♪ on the go up on "bloomberg best," 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. i mean, between that and the tech selloff, there is all of this drama unfolding in markets. abigail the facebook fallout : continues as pressure mounts on mark zuckerberg. >> zuckerburg 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 the brand itself. >> it builds confidence and consumers and regulators alike. abigail: around the world, 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 haggle 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. managingand imf director, lagarde 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." your weekly review of the most important business news, analysis, and interview some bloomberg television around the world. 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. >> the west clamping down on russia in a coordinated assault in the chemical attack in the u.k. this earlier -- chemical attack in the u.k. earlier. european council president says 14 e.u. 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 russian diplomats to leave the united states, and closing russia's seattle consulate. >> the russians have been looking for to same positive cooperation.

what they got with these expulsions. i think the kremlin is going to respond in kind, but at the same time, i think 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 mr. trump's election. >> there was no shortage for the gain today. we had 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. >> -- >> the trade issues. 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 starting to suggest that president trump no longer progrowth, pro-business, but actually was the problem. and that narrative change. some of the news over the weekend saying, wait a minute,

the chinese are willing to work with the americans on tariffs. >> asia stocks following the united states, that is certainly the trend we got here. remember those words from steve mnuchin? he said he was hopeful that a deal could be done or reached with china. we now understand that president trump try to get the chinese to reduce tariffs on imported cars, to open up the financial services industry. it does start to look more like the art of the deal. >> global equities are higher this morning after u.s. indices surged back from the biggest weekly round in two years. >> we just had a period of volatility. we had to pull backs so far this year. from this starting point today, they can go higher before get the next pullback. into the close, a little off their session lows. but still coming that the nasdaq down nearly 3%, whipping back from the gains we saw yesterday. a volatile, volatile day. the risk off rally continues.

>> you look at what has happened and there was a big stock selloff and then the come back, but today felt different. critical yield levels, 2.8% of the 10 year broke. and that was sort of the last straw for a lot of people who are risk-off investors. is so, i think it really just capitulating to the volatility we have seen these , headlines about trade wars, emergency powers coming into play. i mean, between that and the tech selloff, there is all of this drama unfolding in markets. >> right around the noon -- 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 only 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. so, the sellers are out. it really makes yesterday's rebound rally look like a dead cat bounce.

zuckerberg has 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 -- facebook's roll in the cambridge analytical 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 is on top of the over $90 billion loss facebook has seen since the scandal broke. what do we know about his first appearance and what will he say? >> we know that zuckerberg has comes to terms with the fact that he is going to 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 came back and said you , are the right person. we want to hear from you. >> no one could blame asian markets following the loser overnight, but if you take a look at the sector breakdown, it

is continuing to be tech leading the losses, even though the tech selloff in the u.s. session really was a different story. >> rattled by a host of factors. news around shortselling on twitter, facebook a concern. all of that adding that the concern around technology and that is spreading globally >> it seems. -- spreading globally it seems. >> ones again, technology leading the way, but this way leading the way up and down. it is all over the place. by 20%.aq off a mixed bag for the most part across sectors. >> you look at the trading action like today, you told me bull flatsrve would in 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 of a rerating of tech. >> russia will expel 60 u.s.

diplomats, and close the u.s. consular in st. petersburg. >> this is a reciprocal action. we saw the u.s. kick 50 russian diplomats out of the u.s. government russia responding in kind. they -- there are now something like 20 countries with sanctions against russia for what happened in the u.k. and so, you see this sort of broad-based response here. a couple of interesting points. president ande this white house, very much want to take credit for helping bring other countries on board in solidarity with the u.k. and that could mark some degree of a shift in terms of how publicly the president is willing to kind of push back on russia. we got some last-minute generations -- gyrations in the final hour of trading with indexes peeking right around

3:00 before tearing some p.m. advance. nasdaq up 1.6%, still the best performer for the day. >> bonds have repriced. volatility has repriced. in the main very strong and valuations have come down. i would say the risk-reward with equities is a lot better than it was three months ago. abigail: still ahead, as we review the week on "bloomberg best," an exclusive conversation with christine lagarde and why , she is urging european countries for further integration. are havingments common perspectives. to the entire markets but they need to go further. abigail: but first, more of the week's top business headlines. will every structure a at the top stop deutsche bank's problems. all of that in more, coming up. this is bloomberg. ♪

