♪ up, the stories that shaped the weekend business around the world. global stocks influx with investors on edge around the world. >> headlines about trade wars and emergency powers coming into play. between that and the tech selloff there is all this drama unfolding in markets. abigail: the facebook fallout continues as pressure mounts on mark zuckerberg. >> soderberg said if i'm the right person to answer these questions, i will do it but i have to be the right person. congress said you are the right person. abigail: tesla tumbles on financial concerns, and autonomous driving faces a gut check. >> there is a lot of

speculation. we should be cautious. >> nothing is more important to us than safety and brand itself. confidence and consumers and regulators alike. abigail: the u.s. stands of allies, getting russian diplomat's the boot. kim jong-un pays a surprise visit to china, while the u.s. and china tangle over trade. >> i think a huge going and it could be very destructive. >> i hope the rhetoric will get taken down on both sides. >> they could have an impact on global gdp. abigail: the imf managing editor tells europe to get together on capital markets. >> it is still short of what is needed. abigail: it is all straight ahead on "bloomberg best."." ♪

abigail: hello and welcome. i am abigail doolittle. this is "bloomberg best." let's start with a day by day look at the top headlines. the week began with western allies united to punish russia for the nerve agent attack in the u.k. tamping down on russia earlier this month. european council president says 14 eu countries will expel russian diplomats. >> the white house has taken action to retaliate for the poisoning of the former russian spy in great britain, ordering 60 diplomats to leave the united states and closing russia's seattle consulate. >> the russians have been looking forward to cooperation.

what they got with these expulsions. i think the kremlin is going to respond in kind, but at the same time it has lost a little bit more hope they can find a way to work with donald trump after so much hope was expressed after his election. shortage -- we have the s&p 500 making its biggest one-day gain since august of 2015. you have u.s. stocks rebounding sharply from their biggest weekly selloff in two years. issues.rade it wasn't just the tariffs. all of a sudden it was much wider and the fear it would become more significant. it almost got to the point where people were suggesting president trump was no longer progrowth, pro business but actually was the problem. that narrative changed. over the weekend in this morning they said the chinese want to

work with the americans on tariffs. >> asia stocks following the united states, that is the trend we have here. remember those words from steve mnuchin? he said he is hopeful a deal could be reached with china. president is chinese and chinese to reduce tariffs on imported cars, open up the financial services industry. it does start to look more like the art of the deal. >> world equities are higher after the u.s. -- are back in the biggest weekly route in two years. >> we had to pull backs so far this year. from this starting point today, they can go higher before get the next pullback. >> stocks lower into the session lows. you have the nasdaq down nearly 3%, whipping back from the gains we saw yesterday. a volatile dy.

-- a volatile day. the risk of rally continues. >> there was a big selloff in the come back but today felt different. critical yield levels, 2.8% of the 10-year broke. that was sort of the last straw for a lot of people who are risk-off investors. it is just capitulating to the volatility we have seen, these headlines about trade wars, emergency powers coming into play. between that and the tech selloff there is all this drama unfolding in markets. >> right around noon the nasdaq started to tick lower. that led to the worst day for both the nasdaq and nasdaq 100 since february. that stands out because last week the nasdaq 100 had its worst week since august of 2015. but on a daily basis none of those days were as bad as today. the sellers are out. it makes yesterday's rebound rally look like a dead cat

bounce. >> mark zuckerberg decided it is time to face the congressional music. the facebook ceo will appear before the house energy and commerce committee to answer on facebook's role in the data scandal. that's according to the congressional officials familiar with the plans. the decision has not helped facebook's stock. it dropped by as much as 4% on tuesday. that's on top of the over $90 billion loss facebook is seen since the scandal broke. what do we know about his first appearance and what will he say? >> we know zuckerberg has come to terms with the fact he will do this. he said last week, if i'm the right person to answer these questions, i will do it but i have to be the right person. congress said you are the right person. we want to hear from you. one -- following -- you look at the sector breakdown, it

is continuing to be tech leading the losses even though in the u.s. session it was a company specific story. >> rattled by a host of factors. news around shortselling on twitter, facebook a concern. all of that adding up to concern around technology and spreading globally. >> technology leading the way, but this way leading the way up and down. it is all over the place. .8%.asdaq off by 20% -- >> you look at the trading action like today, you told me that the curve would fall flat and we'll get the 10-year yield going down, and the kbw bank index would hold up, but equity vol rising and tech stocks selling off, it speaks to how much localized this is in terms tech.eraiting of

