♪ >> coming up on bloomberg best, the stories that shaped the week in business around the world. trade issues again dominate discussion as uncertainty continues. >> markets go down because they see changes in policy and then a spokesman goes out and says, nah. >> a landmark departure from the u.s. supreme court. >> definitely a chance for trump to leave his mark on the court for a significant period of time to come. >> tackling the immigration crisis. the federal reserve releases results, and companies find themselves in the crossfire.

>> in the trump administration, you can go from poster child to the run hot and in new york minute -- piranha in a new york minute. >> they will have an impact in the long haul. >> we think demand the world needs everybody to be a part of that energy mix. >> ray dalio shares insights into the economic scene. >> if you have a downtown -- a downturn, i think it will be difficult. taylor: and the prime minister's of malaysia and greece speak exclusively to bloomberg. >> the most important thing today is that this is the end of it uncertainty for greece. taylor: this is all straight ahead on bloomberg best. ♪ taylor: hello and welcome, i am taylor riggs. this is "bloomberg best, your

weekly review of the most important business news and analysis from bloomberg world.ion and around the on monday, investors walk to the results of the presidential election in turkey. >> he won a mandate to government sweeping powers after a victory in presidential and parliamentary elections. the nation's longest serving leader took more than 50% of the vote. what is it mean for the turkish forward?oing >> it is a critical step for the president to has been in power for 16 years, looking to extend power.y with even more the first round committee was able to seal the deal, and the expectation was that it would go for a second round, that did not happen. there were claims of water manipulation, we will see what happens. now the conversation is whether this government will move away

from the expansionary and aggressive easing, and more towards reform and austerity measures to rebalance the economy? >> on friday, treasury secretary steven mnuchin and will release new restrictions on chinese states.nt in the united reports are that it will focus exquisitely on investments in the tech industry. >> so the treasury has until july 29 to announce a proposal on restrictions on chinese investments in the u.s. this would be in retaliation for about taking of intellectual property rights for u.s. companies operating in china. >> if we go down this road, it will only reinforce sort of our deep divide between the u.s. and china, the question has made clear that they are willing to buy more goods to close the goods deficit. but there are not willing to budge on their future investor industrial strategy. >> an inquiry about the report,

but steven mnuchin took to twitter to disputed, saying that on behalf of president trump, the stories and bloomberg and wall street journal are false and 50 news. >> there is a lot on the market front today as we see selloffs in reaction to the news that the administration was considering investment curbs on china, in a firms.chnology we just heard from peter navarro who said that there was a misunderstanding about the policy, saying that there are actually no plans to implement investment restrictions on china others. could the market action today have dissuaded the administration from putting those curbs in place? >> we have seen this situation where markets go down because policy, thenges in a spokesman who has been a cheerleader for that particular says,.goes out and

megan: no, that is not what i meant. that is not good, because it increases uncertainty. >> a race to rebound shares today as the ceo shrinks the company in order to save it. we have more on the business. up,his is a radical break what people have been waiting for, and it goes a long way in simplifying ge, to make it less of a conglomerate. it is viewed as an opportunity to change the narrative in terms of the with the company come in a case with investors. when you think about it health care business, it has been a starved for capital and attention within ge, and people ignore the fact that that is business. good margins and revenue are growing, cash flow is great, but it is hard to get excited about that when your power earnings are dropping off a cliff. dividends potentially getting cut, nobody really cares. now you have this standalone business or it could actually intentionally make acquisitions and invest in organic growth. that will be exciting for investors.