♪ abigail: this is "bloomberg best." i'm abigail doolittle. let's continue 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. as the world's largest oil consumer, offering the nominated contracts. foreigners can buy and sell. it is a first for chinese commodities. the question is will china get a bigger say in pricing? >> this is a massive win for china, but very much a long-term one. we can't expect the applications features 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

really big win. it helps validate the yuan as an up-and-coming rival currency, as a serious currency reserve basket. and indirectly, it will help support the chinese bond market. it really enhances the whole financial system in china. it is a very, very win. 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 baby preparing to replace chief executive john cryan. beenank's executive has holding talks with potential candidates. >> why do they want to replace john cryan? he is in the middle of this turnaround push. at least he told me last time i spoke to him in frankfurt, it is taking hold. >> there have been a lot of voices over the last couple of months saying john cryan and -- john cryan isn't 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 against the wall two years ago. the fact he stabilized, dealt with legal issues, bringing down cost, he is bringing up capital levels, those are all good things, but you do have the issue of, can he return this big bank to growth? ,> major moves at deutsche bank sources saying germany's biggest lender could lead to deeper cuts in the trading businesses. what they are looking at if they are drilling down into the business to see where we are competitive? that is why one of the focus the u.s. where they are facing very strong u.s. rivals. do they still have the capability to compete with them? do we need, can we invest money to touch up with them, or is it simply too late and we have to scale back? the latest poll shows that

the prime minister's approval rating has fallen 11 percentage points to 32.6% over the past month. his disapproval rating has risen by 13 points to just shy of 55%. it's a scale over the sale of -- it is a scandal over the sale of public land. >> you are talking about sagawa, he is a former finance administrative official who also rows to 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. did, according to the finance ministry, remove the names of the prime minister, of the prime minister's wife, was to be an honorary principle of -- or of thety elementary, i should say, and removing the name of the finance minister. >> today, he seems to be playing

very well, and he still is playing the sacrificial lamb. maybe this scandal may not be enough to topple prime minister abe, but there are other scandals lined up. it i think overall, i think is more likely the prime minister will have to resign before the end of the year. jong-un did indeed travel to beijing this weekend met president xi during a stopover. a pretty secretive trip. what do we know? >> we do know that kim jong-un and his wife spent four days in beijing, including the travel days, so probably about two days. it is a very slow train that crosses from north korea and -- from north korea into 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. of course, kim jong-un had never been to beijing, at least since he was the leader of north korea. so this is a significant one because it gives china a chance to kind of consult with kim jong-un ahead of what is likely to be a summit with president trump, sometime perhaps in late may. >> we had the vary first -- we had the very first confirmation from kim that he would be willing to meet with trump. this is weeks after trump himself said he was willing to meet with kim. the first point. secondly, as you mentioned, this commitment, not a commitment, but a suggestion that 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 is understating it. cheers down for a second day. i one point, falling the most in just two years following the fatal accident involving one of its vehicles. it will add to elon musk's list of challenges. >> investors are looking at tesla's future, not there present, as a ridesharing immobility and autonomous car company, wondering, if there was and there is a big setback, in terms of technology, that's a real problem for the company long-term. vonnie: once again tesla urging , workers to prove haters wrong. it is pulling out all the stops to hit its production goals, and it is giving a limited number of workers 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 did sort of used this idea that we got all of the short-sellers out here that are down because, and that's prove them wrong. >> saudi arabia has urged secondary emerging market status from the ftse from next march, and it could attract billions of dollars of investment in health the king -- the kingdom move away from an oil dependent economy. >> this is a recognition by the international investment community towards the v-forms that the saudi stock exchange past 18 monthshe to address the requirements of opening up the saudi stock exchange, and pursue a more ness platform for international investors. >> it seems the biggest market -- this is the biggest market in the middle east. we recently announced we are adding q8. ,o, adding the saudi market now

i think is a much greater exposure to the middle east. and investors are showing a real interest in this region. merge, are in talks to creating a single stock. that's according to people with knowledge of the matter. shares in renault jumped as much 7% on the news. >> the complicated alliance, the french government also plays a rowley in how they respond to this. that is the one to watch. how would the british government respond to this? will they relinquish that stake they hold in renault? just is water down their control? the alliance has always been a a little bit lopsided and a little bit skewed. but nissan has traditionally brought in more money. there is something that has to be done. and by merging them together now, according to people familiar that's probably the , first big step to creating a

