>> coming up on "bloomberg best," the stories that shaped the week in business around the world. turmoil in turkey. each day brings new twists as investors looked on with alarm. >> the market reaction tells a powerful story as to the insufficiency of the latest move. >> turkey is trying to rewrite the practice management chapter in the playbook for emerging markets. >> the u.s. and china resume talking about trade talks. cryptocurrencies go on another white knuckle ride and elon tesla plan to take private puzzles the market. >> the sec is taking this to the

next level. it has become a more serious investigation. >> tencent and walmart lead a parade of earnings reports. >> we are seeing this first profit drop in a decade send shockwaves. >> this is likely the earnings peak in retail earnings. >> the challenge of getting excited about equities, all the investing in e-commerce. >> it is all straight ahead on "bloomberg best." welcome. i am david westin and this is "bloomberg best," your weekly review of the most important business news from bloomberg television around the world. in the market -- moment markets open monday, -- opened monday, the focus was on turkey. >> the turkish lira on a roller

coaster ride this morning as the country's central bank announced a list of measures it does will support financial stability and proper functioning of markets. president erdogan has descended -- defended the turkish economy, accusing the united states and others of waging war. >> the central bank, doing something but not with the market was hoping for. it was described as something is better than nothing. they are freeing up liquidity, $6 billion worth. the banks have to less -- parked less capital with the central bank. they said they will do whatever is necessary to preserve financial stability, but not the interest rate it has been that has been a issue for president erdogan, who said it was a tool for explication over the weekend and the market reaction tells a powerful story as to the insufficiency of this latest move. >> you've got private sector foreign-currency liabilities representing a large percent of

the gdp. sanctions from the u.s., which doesn't help. more importantly, the president erdogan basically telling the central bank not to raise interest rates. that is fundamentally the issue here. foreigners aren't rewarded for taking currency risks. is again's president sounding defiant in the face of pressure from the united states. boycottsaid turkey will iphones and american electronics and the country will stand firm. the rhetoricy took to a new level. he has always been known for speeches with fire and fury, but a few key points show that it is a much more nuanced, but very targeted messaging he is pursuing. you mention some of the key points, also threatening they will be boycotting american product. another key point, saying the u.s. has been targeting many economies around the world.

>> the threat was met from a simple message from white house adviser john bolton. the u.s. will not negotiate. raises a lot of questions about where nato is headed and if turkey fits into the alliance at all. face off all, on the it, it is a remarkable dispute because you essentially have the u.s. has said it wants this american asked her who has been detained for two years back. the message from john bolton to the turkish ambassador was we have nothing to discuss until he is released. we really appear to be at a stalemate here. >> turkey is still trading blows with the united states, announcing tariffs on $1 billion of american goods including cars and cosmetics. doublingent erdogan down on his criticism of president trump's decision to implement tariffs from the u.s. let's look at what the latest goods are.u.s.

140 percent tax on out and 120% on cars. >> the real question in my mind is thinking about turkey g8 strategically. china is marching -- turkey geo strategically. turkey in an important point from a western standpoint. you have seen it back off from nato and is turkey's overtures toward russia, arms purchases come a step in that direction or is it going to remain western focused? >> turkish lira gaining ground. authorities making it more difficult for banks to shore the currency. they have done a de facto rate hike, but gone around it by making it more expensive to borrow against the lira. did hike interest rates properly, it would be a major

step forward for turkey and we would see a wider e.m. rebound. >> u.s. stocks on a broad-based selloff domineering declines asund the globe, commodities well. materials and energy stocks are the worst performers because we are seeing weakness and metals. >> when you look a lot of the base metals, copper and even the precious metals space in gold, you have to wonder what it is telling you about the economic picture globally, particularly in emerging markets nations and in asia and whether this will be something that is more worrisome in the u.s., as well? getting some outside help. as much as $15 billion in the country. theident erdogan reached rewards of standing by its gulf ally in the diplomatic standoff with saudi arabia. $15 billion will not be a check, but a sentiment about investing and standing by your neighbor. >> it is a search for allies. you said they are reaping the

rewards of the qatar boycott. one of the things that came from the qatari side, not the turks, the $15 billion is coming in projects, investments, and deposits. we're still trying to figure out that division of the components. matt: pendulum merkel is reminding president erdogan he has a potential ally in his country's biggest economic partner. of finance ministers on a phone call yesterday. she has had her issues with erdogan and now, it looks like she is offering him an olive branch. >> a line from german officials, please -- people close to angela merkel that there is no aid on offer. nothing like $15 billion from erdogan's friends in qatar. even anything much less, but there is a notion of an olive has huged germany also economic ties with turkey.

