♪ >> coming up on "bloomberg best," the stories that shaped the week in business around the world. geopolitics. investors weigh risk as global leaders way actions. >> it puts it on the table>>. >> his departure is what i like to call unexpected shot. >> it is a dangerous game of one-upsmanship. there is a heavy risk of escalation. >> deutsche bank and volkswagen make changes while mark zuckerberg gets grilled on capitol hill. >> he had an easier time than he was expecting. >> the march minutes open a window to jay powell's first fed meeting. and axis of conversation with

robert kaplan shares the policy. >> we should be raising rates. in a wake of twists, turns, jumps, and surprises, our top interviews of depth and's protective. >> i don't think the u.s. government has any deep understanding of china. it is too early to give up on the global growth story. >> it is straight ahead, on bloomberg best. ♪ >> hello and welcome, i'm juliette saly. best," youromberg weekly review of the most important business news, analysis, and news around the world. let's take a look at the top headlines. on monday, the embattled tenure

ceo of deutsche bank came to an end. deutsche bank supervisory board has named a new ceo to replace john as part of a sweeping overhaul. spent hisuty has entire career at the largest investment bank and has had private and commercial arms. fill us in on why now. >> they have had losses for three years in a row. if you dig deeper into this feud cryantarted between john and paul, you see the bonus says crayn paid to investment bankers. it didn't go down well across germany. been the biggest story in finance for the last couple of weeks. it comes to a head today with the replacement of cyan by an

insider. a comes from bielefeld, german who will have to shrink this investment bank. they have to focus on their bread and butter, to be a german savings bank. >> high tension between the u.s. and china over trade president xi jinping's speech, calling for harmony within the local economy and defending globalization. xi embracing openness. >> he took the high road, and the mental of being a protector of globalization and freer and fair trade. he didn't name the u.s. or president trump, and still went through a litany of issues, saying globalization is a shared mankind.r all he talked of open and prosperous approach to asian economic development. he has 40 years of china's opening up. he is also facing a new round of

big changes and adjustments. he said cold war and o sum mentalities are out of place. >> xi but some all of branches on the table. he spoke about the need to get more imports, to protect ip, measures to open up the financial services industry and make it easier for foreign carmakers and importers of foreign cars to operate. the problem is in the detail. we have heard a lot of it before, especially on financial services and buying more imports. mr.ne hand it is a win for trump. but in terms of the bigger picture, it is hard to see how the speech diffused the trade tensions we have seen. we did not take a broad enough view of our responsibility. that was a big mistake. it was my mistake, i am sorry. juliette: more about the

performance of mr. zuckerberg, how did he do? than hed an easier time was expecting to have. a lot of the senators asked him questions that you can simply say this is a true. there were some people that had a fundamental misunderstanding of how facebook's business works. >> the stock went up on facebook no matter how much he talked. >> is the impression he gave. when he sat down, he looked like a schoolboy, but he was confident in the way he addressed the questions, despite the yes, senator, everything was answered. he estimates he was going to propose regulation. it's interesting to see what facebook comes up with. >> sentiment intensifying this morning on the hills of a single tweet from the president wanting

russia to get ready because a molly of u.s. missiles would be sent into syria in response to an effective chemical weapons attack. >> it appears president trump has wide consent from both republicans and democrats for a military strike. >> russia saying any strike troops, willssets, be retaliated against. >> it is a dangerous game of one's upmanship. it is also a heavy risk of escalation. we don't have any other evidence reporting something is imminent, but the tweet shot across russia and syria's president. >> it's interesting the markets didn't go into panic mode, even though such a strike would create a dangerous situation. i think the market is treating this like tariffs. my own theory is vladimir putin

donalde has a line to trump and will pick up the phone to work something out sure of military action by trump. julia: mark zuckerberg made it through his testimony to congress, but did he come out unscathed? >> i think he solved more problems than he created. he certainly addressed problems and make progress. he did an excellent job on balance. he showed he has stamina and showed he was unflappable especially faced with constitute -- the questions. he repeated over and again, even yesterday promising to provide a list of regulation he was willing to have facebook abide by. that will come back and affect him, it will change the terms under which facebook operates in american society. juliette: the fed getting more hawkish -- hawkish,d getting mark

minutes are being read as a signal more aggressive tightening may be in the works. one of the most important senses. in number of participants indicated that outlook and increased confidence that inflation will return to 2% over the medium term. people said hawkish tilt, the fed has been predicting more inflation for a very long time. >> they have had this sentence in the fomc minutes for quite a long time that we expect inflation to approach our target of 2%. it hasn't happened. it looks more likely it will happen quite soon. i think the expectation that we'll have a steeper set of rate hikes is not surprising.