>> russia will expel 60 u.s. diplomats and close the u.s. consulate in st. petersburg. >> this is a reciprocal action. we saw the u.s. kick 50 russian diplomats out of the u.s. and russia responding in kind. there are no something like 20 countries with sanctions against russia for what happened in the u.k. you see this sort of broad-based response here. a couple of interesting points. one is that the president and this white house very much want to take credit for helping bring other countries on board in solidarity with the u.k. that could mark some degree of a shift in terms of how publicly the president is willing to push back on russia. some last-minute generations in the final hour of trading with the indexes peaking right at around 3:00 p.m. before tearing some advance.

nasdaq up 1.6%, still the best performer for the day. >> bonds are repriced, volatility is repriced. valuations have come down. the risk reward you with equities is a lot better than it was three months ago. still ahead, as we review the week ahead on, "bloomberg best" a conversation with christine lagarde n.y.c. is urging european countries prefer -- and why she is urging european countries for further integration. markets but entire they need to go further. abigail: and more of the weeks top business headlines. will restructuring of the top stop deutsche bank's problems. this is bloomberg. ♪

♪ this is "bloomberg best." i am abigail doolittle. let's begin our global tour with china shaking up the oil futures market. >> the global oil market getting a bit of a shakeup, a wake-up with the launch of china's own oil futures on the shanghai international energy exchange. the largest oil consumers. foreigners can buy and sell. it is a first for chinese commodities. will china get a bigger say in pricing? >> is a massive win, but very much a long-term one. we can't expect the applications the feet into the markets on the short-term horizon. i'm not just talking about weeks. i'm saying months. over the years ahead this is a big win.

as anps validate the yuan up-and-coming rival currency, as a serious currency reserve basket. it will help support the chinese bond market. it enhanced the whole financial system in china. they have taken a long time to get there. they wanted to wait until they had support from the gcc countries and they have that. this is big news, even if it is long-term. >> deutsche bank may be preparing to replace the chief executive. the bank's german has been holding talks with potential candidates. >> why do they want to replace john? -- he is in the middle of this turnaround push. >> there have been a lot of voices over the last couple of months saying he's not the right guy. let's strip that down. he has stabilized the bank. that is no small feat.

a lot of people worried about deutsche bank running into the wall two years ago. the fact he stabilized, dealt with legal issues, bringing down costs, bringing up capital levels, those are all good things by the have the issue of can he return this big bank to growth? >> deutsche bank sources say the germany's biggest lender could lead to deeper cuts in the trading businesses. >> it is the drilling down into the business to see where we are so competitive. that is why one of the focus points is the u.s. where they are facing very strong u.s. rivals. do they still have the capability to compete with them? can we invest money to catch up with them, or his assembly too late and are we going -- or is it simply too late in our going

to scale back? shows theest poll prime minister's approval rating has fallen 11 percentage points to 32.6% over the past month. it's his disapproval rating that is risen by 13 points to just shy of 55%. it's a scale over the sale of public land. sagawa,re talking about the official the rest of the head of the national tax office. he oversaw this questionable land deal. documents were forged. those are the words used by the prime minister. that's according to the finance ministry removing the names of the prime minister, the prime minister's wife it was to be an honorary principle of that university, for the elementary -- or that elementary, and removing the name of the finance minister. >> today he seems to be playing

very well and playing the sacrificial lamb. maybe this scandal may not be enough to put -- to topple prime minister oabe, but there are other scandals lined up. i think it is more likely the prime minister will have to resign before the end of the year. jong-un did indeed travel to beijing this week and that president xi during a stopover. a pretty secretive trip. what do we know? >> kim jong-un and his wife spent four days in beijing, including the travel days. probably about two days. it's a very slow train that crosses from north korea and china. it's interesting because this is what the chinese media normally does. they do not reveal data for the details of such a trip until after kim has returned to

pyongyang, at least that is the protocol used with his father. kim jong-un had never been to beijing, at least since he was the leader of north korea. this is a significant one because it gives china a chance to consult with kim jong-un ahead of what is likely to be a summit with president trump sometime perhaps in late may. >> we have the very first confirmation from kim he would be willing to meet with trump. this is weeks after trump himself said he was willing to meet with kim. we have that on the first point. secondly, as you mentioned, not a commitment but a suggestion he is willing to discuss giving up nuclear weapons in these talks with trump whenever they may occur. that is a very significant step for a country that is about six months ago said it tested a nuclear weapon. >> bumpy ride for tesla.

