of this. ♪ >> markets have been pricing and a fed rate hike is indicated by a rise. take a look at the three month, the highest level since 2008 and the question is, is this a technical phenomenon, and what does it mean for the real economy? what is the why?

>> i think there are 25 things. unlike 2008, when libor was the canary in the coal mine, for credit quality banks, this is more technical. the treasury department is issuing lot of trade bills right now and repatriation from the tax plan where dollars are just leaving london. because of that, the price of money in london during the banking hours has gone up substantially. >> the question is, are we in a world where we have to look at this as a higher level overall or if we look at the curve, there's that wind up coming down? how sustainable is the rise? >> the forwards are pricing to come down by year's end. the risk is that it isn't phenomenal and that could have dramatic effects if it were sustain for a long amount of time. ♪ >> tesla shareholders have approved elon musk's $2.4 --

$2.6 billion pay package. they voted in favor of a reward of stock options. if musk's plans to turn tesla into one of the world's biggest companies is successful, it could eventually end up with more than $50 billion. >> he already has a significant amount of wealth tied up with tesla. why do they think this'll incentivize him more? >> that is the question everybody was asking themselves when this package was announced. essentially, it is a pretty expensive way to show shareholders that elon is going to be around for the next 10 years, he is not going anywhere. he is going to remain fully focused on tesla, and it also provides a roadmap for the company going forward, outlining very ambitious goals to become one of the biggest companies in the world.

one of the biggest companies in the world. ♪ >> deutsche banks restructuring plan is well underway. they raised around 1.4 billion euros from the initial public offering from its dws asset management division. are you satisfied with how offering from its dws asset management division. are you satisfied with how things are going?

with the share price, i am surprised you did not fall out of bed. >> it was a difficult pricing exercise. the last week has been quite volatile, but given the outcome, i think we did it properly. good day and very happy with the outcome. very proud of the outcome with one year of hard work from all of the teams. very happy to be where we are today. ♪ >> 3, 2, 1. >> the much anticipated drop box ipo still awaiting its price. they were above their targeted range. >> where does the growth story go from here? it is a 10 year company, i just heard him address employees at the nasdaq, saying they are looking forward to the next 10 years. investors want to know, where does growth get revved up from here and what are they looking for? and what stock pricing above the marketed range, it seems like the recent volatility did not really play into investor's demand for the stock. the ipo priced well, so i will be watching closely to see if this trades above $21. the higher it goes, the closer it gets that $10 billion private valuation they would love to breakthrough. ♪ breakthrough. ♪ >> peterson, the cofounder of black spoon has died. the wall street rainmaker with global connections, who was well the wall street rainmaker with global connections, who was well known for his fight over the control of the lehman brothers, was 91. >> he was one of the founding figures of wall street and went well beyond wall street. ceo at 37, secretary of commerce for president nixon, he goes to lehman brothers and gets into this massive power struggle with lew glucksman. and then in the wake of that, he and steve schwarzman go out on

their own end creates blackstone, one of the most powerful and enduring names on wall street today, arguably. not to mention, he goes on from that and creates an institute not to mention, he goes on from that and creates an institute and becomes a voice for fiscal policy, he creates a foundation, and a longtime chairman of the not to mention, he goes on from that and creates an institute and becomes a voice for fiscal policy, he creates a foundation, and a longtime chairman of the council of foreign relations. it is just amazing when you think about the birth of his career. ♪

♪ mark: let's talk about german data investor confidence, it grew to its lowest level since 2016 with concern arising the against economy in europe could be hit by a global trade war.

the index of investor expectations falling to 5.1%. quite of a drop. there are about 30,000 functions on the bloomberg. we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites, too. here is another function you will find useful. quickgo, it leads you to our quick takes for important context and fast insight in timely topics. here is one from this week. ♪ >> it is impossible to ignore america's opioid epidemic anymore. the numbers are staggering. nearly half a million americans say they used heroin in the past 30 days. heroin overdoses tripled in 2010 and 2014. and deaths from all opioids are now approaching the number of deaths from car crashes. how did we get here? pain. here is the situation, there is a grim connection between opioid addiction and heroin addiction in this country. doctors turn to drugs to remedy what was seen as widespread under treatment of chronic pain. the number of opioid prescriptions filled in 1992, 79 million. by 2012, the number rose to 217 million. as those numbers skyrocketed, federal government forced drugmakers to make prescription drugs harder to abuse. at the same time, heroin from afghanistan that mexico became a cheaper and more readily available treatments. here is the argument.

advised him to declare opioid addiction a national emergency. and rapidly expand treatment, among other measures. pres. trump: it is a national emergency.

we are going to spend a lot of time, a lot of efforts, and a

>> welcome to "bloomberg businessweek." in this week's issue, we go inside facebook as employees learn about the massive data breach. jason: and you've heard about the epa, how about the digital protection agency? that is ahead on "bloomberg businessweek." ♪ jason: we are here with editor joel weber. talking about this week's issue. joel, from the top, the biggest business story of the week's facebook. >> you can't not talk about that