julie: coming up on "bloomberg best," the stories that shaped the week in business around the world. ds theent trump and -- en suspense and takes the u.s. out of the iran nuclear pact. >> a risky move rum trump in some ways, a new level of brinksmanship that leaves the united states isolated diplomatically. >> we are back to where we were before the deal. julie: a stunning election delivers a power shift in malaysia. the bank of england holds rates, but hints at future hikes. m&a continues fast and serious, -- furious but not every merger , may reach the finish line. >> i think the deal is totally unacceptable. >> we believe -- we are actually quite confident that we will gain that approval. julie: an exclusive conversation with jamie dimon.

this has the list of the week's top interviews. >> you can easily deal with 4% bonds. i think people should be prepared for that. >> the euro bond market is, in fact, undervalued. >> i think it is time for everybody to, for women to take charge. julie: it is all straight ahead on "bloomberg best." julie: hello and welcome. i am julie hyman. this is "bloomberg best," your weekly review of news, analysis, and interviews from bloomberg television around the world. the trump administration faced a deadline this week to decide whether or not the u.s. would remain in the 2015 iran nuclear deal. and on monday, that uncertainty was having an impact on the price of oil. >> oil prices on the move this

morning, rising above $70 a barrel for the first time since november 2014. the surge coming as traders base -- brace for reimposition of the sanctions on iran. >> the markets are betting trump will pull out of the deal, will reimpose sanctions. as a result, you might see a lot of barrels, iranian barrels, disappearing. vonnie: if he decides to not sign that deal again, what happens to supply? >> what we have seen is there are varying estimates, but were -- right now we are talking about 500,000 barrels of oil a day coming off the market by the end of the year. and when you combine that with the cuts we have already seen from opec, that is a substantial amount of oil. we are in a market that is much closer to supply-demand balance. so any time you have geopolitical tension, we are seeing that reflect in the oil price almost immediately. >> the limbo over the nuclear deal ends tomorrow, president trump tweeting earlier "i will be announcing my decision on the iran deal tomorrow from the white house at 2:00 p.m." crude oil took a leg lower on

the news after pushing past $70 a barrel for the first time in three years earlier in the session. >> the question is where are we. is the u.s. walking away? a lot of the market has rallied on that fear. so anything short of that, you start to see people selling off a bit. >> president 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. president trump: 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 in some ways. it is a new level of brinksmanship. >> this was a huge gamble by president trump, basically

suggesting that the u.s. is going to bow out and essentially daring iran to go ahead and violate the deal itself. but what has happened here is iran has said ok, well, the deal will remain intact and we won't develop a nuclear weapon as we had promised before, so it leaves the united states quite isolated diplomatically. >> we are back to where we were before the deal. we imposed sanctions on iran and hope to bring them to the table. you heard the president say he thought we had maximum leverage 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. and that economic pressure will bring them back to the table. it is a huge gamble, but it is 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 european leaders who have gone to the u.s. in the run-up to this, 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 are going to stick to the agreement. >> for companies, the question is where do we go from here? the iran business has really started taking off in the past couple of years. a lot of european companies like siemens, airbus. you already had a couple of companies appealing to european leaders saying we need your support and europe needs you to step up to the plate now. >> oil is extending gains above $71 a barrel following president trump's decision to pull out of the iran nuclear accord and as a conflict between israel and iran ratchets up. israel says iran fired missiles at the soldiers in the golan heights and retaliated by striking iranian targets in syria. >> the region has been on fire now since basically 2011, but we

have not seen a head-to-head confrontation between major regional powers since the 1980's. the rhetoric between israel and the rhetoric between iran is heating up. we will have to see where this leads, but there are definitely worrying signals. >> the stunning victory in malaysia's election, ending the six-decade rule of the coalition. it really was a historic event. what comes next now for malaysia? >> he will have to put a government together. he says he has to speak to the presidents of the four 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. out of power for 14 years, but he has shown he still knows how to win an election. winning this election is just the first step. there are so many more challenges that he needs to overcome to perhaps help a nation that is seeking reconciliation.

>> i think it is going to be a volatile few days for the financial markets. >> just a few days? >> it depends how the new government calms markets down and how quickly they can lay out their agenda, and also who takes the reins, particularly in the economic portfolios. mark: sterling dropping on super thursday as it is known, policymakers voting to keep rates unchanged, the decision ending a roller coaster ride for investors who expected a hiking until a couple of weeks ago. governor mark carney says the bank intends to deliver modest tightening, 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 market suffers from bipolar disorder. if you look at the fundamentals

and pay heed to these in the press conference. the labor market is strong, wages are picking up gradually. those are some pretty strong things that are supportive for the headline from the boe that there is going to be gradual tightening over the medium term. >> the date for president trump's meeting with kim jong-un, the president tweeting it will be june 12. it was supposed to be anticipated after the scenes that unfolded at the andrews air force base overnight. >> president trump said last night that he thinks this is a sign that north korea is ready to abandon the nuclear program and enter into the league of nations, enter into the broader world community and sort of abandon its past situation, it's past position as a rogue nation. we heard from mike pence, the vice president, that there is skepticism that this would actually lead to the type of grand bargain that president trump wants, but they are looking to try and make that

happen on june 12 in singapore. >> the u.s. yield curve is the flattest and more than a decade. the spread between five and 30 year treasury the lowest since august 2007. at this current rate, the curve could actually be inverted by august or september. >> it is possible. i think we will see more movement upwards along rates. remember, the federal reserve is increasing its bond sales or reducing its balance sheets more quickly. the ecb will get out of the business of buying long-term bonds, but there will be pressures on the long end also. but if it inverts, it will not mean anything. really, it doesn't. inversion used to be a worrying sign for the economy, but this is basically a broken barometer. we have never had central banks so active at the long end of the bond market. it is not telling us the kind of things that used to tell us in the past. >> president trump will propose sweeping reforms of drug pricing this afternoon.

the blueprint, called american patients first, is meant to increase competition and lower patient out-of-pocket costs. president trump: we will have more competition, more innovation, and much lower prices at the pharmacy counter. we are very much eliminating the middlemen. the middlemen became very, very rich. [applause] >> he didn't talk about 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 is going to be rolled out, pointing to the lobbyists being -- quite an interesting approach. but if you look at express scripts, shares are up and investors are clearly relieved that this did not sound so strong in terms of targeting them and their role in the system. >> president trump calling on

congress in the next couple of weeks to bring forward some type of legislation that they would be able to enact. right now, there were a couple of working proposals, but it is unclear whether this would get a major legislative push ahead of the midterms. >> still ahead, jamie dimon says to prepare for 4% bond yields and for four fed rate hikes this year. plus, the heads of central banks in lebanon and the philippines explain how they are coping with economic stresses. and 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. ♪

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

not all of the past have gone that well? >> it is the third biggest acquisition for nestle and the biggest for the new ceo, mark schneider, who has been leading the company since january of last year. some analysts are saying it is an expensive bet, but on the other hand, it is starbucks. it is the name in coffee. >> citing a host of issues activist investor elliott , management has made an all-cash bid to acquire athena health for $160 per share, sending the stock to its highest level since january 2016. investors seem to like the deal, so what do analysts say athena health is doing wrong? >> pretty much everything. i have the letter up in front of me now and was reading it over. it is everything from you missed operationally, you have failed to issue accurate guidance. you have missed the forecasts you do set out. you cannot launch your products, too much executive turnover. it is a brutal letter in terms of assessment of the performance of the company, and is making the argument that pulling them out of the public market to get

