"bloombergp on gary coh best,", the stories that shaped the week in business around the world. ways.isky move in some a new level of brinksmanship. >> it leaves the united states isolated diplomatically. >> a stunning collection delivers a power shift in malaysia. the bank of england holds rates, but hints at future heights. m&a continues, but not every merger may reach the finish line. >> we are confident we will gain

that approval. >> an exclusive conversation with jamie dimon. >> you can easily deal with 4% bonds. >> the euro bond market is in fact undervalued. >> i think it is time for everybody to, for women to take charge. >> that is all straight ahead on "bloomberg best." ♪ >> hello and welcome. i am julie hyman. this is "bloomberg best." of news,ly review analysis, and interviews from bloomberg television around the world. the trump administration a deadline to decide whether or not the u.s. would remain in the 2015 nuclear deal. that uncertainty was having an impact on the price of oil. oil prices on the move, above

$70 for the first time since november 2014, the surge coming as traders brace for sanctions on iran. >> the markets are betting trump will reimpose sanctions. you might see a lot of barrels, our iranian barrels, disappearing. >> what happens to supply? is theree have seen are varying estimates, but were talking about 500,000 barrels of oil a day coming off the market by the end of the year. when you combine that with the cuts from opec, that is a substantial amount of oil. we are in a market that is closer to supply-demand balance. anytime you have geopolitical tension, we are seeing that reflected in the oil price immediately. >> limbo over the nuclear deal and's tomorrow, president trump "i will be announcing my decision on the iran deal tomorrow from the white house at

2:00 p.m." crude took a leg lower after pushing past $70 for the first time in three years. is where are we. is the u.s. walking away? a lot of the market has rallied on that fear. anything short of that you start to see people selling off a bit. trump is said to have made a decision to leave the iran nuclear accord. the president will announce this from the white house in a few moments. >> i am announcing today that the united states will withdraw from the iran nuclear deal. we will be instituting the highest level of economic sanction if the regime continues its nuclear aspirations. it will have bigger problems than it has ever had before. >> it is a very risky move from trump. it is a new level of brinksmanship. a huge gamble by

president trump suggesting that the u.s. is going to wow out and essentially daring iran to go ahead and violate the deal itself. iran hashappened is said ok, well, the deal will remain intact and we won't develop a nuclear weapons as we have promised before, so at it leaves the united states diplomatically isolated. were are back to where we before. we and pause sanctions and hope to bring them to the table. you heard the president say he thought we had maximum leverage it and did not effectively exercise it to get a sufficient agreement. i guess he believes now we will have that leverage and the iranian economy is stressed. that economic pressure will bring them back to the table. it isa huge gamble, but certainly a possibility. france, germany, and the u.k.

say they regret donald trump's decision to pull america out of the 2015 deal to curb iran's nuclear program. >> there has been a string of leaders who have gone to the u.s. trying to convince donald trump not to go ahead with this decision. they did not succeed. now they are saying, well, they do regret the decision, but they will stick to the agreement. >> for companies the question is where do we go from here. iran started taking off, siemens, airbus. we have had a couple of companies appealing to european leaders saying we need your support and your needs to step up to the plate now. is extending gains above $71 a barrel following president trump's decision to pull out of the iran nuclear court and conflict between israel and iran ratchets up. israel says iran fired missiles in the golan heights and

retaliated by striking iranian targets in syria. >> it has been on fire since 2011, but we have not seen a head-to-head confrontation between major regional powers. the rhetoric is heating up. we will have to see where this leads, but there are worrying signals. victory inning malaysia's election, ending the decade rule of the coalition. what comes next now for malaysia? >> he says he has to speak to the presidents of the parties and come to some sort of conclusion to put a team together. few people would have expected for this to happen, 121 seats out of 222 contested. shown he still knows how to win an election. winning this election is just the first up. there are so many more challenges he needs to overcome

to help a nation that is seeking reconciliation. >> i think it will be a volatile couple of days. >> just a few days? >> it depends how the new s markets downm and how quickly they can lay out the agenda, and who takes the reins, particularly the economic portfolios. >> sterling dropping on super thursday here at policymakers voting to keep rates unchanged, ending a roller coaster ride for investors who expected i hiking and tell a couple of weeks ago. governor mark carney says the bank intends to deliver modest tightening of a but is in no rush. >> we will wait until we see some progress before we think about it. >> this is unique. i have never really seen anything like it. sterling trades as if the markets suffer from bipolar disorder.