big counterweight. he wants to play a key role and has relinquished some authority over nissan to concentrate on the alliance. a continued as strong man in this. renault-nissan would be a formidable force. mark please has agreed to pay $2 billion in civil penalties to settle u.s. investigation. stephen morris is here, u.k. banking reporter. so waiting to settle this case paid off of barclays, didn't it? >> that's right. most banks pay whatever the department of justice asked. barclays took a really vet decided to take us to court because we don't think we should pay any more money than this and it paid off. we reported in october 2016, that they wanted to cap the penalty a $2 billion. and that is exactly what has

happened. so, a rare gamble for a bank paid off. ♪

♪ abigail: welcome back to "bloomberg best." i'm on. francine lacqua down exclusively with imf managing director christine lagarde trading met in berlin were lagarde gave a lecture on strengthening the european union. she said the euro area integration is still short of what is needed. why has european integration been so slow? lagarde: i would not say that. in terms of crisis, when it was necessity, they moved fast. the euro area was clearly incomplete and needed to be strengthened and put up firewalls. they reinforced the banking

close, and they came to accountability, but it fell short of what was needed. they need more trust, or accountability, and i think, they really need to strengthen three things. one is the capital market, two is the banking union, and three is an a central 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. , itk, on those three points has been in progress. but will he get a real capital market union and banking union in our lifetime? lagarde in your lifetime, yes. in mind, probably so. in time, i think so. i think those are the two most likely to happen. capital markets union, they are

-- they are getting very i don't think they should set the aim at closing and completing the job only when the bankruptcy law has been harmonized between member states because that will take a long time. so much suspicion. they should set a few targets at basis,,as a common platform. many elements are there are ready. common perspectives, standardized documents. need to go a little bit further. and i think it is particularly the case given what is happening on the other side of the channel. the fact that brexit is going to happen. what is the transition period, the terms afterwards? some of the financing activity is going to move to the continent. i think it is important the euro area be joined as a properly regulated union. banking union, might take a bit more time, but there is one component where i believe the numbers are almost there. and that is this common fiscal

backstop, in case of resolution, which would be welcomed. if a bank folds, it has to be able to operate if needed. where it is going to be a bit more gradual, and i hope it will happen is on this issue of the common insurance,, deposit insurance can is him. where is a bank falls -- where if 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: and coming up on "bloomberg best," conversations on trade in 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, this time with saudi aramco's ceo amin nasser. >> we should be as we always say

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

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♪ 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's start with ubs group ceo 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 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

-- what the chinese 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 your calculation and policy at this point? >> i don't think the impacts are large enough to affect the view on the fed. >> rio 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. let 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. -- i'me year pr will try

sure your pr will try to pull you up the camera. 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 therefore for your economies will not have any future. artificial intelligence, robotics, imputing. -- computing. 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. -- forest technology transfers. transfers,echnology 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. it is 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 investor skepticism around the offering. possibly even a delay until 2019. the ceo of saudi aramco is not concerned. he defended plans for the 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 how our performance and we are 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 is in terms of auditing

and 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. aramco's 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. if you look at our testing, we always test with two engineers. one at the wheel and one in the backseat looking at the data. 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. they need to see the data. to me, 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 a little bit right now. the other thing we need is we believe strongly that you need a federal standard. that will get away from states coming up with different initiatives and how they work towards it. 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. they are developing a robot driver. 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 ford 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. we are joined by the jaguar land 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 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 engine 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 know that general motors, 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 favorite. here is another function you will find useful. quic . it will take you to our quick takes, where you can get 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 and analysis 24 hours a day. i am abigail doolittle.

that will be all for bloomberg best this week. thank you for watching bloomberg television. this is bloomberg. ♪ retail.

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♪ david: what would you say the skill set was that you brought, great intellect, great drive, great leadership? phil: all of that. david: all of that. [laughter] david: let's talk about golf. phil: tiger woods, you could see coming from way back. david: in basketball, you have somebody named michael jordan. phil: everybody wanted him. david: if i wore those shoes, i wouldn't be jumping higher, right? phil: you might. david: when you give a $400 million gift, do you write a check? is it hard to write that check or? phil: yes. david: what would you say is the most favorable memory you have? phil: i kind of look at nike as my work of art, if you will. >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright.