emma: coming up on "bloomberg best," the stories that shaped the week in business around the world. per president trump, angry tweeting gives way to a promising meeting. >> intention to make a deal today. we made the deal. emma: the ecb keeps policy on a patient have. >> they know they fired the arsenal they have. emma: china's central bank signals a shift toward stimulus. turkey does not tighten and the lira shutters in response. >> investors are losing faith in the central bank's independence. emma: corporate earnings reports come in fast and furious. >> we want to be a global carmaker. >> that was a disappointing

result for us in the quarter coming from china. >> it maximizes the value for our shareholders after-tax. >> i am confident the rest of the year will be ok. emma: in an exclusive interview deutsche bank's chief executive , insists the lender is not losing ground in fixed-income trading. >> they see us as the european bank offering the full range of investment banking. emma: plus perspective on the , global economy from leading figures in banking and finance. bei think it will increasingly difficult for fixed income investors to do well. >> the outlook for commodities is positive at the end of this year. >> i don't see at this point, barring a trade war, any serious problems with the economy. emma: it is all straight ahead on "bloomberg best." ♪ emma: hello, and welcome.

i'm emma chandra, this is "bloomberg best." your weekly review of the most important business news analysis , and interviews from bloomberg television around the world. let's start with a day by day look at the headlines. the week began with a flurry of verbal sparring between united states and iran. >> president trump and the iranian president traded threats over the weekend as mike pompeo compared them to the mafia and accusing them of corruption and abuse. >> to the regime, the population are casualties in the march to fulfill the revelation. >> president trump tweeting out a glittering critique. "never threaten the united states again or you will suffer consequences the likes of which few throughout history have ever suffered before." >> i think what you are seeing is a coordinated campaign by the

administration. in the week since president trump backed out of the 2015 nuclear agreement with iran, it is trying to bolster support among european allies around the globe to strangle iran's economy. they are re-imposing a set of sanctions next month and in november. that sanctions regime will not work unless other countries go along and essentially agreed to participate. >> alphabet jumping as much as 6.1% in late trading after reporting a strong second quarter. google is raking in marketing cash from advertisers and that is helping the company move past the regulatory troubles in europe. from this set of numbers? -- what is your biggest takeaway from this set of numbers? >> big surprise from google. revenue growing 26% year-over-year, despite the $5 billion fine coming from the european commission, which google is appealing despite regulatory concerns in europe, this business is growing leaps and bounds.

i had a phone call with the cfo of alphabet and she strongly attributed this growth to mobile. she said we are talking about the ongoing strength in mobile onn we focus with innovation mobile. can we enhance growth across platforms support those opportunities? >> china appears to be entering an easy face of greater fiscal spending and softer regulatory measures to loosen monetary conditions. this sounds like a policy shift. >> it appears to be edging that way, but officially, we haven't had any announcement around monetary policy changes. the pboc's official line is monetary policy is prudent and neutral. we did get a statement saying they wanted to see more proactive fiscal policy measures. they want to see changes to tax regimes, regulatory regimes, to

help underpin domestic demand. it was interesting, deleveraging wasn't mentioned in the statement. they did say they did want to see a deluge of stimulus measures. >> president donald trump meeting with european commission president jean-claude juncker with tough words for the eu ahead of today's talks. the president tweeting the eu is coming to negotiate a deal on trade. i have an idea. both sides drop all tariffs and barriers and subsidies. that would finally be called free market and fair trade. >> i had intention to make a deal today and we made a deal. >> the big news is trump has pulled back his threat of tariffs on autos and the europeans have agreed to buy more u.s. soybeans and natural gas. we still have got the terror tit-for-tat with china -- tarriff tit-for-tat with

china going on that has not been resolved, but this is definitely good news all around for the auto industry and possibly for some others going ahead. >> facebook shares tanked in after-hours trading after a lackluster second-quarter report. it is the first sign facebook is seeing disenchantment in the midst of public scandals over privacy and content. in a very rare occurrence the , tech giant missed estimates on revenue for the first time since 2015. >> revenue is up 42% year-over-year, but they did disappoint vis-a-vis expectations and that in itself is historic. >> facebook is down around 19%, wiping $120 billion from its market capitalization. the stock remains around this level it would be the biggest one-day loss in market cap in u.s. history. >> i think what was surprising was the incremental cost they were talking about. the cost in dealing with that it integrity issues last quarter, this time they put a number on it.