trump administration taking a unexpected approach to trade, i guess harshest measures on chinese investment. how does that contrast with what we expected? >> president trump and sydney administration officials saying that they are getting behind bipartisan legislation on that would expand of the committee on foreign investment in the united states, or sifcifius. what it does is expand the allow themowers to to investigate foreign entities, to not only have a potentially majority stake in u.s. businesses, but also foreign entities who are minority stakeholders. in addition to expanding the organization, the president is calling on congress to pass legislation as soon as possible. >> it is a victory for steven mnuchin, it suggests that -- it's just very more formal approach. cifius can be lobbied, the

way that other governments can come us if your deal is coming under scrutiny by the organization, it is probably easier to influence the outcome of that decision than just going to the president of the united states. >> kennedy retiring from the supreme court, the longest-serving member. it he has been a swing vote on a number of groundbreaking decisions, including legalizing same-sex marriage and preserving the roe v. wade decision. >> he was the swing vote. of course, in the last week, we saw him citing mostly with conservatives. but. you can expect that whoever replaces him but probably shifts issues.ight in key many believe that whoever trump appoints will probably be to the right of kennedy. definitely a chance for trump to leave his mark on the court for a significant period of time to come. >> the federal reserve's toughest stress test

includes scaling back proposals of dishing out additional cash to stakeholders. some companies failed the test entirely. >> the numbers pretty much came out in line. wells fargo is really the big winner in my opinion, a lot of people thought they might qualitatively fail the test, because they're are under the fed consent order. their dividend came in better than expected, which i think is a vastly something that will be viewed favorably, especially for those who seek dividends. goldman sachs and morgan stanley, they received a lot of acus because they had lot of things in sight, but goldman came in at the lower range of expectations. morgan stanley, they may have disappointed some versus expectations last week, but i think it is enough. the result of the stress test,

what it tells you for deutsche bank is that they have plenty of books. on the the fed said that there were material weaknesses in the capital planning process. they talked about issues with internal function which includes management. at wasn't a surprise, the fact that the issues really points to do process, and not something that is balance sheets related, that should quell concerns. ♪ >> italy's new prime minister has negotiated a package of measures at the eu summit to stem the flow of migrants in to europe and to spread the burden of handling arrivals. >> two main points is that european leaders will agree to camps.migrant control or centers, as they like to call it essentially, to vet migrants. basel qualify professionally for asylum will be allowed to stay and those who don't, will be sent back. if a country feels overwhelmed by the flow of migrants, the

other countries will have to contribute and distribute the quota. the problem for other countries, is that when you look at it, it looks like a classic -- from brussels. but it is a voluntary decision, not enforceable by law. it is unclear which country if any at all the volunteer. >> this morning, xe us reported that the president is set to withdraw from the w geo. >> we heard from -- from the wto. >> we heard from steven mnuchin, who is a globalist on trump's anm, who said that it is exaggeration, that there are no plans. to withdraw from the devotee oh it would actually take a vote by congress to withdraw from the wto. per view, congress is and he would need congress to formally withdraw. but what he pulls out of agreements, such as the paris

climate agreement, the you and human rights council, it sends a sign that he is may be about trying to pull out of this agreement. >> still ahead, as we review the week on "bloomberg best," a conversation with ray dalio at the aspen ideas festival. plus, frank talk from industry leaders. and we get more of the weeks top business headlines including canada, just one of the country's setting up a strategy to deal with the trade war. >> canada has no choice but to retaliate with a measured, perfectly reciprocal dollar for dollar response. taylor: this is bloomberg. ♪

♪ taylor: this is "bloomberg best," i am taylor riggs. let us continue our global to her of the weeks top business leaders with an exclusive from the united kingdom.

two years after brexit, our reporting reveals that some hedge funds make huge profits from foreign exchange turmoil on the night of the vote. let us call it begs it's big short -- brexit's big short. >> and investigation has found that hedge funds hired polling critical who sold them advance information on the eu referendum, including data which would have been illegal for them public.to the wider it allowed some of them to earn fortunes by shortselling the british pound on the night of brexit. we have been looking into these relationships for seven months, what are the most surprising things you found? >> so many things. just on the surface, the fact that these relationships existed. there were generic references to run-up of thee vote, that hedge funds were looking at hiring pollsters to do things, but the depth of the relationships in the days before the vote and on the day of the referendum, were shocking. we had no idea that people were

