>> coming up on "bloomberg best," the stories that shaped the week in business around the world. tensions take another leg up. >> this will take chinese policymakers by surprise. china could make life more difficult. theresa may wins a brexit battle with parliament. >> they bake -- backed off. tries to hammer out a compromise on oil supplies. >> the victory goes to the saudi's. >> a chinese tech giant prepares to go public. disney and comcast five for fox. plus, insight from leaders in

business, finance, and politics. >> tit for tat, they run out of things to apply tariffs to and we don't. areor the first time, we hearing about decisions to postpone investment and decisions. >> we are living with a brittle economy. >> it is all straight ahead on "bloomberg best." hello and welcome. this is "bloomberg best." review of the most important analysis and interviews from bloomberg television around the world. -- week began with crude prices on the rise and a meeting between oil-producing nations. opec's summit this week's

shipping up to be one of its toughest in years. members are discussing a compromise that would have seen oil production increase between 300,000 and 600,000 barrels a day in the next months. >> rashi and saudi arabia on the one side for different reasons. arabia onand saudi the one side for different reasons. on the other side, the have-nots. they don't have capacity. it is the likes of iran and venezuela who would like higher prices. the situation right now is you have countries like saudi arabia and allies saying we can't just let the market run by itself. billion aalmost $80 barrel, this is the best they can come up with but it is a lot -- long way to go. widened the tariff war, putting a $240 -- $240 billion. it seems the u.s. not blinking

yet in the fight carried >> -- fight. >> we were looking to the july 6 date when the u.s. said it would impose the first round of tariffs announced on friday were early saturday and of course, the chinese were going to follow suit with their own list of targeting the agricultural sector in the u.s. and commodity producers. this $200 billion trump has threatened with an additional potential for $400 billion. combine that with the 50 billion and you have close to $450 billion in tariffs. china responded forcefully, saying if the u.s. loses its list, and poses such a china would have to take quantitative and qualitative measures. what are the options available to china? we have a chart that says they don't have enough imports to put that kind of tariff on. >> china could make life more

difficult for the u.s. operating in china. we have seen how they dealt with south korean and japanese companies. during political tensions --ough the heightened the they heighten bureaucracy, increase customs duties and other levies. they have plenty of options when it comes to nontariff barriers that could make things difficult for american companies in china. >> 21st century fox accept in the bid from disney. a blow to comcast's efforts to acquire fox's entertainment assets. the share price, $10 a share higher than what disney offered in december. three dollars above comcast's bid. i guess bob iger wanted this one. an aggressive move from disney. not only did they raised their

price $10 a share, but included a cash option. now shareholders of fox will have the option to take cash or stock up the 50/50 split. it allows the murdochs to take cash or stock but presumably, ey will keep the stock and not pay tax. robertsat is ryan thinking? >> the ball is in their court. fox delayed its shareholder vote to vote on the disney bid for the 10th of july. they want to give more time to digest a new bid from disney, but other events to date. i wonder if fox is also expecting comcast to come back. >> the no's have it. >> victory for theresa may. the commons narrowly rejecting the amendment to the brexit will that would have allowed

parliament to amend the motion on the final deal. how did she get through it? >> she won this one pretty handily. she faced them down and they backed off. view that by giving parliament too much power, it would undermine the government's negotiating strategy. the important thing to note is again, all of the action is taking place in westminster with the may government trying to get its act together, continuing to lose time vis-a-vis the negotiating with the eu. anpresident trump, signing order a few minutes ago to end the immediate separation of immigrant families at the u.s.-mexico border, which has sparked outrage in the united states and abroad. . >> what the order does is require the attorney general to file a motion in court that would clarify the settlement from 1997 in a way that would

allow the administration to detain children with their parents in criminal detention facilities. we should expect a legal challenge from the immigration lawyers who say this is still not the way to go. the advocates who say we don't need to take away the rights of kids. they will not be happy with this. >> daimler is the first major corporation to blame tariffs for lower profit outlook. meanwhile, india has raised tariffs on imports to the u.s.. tariffs ons hiked items like chickpeas, walnuts, apples, clearly in retaliation to the increased duties on aluminum and steel that india believes hurts domestic industry and believed it violates global trading rules. whitemler is wasting the flag, even before the trade war is caps off. are they using this as an excuse? is the business

just not performing as it should be in china and they preemptively come out with this today. if we see other carmakers following suit, maybe the skepticism will subside. at the time, it is unclear what is behind this. poppingbritish pound, after more than two weeks. the boe's chief economist supported a rate hike, boosting prospect. >> the bank hypothesized slowing growth in the economy and now what it is seeing and thinks is it is right. it thinks it is temporary. he thinks he has seen enough and we need higher rates right now. some aren't convinced, but over the coming weeks, the august meeting, they will be convinced. there is more data to come and it will come out relatively strongly and prove growth is likely to rebound in the second quarter. we do believe the bank at the

moment is on track with rates in august. threatening the european union with an new ultimatum on trade. he says on twitter he plans to impose a 25% tariff on all cars imported from the bloc unless it removes barriers to u.s. goods. opening a new front were poking the bear? >> it is odd he is tweeting this now. there were reports the german ambassador was in washington to bring some kind of offer that would maybe lead to the tariffs being veered out eventually. that is one of the puzzle pieces. the commerce secretary initiated an investigation into the national security threat of cars and car parts. that is not done yet and so trump put a little doubt into the credibility of this investigation with this tweet. if he's saying it will lead to

20% tariffs on eu cars. >> opec has reached a compromise on crude, agreeing to boost all production by one million barrels a day. the saudi neg minister calling it a nominal increase. supplies have increased, but the market rally's because it was not as much as anticipated. >> it was an interesting afternoon because prices really started to rally when it became clear the official communique mentioned no production numbers at all and then ministers emerged from the meeting. it was a fudge everyone seems to be interpreting differently. the market doesn't know how real these barrels are. >> you had the iranian oil minister meet with his saudi counterpart. the prince played a huge role in the meeting. coming together does show unity but the victory goes to the saudi's carried this is what the americans wanted.

they asked for one billion -- one million barrels of oil and this is what they are getting. thetill ahead as we review week on "bloomberg best," conversations with lloyd and fine and david solomon. plus, central bankers share their views on the rising trade tensions. next, more top business headlines as if ge needed more bad news. now, it is kicked out of the doubt. >> it is symbolic of the dramatic fall from grace. >> this is bloomberg. ♪

>> this is "bloomberg best." i am abigail doolittle. let's tour the top headlines with a startling arrest tied to

a corporate scandal. scandaliesel cheating at vw has reached the executive level. the chief executive of its audi unit has been taken into custody , prosecutors say he was arrested because of concern he would tamper with evidence. bloomberg learned vw is preparing to name the audi sales chief as interim executive. -- providest puts fresh ammunition for many investors that have sued volkswagen over the suspicion they might have been too slow to inform the overall market about the magnitude of the cheating. so far, volkswagen's defense line was that the cheating on the diesel emissions has been restricted to a pretty small group of rogue engineers and with the arrest of one of the most high-profile executives who

has been in charge of audi for almost 10 years, that really does paint a different picture from what the volkswagen defense line has suggested. >> volvo is opening a new plant in south carolina to build a sedan for all over the world, including back in china. given all that is going on in the world with trade, why south carolina? >> first of all, with all the nervousness, we are very glad we are here with the local factory. without that, we would be more worried about the future. we looked into various alternatives and we came to the that it is important for us to be local in the u.s.. >> could china impose tariffs on you importing cars back to china? rightld well be carried now, there are important duties to china.

i think it was a good move some weeks ago when they lowered that to 15 from 25. we believe in open trade and two ways. i hope we can meet on the low level, not on the high duty level. that would be for the consumer'' beneficial solution. us -- ipo tolling up to three times its forecasted 29 profit -- 2019 profit. the largest public offering in two years, though valuations could be as little as half its initial goal. about thef questions valuation of the company and the size of the ipo given they have are ready scrapped a cd-r portion of the ipo, which was to the total size. we know ipo will be seeking to

raise $6.11 million -- billion dollars. what we do know is they are two point 18 billion shares, priced between 17 hong kong dollars and 22 hong kong dollars each. that potentially values the company between 53.9 billion and 69.8 billion u.s. dollars. surging on this first day of trading, becoming the first startup unicorn in this public offering. with the ipo was at the top end of the range and then yesterday we were looking at prices in the 4000 range and two hours today when things got underway in tokyo. two hours for orders to match and then this is where we are. 5500.

it is losing money in the u.s. it will be putting a lot of money into gaining market share. >> it is one of the biggest corporate bond sales of the year. a $50 billion offer of u.s. bonds to fund its $63 billion acquisition. they decided to go a certain way. they did not listed a -- list it as 144a. they did, but not registered. when you have such a massive offering, you would think you would try to market this as -- to his many as you can, but this was heavily marketed add institutional -- at into station -- institutional investors. a lot of insurance companies don't like having the noise of etf's going in and out of their

investment. these. that a lot with >> the u.s. senate has passed a $700 billion defense bill that could see penalties reimposed on china's zte. president plans to lobby lawmakers this week to allow the telecom company to get back into business. what does this bill mean for the future of zte? is still the subject of some negotiation. the senate bill was much more the housethan version. it would essentially reimpose sanctions that the commerce zteartment had placed on for violating sanctions against north korea and iran. the house version would penalize zte but less broadly. these two versions will have to be reconciled and that is where the white house is hoping they can get so changes made. >> passing of an era.

the last original member of the dow jones industrial average is out, replaced by walgreens. brooke sutherland has a piece out today noting the irony. was by a statet company founded in 1901 just nine years after itself. no offense, but walgreens? really? ge's fallymbolic of from grace. it is not the company it once was. a series ofd disappointing earnings, cash flow shortages, had to cut their dividend. sign that the a ceo should push ahead with a breakup. make ge relevant again by making it smaller. to the one less shackle path that might be holding him back from a radical rethinking of identity. that is what this company needs. pullrbus has threatened to

its u.k. investment. the aerospace giant that employees people in britain says the failure to strike a brexit deal would be catastrophic. >> the u.k. is important for airbus and vice versa. wings for most aircraft are made in the u.k. only. there are sites in germany, france, but we would like to have a slice of this, part of the plane. inbus has 14,000 employees the u.k., but there are 100,000 additional workers tied to that and should have a -- it would be catastrophic. the intel ceo resigning after the company learned he previously had a controversial relationship with an employee. explain what he did for intel, which is up 57% year-over-year. respected ceo.

the company is facing challenges, tough market, moving from core computer chips to ai and self driving vehicles. those working on problems, but there were still big questions whether intel can go another 50 years at this rate. they have put their cfo in as the interim ceo. they say they will be looking for someone new. intel has always appointed from within. they have always had a clear succession strategy and there is no heir apparent right now. ♪

abigail: you are watching "bloomberg best." disputelating trade between the u.s. and china has perplexed investors. the goldman sachs chairman ceo lloyd blankfein said it makes

sense as a bargaining strategy. he spoke in new york this week. >> this would not be the course i would have done, not necessarily recommend, but i can see what happens at times. a lot of the people who are this isng too publicly, a typical thing. which we bad thing, know from taking economic courses. publicly making these statements --ause they do business and in china and you have to pay homage to your customers in china. at the same time, when not in public, could be going to the u.s. government and saying what you are doing may not be such a bad thing. i can understand how we get to the place we get to. argument that that was

acceptable at $50 billion, but now you have the prospect of a full-blown -- it has gone beyond -- >> it is not my style but if you want to show -- if you want to give someone an incentive to see the world from your point of view, it doesn't help to remind them of your negotiating position if it is a better one. if we go tit for tat, by the time you get to 100, they run out of things to apply a tariff to end we don't, and so if you want to make that point, you make that point. that is what you would do if you wanted toand really and free trade and that is what you would do if it was a negotiating position you wanted to remind your negotiating counterparty just how much fire you have to bring to the negotiations. which one is it? >> do you think donald trump is a protectionist?

he dislikes nafta, he has a long record -- >> who am i to say what he thinks. do --t know what he would what i would do in his place and i am not sure what he would do in his place, but if you ask me can i give a narrative about how iis is a useful thing to do, can say, as a lot of people do with respect to almost everything he does, this makes no sense at all. it does not make no sense to me at all. abigail: coming up on "bloomberg best," more perspective from solomon,achs' david speaking about trade tensions and the business in china. and wilbur ross explains why the white house believes the benefits of its trade policy outweigh the cost. >> it is not about trying to

make money out of tariffs. that is not the end game here at all. abigail: this is bloomberg. ♪

♪ i'mhis is "bloomberg best," abigail doolittle. the european central bank have its annual forum this week in central portugal, and bloomberg was there to interview global leaders in economic and monetary policy. we had an exclusive conversation with larry summers. but first, highlights from the panel moderated by stephanie flanders, featuring leaders of four of the world's largest central banks. among the topics, the global economic impact of trade tensions. ♪ >> what effect on business investment? what effect on exports? what's the effect on consumer confidence? lessons there have in

that one can learn from the past, and they're all very negative. >> does concern seem to be rising? for the first time, we are hearing about decisions of postponing investment, postponing making decisions. >> i think what's happening is credibly disturbing. can any of us think of a country that boosted productivity growth by building walls? i do not. be rescinded, and normal. a treating relationship with the u.s. and china. >> inflation is converging toward our objective, and we draw this confidence by the ever market and the

high-capacity transition, and frankly by the continuing, ample monetary accommodation. also by the disappearance of what we call the risk of deflation. >> with unemployment low and expected to decline further, inflation closed our objective in the risks are balanced, the case for continual gradual increase is strong. >> technology progressing so quickly, many firms are having trouble picking up, having trouble adopting the new technology. to remain competitive, they focus on what they can control, which is their past. ♪ >> some people think, well, the economies are growing, that shows that the stagnation very was wrong. i have exactly the opposite view. it required enormous fiscal stimulus to get the economies to

grow, even reasonably adequately, and that demonstrates the validity of the secular stagnation thesis. relative to what happened in 2013, when i first talked about secular stagnation in the united states, you have far more fiscal expansion and we had then. you have far lower long-term interest rates than we had then. you have asset prices that have increased at an unsustainable rate. the economy has somehow healed itself, it's that the set of developments predicted by secular stagnation our theory have happened, yet many make the mistake of condemning those developments as somehow inappropriate, because they represent normal monetary policies or accessories expansionary fiscal policies. >> many would say, well, we are looking -- we are starting to see some signs of deceleration in wages. we are still very loosen

monetary policy. give it some time. >> well, those who put it the way you just did neglect an enormous fiscal expansion and an enormous perspective fiscal expansion. the prices have risen, creating a wealth effect at a pace that asset prices will continue to rise. we will not see 15% every year increases in the stock market. if policy may be that stays on guard with relatively expansionary monetary policies, with fiscal policies that are traditionally regarded as an improvement, then we may keep this going for a while. but we're living with a very brittle economy. downturns happen, the odds of the economy moving into a downturn are 20% each year. when they happen, the normal playbook is to cut interest

rates, and there will not be that kind of room going forward. ♪ market reaction to trade pressures ran the gamut this week, some days risk off, some days shrugged off, but as the effect of tariffs spread, investors are watching closely. stephen engle spoke closely with david solomon in beijing this week, and asked what the bank is hearing from its chinese claims. ♪ >> everybody's talking about it, and the implication, implications of market activity, implications on investment, implications both here in china and for u.s. clients. people are watching, people are interested in seeing how this unfolds, and everyone is helpful because this relationship is so important. >> have you -- we heard from lloyd blankfein, saying that this is more negotiating tactics, and that either both sides are not going to be conducting legal suicide. >> it's certainly in the

interest of both parties to fried a constructive solution. lloyd is referring to the fact that we should get a solution of her some period. >> how concerned are you that this could spillover into areas like financial services? we know about the big bank reforms. you have a 33% stake with -- yo u'd like, i'd assume, to get up to 51%, which is allowed now, and in three years up to 100%. do you think there's a potential? >> we are encouraged by the messages that the leadership has conveyed rather than continuing to open up markets moving forward. that is something we will accomplish overtime. so we continue to work and invest. we see the opportunities for us here in china to be quite significant. we announced today a significant

partner hire in china. we continue to invest in the business, to grow our business. we have been here for a while it will be here for a long time. if you put things in a broader perspective, we are confident that this will move forward appropriately. ♪ >> finally, here's he was commerce secretary wilbur ross defending u.s. trade policy in an interview with david westin on day. ♪ >> what happens when there is a tension between growth and jobs, which is what the president's first order of business was, and getting fairness of reciprocity? >> if you have to choose between the two, west trade and less growth and fairer? be fair we want it to and more reciprocal. reciprocity is an important keynote our trade policy. the question is, how do you get there? the only way we are going to get

foreign countries to lower their inordinate barriers is when they can get more painful to continue those practices than to get rid of them. that's what this is all about. this is about an endgame that really is free, fair, and reciprocal. it's not about trying to make money out of tariffs. that's not really the end game here at all. but we need something to induce changes in their behavior. >> the question is, how much pain are we willing to suffer to get that done? the pain goes both ways. deutsche bank was out with estimates that a trade war could take .3% off gdp growth. if you knew today that was the price you have to pay, would you be willing to pay up to get to reciprocal trade? makell, it's very hard to an omelette if you don't break some eggs. we have no choice but to change areway these countries

using unfair trade practices against us. we have to do it. it's unfortunate that it wasn't done at an earlier point in time. it would have been a lot simpler, a lot easier, and a lot less painful. but it's really important that we do it, because we are talking about our future. ♪

♪ best," i'm"bloomberg abigail doolittle. let's resume our roundup of the top business stories, starting with the result of a presidential vote in south america. ♪ >> colombia has elected a new president, conservative former who was a former guerrillas they are and mayor of bogota.

he's supposed to be market friendly. he supposed to be open. however, at the same time, he was against the peace treaty that's predecessor brokered. are we expecting any progress on peace? >> he is opposed to portions of the deal. it's not that he's against peace, but he said the deal was too lenient, in some portions especially, he doesn't want to see people with blood on their hands in congress. we can expect interview portions of the agreement. ♪ isthe federal reserve publishing the first results of its annual stress test. all 25 banks reviewed cleared the first hurdle of the fed stress test. all banks found to have sufficient capital. goldman sachs is the closest to the minimum level here on the supplementary leverage ratio. state street, meanwhile, the closest to the minimum on the

equity tier one capital. goldman sachs is the closest to the minimum on optometry leverage ratio. what does that mean? it doesn't sound good. >> and it's not the first time. goldman and morgan stanley come very close on the leverage numbers in the first stage, which tells us that when they are asking for their capital planning for the next four to eight quarter is, they have less wiggle room to ask for huge increases. actually, according to the estimates i included in my goldman iss week, probably going to decrease the amount of capital it's distributing in the next two years. when you are that close, you cannot really ask for too much of an increase, and goldmanin's case, they will decrease. ♪ >> the philippine central bank its benchmark

for the second straight week. the governor says the bank is ready to take further actions. what prompted the second in quick succession rate hike? >> we have really seen a deterioration in inflation outlook in the philippines, and that has been the main concern of the central bank. the bsp yesterday marginally reduced its inflation forecast for this year down to 4.5% from 6%, but that's still way above the inflation target, which is to present to 4% -- which is 2% to 4%. inflation has picked up quite strongly this year, helped by the currency slumped. we saw the pace of that more than 6% against the dollar. inflation dynamics are the main reason for the central bank raising its interest rates again yesterday. ♪ >> having a look at the msci, because it is giving argentina

and saudi arabia -- granted, they are in emerging markets stages. they will be added to indices in about a year, joining countries like china, india, turkey, and brazil. this doesn't change the outlook for emerging markets as a whole. >> there hasn't been anything particular to long run concerns about trade tensions and what the fed is doing, but there's nothing front and center on that. then to have two major markets like these recognized as being emerging instead of frontier, that's a bit of a plus. means thatar, it both decisions have been anticipated, in particular the saudi one. if there was any delay, you would have seen some disruption, just because people have loaded up on the assets in particular. that's the last thing we want at the moment, dumping a fresh set of emerging-market assets to add

to all the others already being dumped. ♪ power,hifting to solar and it could be a boon for the industry. that's according to a new report by bloomberg new energy finance. it will account for 50% of global energy generation by 2050. where are we now and what facilitates that shift? >> the reason is none other than cost. batteries are getting extremely cheap. next 30 that over the years, global power sector will attract about $11.5 trillion, invested in be solar and wind. and one reason is solar and wind get cheaper, the other is the batteries. this is the first time we see how the decline in cost of batteries is really affecting solar and wind. this battery will help solar and

wind meet demand, even when it is not windy and not sunny. from aans they will eat market that has traditionally been dominated by coal and gas. ♪ >> the supreme court came out with a decision today that was long-awaited. it states that it can require internet tax collecting. it was a 5-4 decision break, not entirely unexpected, given the makeup of the supreme court these days. >> yeah. it was unexpected because of the argument. when the court agreed to hear this case, there was a broad expectation that it was ready to take this step, that it would say this old, physical presence role is outdated and should be overturned. but the argument made it seem like the court was hesitant to take the step and wanted to leave it to congress. instead, by a narrow majority, they throughout the physical presence rule. now states have broad authority to require internet sellers to

collect sales tax. ♪ >> euro area finance ministers struck a landmark deal for g reece. it would ease repayment terms for some loans and clear the way for an end of the bailout, at least for now. the terms are a little bit better than anticipated. did greece get a good deal here? thatthink so, and i think euro area in general is happy to be close to closing the door on this long saga. we still have a mountain of debt, and it is going to need to finance that going forward. it is very important for greece in the eurozone in general to have this be sustainable. i think that's of the eurozone feels like they have in place now. they extended the maturities for 10 years of almost 100 billion euros in debt and they gave a gray spirit of 10 years.

forink they are preparing the end of the bailout program, and that will happen in august, and they are hoping things will go smoothly as we get to that. ♪ >> sometimes, the most successful businesses are forged in adversity. take a well-known bakery chain, baked by melissa. 's founder was 25 years old and suddenly unemployed when she decided to follow her passion and become a cupcake entrepreneur. in thistells the story week's edition of "motivate." ♪ melissaarted baked by in 2008, when i was fired from my job in advertising. i picked up the phone in my cubicle, called my big brother. i went straight to his office from being fired, and to cheer me up he said make some cupcakes and will start a business. we always wanted to go into business together. the night i was fired i baked

250 cupcakes. i sent them in to work with my best friend's little sister. she was interning at a pr agent. the owner of the pr agency loved the cupcakes and hired her as the caterer. the rest is history. ♪ >> we never really had a business plan. we had opportunity. after doing events as a caterer, i would go on tastings, in people would place large orders. we knew we had a product that everybody wanted and loved, so we decided to open in the union square market. we had a boost that was granted, in people lined up. we sold out every single day. that is when we saw the opportunity to open up our very first real tale location. -- first retail location. they had a pickup window that they didn't always use, and that is what we turned into the very first baked by melissa location. july,fired from my job in

2008. we opened our first storefront in march, 2009. we also heard from people all of the country that they wanted to get baked by melissa. 2010, shortly after we opened our second store location, we developed packaging and started shipping our product nationwide. ♪ >> we didn't market research, we ordered other baked goods. researched, and then we developed, and we tested. it definitely did not happen overnight. but you have to start somewhere. ♪ >> today we have 14 resale location, and we ship products nationwide. three of the 14 stores -- there's one in long island, one in new jersey, and one in jfk airport. today we know that every time we

open a new store, it contributes to our e-commerce. dates by plans to open melissa locations in new market. since we started baked by melissa, we sold over 100 million cupcakes, and we know we celebrate over 2000 birthdays per year. i love working hard, and i love cupcakes. cupcakes are my favorite thing in the world. i could never live the life of could what should a. i have to do i love every day, to make baked by melissa a reality. ♪

♪ if you missed out on any of our charts, to tv is the function on the bloomberg library. you can see them and use them in future reference. there are about 30,000 functions

on the bloomberg, and we always enjoy showing you our favorite on bloomberg television. 80 they will become your favorite. here's another function you will find useful. it will take you to our quick takes, where you can get important context and fastens right into 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, square, go daddy, tesco, sainsbury's, and many more are updating their policies to give consumers more control over their data. those updates and changes are thanks to a new laws governing data privacy called gdpr. it 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? is how data collection currently works. with you sign up for, let's say facebook, you have to click the box to agree to the terms, which

gives facebook the right to track your online activity, even if you are not actively browsing facebook. facebook and let certain parties access it the sale ads and services. >> they will have the right to ask for copies of anything. >> that's nate lanxon. >> up to entire archives of all the content they have generated on the service. >> on may 25, companies with more than 250 employees will have to get unambiguous consent from users to collect their data, instead of burying the ok in the fine print. we will also make it easier to revoke since end-users had previously given. for consumers that often, they have a right to know what is being done with their data instead of being charged to contain it. >> companies like google and facebook have been making data available for download and deletion upon request. >> consumers also have the right to be forgotten, which lets citizens request that organizations delete their data.

data portability gives consumers the right to retrieve their data and sell it to other companies. for example, you may be able to trace something like a gift certificate from zarra in ange for your shopping history from j.crew. they must notify the authorities within 72 hours, and any failure to comply with the new law will be costly. penalty fines can be as high as percent of the company's global annual revenue. >> europe expects companies taxes in the spirit of the law, and not just follow it to the letter. this means there will be disputes and legal precedents to be set. >> so while the u.s. is still reeling over facebook and cambridge analytic a, e.u. is moving ahead with tough new rules. many will ask if 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 business news and analysis 24 hours a day. " that will be all for "bloomberg best this week. thanks for watching. i'm abigail doolittle. this is bloomberg.

♪

♪ >> i'm emily chang this is "bloomberg technology." some white house officials try to restart talks with china before the first wave of tariffs kicks in. tech leaders are starting to speak out about a trade war. at deep dot into new energy sources. we cover the ball out after the departure of brian krzanich and intel ceo. the new demands from leadership