this time they put a number on it and they are talking about expenses at a much higher level for a longer period of time than investors were looking for. still a tremendous amount of growth, but clearly a reset for a company's valuation that was at all all-time high and not discounting this kind of profit outlook at all. >> ecb kept rates unchanged. what does it say about it stated affairs that president draghi has the market debating over how to define summer, and not this summer, but next summer of 2019. >> draghi and policymakers globally have managed to deliver what they wanted, a predictable and stable monetary policy outcome. they wanted to remove all sorts of uncertainty around exit strategies. they know they have fired all the bullets, the entire arsenal they have and all it takes is miscommunication around the forward-looking component to

unwind all that dramatic effort. >> amazon investors have shrugged off second-quarter sales that missed estimates, focusing instead on soaring profit that came in at more than double analyst projections. is it the profitability investors are looking out for? >> historically, everyone has invested in amazon because of the top line. revenue has soared in 15 years but with little expectation in the near term. bear in mind, revenue still group, it just fell slightly short of expectations. amazon was able to demonstrate that they can flick a switch and ramp up that profitability. >> twitter has taken a hit. shares are plunging in premarket trading as the company missed estimates for monthly active users in the second quarter. what is the story here? they missed on monthly average users. they did well on daily averages, but killed in the free markets so far. >> the real concern for twitter is size and scale.

the numbers came in ok, but again i think investors for this particular name are always concerned in the back of their mind about scale, and is their best is there a place in the -- and is there a place in the digital marketing place -- advertising space against the facebook's of the world? >> the proposal for accommodation between fox and disney has been approved by fox shareholders. that means a combination of the two is all but guaranteed, but not a done deal yet. >> no. i mean, look with comcast , pulling out, everyone thought this is what would happen and shareholders would approve this. the question now, all investor focus is now going to shift across the ocean and everyone is going to be looking at sky in europe and trying to figure out is disney and fox done and they will sacrifice this and let it go effectively in a frozen sort of way to comcast, or are they

going to re-up to outbid comcast to try to take sky? we think they will try to still win sky, but we will see what happens over the coming weeks. >> u.s. delivered the strongest growth since 2014. economists suggesting this is as good as it gets. president trump as the trade : deals come in one by one, we are going to go a lot higher than these great numbers. and these are great numbers. >> this was a great number. no question, it was propped up by consumer spending and it involved a really solid revision to first-quarter gdp. what we saw was a strong nonresidential business number. i think a lot of that has to do it tax reform and really low rates. as you see fed rates raise and some of those one-off effects fade, you will not see quite these numbers. emma: still ahead as we review the week on "bloomberg best," a exclusive conversation with the new deutsche bank ceo christian sewing, who says they will meet

short-term targets whatever happens with interest rates. plus, goldman sachs sees the global economy reaching an inflection point. up next, earnings, earnings and more earnings. commodity prices and currency moves the g.m. hard, dampening its forecast. >> we are seeing $1 billion of unmitigated headwinds for the year. emma: this is bloomberg. ♪

emma: this is "bloomberg best." i'm immature the. -- emma chandra. a host of companies across the world releasing earnings reports this week. let's begin the roundup with some of the major european banks.

>> more volatile market were a boon for ubs's investment bank, helping beat expectations, but that contrasted with the wealth plans unit which posted net yield money outflows and missed profit estimates. >> this quarter had some seasonality effect. the tax outflows in the u.s. were expected. we had one-off outflows from corporate transferred stock option plan, which is an interesting business, but low margin. we had almost no effect on leverage, on lending, so clients are very cautious. we also had a very good signal of good momentum for financial manager was a threefold compared to last year. outside the u.s., we had almost 6 billion net new money. overall, i am still positive about our developments and we don't look at net new money on a quarter to quarter basis. i am confident the rest of the year will be ok. >> switzerland's third largest

wealth manager has boosted net new money in the first half, in line with the company's target. >> where are you finding these bankers? which is the theocracy giving -- the geography giving you the best yield? >> it is asia, the middle east, and it is europe. the many reason they are attracted by our platform is the business model. it is a model that the private bankers like because they don't have to push our own product only. bancok is santander -- santander second-quarter net income beat the highest of analyst estimates. the spanish bank is confident they will achieve its 2018 goals. >> this is the first of many quarters we saw positive long growth in all our developed economies. obviously, we continue to see strong growth despite the elections in mexico, the

uncertainty around mexico and the elections in brazil we will have in october. we also saw healthy growth in latin america. this is obviously on the back of positive growth in the number of loyal and digital customers, which grew in places close to 20%, but we have seen particularly in europe a better quarter, probably the best quarter we have seen in a few years. petrol maker group psa says its first-half profit surged on higher car sales and cost cuts. the automaker boosted its profit against higher raw materials. >> for the time being, we want to be recognizing that yes, we are performing well in europe and europe is a place where we understand our customers and can can make great products with great technology and create value. that is the reason we are such a big player in this market. that does not change our

strategic plan where we want to become a global carmaker with cutting edge efficiency. that means we will continue to develop ourselves in china, latin america, eurasia, africa, middle east and india. this is exactly what we are doing now, but for the time being yes it is great to be a , european carmaker and create value in europe. >> general motors announced second-quarter earnings, beating estimates for earnings per share and showing record returns from china and its financing business. but also, it took its guidance for the year down. >> big picture, we're seeing $1 billion of unmitigated headwinds for the balance of the year. some came in q2 and we expect it to continue for the rest of the year. roughly half of that is commodity increases and roughly half of it is currency primarily , south america, hence our view it was prudent to recalibrate

expectations for overall earnings this year. >> ford reported results earlier this hour, adjusted earnings per share $.27, trailing estimates. in addition, ford cut its 2018 earning outlook and season $11 billion restructuring charge over the next three to five years. >> the issue we have in china, as well as europe, those were the two factors behind the guidance change we provided today. they are really more about our business. if you look at china, we were down about $500 million in consolidated operations and our joint ventures which are unconsolidated. and largely around other factors. an aging portfolio, we are under index in terms of the folio vis-a-vis the market. we also had some go to market strategies and capabilities issues and market sale issues with dealer profitability and

stocks that we are going to have to address as well. these are issues we have to address and have a plane to do -- have a plan to do so. we are making progress, but clearly, that was a very disappointing result in china because that is a very important market. >> eli lilly reported strong second-quarter reports, beating estimates on earnings per share and on revenue and increasing guidance for the year overall. i wasn't the only announcement today. you talked about your health business. you will spin it off of an ipo. there was talk you could sell at for as much as $13 billion to private equity. why did you decide to have an ipo? >> last october, we announced a strategic review with management and the board of this business unit. it had grown to be pretty substantial in scope and scale. we look at holding it and selling it, and at the ipo path and chose that because it

maximizes the value for shareholders after-tax. it also will give alanco a focus on its mission, to work with veterinarians to improve animal health and allow lily, the parent company, to focus on its critical mission, which is to keep producing life-changing medicines for patients. >> shell finally gave investors the share buyback they have been waiting for come even as profit fell short of expectations, and that is despite resurgent crude prices. the energy producer is starting a $25 billion share repurchase program but net profit was $1 billion short of the street's expectations. >> $4.7 billion of earnings is a solid result. if you decompose it a little bit and look at integrated gas, up compared to the same quarter last year. up four compared to the same quarter last year.

business more than 30% down, linked to a difficult refining environment, a difficult trading environment as well. there are a few exchange rate affects that have a non-cash impact, therefore our earnings as a result of that are not as straightforward to predict as we would like, as well. >> intel tumbled in late trade despite beating estimates in the second quarter and raising its full-year outlook. still seems there is uncertainty about the rest of the year. >> was that stock price move after hours is telling you is not really a reflection on the performance in the quarter or this quarter. it is more a case of them not putting to rest some of the concerns that exist for the longer to medium-term future. >> the numbers were extremely strong in the quarter and for the first half of the year. we raised our outlook for the

full year by $2 billion on the top line and $.30 on the bottom line. we are building very strong momentum in the first half and in our 50th year since intel has been around, 2018 will be our third record year in a row from a financial performance perspective. we feel good about the momentum we are generating and prospects for the future. ♪

emma: welcome back to "bloomberg best." i'm emma chandra. deutsche bank reported earnings this week and had its weakest quarterly results in fixed income trading since the financial crisis. debt income dropped 17%. this as the largest u.s.

investment banks were on a rise of 7% in the same period. in an interview with matt miller, ceo christian sewing sounded a note of optimism. christian: the core business within the corporate investment bank we had a good quarter 2017, , in particular credit rating. secondly, yes, we went through a transformation in the second quarter, so you see one or the other adjustments we have done and therefore, we did it in one quarter. now we build up the capital, bring it back to the business and with processes we have, am -- with the client franchises we have, i am very confident we will see growing revenue in the business going forward. matt: you say in the press release you remain confident about maintaining your position as the fourth largest house globally in fixed trading by revenues. what gives you that confidence? christian: the clients we get. since i have been in this position, i have seen more than

150 clients globally. honestly, they want an alternative to the u.s. banks. they see us as the european bank offering the full range of corporate investment banking services. this gives you the confidence. secondly, the expertise and products we have, and also if you look into the underlying business developments we have seen over the last month, the last capital position we have, i am confident we can grow. matt: let's talk about the rate environment. we seem to have a clear path now from mario draghi and the ecb. how confident are you we can see rates increase and how important is this to your business? christian: this management focus now on the next 18 months. we have set ourselves clear goals for the next 18 months, for 2018 and 2019. we are saying we want to have a return on equity at 4% at the end of 2019 and that does not depend on a rate increase.

hence we have to plan what we can actually influence. that is cost, that is capital, and that is what we are doing. of course, it would be nice to have a rate increase, however that is not in my hands and this is not an underlying driver of the next 18 months. to be honest, it is always hard to predict rate increases and therefore this is not part of the plan of the next 18 months. emma: coming up on "bloomberg best," more of the week's top business headlines, including a national vote in pakistan. and the business world bids farewell to a legend. fiat chrysler ceo passes away age 66. >> he referred to himself several times as the fixer and had quite a job to do at fiat. emma: up next, a range of expert opinion on the stage of global markets. investors being advised to brace for headwinds. >> at the end of the day, 16% correction is in the cards and

could happen at any time. emma: this is bloomberg. ♪ in the united states we have

seen a rise in the 10-year treasury yield of 3%. can it go higher? 3.6% by the end of next year. we would be cautious in fixed income. it is not a large enough increase in interest rates to damage the economy substantially, but it can't hurt fixed income portfolios. gasquet can hurt fixed income portfolios. >> larry fink said if we go to a trade war between the u.s. and china, markets could be down by 10% to 15%. what is your call on the consequence of an explosion of these trade war's? >> you look at the performance of the market.

it is up 20% or more. 10% to 15% correction is in the cards and can happen anytime. i see -- >> would a trade war trigger that? anit just these to be escalation in there is also potentially and need for the market to correct. i think it is in the cards. it will be resolved but our view is things will get worse before they get better. >> the u.s. president donald trump will impose a 25% new tariff on european car imports and parts imports. is that jeopardizing your plan and timeframe that coming back to the u.s.? >> i don't think so. it changed the way we perceive and we will do it. of course i think globally if we

step back from the short period of time and look at it from a growth perspective, it is better we keep open trade in the world. i think it will create more wealth for humanity and create more win-win situations. stepping back i think it is better, including for the u.s. citizens and the u.s. country to have open trade. i think that is better on the long-term. we recognize the current situation and we will adapt our plan accordingly. >> will you go to canada and -- go to instead? canada instead? >> is part of north america. we look at it on the whole. both markets are important for us and we will implement a strategy that gives the possibility to come to those two markets. let's be pragmatic. let's see how things will unveil

and we will see. >> the question is in thinking about the outlook, are we at a turning point for the dollar? will the dollar get weaker from here? where is the fly in the ointment of the bullish you want commodities right now? it is a headwind created by the stronger dollar, a reflection in the weakness in demand from emerging markets. china more recently, you can add in brazil, argentina, turkey. are we on the cusp of a turning point on the dollar? we?re >> i tend to think yes. a few weeks ago when we saw 17 consecutive days of selling in copper i felt we had seen the bottom, but we had two or three more days. you look at the chart of commodities. they have been bouncing around the bottom. why am i less confident today

than it was two weeks ago? policy paralysis or policy fatigue. you take oil. can he go about $80 right now? it is difficult given the administration is likely to go to the spr. -- can it gow $70? below $70? unlikely before the saudi's step in. china is likely to be successful in terms of policy. demand growth is likely to be good. you are likely to lose the iranian barrel. it is the sequence of events you go through to get to that positive outlook. there is a lot of uncertainty right now given the policy outlook. >> have president trump's policies been a headwind or tailwind for you? >> to be honest on the tax reform it hit us in 2017. that was the reason why from a pretext profit it turned into a net loss.

over time it will be positive for us and our tax rate. it does not impact our day-to-day business. on the traits i that is side, i'm-- the trade still of the expectation we will find agreement and the politicians will find agreement on the tariffs side that is mutually beneficial for the economy and deutsche bank. >> we are hearing concerns from german carmakers and other people in your industry about the possibility of tariffs. you land for money to german businesses than anybody else. what are you hearing about the possibility of tariffs? >> everybody wishes these increases do not come because i'm convinced overall it is negative for the global economy. i think inr hand particular the german industry,

the carmakers are shown not only resilience but flexibility and the adjustment capability. they came out not only as resilient but even more profitable. i do believe even if this happens, there is the capacity to adjust and i think we deutsche bank will have very good business with our carmakers. >> i don't see borrowing a trade war -- i don't see at this point a trade war any serious problems with the economy. >> is this an area that just seems to be insulated regardless of what is happening and the global economy as long as you have demand from chinese consumers? >> nothing is ever insulated forever. the point i made before, as long as the global economy is strong things will be fine.

valuation will not be something people pay too much attention on. with the global economy slowing or going into recession, all bets are off. better to focus on what is going instead ofconomy esoteric question evaluation. >> we had charles demoss on the show earlier and he said -- >> i think i saw him last week. >> he was talking about what actually led to the subprime crisis was the savings and balance in the world. that is still present. is that is something that causes you concern right now? >> he's probably referring to the debt super cycle which is fueled the global economy for a long time. made is a macro call to be that the super cycle will end. it is such a huge macro call who knows when it is going to happen? ♪

emma: this is "bloomberg best." i'm emma chandra. let's continue a tour of the top business stories. cap italy where fiat chrysler went through an executive transition and suffered a painful and permanent loss. fiat chrysler has named a new ceo as a health crisis left sergio marchionne unable to return to work. briton takes over. >> he was expecting to retire from fear chrysler in april 2019, nine months from now. , there were three top candidates.

the cfo will stay in work with him. investors somehow were affecting that's expecting marchionne -- were expecting marchionne to leave. this comes as a price because marchionne was meant to stay another five years. this is why the reaction is much bigger for them. >> the architect of the eight chrysler's dramatic turnaround has died. sergio marchionne was 66. he spearheaded the purchase of chrysler. he was a bit of a turnaround king. >> he refers to himself several times as the fixer and hit quite a job to do at fiat. arguably the most important and little of italian of italian emblem

industry for decades. he started this turnaround by extracting about $2 billion from general motors and gave him some financial leverage to them for together his turnaround plan. from there he took the bet on chrysler, created at that time the world's number seven carmaker. and off he went. >> qualcomm ready to abandon its xp.suit of annex the -- n issue?an nxp >> the ceo says there are bigger forces at work. we don't see that changing. qualcomm just moves forward and concentrates on what it is good at and tries to grow organically in markets like automotive. house through a

lifeline to farmers caught in the crosshairs of the trade war. they announced a $12 billion aid package to farmers. when will it be employed? >> we still need to know a lot of details. the white house announced $12 billion in assistance to farmers. it will come in three ways. what is direct purchases of commodities like soybeans, sorghum, commodities targeted under this trade action we have seen going back with china and other countries. you have direct purchase of commodities for food assistance programs and distribution. that's everything from all months -- almonds and other forms of fruit and vegetables. and trade promotion. own tradeent's policies are creating the situation and that has a lot of republicans in congress concerned about the amount of money spent basically the bailout farmers. >> theresa may is stamping her

authority on britain's departure o phone the european union. he says she is taking control of negotiations with brussels. that comes after months of tensions between the former brexit accor terry david davis -- secretary david davis. we will get a softer deal with the eu? >> we will see over the summer some intensive negotiations led by mr. robbins, the civil servant in charge of all of this. all under the offices not of a slightly rebellious mr. davis, but all held very close by mrs. may at number 10. >> a block and public critique, that you negotiator said he would never accept her customs plan. it the british prime minister has to go to the drawing board 12 weeks before a brexit agreement is due to be signed. what does he take issue with?

proposed isesa may that brussels outsources status collection. there is simply no precedent of that of a country outsourcing its data collection to a third country. the eu says this is impractical. this will create bureaucracy for companies and there is no precedent and it cannot accept it. a banks, london proposes joint board between the eu and britain on banking regulation. a regulatoryu has autonomy, its own rulebook for banks. bank givingcentral its policy rate unchanged, defying market expectations and sending the lira sharply lower as the president tightens its grip on the economy. it seems the investors are losing faith and the central

bank's independence. rate hikeexpecting a by at least 100 basis points and the bank failed to deliver anything at all. inflation is running more than triple the central bank's target rate. even since april the situation has raised by 500 basis points, but investors say more needs to be done to cool inflation. that is what the expecting and it seems the central bank had other ideas and that. former cricket superstar khan will probably not secure in our a majority. khan looking to be the lender but there are allegations about the run up to the poll. >> this is normal in pakistan elections. khan had a big problem with the last election. the diplomats analysts say the

military is going into overdrive in the selection trying -- in this election. as we saw in the result looks ite imran khan had resounding victory but not enough to form a government on his own. he does not seem to have the backing of the military. how strong the government will be, what policies it will be able to implement, that is unclear. boj offering unlimited amounts of bonds for second time this week. for it by speculation the central bank may consider adjusting its policy. the volatility this week, do investors really think the boj will tweak its policy next week? >> at this point there has been some of speculation about some sort of a fine tuning in the bank of japan's stimulus program

at next tuesday's meeting that he would be a surprise for most market players if there is no change whatsoever. for now the have telegraphed today and monday that the guidelines are the guidelines and they are ready to enforce them. on monday and today went yields started getting further away from 0% on the 10-year bond, they had come in to offer an unlimited amount of bond purchases to prevent a breakout and yields. -- in yields. againla alarms investors as the companies trying to get refunds from suppliers. tesla's shares dropped on monday following the release of a memo or the car company requested a return on a "meaningful amount of payments since 2016." >> if you're an investor and concerned about their cash

position, you can say it is great. they are taking advantage of the leverage. if you are running out of cash, do you have more leverage in negotiations and they are getting a discount. on the other hand it does not look totally sustainable. we are seeing a lot of stuff tesla over the last few months from workers describing very long hours, to elon musk describing long hours, the supplier issue. there is a lot of stuff that feels fraught. that could be better for your point of view or a sign of company that is just doing everything it can to get it done. bp and its biggest deal in almost two decades, agreeing to pay $10.5 billion for most of the onshore u.s. oil and natural gas asset. they give the london-based a part of the permian basin, less taxes and new mexico. >> analysts are looking at a $9

billion value. you have seen it has gone down on the bp side but up on the php side.- bhp >> we know the value is significantly above that, just from the asset we farmed into back in 2014. we were able to double the flow rates with the team we brought into our own business for five years ago. dave lawlor from sandridge. there are major of sites. ♪

emma: -- >> take a look at the map of the bloomberg european 500 index

dividing winners and losers by industrial groups. you see financials are doing quite well this morning. this sliver of bright red in i.t. emma: there are about 30,000 functions on the bloomberg. we always enjoy showing you are favorites on bloomberg television. maybe he'll become your favorites. here is another function you will find useful. it will lead you to quick takes for you can find important context and fast insight into timely topics. here is a quick take from this week. ♪ >> when you think about your body it may come as a surprise that half of you isn't really you. only about 50% of the cells are human. the rest of microorganisms living on or inside the. that might sound unsanitary but most are harmless or beneficial. in our efforts to kill the bad germs we are also killing too many of the good ones.

it is hurting our health. scientific findings of draw connections between human micro infectious ones, noncommunicable and psychiatric disorders. >> the excitement is to understand that all these germs are, what they do. it is like another organ. >> the average body harbors 38 trillion microbiota of all kinds. individual therapies will take time to develop. fecal transplants of already that promise against one kills about 30,000 people year of the u.s. the on specific treatments one aspect of the microbiom has become clear, diversity matters.

the leading cause it thought to be an excessive of antibiotics in medicine and agriculture. >> the most important thing to remember is for your own sake and for the sake of all of us it's important not to overuse antibiotics. >> people in developed countries spend less time outdoors and have less exposure to animals. factors that may decrease diversity of microbiota. growing up with a dog lower st. kitts chances of having asthma. go ahead, play in the dirt and don't be afraid of some dogs. it is good for you. emma: that was one of the many quick takes you can find on the bloomberg. you can find them at bloomberg.com, along with all the latest business news and analysis 24 hours a day. they'll be all for bloomberg best this week. thanks for watching. i am emma chandra.

this is bloomberg. ♪

carol: welcome to bloomberg businessweek. i am carol massar. jason: and i am jason kelly. we are joining you from bloomberg headquarters in new york. carol: this week's issue is about the space race. jason: there is so much going on talking tinyare rockets and drug therapies at the international space station. carol: we are also talking comment mining. jason: it goes back to money. billionaires are pouring money