key rating the democratic conversation about the load in those critical final days -- about the vote. who hadfor hedge funds major, major stakes on one side of the other, and were also betting on how the market would data.ased on polling these sacred relationships existed without anybody really knowing specifically what they were, or the depths of those relationships. split without a deal, over 100 trillion dollars of derivatives contracts and insurance liabilities could go on serviced, that is the word of mark carney, the governor of the bank of england. there could be havoc and this is not dealt with, yes? >> yes, it is a strong warning for the eu that they need to put their hats on about this derivatives issue. >> what was the general tone via the financial stability review report? the overall tone today? >> i think there is recently

saying, that without exit, things are pretty silent. that is where most of the risk comes from, the biggest domestic risk. >> the u.s. supreme court as upholding president trump's travel been in a 5-4 vote, giving trump legal victory on an issue that is half the fun his presidency. >> the supreme court did allow the administration to continue to import is travel ban, which currently prohibits entry from seven countries. it is important to know that the supreme court did not accept the administration's suggestion that they simply ignore the president's comments, which suggested that the ban had been adopted for anti-muslim purposes. instead, the court says that when you look at the comments and the national security justification that the in ministration put forward, on balance, the administration can go ahead and enforced the ban, and it violate the

constitution's prohibition religion.voring one >> the supreme court today could and its term with a bang, ruling that the practice of requiring public employees to pay union do's, "violates the amendment and cannot continue." it would "alter the relationships of public employees and their employers in unexpected ways." it is a way in which big labor is able to allocate funds for themselves. it overturns the aboud decision from several years ago, and according to the supreme court ruling, they said that the decision had "led to practical problems and abuse, it is inconsistent with other first amendment cases." this of course, being written by justice alito, who delivered the opinion of the court. this was a 5-4 decision.

judge neil gorsuch, who was off course appointed by president trump, the conservative justice on the court, really tilting the court in the conservative favor. >> the u.s. is said to be pushing allies to end all imports of iranian oil. crude jumped on the news, that there will be no discussion of waivers or extensions before that deadline. how much pressure will there be on the price of oil given the u.s. rhetoric on iran? >> i think it will be a lot of pressure. right now, there is a little bit of overhang in the atlantic basin, which we are clearing off. higherere experts in the past, and you are looking substantial upward pressure. there was no reason why oil cannot go into it $90 a barrel a year and, given the volume of oil we are talking about that could be lost. >> the chinese renminbi is in focus today.

what happened was the central bank extended the strengthening buying, fixing its currency. and there is pressure building on chinese authorities to support the renminbi. was that the moniker -- grand master? >> certainly coming at a as the tradee, talks or lack of trade talks go on, you have the currency coming off the way that it is, all of those tensions and suspicions that mr. trump had, at what point is a policy decision necessary to allow the currency to weaken even further? or whether or not they step into put a floor under it? do they weaponize it as they do with trade in the u.s., or do they keep it stable? that they the risk is might weaponize the yuan, and it would risk significant volatility for themselves as well. >> we now expect president trump to meet with the russian president this summer.

do we know at this point what they expect to discuss? >> vice president mike pence told us in an exquisite interview last night, that they will talk about -- he expects them to talk about russian election meddling again. that inident has raised previous meetings, he says, but he has received assurances by vladimir putin that the kremlin was not involved. so we will see if the president indeed brings up election meddling again in this summit in july. that u.s. intelligence committee has warned that they think the russians will probably try to interfere in the midterms, and that our elections are not really properly safeguarded against that activity. >> canada pushing back against protectionist policies with a lift on their own terrorists. they have released -- on their own tariffs. canada has no choice but to retaliate with a measured,

perfectly reciprocal, dollar for dollar response. >> from the canadian foreign exports, targeting u.s. such as metals, chocolate, dishwashers -- saying that canada will not escalate on the tariffs dispute, but say that they have no choice. >> is it a popular move? >> very popular, all the polls show that everyone was justin trudeau to fight back. donald trump is not exactly popular in canada, but there are fears to what it could lead to escalates. the point where the economy could take a hit, that he was start to see this the support fall. but at the moment, people like the idea of retaliating. ♪

♪

taylor: billionaire investor is reportedly taking a step back from bridgewater associates, telling clients that they could go towards a partnership model. what can that look like? >> it is something he has been working on for the last 10 years, stepping away from the business slowly. this is a next step in that other people will have more control of what goes on inside the firm. rayridgewater's rea dalio is on a wall street's most outspoken figures. he spoke with bloomberg's erik schatzker this week at the aspen ideas festival. >> the risk in the financial system today, the risks to investors, people with capital are different than they were clearly, in 2007-2008. what would you say are the principal risks? >> ok. as far as the debt crisis, we

calculated that we would have a debt rollover crisis. we don't have that. we have a situation in which the number of ious that we have, in terms of not only that, but health care and such, pensions and so on, are a lot. there are more ious that can be dealt -- then can be dealt with, problem.is a as we sell more bonds into the market, because we are and the process of a larger deficit, and running down the balance sheet, that is supply and demand. i take three things, in terms of what i would say are the three most important issues of our time, what they will become a other than how we deal with the next downturn, i would take a second on that downturn -- if you have a downturn and we are so much at odds, i think it will be a difficult time. i think you can get more political polarity. the left could be more extreme,

the right, even more extreme. so i am worried about that. but the longer-term, the three things would be how well does capitalism get reformed, in a way where it is working for the majority of people? will more people feel like they are benefiting were invested in it? right, in a way, it creates incentives that pay for themselves. not just social programs, but enabling others. number two issue, not in order of priority is, the relationship between the united states and , and of course, other countries, as we come into a rivalry. how was a rivalry handled? will that be handled peacefully, or will it be antagonistic we? the third thing, is -- will it be handled antagonistic of the? the third thing, is big data and

intelligence. when we look at the world 5-10 years from now, which is not so far, i think we will see a world that is very different, depending on how we handle -- the world in terms of data and artificial intelligence, how we use it, it will be a different world. the world in terms of that conflict or competition with china will be a very big deal. and the issue of whether we can operate in the country as a whole, and which we don't have the fracture come at where we are united among common principles and pull together to be effective, those will be the three things. >> up next, more of this week's compelling conversations. energy executives from around the world discuss how our trade war would hit their business. and two heads of government speak exclusively with bloomberg. malaysia's prime minister pulls no punches in describing donald trump. >> he is material in that he

changes his mind with internet for hours. this is bloomberg. ♪ -- his mind every toy hours. hours. -- he is mercurial in that he changes his mind 24 hours.

>> welcome back to bloomberg best. the energy sector had plenty on its minus week dealing with new opec output levels, the prospect of further sanctions on iran and trade tensions between the u.s. and china. alix steel was in washington and spoke with several industry leaders about their concerns starting with conoco phillips chairman ryan lance. alix: the trade impact between china-u.s., the u.s. and the rest of the world, how is that affecting your business? >> we're watching it closely and hopefully this does not escalate

into a large-scale trade war that will not be good for the world. our business is the aluminum and steel tariffs placed on some of those products. having a huget impact in 2018, but if this persists into 2020 and beyond, certainly the cost of that kind of steel is rising. it has a material impact on companies as we go forward. we use the steel in the pipelines we run across the surface to move our product around. so, certainly over the long haul, it will start to have an impact, not so much today. we hope a lot of this get solved in the near term. alix: what about on the demand side? lng. buying a ton of buying oil from the u.s. >> we do sell a little bit. some of our exported -- have made their way to china to some of the refineries on the chinese

coast. today, we have not seen a large impact for that demand. we will see what happens if they place a tariff on the liquid side. the liquid condensate, the market really balance itself. it back to rotterdam and south america. that.es are upon it is i understand exempted, which i think is a good idea because a lot of our is find gas in the u.s. its way to asia to meet some of their growing demand. i was watching that very closely. some of our gas makes makes it to that export channel as well. hopeful that, again, that will get solved as we go through this. alix: what would you have to start making different business decisions? >> well, we have to see the longevity. how long do we think it is going to persist and what happens in the short-term market? we're used to a lot of

volatility in the short-term market. really, trying to make that assessment over the medium and longer-term that will drive capital allocations within our company and changes to where we are investing and the mix of oil and gas we are investing in. largely today, the gas production is rising pretty well, in the u.s. we're going to have to find an outlet. if it is not to china, it will have to be europe, which is the backstop. and to places and south america. -- in south america. taylor: if china has a reaction ofbuying u.s. lng what kind reaction does that make for you in china? >> it is important we leave energy out of a trade war. for us, it's very important that people get access to the cleanest energy. and the fossil fuel arena. in, whatit gets

opportunity does that create? >> my advice would be to leave it out to make us more competitive in areas and make u.s. less competitive. but we think the demand in the world needs everybody to be part of the energy mix. the largest energy supplier today and australia is also quite large and growing. we have announce we're going to grow our lng business from 77 million to 100 million. so there is a big growth. we are also investing in the u.s. to have additional energy out of the u.s. alix: they're in aggressive growth plans. the i.a. report said the u.s. could become the biggest supplier. if that happens, do you have to produce more, do you have to discount your lng, where you have to get more come price -- more price competitive than asia? >> what is happening and if you

look at the growth around the world and the requirement for fossil fuel and gas around the world, whether it is china, india, and the growing countries, in addition to some growth in europe and other areas, there is need for everybody to produce more gas to cope with requirements for the future. i think there is enough to go around, and a think we need everybody to grow and to have a thatsupply to cater for demand everywhere in the world. >> where does all of your natural gas go? >> well, here recently all of it has been going to asia, and more specifically, into china. alix: when you hear headlines about trade wars, between the u.s. and china, how do think about that? >> i just focus on our customer. we keep in close contact. have sent just about 50 tankers to china recently. and it's, they need us and we need them. so, we try to keep the politics

out of it. alix: do you feel like there is any circumstance where you would start to question that lng going to china? >> it would be hard for us, because, as you know, we have a very diversified customer base. so, when i look at the grand scheme of things with over 30 million times, it is only one, 1.4 million tons that is destined for china for the next 25 years. a very small position that we have. not worried from a country risk perspective about china or asia, for that matter. >> malaysia's prime minister mahathir mohamad is changing the rules. he's reopening a five decade dispute with singapore over the price of water, investigating the terms of contract for china, and he is not shy about expressing his opinion of donald trump.

haslinda amin sat down with him for an exclusive interview this week. : everyime minister mahathir country should not try to dominate the whole world. of the. worldalth should be shared with all countries haslinda: your personal thoughts on president trump? isme minister mahathir: ihe mercurial and that he changes his mind always. first, he wants to be better than -- then he met. now he thinks president kim a great person to do business with. so, can you trust a man who changes his mind about issues and policies every other day? prime minister mahathir: when you have a man like that, you need to be cautious. you need to know whether this is

for real or not. haslinda: how would you deal with a man like president trump? prime minister mahathir: like any normal person because nobody in this world is perfect. everybody has weaknesses. we have to deal with them. nknowing their weaknesses as well as their strengths. e worlda: do you think th order would change with a leader like trump, has it changed? we seem to have issues with nafta. now tensions between the u.s. and china with regards to trade. are you concerned that he will make a trade issue with malaysia? prime minister mahathir: well, if it's agood proposal, why not? we might rebalance. i don't believe in absolute free trade, because then the competition between the weak and strong, you need to have some protection for the weak. >> alexis tsipras took office as

5rime minister in greece in 201 challenging brussels and berlin over his nation's debt load. three years later, his nation has met the demands of editors demandsr the way -- the of debtors and clear the way to load.ts debt >> the most important thing today is that this is the end of uncertainty for greece. greece is coming back. at the same time, the period of stereo comes -- austerity comes to at an end. based on the forecast from 2019, 2019, 2020, and 2022 we have fiscal margins above our obligation of 3.5 percent of the surplus between 2019 and 2022. so, the important thing about the end of this program is that met greek government has