there wasn't much news here. julia: a major policy change from the president, three days after his inauguration. he has abandoned president obama's signature trade deal, the tpp. now he's looking to reenter it. >> he is facing the political reality of tariffs. when he slaps tariffs on other countries, they tariff our farmers, and farmers put this guy in office. he made remarks at a meeting andfguy who are anti-tariff upset with his tariff against china and steelmakers. i think that is why he's walking it back. his voters are going to be hurt by him. >> do you think there will be

willingness for negotiation even if the u.s. is serious? >> no country wants to negotiate -- renegotiate. but what we have seen with korea, in the context of nafta, parties are willing to do so if demands are being accommodated. >> three of the big banks kicking up earning season, providing fuel to futures. jpmorgan is a record quarter. >> the story of 2018 the big banks are benefiting. with jpmorgan, a big beat from the top and bottom. the highlight is the strength of the equity trading business, hitting a record high of more than $2 billion in trading equities. a 26% gain, beating estimates. they also beat fixed income estimates. nine businesses beat revenue estimates. a lot of strength for jpmorgan. for citigroup, benefiting from

the volatility, but a different story. it was all about equities. it came in at the highest level since 2010, more than $1 billion. a bit of a misstep on fixed income, slumping 6%. investors looking past that. for wells fargo, we did see another uptick in litigation charges. we did see a pullback in deposits. the bank is pointing out they are growing core deposits. losing some of the deposits they want to lose in order to focus their balance sheet in more important areas. it is really the legal issues and marketing the steps behind them. we are probably not going to learn more until the investor day. juliette: still ahead, dallas fed president robert kaplan says trade wars are not the most

pressing risk to the u.s. economy. imf head says they are an obstacle to global growth. up next, more of the week's top business headlines. the congressional budget office signs the trump tax cuts and sees deficits coming bigger and faster than first expected. >> they look at revenues and outlays and come up with $1 trillion in 2020. juliette: this is bloomberg. ♪

♪ is "bloomberg best," on juliette saly. the confrontation in syria put intense pressure on the russian economy, beginning with a steep slide for the ruble. >> we are getting another move on the ruble versus the u.s.

dollar. it is moving 52. >> we saw a huge selloff for russian stocks yesterday sweeping across equities and other aspect classes. they have sought -- they saw the biggest fall in a few years. is this the paradigm? >> yes. the sanctions announced by the u.s. treasury are a game changer. they apply to equities and other securities. the old ones were bans on lending. there are secondary sanctions that anyone in the world is dealing with is liable to be sanctioned by the united states. the third reason, the key to what you are discussing, all links with some conditions or events have been removed. this engines are unanchored from cause. investors have to assume they are looking over the precipice. >> glenn close is canceling a

share and have plan to exchange in and% for a position plus, another of the companies. it marks a loosening of ties with the russian aluminum tycoon, whose business empire is subject to harsh u.s. sanctions. when was this set to happen? >> it was meant to happen in the past couple of months -- in the next coming months. they flavor what glencore was going to do to underpin the ipo in london. now it can't happen. clear glencore has to examine its relationships with him. this is on hold for now. the future is looking pretty bleak. in essence, these sanctions have barred them from the u.s. dollar economy worldwide.

the key will be what the kremlin tries to do to underpin this, it employs as many as 100,000 people in this company. rangena will implement a of new financial reforms. the financial sector will be further opened up and domestic and foreign capital will be treated equally. he added ownership restrictions on foreign banks would be removed in november and outside investments would also be encouraged. >> it was interesting to hear him say the london to saying china -- shanghai stock connect would be something, because it seemed to have been put on the back burner. theerms of photos from mainland to hong kong, it connected those which will be quadrupled.

the congressional budget office released its latest projection for the deficit. it will balloon to $1 trillion by the year 2020. >> this is something wall street has been expecting. they expect we're going to see them because of the tax reform bill. the congressional budget office has basically confirmed it. they put out their forecast. they had delayed it to put in the impacts of the budget deficit. a look at revenues and outlays, and come up with the deficit, just over $1 trillion in 2020. get $981 billion. 2017, $665 in billion. we go down and hit the trillion keepr market in 2020 and going until you get $1.5 trillion by 2028.

a lot of red ink ahead. >> late yesterday we learned the fbi had raided the office, home, and hotel room of michael cohn, the longtime personal lawyer of president trump, in connection to financial crimes. president trump was quick to criticize. >> it is a real disgrace. andttack on our country what we all stand for. >> that was president trump last night. this morning, he tweeted saying "attorney-client privilege is dead." what do we know? >> we don't know exactly what they were seeking, what kind of information led prosecutors to go after them. we do have a lot of things that have erupted involving michael cohn. what we also know is that this is a very unusual step to go after a lawyer.

there is attorney client privilege, which is not holding every single case. this has gone to the highest regions of the justice department for approval. >> i am announcing this year will be my last one as member of the house. scarlet: paul ryan will not seek reelection. that raises questions about the future of the republican majority before the beginning of the midterm elections. >> his departure is what i like to call unexpected shock. you are shocked because of the day it is announced, but it was completely expected. i don't know anybody who believed he would be serving in the next congress. most people thought he would retire after election day. there are pluses and minuses to doing it. signal to manya people outside congress that ryan himself is not expecting republicans to retain the majority. who can say? >> the ecb was out with its account for its march policy

meeting. caution bank voicing from the financial conditions to trade, risk on march. what was your biggest take away? >> the most interesting thing is probably somebody in the governing council has proposed the dcb would say it had almost accomplished its mission on inflation, which is the condition the dcb has laid out to stop asset purchases. the majority rejected to see more evidence inflation is on the right track. inflation remains low in the euro area. there are little wave pressures. the latest movement from trade, the latest geopolitical noise, makes you think it may feel confident. draghi singled -- signaled the risk. ♪

♪ juliette: welcome back to "bloomberg best," i'm juliette saly. geopolitical shocks had markets on edge with investors wondering whether they will change to the new term forecast for bars or policy. witht kaplan spoke bloomberg television and said he is not making major adjustments to his outlook. is three base case rate increases this year. two more from where we are. one of the things i focus on. on the short-term cyclical developments, i believe 2018 will be a relative solid year for gdp growth. 2.5% or more. you also heard me say i think in big structural drivers

the economy, aging demographics, slowing workforce growth, lack of skills in our work first and weaker education. and i am increasingly worried about high level's of government debt to gdp, which i think may provide headwind for economic growth. the short-term growth may look solid. i think we will make progress on unemployment, labor slack, we will see firming in inflation. in 2019 and 2020, i think you see growth moderate. the path of rate increases is likely flatter. i think we should be raising rates, but i think we should be doing it gradually and patiently. the underlying drivers of the economy are still challenging, even though the short-term a look challenging. ratesre is a risk, hiking

into what right now is an uncertain situation that is only at the beginning stages. >> one of the things could slow gdp growth, trade. it is not the only one. aging workforce, slowing workforce growth, sluggish productivity. those are going to have an effect, also. my view is we should be raising rates because we are at or near full employment. we want -- we don't want to risk overheating or over tightening of the labor market. i think we are making progress and will move closer to the 2% inflation objective. that is all in the context that in the out years, growth will moderate. wanthallenge for us is we to remove accommodations, but want to do it gradually and patiently, because we have fundamental headwinds for

economic growth. trade is just one of them. it may not be the most significant. we have to find ways to grow the workforce in the u.s. we have to find ways to get more people into the workforce and improves skills. those are as or more important than these short-term trade issues. i am relatively hopeful. it is so clearly in the interest of the u.s. and china that we have trade. it is critical to each of our prospective growth stories that i am hoping those issues get resolved. those are not the only ones. ♪ oniette: coming up "bloomberg best," more insight from christine lagarde and other x -- distinguished guests, including conversations from china. >> president xi is prepared to

give strong authoritarian guidance within the context of the market economy. juliette: this is bloomberg. ♪

best," is "bloomberg juliette saly. time to revisit the most interesting interviews of the week on bloomberg television, starting with haslinda amin's exclusive conversation with imf managing director christine lagarde at the asia global institute in hong kong. they discussed whether challenges to free trade have dampened optimism about growth. clear is that there is a momentum of threat-counter threat, dialogue opening, and that is what we should all be encouraging. we have a view to increase trade, removing barriers,

encouraging a level playing field, to wish everyone should contravene. it has to be done collectively, not by exceptional measures. it cannot be by unilateral threats. the world has been functioning in a much more efficient way when countries operate together. the big ones, the small ones. >> the imf was found in 70 years ago to prevent precisely another trade war. are you concerned that we are headed in that directionk, on that path? >> i very much hope that we are not heading in that direction, because, number one, nobody wins a trade war. everybody has to lose. some more than others. those who have most to lose are those who consumers, are at risk of not seeing the benefits of cheaper products, more choices, alternative options. all those who are coming to the markets, who would like to see the benefits of the sharing of

technology, will not see as much of that if trade slows down. course, isf wonderful for upsetting business out of the u.k., because china has become a beacon of stability in a very troubled world at the moment. the fact that xi is prepared to give such strong, authoritarian guidance within the context of a market economy is great for companies such as mine. >> do you see this tit-for-tat right now as more than just rhetoric? how damaging is into the global recovery? >> i think it is potentially very damaging. trump as the president of america, it's very easy to disregard trump. people'sseparate out personal feelings from trump from what he is doing and achieving. he has the democratic legitimacy that being the president of the united states, and when trump

speaks, although it may sometimes sound to people outside, he is speaking for a lot of americans. i think it is very important not oneisregard what he says, may have to discount it, but one should never disregard it. i think if u.s.-china trade war thing, it could be a real thing. >> so it is a trade war. >> it could potentially be a trade war. >> economic globalization is an irreversible historic trend, and we have been actively working with energy companies in the global market. as you know, we signed an agreement with cheniere energy during president trump's state visit to china last year. after months of negotiation, we have ended the deal on importing 1.4 million tons of lng per year. this is real progress. even though china and the u.s. have certain disagreements over trade issues, i am still very confident about china-u.s. energy corporations, as china is

opening up policy. at the moment, cnpc has great cooperation with many american companies, including exxon mobil, chevron, and conoco phillips. i hope our ties won't be negatively affected by the trade disputes between the two countries. >> china has just launched oil futures trading in shanghai. what does it mean for a company like petrochina? >> [speaking mandarin] cnpc fullyly -- supports the renminbi in global oil trade. this is also part of china's continued and enlarged opening up policies. we hope to get more warm reactions from our partners in the growing participation in the future trading platform. you are one of the first financial institutions to reduce your work with companies. what is next? >> well, i think we have to continue our exposure. we have reduced our portfolio about 80%, and we will continue

on that road. but i think what is next is to then put the money and effort into renewables. we do multiples in terms of renewables versus new deals, so i think the more we see, the more it works, the more it is reliable, that is where we are going. >> from an immediate perspective, the war on coal, i feel like it is gone. where does bank of america stand on lending to gun manufacturers? -- we wantart with to contribute in any way we can to reduce mass shootings. that is such a tragedy. that is number one. we do have a few manufacturers, as you know, of firearms, we are in discussions with them. we will let them know that we are going -- it is not our intent to underwrite or finance

military style firearms. >> does that mean you will get out of lending to companies that manufacture of military style weapons? >> yes. >> 100%? >> yes. >> could we see any slower path of hikes from the fed if these trade tensions escalate? >> will, i think the keyword you said is "if" they escalate. i think the fed is based on what they see in the economic growth picture and the inflation picture, and they recognize trade tensions could eventually have a real economic impact, but right now they are data dependent. ur side ofward the fou the debate. >> at the same time, you would knowledge your latest outlook, the risks from these trade tensions, in particular between the u.s. and china. you're still risk on, though. >

>> we are. there is 20%-30% chance of a serious escalation from here. but it is too early to give up on the global growth story, and it is too early to predict that this will evolve into a trade war. what we have seen is that the u.s. actions have generated a chinese response. now they are going to come together, none of these tariffs have been implemented. we expect they will negotiate and come to a solution. is thes you say, there fed policy and other central bank policy overlay on top of what happens on the political and fiscal side. early to see too how traded tensions themselves breakout. >> what they are doing are things that they believe are in their own economic developmental

they believe opening up their financial markets at this stage is in their interest. it wasn't in their interest 15 years ago. they have a very dynamic view of atelopment, and what is good one stage but not good at another. they believe that these openings up are precisely the kind of thing they need in the next stage. >> is the u.s. doing the right thing in terms of approaching china and understanding where it is coming from, understanding the landscape? >> i think the united states government doesn't have a deep understanding of china. and that is really quite sad. i don't think they have anybody who has been engaged with china, not china bashing -- >> you are referring to peter navarro. >> exactly.