that's understating it. shares down for a second day. at one point following the most in nearly two years after the fatal accident involving one of its vehicles. italy as the elon musk's list of challenges. >> they are looking at their future, not their present as a ridesharing and mobility on autonomous car company and wondering if there is a big back -- big setback in terms of technology, that's a real problem for the company long-term. >> tesla urging workers to prove haters wrong. it is pulling out all the stops to hit production goals and it is giving a limited number of employees the ability to work on the crucial model 3 line. >> they are not at a pace for the need to be to hit their target. they still have some ways to go but yet again they sort of use

this idea that we have all these short-sellers out here who are doubting us and let's prove them wrong. urgeddi arabia has secondary market status. it could attract billions of dollars in investment and help the king of the way from an oil dependent economy. >> this is a recognition by the international investment community towards the v-forms that the saudi stock exchange have taken in the last 18 months to address the requirements of opening up the saudi stock a moree and pursue attractive platform for international investors. >> this is the biggest market in the middle east. we recently added -- announced we are adding q8.

adding the saudi market gives a much greater exposure to the middle east. investors are showing a real interest in this region. that's according to people with knowledge of the matter. asres in runo jumped as much 8% on the news. the complicated alliance, the french government plays a role in how they respond to this. will they relinquish that stake they hold in renault? the alliance has always been a little upside. nissan has traditionally brought in more money. there is something that has to be done. by merging them together now, according to people familiar, that's probably the first big

step to creating a big counterweight. relinquished some authority over nissan to concentrate on the alliance. watch him as a continued strong man in this. -nissan would be a formidable force. they agreed to, pay $2 billion in civil penalties to settle a u.s. investigation. stephen morris is here, u.k. banking reporter. waiting to settle this case paid off her barclays, didn't it? >> most banks pay whatever the department of justice asked. barclays was really contrarian and decided to take us to court because we don't think we should pay any more money than this and it paid off. the reported in october 2016, they wanted to cap the penalty at $2 billion.

a rare gamble for a bank paid off. ♪

♪ bigail: "bloomberg best." they met in berlin where lagarde spoke about strengthening the european union. why has european integration been so slow? >> i would not say that. in times of crisis when it was necessity they eventually moved very fast. the europe area was incomplete and needed to be strengthened. they put up a firewall. they reinforced the banking

system. i think they came to close accountability, but it is still sort of what is needed. they need more trust, more accountability. i think most of the point is they need to strengthen three things. one is the capital markets. two is the banking union. three is essential capacity that will signal to the rest of the world that they are shoulder to shoulder together and it will face the next crisis but that rainy fund we are allocating. progress,been in hopefully get a real capital markets union and banking union in our lifetime? >> in your lifetime, yes. ne,mind, probably -- in mii probably. i think those are the two most likely to happen. capital markets union, they are

getting close. i don't think they should set the aim at completing the job only when the banks have been harmonized between the member states, because that will take a long time. so much suspicion. they should set a few targets at operate as a common basis, a common platform. many elements are there already. perspectives, standardized documents. they need to go a little bit further. theink it is particularly case given what is happening on the other side of the channel. brexit is going to happen. whatever the terms afterwards, some of the financing activity is going to move to the continent. i think it is important the euro properlyoined as a regulated union. there is one component where i believe the numbers are already -- almost there, this common

fiscal backstop, which would be welcome. if a bank folds, it has to be able to operate if needed. where it is going to be a bit more gradual is this issue of the common insurance -- common deposit insurance mechanism. where a bank falls, the depositors are protected and they are protected by a mutual fund financed and upgraded by the banks in order to protect depositors. central fiscal capacity will be more difficult. abigail: coming up, conversations on trade and tariffs. business leaders from across sectors weigh in on the threat of a trade war. >> the psychological impact on the degree of friction could be quite serious for markets. abigail: plus another exclusive interview with saudi aramco ceo amin nassir.