things under control would be a better option for them. >> let's finally get back to the buying of rival drug maker shire. the deal transforms it into a top 10 pharma giant. does this prove the adage if you do not succeed, try, try, and maybe try again? >> this is the fifth offer takeda made. they finally did succeed. they had a long process and got a pretty good premium in the end, 60%. they needed to do something very transformational. they had a french ceo they brought in who had done some smaller deals, but he had not done anything this transformational. this was a chance for him to make a big splash with the team. >> a battle for e-commerce supremacy, zeroed in on india. walmart has agreed to pay $16 billion for a 77% stake in india's biggest online retailer,

flipkart. it is the biggest deal ever as it looks to fend off amazon in the world's 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 as it battles amazon pretty much around the world. it was slow to get into china, and it does not want to make that same mistake again. it was willing to spend this much money on a business that is really not profitable yet. >> australia has laid out its budget with a deficit forecast of $10.8 billion. the government is wooing voters with process of test cards and -- tax cuts and also the first since the global financial crisis. here is what scott marston had to say. >> there was a further market to expand and grow, and that is boosting revenues over the

medium-term and the shorter term. >> are the numbers 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 organizations, so we have the track record. >> deutsche bank is considering a sweeping restructuring in the u.s. that could shrink its workforce there by 20%. now, that is according to people briefed on the matter who say that a decision is close. the plans have been denied, which would follow the move to retreat from businesses it deems less competitive. >> what they are looking at is each business unit separately. they do not really have a specific job cuts target for the group globally. what they are doing is going through 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 a few units they are definitely going to cut. for example, u.s. corporate finance, they recently said they will close the houston office, which is their coverage location for the oil and gas sector. it is difficult to anticipate how many side effects this will have on other parts of the business, how many clients will say well, if you pull out of that area then you are really not the bank i want to do business with anymore and we are therefore cutting ties with you -- it is difficult to anticipate that. i think that is what they are trying to figure out now to make sure that those that affects can be minimized. >> a bloomberg exclusive, the bank searching for a new chief executive. meanwhile, the bank is reaching a deal to pay $4.9 billion to resolve a u.s. mortgage investigation. rbs is looking for a new chief

executive. is that a reflection on the job he has done? >> that is right, time done. this leads the bank to a point in which it can stop paying dividends again and put this significant legacy issue behind it. that also paves the way for potential sale down from the u.k. government, which is still a whole 70% of the bank's shares. the kind of language that has been used today range from a watershed moment, a symbolic moment, a milestone. that is how significant this settlement really is for the bank. >> michael cohen may have been offering more than legal advice to his maki client, president trump. we now learned 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. so michael avonatti posted on twitter yesterday with no advance warning a link that took us to a dropbox site that contain what we call a

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 porn star, but it included big corporations and a russian oligarch. there has been little explanation about what the money was intended for, where it went. at&t, novartis, and the korean aerospace company have all in -- all acknowledged that this was in some way to get some insight or access or something from the trump administration. >> let's talk about what is happening in italy. efforts to form a broad coalition to dilute the power of the antiestablishment five-star movement floundered this week. party leaders 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 and the leak.

-- the league. they were in parliament yesterday, and officials are saying they are working on first of all, the party program, the priorities, but also behind the scenes. they have to find the right people are the job. and some lawmakers are saying perhaps the new government, if all goes to plan, could be sworn in by the end of next week. ♪

julie: welcome back. jamie dimon spoke exclusively with stephen engle this week at meeting inan beijing. the outlook remains upbeat. economyw, the american in a broad-based way is strong. more people going to work.

houses in short supply which is a plus to the economy. capital markets are wide open. like 07 banks have twice the capital and liquidity. it looks good. way to look at recovery is look beyond a year. we had 20% growth over nine years. the nine years is good year -- good. it should've been 40% over a short time period. it looks like it may have a ways to go. just because other things happen , that won't happen the same way. the rest of the world is doing better. europe, one and a half proximately. >> can get out of the funk? >> i don't know.

was a positive. i hope it will continue. america is in good shape. some of that is to regular terry -- regulatory reform and some the tax cuts. note to client after the quarterly earnings. you said one of the risks is underestimating the ability potential of the fed raising rates more aggressively. >> inflation could rear its head. is this a worry? to prepare for all possibilities and probabilities. there is a mobility growth accelerates. the fed raises rates more than you expect and on the short end, that might force the 10-year up, not down like in the past. you can easily get to 4%. if it is because america is strong and healthy, that is good

for normalization. by the end of the year, the fed plus the deficit will advance toward three and a quarter. that is a lot. the other central banks of the world were reverse their buying up bonds. that may cause higher rates. we have never had qe a reversal. we are growing. theways try to keep financial markets as one thing. that fluctuate and move. modern diesel up and down. what matters to most of the world, including governments is jobs, wages, stability, and the economy, not necessarily the markets. julie: coming up, more of the week's top company news featuring a slew of earnings reports and a few deals as well. plus, what are the markets making of the latest shift in geopolitics? >> there is very little evidence there is a geo political

premium. >> we're volatility as a result of this. this is bloomberg. ♪

♪ >> i am happy about metoo, and i know people say that, oh, it is too much. i don't think so. it is time for women to take charge and also for, i mean, you can't just think of it we need one woman on our board. why? it is like i need a green plant on the table. >> we have learned that is not enough just to focus on hiring, you have to focus on hiring, progression as well as retention. as well as that, what we've done is implement a very innovative service called a warm line.

this is a place where employees can call into and get assistance if they are having retention challenges. >> everybody has goals they are supposed to me by a certain deadline, and if they don't meet them, there will be repercussions. people will be moving to different agencies. so i think they understand. this goes to studios, networks, talent agencies, etc. women have started this movement and they have gathered women from all walks of life to include them in this movement. so there's no way that a man can ignore it and say, oh, we are going to work with this group of women. everyone is included. julie: those were the guests who came to bloomberg's new york headquarters to discuss the future of diversity and equality in this oh weeks "business of equality" summit. they also spoke with leaders about the impact of geopolitical shock as a result of president trump's decision to take the u.s. out of the iran nuclear agreement.

we begin with stephen engle's exclusive conversation with nicolas from j.p. morgan. >> without a doubt, there will be additional volatility as a result of this. one thing's for sure, we will probably have lots of our u.s. allies in negotiating what the next move is at this point. it is going to generate a lot of speculation about what will happen to the supply of oil. i do not think it should be dramatic. it depends on what kind of sanctions, how it plays out. it is not like it has been telegraphed either. this is something the market has been looking at and assessing and trying to play it forward. while there will be some short-term volatility, it all determines on how it plays out. >> do you see in the asia-pacific, a geopolitical risk rising now?

>> i do not think it is rising. if you look at what is happening in north korea, south korea, i think that is quite significant. i was in south korea last week and i had a chance to understand firsthand, what is going on and what is the feeling from the south korean side. they have quite a bit of insight. one of the things that surprised me is the amount of support that the south korean population has in terms of trying to make this work. they really want to make this work. i think they have a lot of affection for their counterparts on the north. there is a huge amount of interest in helping the nation rebuild. i think whatever solution comes, will probably also involve a lot of help and aid flowing from south to north. we seem to the from these geopolitical shock to geopolitical shock in the space of a week, then you would normally have in a year.

but the market rides them out. what if anything, should client we worried about at the moment. what is the shock that is going to bring this bull market to a close? >> i think the biggest thing to be concerned about are probably what we have a ready talked about, is the possibility that the economy overheats eventually some of us inflation rises more significantly above the target. the fed, ultimately, is still committed to getting something like 2% cemented and therefore, has to be aggressive and slowing things down. once in the unemployment rate starts to increase, it calibrate tends to that in a way that be difficult to pulls off of a soft landing. there is never been an increase in the u.s. unemployment rate in more than 35 basis points that was not associated with a recession.

not a law of nature, but it does suggest that doing the soft landings is harder. and it is coupled with a situation where the economy is already growing at a below trend to pace, and that is trying to slow things down, that is coupled with a more significant shock from financial conditions or oil prices, which is another common factor or common concern, and oil price shock. then, the risk of recession would go up. >> there is very little evidence that there is a geopolitical premium in oil prices right now. that said, the way to think about re-imposing sanctions on iran is it reduces the capacity to produce. it doesn't do much to the balances. the reason for that is we may lose the iranian exports but it is likely to be replaced by saudi production and other u.s. allies. secretary mnuchin made that very clear that the allies will

likely replace it. so again, nothing to the forward balance, but it does take away capacity, which then makes the market for more exposed to events like venezuela, angola and other areas, where we are seeing reduced output. in israel, production is declining. you have an election on may 20 that could lead to more disruptions, and the market is now far more exposed. the upside risk is substantial to geopolitical risks. >> you said that one of the issues with iran is potentially not being able to export as much. the u.s. is a big exporter of crude. should it have a national oil policy in a way that we have with other larger oil exporting nations? >> i think when we think about compliance due to the oil exports, due to their imposition of sanctions, the question is, will players like india and china comply? the difference between now and 2012, is the exports you are referring to. the u.s. exports as much as iran, 2.5 million barrels a day. that gives them a bargaining chip. i don't want to advocate that is

a policy, but it is a way to enforce compliance on the refiners around the world. ♪ julia: emerging market economies were in the spotlight this week as well, with a strengthening dollar and that put pressure on currencies. we spoke with the governors of lebanon and the philippines to discuss their responses to economic challenges. >> for this year, we are releasing a rise in inflation. it probably has an eked yet. -- peaked yet. it will probably be the end of the year before we see a tapering, the deceleration of it inflation back to our target range by next year.

>> you talked about how it is spreads to the he wide economy. any observations? >> it is growing faster than the average and that is one indicator that we are looking at. the rise in inflation, the spike it is really coming from the price of rice. at the end of the day, our objective here is to hit our target, our commitment is to be at the target range. and our comfort is to not be at the top end of the target range, but to be well in the middle of our target range. so far, we recently updated inflation forecasts. that is within reach by next

year. >> the eurobond market which has seen higher yields in the secondary market, is in fact, undervalued today. the government does not intend to make a new issuance to the market. they made an issuance of the central bank. our intention is not to sell more than $2 billion in the euro bonds over the next 12 months. yousef: close in question, what does that mean for asset allocation? are you diversifying more? lebanon, as you know, is the second holder of gold in the middle east. yousef: you can never have enough. guest: yes, but we have been for more than a year, playing the floating rate notes in our investments.

we also have a local market that provides us with revenues that are enough to keep the central bank profitable, and not have to take a large risks abroad. yousef: so that is a no to more gold? guest: we will not buy more gold, but of course, we will not sell the stocks that we have. ♪

♪ julie: you are watching "bloomberg best." i am julie hyman. let's resume our roundup of the week's top business stories.

disney and fox both reported earnings this week while disney's bid for a hefty chunk of fox's assets appears to be facing edition. -- facing competition. >> it started out as a skirmish over an interest in sky, over in england. but now it turns out as an all out war over the assets of a third. as a's game, comcast has put together a financing war chest that could give the ability to bid as much as $60 billion in cash for 21st century fox, which disney had agreed to pay only $50 billion for. is it really going to go after bob iger after this? >> it is possible. they have a tremendous balance sheet. they have the capability. let has always been a strategic asset for them, and if you are comcast, you have already made a big that on content with the nbc universal acquisition several years ago. that was a great acquisition for comcast, and they feel like they can do it again. if you are bob iger, the 20th century fox assets are

