♪ >> coming up on "bloomberg best," the stories that shaped the week in business around the world. sanctions come down, tariffs go up. political hardball leaves a mark on markets. >> and there was a clear message from china. we won't just go after the small items. >> the bottom line has been the sanctions are put firmly on their radar screen. >> it is a message to the wider western world, don't metal. >> samsung rolls out its latest smartphone. >> elon musk jolts wall street with a tweet. investors wonder what he is driving at? >> going private at that level wouldn't make sense.

>> when mr. musk said funding secured, was funding secured? >> voices in business and policy chime in on the week's hot topic. >> we have seen more pressure on the short end of the curve. >> the market is pricing into higher risk for a financial crisis. >> plus, another deep dive into a deluge of earnings reports. >> market conditions are hostile for the industry. >> we are looking to cut costs, including some stocts. >> it is all doing will be open to do right now. >> it is all straight ahead on "bloomberg best." ♪ michael: hello and welcome to "bloomberg best." i'm michael mckee. your weekly review of the most important analysis and interviews from bloomberg television around the world. let's start with a day by day look at the top headlines. from the

nuclear deal in may, the u.s. has been turning up rhetorical heat on the government of iran. on monday, it raised the economic pressure a notch as well. >> president trump restoring sanctions on iran midnight tonight, and reaffirming the u.s. plans to impose tougher penalties on the country's oil exports in november. the move has drawn fresh condemnation from european allies, who were standing by the 2015 nuclear deal that the president withdrew from in may. >> what exactly are in these sanctions? well, it will impact the u.s. dollar purchases, as well as aluminum and industrial software, as well as potentially impacting the automotive sector, and iranian debt purchases. the second round of additional sanctions are set to begin sometime in mid november. we have seen the real hit by these sanctions significantly. there have been waivers for some countries that would impact the

energy sector. >> in a televised address, president rouhani said iran is open to talks with the u.s. if they are sincere, but insisted such dialogue would be pointless while the nation is being hit with sanctions. >> negotiations and sanctions at the same time is meaningless. >> what can rouhani do to offset the impact of this particular round of sanctions? >> i think -- is not a great deal, and i think there is a huge amount riding on what the europeans can provide. turkey and china have stood up quite strongly against the sanctions, and we know that china is refusing to cut its own exports of oil from iran. john: top and imf a lot for turkey, the lira plummeting to a record low and 10-year yields breaking a record. what can officials do to address issues that have gotten more dramatic over the last 24 hours?

>> they have to get out of this situation with the u.s. and the u.s. has made it clear top --to the turkish i'd -- aside time has run out and there is only one way to get out of this and that is to release the u.s. pastor and others the u.s. is calling political hostages. the fact markets are responding so negatively to this just shows how lovable the turkish economy really is. >> tesla's ceo elon musk wrote, "i am considering taking tesla private at $420, funding secured." is going private of the -- a real possibility? >> going private wouldn't make sense for a number of reasons. the company needs funding to grow, and to go private at $420 a share for probably be a total of $72 billion less about $14

billion that elon musk has, he will probably have to finance around $58 billion. more important, he needs to raise $2 billion to build his new china factory. he is going to need to raise additional money to build the semitruck. going private would not make sense. >> shares of tesla, closing 11% higher, but hardly a straight line up. what you will see is a very unusual horizontal line. what happened during that time? >> it is crazy. elon musk tweeted, then they stopped trading, then a statement came out about an hour and change after that happened and they resumed trading. my supposition is he wrote the statement in that amount of time. [laughter] >> the united states has confirmed it will impose 25% tariffs on an additional $16 billion of chinese goods as of the 23rd of this month.

that delivers on a previous threat made by the trump administration, and follows the $34 billion worth of tariffs already in play. >> this is the second of the 50 billion announced. 25% levels, not unexpected. we got a list of about 279 chinese products that will be hit from august 23, including things like steam turbines and motorcycles. >> beijing announced it will retaliate against the latest round of tariffs from the trump administration in kind with a 25% charge on $16 billion worth of u.s. goods. >> i think what the surprise was they revised their list and included are some petroleum-related products. and that is a soft spot for the u.s. wanting to be -- of the u.s. wanted to grow the economy in that area and energy exports. so, there was a clear message from china by revising the list that we are not going to go

after just the piddly items, but some of the stuff that will be a centerpiece of the u.s. economy. but they did say that this isn't passed the point of no return and that we could see this rolled back, but it is up to the u.s. to start that process. >> the russian ruble plunged to a two-year low after the united states announced new sanctions on russia to punish the kremlin for the nerve agent attacking the u.k. earlier this year. the sanctions imposed under a 1991 law on the use of chemical weapons limit exports of u.s. technology related to national security, but exempts operations on the international space station. give us a sense of the reaction of moscow to the new sanctions. >> it has been tough for the russians because they have had warm words from trump about putin at the summit in helsinki last month, and it seemed like things were on the mend in terms of their relations. the kremlin has shown no sign of

being willing to come clean and give up its denial of any role in poisoning attacks. i think for investors, the bottom line has been it puts the sanctions' issue from way back on their radar. we don't know exactly what it will look like, but is likely to get worse the next couple of months. >> tesla down by 2% and for the third straight day, the company faces the same question from wall street and now perhaps washington. where is the funding coming from? where is the money, elon? >> the general question everyone is focused on is when mr. elon musk said funding secured, was funding secured? >> elon musk is said to have held talks about softbank investing in tesla, including potentially taking the electric carmaker private. >> me know that ultimately, the way they played out was elon doesn't want to lose control of the company, so softbank wasn't happy with the way it was going to be split.

that was really the hurdle they were unable to overcome. emily: softbank has an enormous piggy bank and likes investing in tech. if you take them off the table, who is left? >> there are others, of course. we haven't heard other funds connected to it at all, and bloomberg has spoken to 35 investment banks. none of them had an inkling of any kind of investment. it makes it highly unlikely there is someone lined up, frankly. >> what may happen next with tesla? >> the latest that happened is the board is going to meet with advisers next week to figure out what they should do next. whenever there is a leveraged buyout plan or an offer to buy a company, the board has to make sure the interests of shareholders are represented and in this case, they are in a precarious position because they have a very charismatic ceo who happens to really hate being the

ceo of a public company. he doesn't like the scrutiny of the markets and that is why he wants to go private. they have to make sure whatever offer comes in, that being the board, is in the best interest of shareholders and $420 a share is not going to do it. there are a lot of long holder holders that think this company is worth $570, or more. they will have to do better than that. jon: turkey closer to financial meltdown and the lira, falling to a record low. president erdogan failing to stem the route. >> we don't have the minimum of difficulties, but still suffer from an artificial financial pressure. >> you know, he has billed himself as the protector of his people, and what we are seeing now, according to him, is a financial attack. it is not a complete surprise that he cannot step down from that role as protector. what you heard in the speech this morning is that, i'm your protector and i will put an end to this. right now, i am concerned he is

considering capital controls for turkey and this would be the final break from the international financial community if this happens. >> turkey is relying on the kindness of strangers. we are seeing the kindness to strangers evaporate and donald trump's tweet where he has doubled the rate on tariff of turkey's steel imports. now turkey is not one of the major steel exporters, but this is not a good sign because the whole reason for the move today on its own was we didn't have progress on the talks with the u.s. yesterday and today, investors saw tariffs news. it tells you things are not getting better. >> when you look at what is happening with the banks in europe right now, the stoxx 600 banking index down 2%. this is something that goes beyond turkey, it goes to some of the biggest banks in the world, and potentially, you have to worry if it could get outside of europe? michael: still ahead as we review the week on "bloomberg best," elon musk may have talked to softbank, we talked with the coo. plus, comments on trade from

larry summers, blunt reaction to jamie dimon's forecast for treasury yield, and the head of a chinese hedge fund says, don't run from mainland equities. but up next, earnings, earnings, and more earnings, including results from some optimistic european banks. >> we can see growth also on the customer side and growth on the loan side. michael: this is bloomberg. ♪

♪ michael: this is "bloomberg best." i am michael mckee. corporate earnings reports were again, a major focus of investor attention this week. our roundup begins with a result from a global banking behemoth. >> hsbc is struggling to produce any significant revenue growth from its long-term bet on asian markets. costs increased 7%.

even so, the finance director told bloomberg first and second quarter results were in line with their expectations. >> we saw good revenue growth the first two quarters of the year, and that it's translating to a good reporting profit progress. we continue to invest in the growth of the business and have strong balance. so feeling confident where we stand. david: the pace of winning new customers slowed and commerzbank warned operating costs would be higher than planned. >> we have seen growth where we have reached our year-end target of 386 billion at half year so that is where you see the growth, and that is where the strategy wants to see the growth. so, that is paying off well. in the corporate bank, we have a competitive environment and growth on the customer side and

on the loan side, which is fine, but monetizing this growth will probably take a bit longer than originally anticipated because -- which is why we have slightly reduced our revenue expectation for corporate clients. >> amro numbers second-quarter net profit of 688 million euros. operating income came in at 4.6%, above estimates. >> what will you be next? of the jobs that need to go, is that a starter number? >> we announced a change at our corporate bank this morning. we have a strong client franchise in our corporate bank here in the netherlands, but

also in a number of sectors globally. the oil and gas sector, commodities, and shipping. we are looking to do three things in the corporate bank. we are looking to reduce the capital we deployed to that business, cut costs, including some staff costs, and we are looking to transform the business model to ensure that that business is well-placed to succeed. >> prudential has reported first-half operating profit that beat estimates. the number came in at 2.4 billion pounds, sending shares higher. the asian part of the business is doing particularly well. what have you gotten right? >> i think the pivot to protection, the demand in asia for medical care, the out-of-pocket expense that you have seen many times on the show, $.40 on every dollar versus nine cents in the u.k., or $.11 or $.12 in the u.s. 70% of our new business profits are derived from that focus, so that has been tremendous. and over 90% of that is regular premium, meaning those clients stay year after year, 95% of the existing client renewed.

very healthy climate relations -- client relationships on 250 million clients across a dozen markets. leadership positions, the wealth business is doing well. it is all doing what we hoped it would do right now. >> the standard life aberdeen is still hemorrhaging client cash, redemptions it reached 16.6 billion pounds in the first half. investors remain nervous about market volatility and economic uncertainty. >> the very encouraging thing is that 80% of those flows are in what we call our non-assets that have driven the success in both companies in the past. it is a well diversified inflow picture we have, but market conditions are tough out there for the industry. we certainly feel we are in one of the best positions with one of the strongest balance sheets in the world to weather a tough period ahead.

>> first quarter profit at softbank climbing 49% from a year earlier that was fueled by a big boost from the vision fund. shares rising significantly after the earnings report. what exactly drove these profit gains? >> you know, for the past two years, softbank has been in a tug-of-war between losses on one hand and profits of the message -- profits of the domestic telecom operations. the last quarter has been a change in formula. 49% profit gain due mostly to valuation increases at vision fund. there was a one-time gain from the sale of the china subsidiary of the arm company, but 245 billion of it came from increased valuation of flip card as well as wework. moving beyond just becoming a simple carrier and investors are getting a taste of what that will look like.

>> disney reported third-quarter earnings that missed estimates as canceled films at wad -- as canceled films weighed on profits. the ceo, bob iger, gave an upbeat view on the future, however, as its espn streaming service has attracted more subscribers than forecast. the company also commented on its plans for acquisitions of fox assets. what did we learn from bob iger and from the disney results yesterday? >> i guess we learned clearly they are very optimistic about the acquisition of fox assets. the number is a slight miss, so disney does need to be adding content to its portfolio, building out its streaming service, but we did not learn too much about what happened with sky, the final assets in play in the bidding war that has emerged between it and comcast. a mixed bag, i think.

matt: 21st century fox is laying out plans for a new fox as its $71 billion deal with walt disney nears completion. all this came after earnings and sales topped analysts' estimates. fox news did quite well. >> indeed. i think the real standout take away here is how well the cable network programming division did. 60% of fox revenues, but more importantly, the center of profitability. as you mentioned, fox news, but also the fox business channel, fox sports, of course. but i think the big picture is that, you know, these business channels are actually highly profitable. obviously, if you have a sport'' channel, you have to buy content, so the real picture is around the new fox assets that will remain with fox and not be transferred to disney. >> glencore has posted record profit and cut debt to below targets but the world's biggest commodity trader failed to increase its interim dividend

and expand an existing buyback. the million-dollar question is what do they do with the money? do they buy something, reinvest, or give it back to shareholders? >> it is a balancing act. they are already paying of $1.4 billion as part of a share buyback and dividend policy. for them, it is pretty good, but remember, the earnings are great, but a portion of these earnings and a lot of the earnings growth is coming out of the congo, and maybe a $1 billion fine heading their way. i suspect ivan must be worried about what is heading his way and what the ramifications are. >> novo nordisk is the world's biggest maker of diabetes drugs, and says the u.s. prices for its products will continue to fall next year, hurt by rebates in the medicare program. how do you see the pricing situation in the u.s. developing? we just had fresh comments from u.s. president donald trump

about drug prices that he wants to come down. you are already dealing with this issue. do you see it changing for the better or worse going forward? how does it affect your business? >> what is important to us is to go out and promote our new innovations. pricing is coming down for us and our competitors. i do understand drop pricing is a key issue for the president because there are patients were not getting access to rebates we give. i think in particular, we have a case where pricing is coming down, and that is something we have been talking about for a couple of years now. ♪

♪ >> escalation of tariffs please

no doubt that the u.s. and china are in a trade war. >> this is a trade war that will make america poorer. our producers will be less competitive. they would did for inputs. >> i think china is a developing skill in terms of its average income, with average standards of living. it is like the united states during the 1930's. there will be competition from more places. i think the principal risks have been the self-inflicted wounds of brexit. i think new york will have to

make a variety of strategic's decisions and roles of financial services for a long time to come. >> larry summers is on the advisory board to be held in beijing from november 6 28, to analyze the biggest questions facing the global economy. for more on the news go to our new website bloomberg.com/new-economy-forum. coming up banter on bonds. guests on bloomberg television respond to his call. >> i think it would be good if we started to get there.

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>> how do investors position in this environment? where are the opportunities? >> we think the market has priced in too high risk for finance of crashes. that reaction has been overdone. we are increasing our risk exposure by taking our positions on major stocks whose long-term investors remain unchanged, and become more interactive after a selloff. we like financials, we like independent power producers, consumer discretionaries. we also like manufacturing for machinery, homemade technology. >> the japanese telecom and tech firm softbank made plenty of headlines this week, weighing new ventures on the back of the major profit boost from its

burgeoning vision fund. bloomberg's ed hammond caught up with the coo and sprint chairman for an exclusive and timely interview. >> what is the unifying theme behind softbank's thesis? >> artificial intelligence will be one of the unifying things, if not the most important unifying things. if you look before the pc, then to the internet, then to broadband. we believe the next wave of disruption will be powered by artificial intelligence. >> it makes sense for softbank to be doing this, but if i'm an investor in softbank, what does that do to my holding? the company today will be very different in five years. how do i quantify my investment? >> i think the best way to look at it is look at the track record of softbank. if you look at the track record as an operator, i think we've done an outstanding job.

the turnaround of the japanese stock has probably been one of the best turnarounds in history of telecom. when you look at what we've done in sprint, bringing it where it is today, it has been remarkable. when you look at the track record and investors, the amount of money softbank has invested and the returns generated is the in best in the world. we decided, why don't we put more focus in replicating and putting our money to work in areas we haven't in the past, in then be able to invest in put more tension in investing, helping grow business? >> as an entrepreneur you've been linked to in the last 48 hours, elon musk, how real is he -- how real is the interest in terms of tesla? >> we never comment in terms of if we have commercial relations are not, that wouldn't be fair to anybody. one thing i can tell you is most entrepreneurs today want to do a big transaction or who are

looking for financial help to expand their business, we will have conversations with them. >> so that kind of company would fit the bill in terms of the areas and potentially the type of founders that softbank would back? >> i mean, i would say that is more in the area in terms of finding entrepreneurs that will disrupt the way we work, the way we live, the way we move, the way transportation gets disrupted. elon musk has been an amazing entrepreneur, one i think a lot of people admire. but we look at him and there are so many incredible disruptors today that are leveraging artificial intelligence to change the way every thing gets automated, and that is where we are putting most of our focus. ♪

>> you are watching "bloomberg best." let's continue our global tour of the week's top business stories with an unexpected shakeup in this week that food and beverage giant pepsico. >> stepping down as ceo of pepsico. he will leave the role in october after a decade at the helm. she will be succeeded by one of her top lieutenants. >> it looks like an orderly transition is in the making. that said, there will be investor concern about fit of the north american beverages place within his portfolio. this company has relied heavily on internal, organic innovation to drive growth. that among other things, it will be her legacy, that she drove innovation as an innovative

company and leader. but to grow faster rates within mature industries, it may require them to put their balance sheet to work, to make more aggressive acquisitions, particularly outside the u.s., where in developing markets you see growth. >> saudi arabia has suspended diplomatic ties with canada, halting new trade and investment dealings. they are responding to canada's call for the kingdom to release the jailed women's rights activist. how normal is it for the saudis to respond this aggressively? >> it was certainly seen with the crown prince, a very assertive foreign policy. saudi arabia in the past has reacted aggressively to sweden, to germany, but there is no mistake he is firmly the power behind the throne. as we've seen in reaction with qatar, they have no qualms about going in hard, and it's not a

reciprocal response. they had escalated far more than canada. >> saudi arabia, they say they will continue to ratchet up pressure on canada for criticizing the recent arrest of women's activists. the kingdom's foreign minister says the next wave of retaliatory steps will be taken. >> saudi arabia is part of a large islamic organization, and canada must understand that its actions are unacceptable, not just to saudi arabia, but to arab nations in the entire islamic world. >> one interpretation is that this is not just a message to canada, it's a message to the wider western world, don't criticize, we have very low tolerance for this. but the speed and intensity of the response was surprising. one factor here is that there isn't much of a strategic partnership on the economy with saudi arabia and canada, giving investors something to think about.

>> deadline on downing street. the european union wants a brexit deal by september, but u.k. prime minister theresa may hopes to stall until november, gambling that the g20 summit will make the eu more ready to accept a deal. >> i think there are two ideas behind theresa may's hope for delaying some kind of a deal. one is that she needs to get an agreement at home. she doesn't have agreement within her own conservative party. she is also very much like not to have this happen around the time of the conservative party conference at the end of september. secondly, she's hoping that the timing will work out in britain's favor because the eu will want this off the table at the time when it happens, it's big g20 summit, trump comes in, they will want to show of unity, to say they put brexit behind them. i'm not sure it's going to work out that way, though. >> china's foreign exchange

holdings are picking up last month in spite of the weakening yuan and the worsening outlook for exports. tell me what is going on with china's fx reserves. >> china's fx holdings rose beyond all economist estimates. that shows that right now, china is not intervening in its foreign exchange market, and it is a signal that china has not weaponized its currency in the trade war's with the u.s. so far. we also had another important development i want to raise your attention to. the pboc told some banks they should avoid herd behavior and chasing yuan momentum moves. this comes after the move last week to make it more expensive to short the currency, and it is clearly a signal to get the markets to stabilize the yuan from plunging more quickly . >> one of america's most powerful companies may be bending to china as well.

sources are telling us google is in talks for a cloud tire with tencent and others, after it reported a story that it is preparing a censored version of its search engine. it's a pretty dramatic reversal. >> it's amazing how much things have changed since they left china. the whole world has somewhat changed, and the powerful companies that are now much more powerful in china is something that has attracted google. it is not only about search this report shows google wants to get back, or get into the cloud business here in china, and that could be a huge part of their business. >> sinclair stumbles in a bid to consolidate u.s. broadcasting. tribune media has rejected its merger attempt and is suing sinclair for $1 billion. was the issue with antitrust regulators? >> it was, but it was less about the regulatory environment and more about mishandling. the fcc bent over backwards to make this deal possible. the revised an old regulatory

loophole on media ownership limits, to allow sinclair to proceed with this deal. then sinclair still had to make divestitures, even with those modifications. the problem was they just did not come up with workable solutions for these divestitures. in some cases they were trying to sell assets to business affiliates, to sell assets to companies with connections to the chairman's family. i think the fcc was frustrated and irritated by the steps sinclair took. >> in beijing, hong kong debut. there has been a bit of movement on these stocks, have since -- has not there been in terms of beijing, to the downside quite surprisingly. >> yes. the key is investors are not looking enthused about these listings. beijing falling as much as 4.6% under the ticker 616. is the founder and ceo told us, on the global stage, hurdles

remain in giving drugs to market -- getting drugs to market and user in a timely fashion. turning to china tower, it at least has avoided becoming a swamp like xiaomi, now trading pretty flat, hitting a high of 128. it is keeping its market value at 28 billion, a 20% discount from the valuation it was hoping to achieve. >> new york has dealt a major blow to uber and other ride-hailing apps, three years after voting down a similar measure the city council approved a one-year industrywide cap on new licenses. it also grants authority to the limousine commission to set minimum pay standards for drivers. this is something that uber successfully lobbied against several years ago, this time, despite its efforts it didn't happen.

how much of a setback is this? >> in 2015, a far less ubiquitous uber beat down mayor bill de blasio and scared the government from regulating it, allowing it to continue to grow. now it's well-established, has a large number of drivers, but it is definitely a blow for uber to set a cap rather than to grow and shrink with the amount of demand. it is a major setback. >> samsung has unveiled its priciest phone yet in an attempt to rejuvenate sales of its flagship line, starting at $999. the galaxy note 9 enters the smartphone market amid slowing global demand. does this signal samsung is forging ahead with a more aggressive smartphone strategy? they said apple would never be able to sell a $1000 phone and it seems to be all the rage.

>> first of all, i think the share price tells the story. it is down a little bit. there is a little disappointment that the note 9 did not represent a more advanced step forward from previous iterations. you are right in that samsung is starting to get a little more aggressive. in the wake of the infamous note 7 incident, i think they throttled back a little bit, introducing new features. with a note 9 you are seeing an upgrade to the stylus and other features, and that signals a management shift toward a more aggressive strategy. but i think in many ways the note 9 is sort of playing a holding pattern game before the next big thing. >> ryanair is grappling with major strikes for the first time in its three decade history. it matters if you are an investor, because disruption is

set to hit a new peak today. we have at least 400 flights lost across five nations, as pilots ramp up a bid to get better contracts from the company. how did we get here? >> this is the unions trying to show that they will have a voice here. about a year ago, there were no unions at ryanair, and now this is what they have to contend with. the thrust of the straight is in -- the thrust of this strike is in germany, about 250 flights canceled today alone. they are expanding, others are expanding, so they need to be careful that this doesn't turn into an issue before people start rebooking. ♪

>> check out the gtv if you want to look at a stock more in-depth. there's the graphic dashboard. a whole slew of information, including a look at the volume, a look at the analyst notes, buys and sells, and corporate events. >> there are about 30,000 functions on the bloomberg, and

we always enjoy showing you are favorite on bloomberg television. maybe they will become your favorites. here's another function you will find useful. it will lead you to our quick takes, where you can get important context and fast insight into timely topics. here's a quick take from this week. ♪ >> our screens disrupting childhood and? in short, yes, but it is complicated. the average age for getting a first smart phone in the u.s. is about 10, and half of all american and british kids have social media by the age of 12. smartphone wielding teenagers and pre-teenagers are glued to their phone, often using social media to share sensitive data about themselves, during what could already be a tough time navigating puberty or adolescence. there are worries that screen time and social media activity

can be addictive, and researchers say it can lead to bullying and depression. a recent survey reported 22% of 8-17-year-olds said they had been bullied online. >> but there is evidence to suggest kids can use their smartphone for up to two hours a day. if you spend your time sharing positive information on social media. it can make people happy. >> that is giles turner. >> find the tech editor for -- i am the tech editor for europe at bloomberg. it's like anything. you have a drink with your friend, it's great. if you carry on drinking for 12 hours, it's not so great. is the responsibility of the parents to manage that. many parents want to throw the phone in the rubbish bin. >> and parents are the only ones -- parents aren't the only ones sounding the alarm bells. pediatric and mental health experts are lobbying facebook to discontinue its messenger kids, a version of the messenger app for children ages 6-12. most platforms do have age restrictions, but the honor system is virtually impossible to enforce. after pleas for major

shareholders to address addiction, apple has recently unveiled a new feature to help people take control of their habits. >> we know this is something that can help families achieve the right balance. >> meanwhile, experts still can't agree as to how serious a threat all this is. >> most of the evidence is relatively new on whether social media is a good thing or bad thing. you have to remember snapchat only came around in 2011. we know how long it takes academics to come to a conclusion. >> social media and screens are here to stay. letting children too young to use technology and social media run amok, or risk isolating them from their peers. ♪ >> 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 michael mckee. this is bloomberg.

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