>> as a company for listing in the second half of 2018. abigail: this is bloomberg. ♪

♪ abigail: you're watching "bloomberg best." i am abigail doolittle. in the days since president trump announced tariffs against china, business leaders have been weighing the potential consequences of a trade war with china. it was the topic this week. let us start with sergio ermotti. he spoke with us at the china development forum in beijing. >> they start to get concerned. i think for the time being, the numbers are modest in respect of the impacts.

but we see the proliferation of these tensions on a bilateral basis potentially escalating. this will not be good for growth or geopolitical reasons. so, while at this point in time, we do not see financial markets of being overly impacted by this protectionism, i do think if it keeps going on, this could be very disturbing. >> the market selloff on friday was pretty severe. why wasn't it priced in? this has been flagged by the trump administration. >> at the end of the day, you look at this and how it is difficult to understand the corrections that are coming as a consequence of those announcements. or they already are doing as the market developments. for the time being, we remain constructive on equities and constructive on growth.

as i said before, we have to pay attention that this does not escalate and create retaliations. particularly if it goes beyond china and the u.s. and starts to touch other countries in the world. that could become problematic. abigail: former treasury secretary larry summers says the u.s. and china need to dial down the rhetoric in the growing trade tensions. speaking to bloomberg in beijing , summers said tariffs may have a bigger psychological impact on the market. >> i don't think trade sanctions need to have a large impact on the global economy but the psychological impact could be quite serious for markets. it is both a matter of what actually happens in terms of tariffs and the psychology. i hope the temperature is taken very far down on both sides. >> it sounds like you do not think china will escalate their countermeasures. >> i will not handicap or china will do.

i hope everybody will act with restraint. >> do you see this is a temporary negotiating stance from the trump administration? >> i certainly hope it is a negotiating stance. as ronald reagan said of nuclear wars, trade wars can never be won and must never be fought. >> does it change or calculation and policy at this point? >> i don't think the impacts are large enough to affect the view on the fed. tinto is concerned about trade tensions between the u.s. and china. as much as 90% of the products move between the two countries. the ceo said a trade war would affect global gdp. >> for us, trade is absolutely essential. we believe in fair trade and we believe in free trade. there is no doubt that if you want to create wealth, free trade is an important driver.

if you look at the example of the mining business, it is absolutely essential. we have two key drivers for business. one is gdp, which is doing well at this point in time. the other is trade. the me give you an example. 80% to 90% of our product at rio tinto is moving from one country to another. trade is essential. in the recent announcement of last night, clearly if you are going to ask me if i am concerned about this, we are watching this carefully. because of the importance of the global economy. if we step back both china and , the usa are great trading nations. i'm sure they fully understand the role of trade in terms of creating wealth and increasing extenders, and i hope and i believe common sense will prevail at the end of the day. i hope these countries sit down together and work out their differences. are we concerned? the answer is yes, but i still believe common sense will prevail at the end of the day.

let us see what happens in the next 45 to 60 days. they will be essential in that regard. >> i think for the international stability of the trading system, it is critical that china stops stealing intellectual property. not only from america but from the rest of the world. and they end the pernicious practice. in the european or american company wants to go to china to sell into that market, guess what it is a minority joint , venture. they surrender the technology. that does not work for long-term corporate growth and earnings. all the president is doing, all president trump is doing is asking for fair and reciprocal trade, free trade, fair and reciprocal so we can have stability in the international trading system. right now, we have massive trade imbalances. driven by unfair and nonreciprocal trade and he is going to change that. >> peter, i'm going to ask you a final question. i hope you answer it or my producer will shout at me. the chinese -- the united states

are going to unveil the tariffs on the chinese products. i want to understand which products. is it high-tech goods? is that what i can expect in the coming days? >> certainly, the focus of the tariffs are focused on the china 2025 industries. china brazenly released its china 2025 plan that basically told the rest of the world we are going to dominate every single emerging industry of the future and therefor for your economies will not have any future. artificial intelligence. , robotics, imputing. all of those things. and the section 301 on intellectual property theft and forced transfer is specifically designed to address those kinds of things. i think the world should welcome that. europe is being hammered by the same thing. japan is getting hammered by the same thing. we are trying to have trade

peace where we can have a regular free market system where we don't have to worry about things like that. >> can you give us any clarity on what we are expecting in terms of tariffs on chinese products or restrictions on chinese investments in the united states? >> the purpose of the whole thing is to try to curb the problems we have found with intellectual property rights. forest technology transfers. forest partnerships. that kind of thing. forced licensing. cybersecurity breaches. all sorts of problems that are designed to penetrate the intellectual property rights of american high-tech companies. >> are tariffs the answer sir? , a lot think the technology they use is sold within china. tariffs on the incoming goods will not crack down on what we have seen.