if you look at the fundamentals and pay heed to these in the press conference, the labor , wages aretrong picking up gradually. those are some pretty strong things that are supportive for the headline from the boe and the witches there will be gradual tightening of the medium term. >> the date for president trump's meeting with him john un, the president tweeting it will be june 12. >> president trump he thinks this is a sign that north korea is ready to abandon its neutral program and enter into the broader world community and abandon its past position as a rogue nation. we heard from the vice president that there is skepticism that this will actually lead to the type of grand bargain that

president trump wants, but they are looking to make that happen on june 12 in singapore. the u.s. yield curve is the flattest and more than a decade. the spread between 5-30 at the lowest level since august 2007. the curve could actually be inverted by august or september. >> it is possible. i think we will see more movement o upwards. the federal reserve is increasing its bond sales or balance sheet more quickly. the ecb will get out of the business of buying long-term bonds, so there will be some pressure, but if we get in version, it doesn't mean anything. really, it doesn't. in version used to be a very worrying sign for the economy, but this is basically a broken barometer. we have never had central bank so active at the long end of the bond markets. president trump will propose

sweeping reforms of drug pricing this afternoon. the preprint called american patients first is meant to increase competition and lower out-of-pocket costs. >> we will have tougher negotiation, more competition, and much lower prices at the pharmacy counter. we are very much eliminating the middlemen. the middlemen became very, very rich. >> pharmacy benefit managers, if that's not who he was talking about when talking about the middle man, who was he talking about? >> i think that is who he was talking about, but he did not say it. it indicates there is still room for working out how exactly this is going to work and how this will be rolled out, pointing to lobbyists i quite interesting approach, but if you look at express scripts, shares are up and investors are relieved this did not sound so song and terms

of targeting them and their role in the system. >> president trump calling on congress to bring forward some type of legislation that they would be able to enact. there are a couple of working proposals in the but it is unclear whether or not this could get a major legislative push ahead of the midterms. julie: still ahead as we review the week on "bloomberg best," jamie dimon says prepare for 4% bond yields and fed rate hikes. plus banks in the lebanon and philippines explain how they are coping with economic stresses. up next, more of the week's top business headlines. walmart spent $16 billion to get an e-commerce foothold in india. >> it was slow to get in china, which is another massive market. it does not want to make that same mistake again. julie: this is bloomberg. ♪

julie: this is "bloomberg best." i am julie hyman. let's continue our global tour with a barrage of big deals, starting with a food giant and a coffee brand. >> nestlé and starbucks are teaming up in a multibillion-dollar deal. starbucks nearly $7.2 billion in cash for the rights to sell starbucks branded products. this is not about nestlé getting physical assets. this is about marketing licenses. >> that's right. nestlé will pay about $7 billion to get these licenses to , package sell coffee coffee products, outside of starbucks chains in various outlets such as supermarkets and food service. test fors a big m&a nestlé?

not all its deals have gone well. >> it is the third biggest for nestlé and the biggest for the new ceo mark schneider, who has been leading the company since january last year. it isnalysts are saying an expensive bet, but it is starbucks, which is the name and coffee. signin elliott management has e an all caps been to acquire athena health -- and all cash bid to acquire athena health. investors seem to like the dea l, so what does elliott say at is doing wrong? >> pretty much everything. from you missed operationally, you have failed to issue accurate guidance, you have missed the forecast you do set out to you can't launcher products, you have too much executive turnover. it is a brutal letter in terms

of the assessment of the performance of the company and making the argument that taking of private and pulling it out of the public market and taking time to get things under control would be a far better option for them. theet's get back to purchase of shire. the deal transforms it into a top 10 farmer giant. if you don't succeed, try, try, and maybe try again. >> this is the fifth offer take da made. they finally did succeed. good premium,miu 60%. who has doneeo smaller deals, but nothing this transformational. this is their chance to make a big splash on the global scene. >> in a battle for e-commerce has agreed tomart pay $16 billion for a 77% stake pkart, the biggest deal

ever as it looks to fend off amazon in the world to second-most populous nation. >> this deal is about getting ahead in an e-commerce market that is exploding. india has the second-largest population of internet users in the world. walmart needs to get ahead in this market to battle amazon. it was slow to get into china, which is another massive market. it does not want to make that same mistake again and was so it was willing to spend this much money on a business that is really not profitable yet. >> australia has laid out its budget for the next financial year with the deficit forecast for $10.8 billion. the turnbull government is willing voters with tax cuts and a path to its first surpluses the global financial crisis. here is what scott morrison had to say. there was further room for the labor market to expand and