these goals and other responsibility comes to the greeks ourselves. >> the other thing that has happened recently is the s&p last night. they upgraded your debt rating. are you likely to issue more de bt, more bonds, because of that, and when would you do it? [speaking greek] >> i believe the coming period will be some very good news for economy. yesterday we had the upgrade showing the positive way in which the europe group decision has been received by the investing community. i think the big success for greece is that it managed within a short time to implement so many important structural reforms. we believe we will not only reach the program goals but

also have the fiscal ability to lighten the burden and also heal some of the wounds that have been caused in the last 8 years during this big adventure for greece. optimistic the international investment community will respond positively. we have already seen we have downward trend in 10-year bonds. sf loans will be paid back after 2032 give certainty to investors to invest in greece. this is what we need now. ♪

>> you are watching bloomberg best. let's resume our roundup of this week's top business stories, americanwith an iconic company that announced a plan to

cope with impending tariffs. >> president trump's trade war is rippling back to american companies. harley davidson announced in response to retaliatory e.u. t ariffs. is this really because of the terrorist? for harleyffs davidson go up from 6% to 31%> that will at a cost of $2200 per bike. they are taking this seriously. they are talking about reassigning production to locations outside of u.s. >> starting to detail the impact that tariffs going to have on their business. harley davidson saying that they will ship production out of the u.s. president trump saying yesterday the comedy should be patient. " early this year harley davidson said they would move there planned operations to tyler. that was long before tariffs were announced. there were using a trade war as

an excuse for shows how unbalanced and unfair trade is, but we will fix it." presuming it was not a foregone conclusion, it did have to do with the tariffs. >> this whole episode shows in the trump administration you can go from poster child to parana in a new york minute depending on what your reactions are to his policies. what we have seen over the last 24-48 hours with harley davidson and mayo and d aimler's warnings, these are the canaries in the coal mine which will be a sloew of corporate actors follow suit. >> general motors as we say in the past two minutes announced it could cut u.s. jbosobs due to auto import tears. f.mg.m. is not talking about specific tariffs. >> what they are talking about is this 232 investigation that was slept potentially big

tariffs on imported vehicles and g.m. directionally does not like where they - thi sis going. they import from china and mexico. if you start taxing vehicles, you're basically going to reduce auto sales and reduce jobs. was given a 15 months license to operate in london by a judge after working out most of its differences and regulators. 15 months is a lot shorter than the five years that uber was hoping for. >> in the 18 months they were applying for -- talk to us about this. it is sort of a probation period. >> exactly. they have 15 months to basically make good or continue making good on the promises they said they are going to make. the haven better, and reporting crimes and offering a bunch of other changes -- and behaving better. they said, we are kind of happy. it is a 15 months period, they have to keep going. then eventually, reapply for

another license in 15 months and hopefully they will get that without having to get -- to go to court. for control of fox's entertainment assets the latest round goes to disney. got the department of justice's vote of approval but they have to jump through some hoops. >> right. there is no way to look at this other than a big win for disney in the light of what at&t had to challengetime warner, the justice department in cork in having this approval relatively suit in the process is good news for disney. the one condition? regional to sell fox's sports networks, local cable channels tied to teams like the new york yankees. basically got approval for everything else, consolidation in the movie business, consolidation in the tv business. definitely a victory so far.

>> the supreme court handed down its decision. the american express antitrust case ruling the car company did not -- the card company did not violate the law. what was the basis of the courts ruling? >> they said if you have to define a market and you have to show that american express has market power and that market and has restraint, had been in restraint in that market and they saw as one single market for transactions, rather than a merchant side and a card side. they said this is one transaction. if you look at the transaction as a whole, even if merchant fees have gone up, the benefits to consumers have gone up and it has been net bad. they did not show that. this sentiment government laws and a vertical deal. in the at&t-time warner they were challenging the merger. and here they are challenging the vertical restraint. the court said this is going to be a higher bar to prove there has been an anticompetitive effect where there is a vertical issue.