>> i do not think that is quite true. there are codes and things embedded within high-tech situations that are not that easy to get from the outside or by designing backward from the finished product. if there were, the chinese would not be requiring all of the massive technology licensing and technology transfers that they do. so, the fact that they are doing that speaks for itself. >> what is the message we are trying to send to china at this moment, mr. secretary? is it -- look, the united states is preparing for a possible trade war here or we are , ratcheting up the pressure and we want to bring you to the table to do a deal? >> i think it is something quite different. in terms of the steel and aluminum tariffs, the message was that we were trying to protect our present-day products. in terms of intellectual

property, the message is we are trying to protect the future. because the intellectual property of today is the important finished product of tomorrow. so, the message is very straightforward. we do not mind competition that is fair and square regardless of where it comes from. we do mind competition that is based on violations of fundamental intellectual property rights. to give you a feeling of how important this is, the u.s. patent and trademark office which is also part of the , department of commerce, sometime this summer will issue its 10 millionth patent. there is no country on earth that has ever issued anything remotely like 10 million patents. that is the key to a lot of america's success. technological leadership. we cannot afford to have that

stolen or strong-armed away from us. >> i understand, sir ,but now it feels like the strong arm is coming from the united states. that is the stick. what is the carrot? >> there is no strong-arming. we are finally coming to our own defense against abuses that have been going on for years and years. ♪

♪ abigail: one of the big global deals of the year is the highly anticipated ipo of saudi aramco. there have been reports of investment skepticism around the offering. possibly even a delay until 2019. the ceo of saudi aramco is not concerned. he defended plans for the ipl in

-- ipo in an exclusive interview with bloomberg's jonathan ferro. >> i think a lot of the questions and the media coverage and what you see in the news is about the ipo and when it will happen. there is a lot of demand for the listing of saudi aramco. aramco in terms of performance. and the data will show when we go to the roadshow ultimately and we areformance the highest producer, most efficient and most reliable. this is a great company that the data will show their performance. jonathan when i speak to people, : they are not talking about when this will happen. they are talking about if it will happen.

perhaps the whole ipo will go into the deep freeze and doesn't happen at all. >> there is still a lot of ongoing work. the company, the government did all of the paperwork to make it a joint stock company effective january 2018. that is an indication that the ipo is ongoing. the preparation by saudi aramco never stopped. we should be as we always say a company ready for listing in the second half of 2018. we are doing a lot of work to prepare the company for listing. at the same time, there are committees from the government that overlook what we are doing. and the preparedness we are doing to make sure the company is ready for listing. jonathan do you set a set of : accounts for u.k. and u.s. standards already? for the whole company itself. >> the only requirement for listing in terms of auditing -- that is reserves.

what is required for the listing venues, we will be availing all of the necessary documents. jonathan it is not your decision : ultimately when this will happen. i am trying to understand when it will happen. >> the timing, the government will decide on that. don't forget this is a very complex process. size and complexities is something a requires time. there a lot of venues for listing. there is a lot of work on going to evaluate all of that and decide on the timing. >> the push for a time is facing fresh skepticism following the fatal crash of an uber self driving car last week. it dominated the conversation at the new york international auto show. we asked car executives about the future of the autonomous vehicle. >> there was the tragic incident

in arizona for uber's accident with the autonomous driving story. do you see the regulators putting the brakes, excuse the pun, in the efforts to develop that technology. >> i think the first thing is our sympathies with the tragedy in arizona. i think the first thing, we do believe in the technology. where everyone is getting lost is it as a race. we do not view it as a race. we view it as making the car and the automotive environment safer. we have always been ones that expressed caution. there is a lot of p.t. barnumism. we should be slow and methodical. we always test with two engineers. one at the wheel and one in the backseat. yes, this is an environment where you need to work with consumer understanding. you need to work with regulators, but it is not a sprint. getting it right is what winning

is to us and we think we can and will get it right. >> i think many people share that view as well. i wonder to what extent many of these developments have had free reign to develop this technology and whether the legislators will clamp down on that. do you see that happening? >> that is what you are seeing in arizona right off the bat. i think the best thing with regulation is to have absolute transparency. they need to share the data. the biggest word we keep using is trust. do the regulators trust the technology? does the consumer trust the technology? and of course can we deliver? that is the ecosystem being broken up little there right now. the other thing we need is we believe strongly that you need a federal standard. that will get away from bill -- from states coming up with different initiatives. caution is the name of the game. you are talking about people's lives. that is what we have always said and what we will continue to say. >> where is ford right now with