grow, and that is boosting revenues over the medium-term and the shorter term. >> are these number sustainable going forward? >> we believe they are. our economic growth forecast are more conservative than those by the reserve bank of australia and they are overly optimistic as an organization, so the track record is there. deutsche bank is considering a sweeping restructuring in the u.s. that could shrink its workforce there by 20%. that is according to people briefed on the matter who say a decision is close. ,he plans have been denied which would follow the move to retreat from businesses it deems less competitive. >> they are looking at each unit separately. they don't have a job cut target . what they are doing is going to the bank unit by unit and deciding how much they want to cut it. those cuts could add up to 20%

of the u.s. workforce in the maximum scenario. they have already singled out units they will cut. , u.s. corporate finance. they said they will close the theton office, which is location for the oil and gas sector. to anticipatet how many side effects this will have on other parts of the business and how much clients will say if you pull out of that area, then you are not the bank i want to do business with in the more and we are cutting ties with you. it is difficult to anticipate that. that is what they are trying to figure out to make sure the side effects can be minimized. , thebloomberg exclusive bank searching for a new chief executive. the bank is reaching the deal to pay $4.9 billion to resolve a mortgage investigation.

chieft search for a executive job done? >> it is getting to the point where you can start paying dividends again, putting a significant legacy issue behind it. that paves the way for a sell down from the u.k. government in which is still hold 70% of the bank's shares. the kind of language analysts have been using today has range from a watershed moment, symbolic moment, a milestone. that is how significant this settlement is for the bank. >> michael cohen may have been offering more than legal advice. major companies and a russian oligarch with ties to vladimir putin paid his firm substantial sums of money reportedly for insight into the trump administration. he posted on twitter yesterday with no advance warning a link that took us to a

dropbox site that appears to antain what we call suspicious activity report produced by a bank about transactions that were moving through an account set up by michael cohen. this account has money that not just moves through to a foreign start of a but included -- porn star, but big corporations in a russian oligarch. there has been little explanation about what the money was for and where it went. and the korean company have acknowledge this was a way to get something from the trump administration. >> let's talk about what is happening in italy. efforts to form a broad location to dilute the power of the five-star movement flounder this week. leader spent yesterday morning drawing up plans for governing alliance. the president gave the two parties until sunday to reach an agreement to possibly form a government. >> lots of optimism from both

five-star in parliament yesterday, officials saying they program thatn the is their priority, but they have got to find the right people for the jobs. one lawmaker is saying perhaps the new government could be sworn in by the end of next week. ♪

julie: welcome back to two "bloomberg best." i am julie hyman. jamie dimon spoke exclusively with bloomberg this week at the j.p. morgan global china summit in beijing. his outlook for the u.s. economy remains upbeat. >> right now the american economy is strong.

more people back to work, household formation is up, households in short supply, which is a plus for the economy and the capital markets wide-open come up much less leverage in the past. banks have twice the capital, twice the liquidity. are inr balance sheets good shape. the way to look at the recovery is look beyond the year. we had 20% growth over nine years, and the nine years is really good, the 20% is bad. it should have been 40% over a shorter time, and that's why wages did not go up and all these things. it looks like this may have legs to go, one year, two years, maybe more. remember, the rest of the world is doing better. , europe 1.5% approximately. i don't know. it is 1.5%.

the last 10 years it was 0%, so that is a positive. i hope it will be anyway. america is in pretty good shape. you have some benefit of regulatory reform, tax reform. i think those things will drive growth a little bit, hopefully better than 2%. >> i read your note to clients in april. you said one of the biggest risks is underestimating the ability or potential of the fed raising rates more aggressively. inflation could rear its head. we just have oil above $70. is this a worry? >> i'm trying to explain to shareholders you have to prepare for all possibilities and probabilities. the fed raises rates more than you expect, both the short end, which might force the 10 year up, not down like in the past. you can easily deal with 4% bonds. again, if it is because america strong and healthy, i almost caught normalization. i pointed out by the end of the

year that the fed plus the deficit has advanced a lot, i huge shift, and eventually other central banks will reverse buying bonds, causing five to volatility in higher rates. more growing is more important that. theways try to keep financial markets are one thing. they fluctuate, move, rates go up and down. commodity prices go up and down, but what matters the most is jobs, wages, stability in the economy, not necessarily in the markets. julie: coming up on "bloomberg best," more of the weeks news, featuring earnings reports and a few deals. plus, what are the markets making of the latest shift in the geopolitical landscape? we get expert perspective. >> there is little evidence

there is a geopolitical premium in oil prices. >> there will be an issue of volatility as a result of this. julie: this is bloomberg. ♪