>> hsbc, europe's biggest bank announced its hiring former rbs director to succeed in mccain. is it a good hire? >> i think it is a good hire. stevenson came across after four years at rbs, four years of losses, paying fines, getting involved in scandals. but came out of this with a good reputation. as the cfo the bank has started to return to public ownership. the government still owned about a 70% stake until a couple weeks ago. the person is replacing at hsbc also had a good reputation but he had been there for 11 years. general, this is not going to change the direction of hsbc. it's going to keep doing the same thing has done before, but the people i spoke to think it is a good move. >> show me has raised $4.7 billion in its hong knong ipo.

the smartphone maker priced shares at $17 hong kong dollars each. separate sources say billionaire george soros and china's hillhouse r money investors. how does this match to expectations we had four xiaomi? >> they were targeting a valuation of $100 billion. they ended up getting about half, only $54 billion. the reasons are complex, but one, the markets are rocky now. the trade tensions have been challenging. xiaomi wanted to raise money through cdr's, china depositary receipts. that did not work out because the regulations are very complicated, no company has done that successfully so far. they were not able to pursue that at the same time they did the hong kong ipo. thatundamental reason is

they never really persuaded investors that they are more than a smartphone company at this point. and samsung have reached a settlement in their patent battle ending a seven-year fight over smartphone design. what a saga this has been. was it exhaustion, that they said forget it? >> someone told me the only people who won were the lawyers with all of those legal fees. apple got what they wanted, they got the course to side with them on patents. it's good motivation for a company like apple, because it confirms to them the patent system works, it confirms a they are doing what they are doing. they got half $1 billion out of it, which is not much money to them, and samsung does not have to fight anymore. samsung's designs are cooler tha n apple. it is pointless to continue this fight. >> amazon agreeing to buy pill pac, a deal that will push it

into the health-care sector. we do not have a lot of details on the deal. when wecome at a time thought amazon was going into the pharmacy or drug distribution business. >> until today, the one thing you could buy on cvs they could not buy on amazon was prescription drugs. this is a huge deal. investors saying, uh-oh, amazon is getting into health care. that is the one thing that folks like cvs and walgreens had over them. that is no longer the case. this is a huge deal for those companies. >> bj's wholesale has opened an fromng at 21.11, up 24% its ipo price. 37.5 million, at $17 a piece. so, bj's, which was taken private in 2011 by -- capital

partners and leonard green and partner now coming public once again and seeing that strong demand that stock already got a buy rating, saying this was good value, particular compared to other types of grocery related chains, that wholesale club model offers more value. ♪

there is one feature on the bloomberg we would like to bring your attention to, the interactive tv function at t v deals, railways, that kind of thing. you can watch any of these interviews, dive any and -- into any of the securities. you can join in on the conversation by sending us instant messages during our

show. >> there are about 30,000 functions on the bloomberg. we always iennoy join you are favorites -- enjoy showing you are favorites. will lead you to quick takes where you can get important contacts and insight into timely topics. here is a quick take from this week. >> sugar has always been somewhat, good but in small doses. with obesity on the rise, it's bad image has -- been worse. public health experts like to distinguish between naturally occurring sugars versus added sugars. that can be found in this pound for pound, all sugar whether it is glucose or fructose is caloric we equal, but the limited sugars found in an apple come with nutrients and fiber. fiber is filling and helps pace

liver function and avoid spikes in blood sugar. the who recommends the average person eat at the very most 12 teaspoons of added sugar a date. you can find on amount in 15 ounces of coca-cola. how have advocates try to cut back on the -- help people try to cut back on the sweet stuff? governments has started by treating's sugary beverages like alcohol and taxing them. after mexico imposes tax, consumption dropped by 7%. critics say that these taxes disproportionately affect the poor. looking at mexico again, a study found the wealthy tend to pay the tax, while poor people cut back on soda. >> 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 am taylor wakes. this is bloomberg. ♪

emily: i'm emily chang and this is "bloomberg technology." sector closes the book on the first half of 2018 with a major standouts and disappointments, we recap the highlight so far. plus, facial recognition technology is here but not without his controversies. we will discuss one major issue. and debate how this technology should be used. and we take a closer look at