i mean someone who is been talking to china over the 30, 40 years of its development process, seeing how they have been evolving, both economically and politically. >> that's pretty dangerous, given that everything the u.s. does with regards to global trade seems to be focused on china specifically, even if it doesn't start off that way. even if it doesn't say so initially, it zooms in on china. >> i don't think that's completely true. nafta is a very big issue. what you have to understand from the political point of view is that trump has tried to blame all of america's problems on outsiders. on immigrants, on mexico, on china. a failure to take responsibility. for instance, globalization. i think we have not managed it

well. and it has hurt american workers. but it's not globalization itself, it's the fact that we haven't managed it well. ♪

♪ >> you are watching "bloomberg best," i'm juliette saly. let's resume our global tour of the week'top business storiess, with m&a action involving one of europe's biggest drugmakers. >> one of our lead corporate stories this morning is on novartis. ceo has barely been back two months and managed a blockbuster deal. they have agreed to by the u.s. gene therapy company avexis, $8.7 billion for novartis. this is making your mark, isn't it? >> this is the new ceo making a big splash.

it's not that much money. what you have to remember is while they have a lot of money now because they just sold an asset, it was bought out of a corporation, they have that money to play with, they set up a time to weeks ago to review those funds and reallocate them for promising new cancer research. that is what we are seeing here now. by a company that is not that well known, small, working in areas of gene therapy. if it worked out well it would be a blockbuster. if not, they will look for a next target. >> big changes came today at the top of the world's largest automaker. . in announced a new minute -- volkswagen announced a new management team to take control of the future of electric and autonomous vehicles. i understand why they made the change, i thought they were doing a pretty good job. >> he was doing a stellar job,

as far as the financials were concerned, and as far as the organization of the company was concerned. he boosted margins to enviable levels, but he was seen as a provincial, brash manager from stuttgart, and made some fairly gruff statements that occasionally got the company in legal trouble and occasionally got that intercultural trouble. not a lot of sensitivity as far as his a package was concerned. that led to i think the porsche family and the government of lower saxony to drop their stake in the carmaker, to look for a new ceo. he seemed to be the perfect one. he is in the auto industry known as a superstar when it comes to controlling costs. he did an incredible job at bmw. 's takeover has been embraced by the company and the stock has done quite well. saudi arabia wants oil at $80 per barrel to balance their budget, rent getting a boost on the news. what happens if opec doesn't

target price, just supply and demand? >> we have been talking to a number of opec delegates and market participants over the last month. there is no indicating a fixed price target, but the counterpart indicates that the to push prices to around $80 per barrel. fallec says the oil will to the lowest of the year last month thanks to venezuela and saudi arabia, and they say most of the global glut has been eliminated. >> there is a global consensus that the declaration of corporations should continue beyond the immediate target, to come back to balance. we're working with our partners in the russian federation to design this partnership and in

sure its longevity. accounts saudi aramco, show the energy giant is the ,orld's most profitable company and bloomberg has also learned that the company is virtually debt-free, low production costs, and has no tax regime. we reviewed these accounts and figures. walk us through the biggest take away for investors. >> it proves what people have always known. when you pump 10 million barrels per day of oil, you make many, many, many billions of profit. and as you point out, there is a lot that's impressive in these numbers. the fact that they carry no debt, that they produce oil at 1/5 of the cost of people like exxon and shell. it also demonstrates how vital it is to finance in the saudi space.

among the most important things is just how heavy this new tax regime is that saudi arabia has imposed. i think investors who are contemplating buying this company will look at how much it will share with the saudi government. >> one of the biggest shareholders of cbs has written to the company's for to say they should only proceed with a deal with viacom if certain terms can be agreed on. tell us more about what is near here. >> it is a fairly scathing laundryhat showed a list of things they think are problematic to a potential deal, and they really call out -- do it at your peril. even though shareholders do not thishuge voting power, shareholder is saying you need to recognize that there are a

lot of interested economic shareholders, and they should be given some say in any transaction. >> iag, the owner of british airways, has bought a stake in norwegian airways as they are considering a full offer, sending shares of the region soaring. why now? >> looking at this business, which is struggling financially, one of those -- a big part of that is the low cost, long-haul model. norwegian is also struggling -- < >> how much? >> a lot, they are been credibly tough at the moment. then you have to look at the other groups around the world. of bigng in the era data, where businesses make advertising and marketing decisions based on complex information about consumer preferences and the need to collect and analyze the data has created big opportunities for some companies.