♪ #metoo,happy about is a know people say it is too much, but i don't think so. i think it is time for women to -- youarge, and also for can't just say we need one woman on our board. why? it's like, i need a green plant on the table. >> we learned it is not enough just to focus on power. you have to focus on power, regression, and. -- and attention. wheree implemented a line

employees can call into and get assistance if they have retention challenges. >> everyone has goals that they are supposed to meet by a certain deadline, and if they don't meet them, they were really repercussions, and people will be moving to different agencies. this goes to studios, to networks, to talent agencies, etc. women have started this movement and they have gathered women from all walks of life to include them in this movement. there's no way a man can ignore it. everyone is included. ♪ >> those were some of the many guests who came to new york to discussed the future of diversity and equality in this week's business of the quality summit. bloomberg television also spoke with leaders in business and finance about the impact of geopolitical shock such as president trump's decision to take the u.s. out of the iran nuclear agreement. let's begin with stephen engle's

exclusive conversation with the jpmorgan asia-pacific ceo. >> there will be additional volatility. one thing is for sure, we will probably have lots of u.s. allies negotiating at this point, what's the next move, what can we do? it is going to generate a lot of speculation about what's going to happen the the supply of oil. i don't think it should be dramatic, it depends on what type of sanctions and how it plays out. it is not like it hasn't been telegraphed. this is something the market has been looking at and assessing and trying to see how to play forward. so while there will be some short-term volatility, it depends on how it plays out over the next few weeks or months. >> in asia-pacific, do you see geopolitical risk rising now? >> overall, i don't think it is

necessarily rising. when you look at north korea, south korea, it is quite significant. i was in south korea last week, i had a chance to understand firsthand what's going on and what is the feeling from the south korean side. one of the things that surprised support thatunt of the south korea population has in terms of trying to make this work. they really want to make this work. ofhink they have a lot protection for their counterparts on the north. there is a huge amount of interest in helping the nation rebuild. i think whatever solution comes probably will also involve a lot of help and aide flowing from south to north. ♪ >> so we seem to go from geopolitical shock to

geopolitical shock, in the space of a week what you would normally have any year. but the market kind of rideds them out. what,, if anything should clients be worried about at the moment? what will bring this bull market to a close? >> the biggest things to be concerned about are probably what we have talked about, namely the possibility that the economy overheats and inflation rises more significantly, the fe d ultimately is so committed to getting something like 2% cemented and therefore has to be more aggressive in slowing things down. once the unemployment rate starts to increase, it tends to be difficult to calibrate that in a way that pulls off a soft landing. there has never been an increase in the u.s. unemployment of more than 35 basis points on a three-month basis that wasn't associated with the recession. suggests that doing the soft

landings from below is harder, and it is not as coupled as a situation where the economy is already growing, the fed is trying to slow things down, coupled with the more significant shock from financial conditions or perhaps oil prices. aat's another common factor, common concern. then the risk of recession would go up. ♪ >> there is very little evidence there is geopolitical premium in oil prices right now. that said, the way to think about re-imposing sanctions on iran is that it reduces the capacities. it doesn't do much to the forward balance. the reason for that is we may lose the iranian exports, but it is likely to be replaced by saudi productions. secretary treasury mnuchin made that very clear, that the allies

will likely replace us. nothing due to forward balance, but it does take away capacity, which that makes the market for more exposed to markets like venezuela and other areas with reduced output. the situation in venezuela israel, production is declining, and it could lead to even further disruptions. the market is now far more exposed. the upside risk is substantial. one of the iran, issues would not be able to export as much. the u.s. is the biggest exporter. so should have a national oil policy and the way we see other nations? >> when we think about compliance to the reduction of iranian exports due to the imposition of sanctions, if the question is will players like india and china comply to this, the difference today from 2012 is the exports you are referring to. the u.s. is as large as an

exporter as iran, 2.4 million barrels per day. that gives them a chip saying, we could take away the barrels. i don't want to advocate there's a policy there, but it is a way to to enforce compliance. ♪ economiesg-market were also in the spotlight this week with a strengthening dollar and tightening fed, putting pressures on markets on currencies. -- on market and currencies. we spoke with central bank governors to discuss their policy responses to economic challenges. ♪ >> this year, we are really seeing a step up in inflation. it probably hasn't peaked yet, theintimate peek around middle of the year before we see any tapering or inflation. you talked about how it has