respect to autonomous vehicles? we saw waymo has done a deal with jaguar. do you wish you had done that deal? no. ford is one of the top companies. we have developed in argo in pittsburgh. what is different about ford is we're developing exclusive product based on hybrid technology so we can run the vehicle 20 plus hours a day. that vehicle will be unique for automated use. we are also betting on not just moving people but also goods. we are working with postmaids and dominoes and lyft. we are in miami right now mapping the city and running the business model with drivers in the car operating the services. the drivers cannot leave. they are simulating the av experience. boy, are we learning a lot of miami. >> do you anticipate more

regulatory oversight? the safety of these vehicles? >> the accident is really an unfortunate development, but the reality is a 116-year-old company. nothing is more important to us than safety and the brand itself. for example, we have two safety drivers in every one of our argo vehicles. this is important because it is a new technology. we do have to test on public roads and in the most difficult situations. we are learning a lot and we are taking every precaution we can to protect not only our customers but also pedestrians. >> jaguar land rover making its waves at the new york auto show. it seems up with waymo on a new project. the first all electric offering from the luxury organization. jaguar landd by the rover chief executive officer.

why did you choose waymo? >> it is a prerequisite for modern mobility. we have a clear vision about modern mobility. this mobility cannot be done in isolation anymore. modern mobility needs partnerships with government, academia, and industries. we are leading in the electrification. you look for partners who lead in their respective fields. at the end of the day, the mindset. share your vision about mobile mobility. two partners are coming together, they are creating something special. creating something new. >> some might say your choice is -- your announcement is unfortunate given the tragic news out of uber and tesla. does this slow down the rollout of this ride-hailing service

that waymo wants to implement? >> not at all. from my point of view, we are doing everything on the side of the car manufacturer. it is outstanding in design and outstanding in performance. and it delivers everything in the segment of security that you could expect from such a premium car. on the other hand, waymo has the most advanced data, algorithms, and safety and security systems so this would be a very good face to develop this kind of service in the future. >> chinese consumers in the past, when there were tensions with japan or south korea, they boycotted some of the cars. are you concerned about what a trade war between the u.s. and china could entail for chinese consumers and cadillac? >> i think a trade war will not

be welcome by any businessman. the reality of the matter is free trade is really the growth for raising prosperity levels around the globe. in order for free trade to be sustainable, it needs to be based on fair rules of trade. i think that is a universal truth. >> there was a tragic incident involving uber and an autonomous vehicle in tempe, arizona last week. i know general motors is very , very active in this area. do you expect that will increase the level of regulatory oversight and slow down the process? i note this is a priority for you. >> general motors and cadillac specifically have been very conservative in their rollout of semi-autonomous and autonomous technology. we fundamentally believe that beta testing and development is to be done in a controlled environment in the hands of experienced engineers. not in the hands of consumers.

if this means we have to slow down the rollout, then so be it. we are one of the leading proponents of autonomous capability. i think given the stature of general motors we have to be very circumspect precisely for the reasons that you articulate. to ensure the that the way we roll out the technology builds confidence in consumers and regulators alike. ♪

♪

abigail: we are looking at the imac on the bloomberg which highlights the spots in red versus green. red indicating the price of technology. the worst performers off by 2.9%. it is the biggest component of the market here. abigail: there are about 30,000 functions on the bloomberg and we always enjoy showing you our favorites on bloomberg television. maybe they will become your favor. here is another function you will find useful. quic . it will take you to our quick take we can look at fast insight into timely topics. here is a week take from this week. ♪

abigail: that was just one of the many quick takes you can find on the bloomberg. you can also find them on bloomberg.com, along with all of the bloomberg business news from -- news and analysis 24 hours a

day. i am abigail doolittle. thank you for watching bloomberg television. this is bloomberg. ♪ retail.

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carol: welcome to "bloomberg businessweek." i am carol massar. jason: i am jason kelly. carol: we are talking about the battle between the u.s. and china. jason: we go inside volkswagen. scandal ridden, using flower power to fight it carol: i love . the story. we talk about the cost of becoming the first billion-dollar athlete. you know who we are talking about. jason: tiger woods. carol: yes, we are. jason that is ahead on : "bloomberg businessweek." ♪