this data management platform has tripled its customer base in the last four years. the ceo describes the journey from small to big. ♪ it stands for locate, target, announce. it helps advertisers collect and organize their consumer data. you can imagine that customers engage on the phone, on the web, in the store, through a coupon. we help collect all that and attach it to a profile. it is the big data story. when i started the company in 2006, i saw this unbelievable opportunity around user generated content. we changed the paradigm for all advertisers. there had to be a platform to protect the brand and get it to find results. that is in genesis. my first year in business, we

landed nine customers on a proof of concept. i then went to venture capitalists and told them the story, and over time i was able to raise $60 million. i woke up one day in 2011. i had a board meeting. i called them together and told in the trends in the data points i was seeing, and we made a decision to cut the company in half and block away from a $30 million revenue line. we made a huge pivot.we went from 140, two a staff of 50. there was some overlap of customers, but most of them were net new. we went from a media business that was struggle on a campaign business to a software business charging a monthly fee. one of the key things that happened during the process was, what once was a desktop experience, in your computer, suddenly became a mobile device, a, televisionan ipad.

that is where we bought ad mobius in 2012. we focused on the device problem. cross device. in a privacy compliant way, we were able to stitch together profiles and audiences, no matter how they were engaging with the brand. we've had about 500% growth in customers since 2014. we have 10x our employees. developing profitability in a technology company is something i'm super proud of. over the next five years, i would like to be a very large public enterprise. almost every device in everything we are doing is connected to the internet. microwaves, refrigerators, automobiles. there's information that is thrown off from that device connected to that consumer. i think there's an opportunity for a public company, whose only focus on data, data solution, and activating customer data. in a world where data is everywhere, we help our

customers figure out what it all means. that's the future. ♪

>> this is the bloomberg world bank index. it's a wonderful gauge. it has 146 members, and until see the predicament that mr. savings finds himself in. deutsche bank is the worst performing global lender, down by 28% year to date. out of the 100 46 members on the bloomberg world bank's index. >> there are about 30,000 functions on the bloomberg, and we always enjoy showing you are favorites on bloomberg television. maybe they will become your favorites. here's another function you will find useful, to you i see go. it will lead you to quick takes,

where you can get important context of fast insight into timely topics. here's one from this week. ♪ debuted, the 4g wireless we had today let people for the first time hit the road and explore unknown places with only a smart phone for direction. when 5g arrives, it could enable driverless cars to take us there. 5g stands for fifth-generation mobile networks. it is insanely fast and can accommodate a lot more. but the reason it is being called revolutionary is because it will allow connected devices to speak to each other. >> right now we are living in a world where it is a one-way experience. >> that is ian king. youou look at your phone, send something. what we are being told about 5g is that for the first time we will see machines communicating with each other over mobile networks. being 100d end up

times faster than what we have now, with speeds that could reach 20 gigabit per second. in plain english, that means downloading of full hd movie in seconds. it will also increase total bandwidth, which we will need to accommodate the growing internet of things. we are talking about a class of devices like internet connected refrigerators, thermostats, dog collars. but they will enable many more. >> things like utility, factories, machines that are not connected, suddenly they are all connected and have real-time monitoring. >> but perhaps the biggest advance will be a huge reduction in communication like time, known as latency. the network of driverless cars will need the speed up to ping each other multiple times per second to avoid collision. near instantaneous data transfer could allow doctors to perform surgery remotely with robotics elbow. so how will this work?

first we need to improve network density. >> we don't just need more towers. the idea is 5g will not only be using the mobile spectrum, but happened to higher frequencies. millimeter waves can carry more data, but only travel a short distance. this could mean a lot more of these way stations. new towers could have as many as 100 antenna, compared to about a dozen on 4g sensors. so when will we get 5g? getting it ready is expected to cost providers $275 billion over seven years in the u.s. alone. the first should pop up in big cities around 2019. that was just one of the many quick takes you can find on the bloomberg. you can also find them at bloomberg.com, along with all the latest business news and analysis, 24 hours a day. that will be all for "bloomberg best."

thanks for watching. i'm juliette saly. this is bloomberg. ♪ welcome to the xfinity store.

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>> i'm mark crumpton, and you are watching "bloomberg technology." "the new york times reports the justice department inspector general delivered to congress friday a highly critical report of the fbi deputy director andrew mccabe, repeatedly misleading investigators. according to "the times," he was fired last month, lied about instructing aims to provide information to a reporter. in thesional democrats u.s. armed forces are calling on president trump to stop using twitter to announce national security decisions, particularly in syria. >> war is not a y