spread to the wider economy. in what way has it spread? >> for example, the number of commodities are growing faster than the average. that is one thing we are looking at. the the driver of the inflation fromncy is really coming prices . ourhe end of the day, objective here is to ht our target. our commitment is to be in target range. be at the very least well in the middle of our target range. we have updated our

inflation forecast. we have this within reach by next year. ♪ market, whichd has seen higher yields in the secondary markets, is in fact undervalued today, and the government doesn't intend to make new issues to the market. they made an issue for the intentionnk, and our is not to sell more than $2 billion of eurobond in the next 12 months. >> what does that mean for asset allocation? are you diversifying more into gold? if it is a more turbulent time in global markets and regional politics? know,l, lebanon, as you is the second holder of gold in the middle east. >> you can never have enough. >> but we have been since more

the one year playing floating-rate notes in our anestments, and we have also open market that provides us with revenues that are enough to keep the central bank more visible and to not have to take large risks. >> so that is a no to more gold? >> i will not buy more gold, but of course we will not sell the stocks that we have. ♪

--it started as a skirmish but now we could become an all-out war between the biggest media companies in the world, as news came that contest has put together refinance or were just that could put as $60 billion in cash for the 21st century company fox. will they really go after bob iger on this? >> it is certainly possible. balancee a tremendous sheet that has always been the strategic asset for them, and if you are comcast, you have already made a big bet on content with nbc universal, which was a great acquisition. i feel a comcast thinks they can do it again, but if you are bob

iger, the 21st century fox assets are absolutely crucial. he needs to go head-to-head not just with comcast but others and i need to get bigger. >> earnings in the second quarter comfortably beat wall street estimates, as blockbusters "black panther" offset declines in television. any surprises in the earnings? >> the film studio was a big surprise. when you "black panther" was a global hit, but we didn't know quite how big. the underlying issues for disney continue. they are still seeing subscriber losses in the traditional tv business. place,have a thrilling you need regulatory, and some other people expressing interest in the form of comcast like the arrival. if you are shareholders of the company being bought a 21st century fox, you have to

consider not just the total price, but the value of the currency of the combined entity. the other thing you have to consider is what is the pastor regulatory approval? is this a deal you believe that regulators around the world, because that is very important, will ultimately approve? we are quite confident that we will gain that approval. ♪ fox1st century reported weaker deals but most of the entertainment assets were taken off headline results. >> fox actually thinks that the road to regulatory approval might be easier with disney with comcast, because comcast already owns nbc. the other aspect is taxed applications. this is an all cash offer but it would be a huge tax

burden which fox would not have to face with the disney stock deal. at the end of the day, the murdochs really want to be a significant shareholder in disney. when all is said and done, they would own 5% to 6% of disney stock. ♪ liberty globals, to sell some european operations to vodafone in a $19 billion deal. limited operations include germany, hungary, romania, the czech republic. this does mark something of a retreat from continental europe the liberty global and the expansion for vodafone. deutsche telekom has spoken out against the possibility of liberty selling out in germany in the past. germany in the past. -- they posted a little bit of a sales decline because the stronger euro in the first quarter, but is boosting outcome

for full-year operating earnings to 23.3 billion euros, and a lot of that comes from t-mobile's growth in the u.s.. deutsche telekom has a lot to think about. home, andere at finally the t-mobile and sprint deal in the u.s. >> i think this deal is totally unacceptable. there was a time when deutsche telekom was not allowed to sell their cable businesses in one piece. pieces, andin three now all of the three pieces are coming together in one under the roof of vodafone. ♪ was fined over $870,000 by british regulators for his attempts to unmask a whistleblower, some suggesting it was a tap on the wrist. is that fair? >> if you measured relative to pay, yes, it is 15% of what he

took home in 2016. the third-largest find they have ever levied on an individual. could have been deemed not fit and proper which would have it woulda job, and have been quite a significant step before that. s> quarterly profit in india' -- fell by the most in two years. what do you make of these numbers? what do analysts make of these numbers? >> the numbers were down, 50% below consensus expectations, which confirms my view that there is further downside to estimates on the street. what you would notice is that the cross npa ratio went up, which was expected. is morel stress loads encouraging, and the new business momentum looks quite promising. bute are the key takeaways,