absolutely strategic. i need to go head-to-head not just with the netflix, with the facebook and the googled, ended -- the googles end of the amazons, and in order to do that, i need to get bigger. >> seeing higher than expected rates, comfortably beat wall street estimates, the blockbuster and "black panther", any big surprises in the earnings? any big surprises in the earnings today? guest: the film studio was a big surprise. we knew "black panther" was a global hits, $1.3 billion. we did not know how big. the underlying issues continue, we are still seeing subscriber losses in the traditional tv business. >> you have a deal in place and it seems you need to shareholder approval, regulatory approval, and there are some other people express an interest, in the form of comcast. you might have arrival. if you are a shareholder in a company being bought in this case, 21st century fox, you have to consider the value of the currency of the combined entity. the other thing you have to consider, is what is the past to regulatory approval?

we believe, we are confident that regulators around the world will ultimately approve. we believe that we will gain that approval. >> 21st century fox reported weaker earnings in its latest quarter. but the looming deal is taking focus off the headline results. why would fox potentially preferred disney over comcast if we're looking at this cash offer? >> fox thinks the road would be easier with disney for regulatory approval, rather than with comcast. the other aspect is the tax complications. this is an all cash offer from comcast, but it would also mean a huge tax burden, which fox would not have to face with the disney stock deal.

the murdochs really want to be a 5% to 6% of disney stock. >> breaking news in the telecom sector, liberty global is to sell some european operations to vodafone in a $19 billion deal. it includes germany, hungary, romania, the czech republic. this marks something of a retreat from continental europe for liberty global, and an expansion from vodafone. we know that deutsche telekom has broken out against the possibility of liberty selling assets in germany to vodafone in the past. let us get our next guest thought on that deal. the ago it is important to remember that these are all markets that deutsche telekom lays in. they posted a sale declined but it is boosting its outlook for a full year, operating earnings, to 23.3 billion euros. a lot of that comes from from

t-mobile's growth in the u.s. tim hodgkins at deutsche telik and has a lot to think about. what kind of competition that will divide to him in germany and in eastern europe, earnings here at home, and finally, the t-mobile-rent a deal in the t-mobile-sprint deal in the u.s.. >> i think the deal is totally unacceptable. there was a time when deutsche telekom was not allowed to sell their cable businesses in one piece, it would have created a bigger price. it was sold at three pieces and now, all of these three pieces are coming together under the one of vodafone. >> barclays ceo fined over $870,000, for his role in a currency manipulation scandal, some suggesting it was just a tap on the wrist. is that fair? >> yes, 15% of what he would've

taken home in 2016, it may not seem like an awful lot. it could have been deemed not therefore, that would've cost him his job. this is of course, quite a significant step for that. >> quarterly profits in india's icici fell by more than double, so what do analysts make of these numbers? >> the numbers are down, 50% below consensus expectations, which actually confirms my view that there are further downsides to estimates on the street. what you notice is that the cross npa ratio went up, but that was expected. the total strength of the loans is more encouraging. new business momentum also looks promising. those were the key takeaways. but of course, 43 analysts on the street expect a 43% jump and profits for the coming fiscal year, but i think there are

definitely a downside risk to those numbers. ♪ >> the volkswagen chief executive has a safe passage deal by the u.s. justice department. the agreement allows him to travel the world freely without fear of seeing arrested in connection with america's diesel-rigging probe. how important is this for the new ceo, this rare safe passage deal? doug are i think it is fair to say that it is really important for the new ceo. he is running a behemoth, 12 brands and more than 100 factories around the world. imagine if he had taken over and would not be able to travel around, of course, as ceo committee have to represent the company. you have to go to openings, car shows. had he been potentially confined to germany, that if crippled him. -- that would have crippled him.

this deal was is probably in place before he became ceo, which we only learned about in the last couple of days, allows him to hit the ground running. in his new role, running this huge company. >> tesla chief executive elon musk bought more than $9 million worth of tesla shares on monday. his stake is now approaching 20%, and he is already the company's largest shareholder. the purchase comes after musk taunted investors in a series of tweets. 10 million is not that much, is it just a market signal that the potential chief executive wants to shut critics down? >> yes, i think there is an element of that. there is a lot of baiting on the part of elon and his fan boys. this is him saying, i am going to put my money where my mouth is. 10 million is nothing to be sniffed at, but it is a tiny piece of the 50 odd billion dollar market cap.