43 analysts on the street expect a 43% jump for the coming fiscal year, that is a downside risk to those numbers. ♪ executivegen's chief has been granted a rare safe passage deal by the u.s. justice department. the agreement allows them to travel the world freely without fear of being arrested in connection with america's diesel rigging probe, according to people familiar with the matter. how important is this for the new chief executive, this rare safe ashes deal -- safe passage deal? >> it is really important for the new ceo. is running a behemoth with 12 brands, 120 factories around the world. andine if he had taken over wouldn't have been able to travel around. as ceo you have to represent the company, going to openings and car shows. had he been potentially confined it to germany, that would have

crippled him. he only took over as ceo last month, so this deal, which probably was in place before he became ceo, which we only learned about from sources in the last couple days, allows him to hits the ground running running this huge company. ♪ >> tesla chief executive elon musk bought $9 million with a tesla shares on monday. his stake is now approaching 20%, and he is already the largest shareholder. the purchase comes dameys after a series of tweets. $10 million is not that much. is it just of market signal that because the chief executive wants to shut critics down? >> yes, it's a lot of baiting of short-sellers, and of courses fan boys. is him saying i will put my money where my mouth is. 10 nothing dollars -- $10 million is nothing to be sniffed at, but it is a small part of

the market cap. ♪ >> softbank posting fourth-quarter earnings, beating operating estimates. most of the success is due to one bet. >> the one big bet that did it for them was in vidia. which the fiscal year, for softbank runs until the end of march, nvidia shares rose 112%, a great win for softbank. it was the vision funds that gave those returns and without that, without that single bet on nvidia, it would have been down 2.5%. ♪ has reported quarterly sales that top expectations, although bigger than anticipated portion of demand came from currency markets. the chipmaker generated $289 million in sales, in the

first quarter saying it could fall. this is a sign that cryptocurrencies will turn sour. >> i think in the big picture, no, it is a blip. it is a signal for the next 90 day cycle, perhaps. we saw the news with goldman next week, the new york stock exchange looking at doing some kind of crypto trading. there's a lot of momentum building here for chip sales to interrupt that. ♪

♪ usinghave the bloomberg the top shareholders, in we are going to see the top shareholder at 12.6%. elliott is all the way down here at less than 1% stake, but with options.

they have an 8.9% stake. >> 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. go.nother function, quic it will lead you to our quick takes, where you can get important intakes and fast insight on timely topics. here's a quick take from this week. ♪ >> you may have seen a few of these pop up on your phone or in your email. google, facebook, twitter, amazon, squared, go daddy, aresbury, many more, updating their policies to give consumers more control over their personal data. those updates and changes our thanks to a new law governing data privacy call the general data protection regulation. gdpr only applies to people who live in the european union, but it's adoption is largely expected to have americans asking, why don't we have that? here's the data collection works.

facebook,ign up for you have to click a box agreeing to companies terms, which gives facebook the right to track your online activity, even if you are not actively browsing facebook. facebook and let third parties access in order to sell ads and services. >> consumers will have the right to ask anything to be sent to them or buy them. up to entire archives of all the content they had generated. >> on may 25, companies with more than 250 employees will have to get unambiguous consent from users to collect their data, instead of burying it inside the fine print. it will also make it easier to revoke consent users previously gave. for consumers that opted, they have a right to know what is doing with their -- was being done with their data. >> for companies like google and facebook, they have been making data available for download and deletion upon request. >> consumers also have the right to be forgotten.

select citizens request organizations delete their data. data portability gives consumers the right to retrieve their data and sell it to other companies. for example, you can trace something like a gift for certificate -- a gift certificate in exchange for your shopping history. each company must notify the authorities within 72 hours, and any failure to comply. will be costly penalty fines can be as high as 4% of the company's global annual revenue. >> europe expects companies to act within the spirit of the law, and not just to follow it to the letter. this means there will be disputes and legal precedents. >> so lovely u.s. is still reeling over facebook in the cambridge in a letter scandal, the eu was moving ahead with tough new rules. many will ask the u.s. should be next. ♪ >> 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 businesses and analysis 24 hours a day. that will be all for bloomberg

best. thanks for watching. i'm julie hyman. this is bloomberg. ♪

♪ emily: i'm emily chang. this is "bloomberg technology." coming up, driverless cars are -- an early investor in google and amazon joins me in the studio. plus, the future of artificial intelligence. the white house says it is taking a hands-off approach to ai regulation.