>> softbank posted third-quarter earnings beating estimates, and most of the company's success is due to one that. >> the one big bet was nvidia. they got into the stock a while ago, and during the fiscal year, which softbank runs to the end of march, nvidia shares rose 112% or 113%. that was huge for them. the vision fund gave them the big returns, and without it, for the full fiscal year, without that single bet on nvidia, operating income for the year would have been down 2.5%. >> nvidia has reported quarterly sales that have topped expectations, although a bigger than expected portion of demand came from the volatile currency markets. the chipmaker generated 280 $9 million in sales in cryptocurrency. is this a sign that cryptocurrencies will turn sour? >> the big picture, no.

it is a blip. it is a bear signal for the next 90 days cycle. we saw goldman last week opening a trading desk, the new york stock exchange also looking at somehow doing some crypto trading. so there was a lot of momentum building here for chip sales, to interrupt that. ♪ >> we hop into the bloomberg and

♪ >> we hop into the bloomberg and we will take a look at some of the top shareholders. the top shareholder at 12.6% and as some are, morgan stanley. elliott is down here at a less than 1% stake. but with options, they have a

8.9% stake. >> there about 30,000 functions on the bloomberg and we always enjoy showing your favorites. maybe they will become your favorites. here is another function you will find useful, quicgo, it will lead you to our quick takes. where you can get important context and fast insight into the important topics. here is one from this week. >> you may have seen a few of these pop up in your phone or email. google, facebook, twitter, godaddy, tesco, h&m and many more are updating their policies to give consumers more control over their personal data. those changes are thanks to the new law governing data privacy. the fact is, this law only applies to people who live in the european union. but its adoption is largely expected to have americans asking, why don't we have that? here is how data collecting actually works. when you sign up for facebook, you click on the terms and conditions and you agree.

those terms give facebook the right to track your online activities even if you're not actively browsing. facebook connect advertisers access but. no those two entire archives of all the content they have generated on the service. >> on may 25, companies with more than 250 employees and that have access to u.s. content will be a lot to collect your data. instead of burying the ok inside the fine print. it will be easier to revoke consent consumers had previously given. >> for copies like google and facebook, they have been making dates available for download and deletion for quite some time. citizens request that

organizations forget their data. portability gives them the right to sell their data to other companies here in you may be able to trade something like a gift certificate from zahra in exchange for your shopping history from j.crew. if a firm has a data breach, companies must notify authorities within a few hours. any failure to comply with the new law will be costly. penalty fines could be as high as 4% of the company's global revenue. >> europe express companies to -- europe expects companies to act within the spirit of the law and not just follow it to the letter. that means there will be disputes and legal precedents to be sent over the next few years. >> in the wake of became rich and america scandal, the eu is moving ahead with tough new rules. many will ask if the u.s. should be next. ♪ julie: that was just one of the many quick takes you can find on the bloomberg. you can also find them at the bloomberg.com along with all the latest business news and analysis 24 hours a day. that'll be all for bloomberg asked this week. thanks for watching, i am julie hyman. this is bloomberg. ♪

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carol: welcome to "bloomberg businessweek." jason: and i am jason kelly. carol: we always talk about saudi aramco, we have a story on other big oil giants. jason: that is right, headed to abu dhabi. we have a look at mexico and a controversial presidential candidate could be leaving the country soon. carol: and to the caribbean, many of the islands coming back after the hurricanes last year. jason: all of that ahead on "bloomberg businessweek." ♪ carol: we are here with the