>> president erdogan dispatched his treasury and finance minister. also, his son-in-law to calm investors on a conference call this morning. >>, he was defensive about the economy, talked about the strength of the banks, roll up capital controls. he said turkey will now address its vulnerability does -- vulnerabilities and put plans together to shore up inflation and to address the fiscal imbalances of the country. trade talks between the u.s. and china are back on. the reaction from wall street, cautious optimism. it is talks about reopening more substantive talks. >> exactly. this is a step in the right direction. china and the u.s. are talking again. these trade negotiations broke down two months ago and were at a higher level, the ministerial level, when the announcement was

made that china's vice minister of commerce would meet with a fairly senior treasury official for international affairs. it is a glimmer of hope at least that there can be some solution. it is not to say these officials are just bureaucrats who will be pushing paper. they have this way and year of the ministers above them, but again, it is not at the highest levels and for many people, this is almost a signal of not setting hopes too high of having deliverables at this meeting, but paving the way forward to get talks started again and see what the sides are willing to offer. trumpsident donald wanting china's offer more at the bargaining table as the countries prepare for their negotiations for the first time in almost two months. >> we won't do any deals until we get one that is fair to our country. lot from china about the thucydides trap. the rising power will also --

always come into conflict with the incumbent power and this leads to war. a are pessimistic about that. americans say no, the u.s. is not trying to keep china down. it is just trying to get china to follow the rules by allowing protection of intellectual property by american companies and by giving equal treatment to them in china. still ahead as we review the week on "bloomberg best," more on the turbulence in turkey. plus, an exclusive conversation with a client or in cryptocurrencies who says market bubbles are actually good for the sector. >> brings entrepreneurs, developers, it brings money. week'snext, more of the top business headlines caret hedge funds disclose their holdings for the second quarter and. the trend may not bode well for tesla. >> fidelity cut their fund more than 20%. this is bloomberg. ♪

david: this is "bloomberg best." i'm david westin. let's continue our tour of the top stories in silicon valley where elon musk insists he has financial backing to take tesla private. the devil is in the details. >> elon musk is elaborating on what sparked his move to take tesla private. the electric carmaker's ceo said the key to the gambit was the interest shown by saudi arabia's sovereign wealth fund, it recently bought a 5% stake. said he is continuing talks with the saudi fund and is talking to other large shareholders. do we have any idea who the large shareholders are and how far along these talks are? >> no. we have no idea about anything, in fact and even with the information that came out this

morning from elon musk's blog post, there is a wide range of possibility that could've happened. there was some kind of concrete conversation between and elon musk. on july 31, we don't know if they talked about price. a blog post said there was due diligence needed and we don't know if they came to any agreement. elon musk has been talking about how he will pull up the largest leveraged buyout in -- of all-time. he clarified, saying there is "no question a deal with the saudi sovereign fund could be close. ." then we learned tesla has formed a special committee to evaluate taking tesla private. explain to us the role of the committee. >> it is routine care. when -- here.

whenever there is a buyout of the board has to make sure they are representing the shareholders and not just management. they will make sure this is really a good offer and a good structure for shareholders. there, we have to figure out how elon will fund this thing, what shareholders will turn their public shareholdings in for a private stake in this company, and see if there is enough of them so elon doesn't have to raise $70 billion to get this done. page withurns another the sec said to have sent a subpoena over elon musk's tweets about securing funding to go private. what does this subpoena say about the investigation? >> what it says is the sec is now taking this to the next level. it has become a more serious investigation. they will look deeper, particularly at the part of elon musk's tweet that says funding secured. he seems to be getting ahead of

himself and what he is putting out on twitter is causing the alarm with the sec. funds closed second quarter -- the closed second quarter. people got rid of some tesla. >> big holders. fidelity cut their position by more than 20%. this is obviously before all the fracas around elon musk's plan to take tesla private, but this is notable because his plan depends on these big equity holders rolling over their stakes in to whatever the new tesla looks like. >> what is going on with facebook? >> a number of people bought facebook and people who sold their positions. shaw, allorge soros, inlding holdings of facebook

the second quarter and it seems those hedge funds that were buying came in after the cambric analytic a scandal, maybe saw the low point as an opportunity. if you bought on the earlier and, you may still be in the green. the traits that with the united states takes its toll. the euro zone, growing faster than initially reported in the second quarter. what is going on with chinese economy and what is in control and out of their control? china beinglk about buffeted by 20 shocks. deleveraging at home and trade war being imposed on them from in washington, d.c. when we look at the week data out of china for july, it is the deleveraging which is the real driving force for the weakness. trade war is a risk, but the tariffs in place so far are too limited and have been in place for too short a time to really start biting into the numbers.

>> the main reason why the euro zone economy grew faster than previously anticipated was germany. the second quarter data was surprisingly positive. the main reason we look into the numbers deeper is consumer spending and government spending, as well, that improved which is good news. that shows the economy can grow on its own from the domestic strength and despite all the fears about the trade war's. bepetrochina is said to planning a temporary halt of purchases liquid national -- natural gas from the u.s.. sources tell the unit of state-owned will increase buying from other countries or swap u.s. cargoes. how will halting u.s. imports affect petrochina? >> the baking that will happen is china is going to try to mitigated as much as possible. the sources i have been talking to are saying it wouldn't be

hard for china, which just imports about 5% of their lng from the united states, to swap cargoes with other suppliers or buyers in the east asia region to minimize cost. right now, it looks like the strategy may be able to hold off large impact on the company. argentina is taking emergency measures to stabilize the peso. raising interest rates five percentage points and announcing an fx option -- auction. these moves come in response to the turkish lira's downward spiral ripping through emerging markets. >> what you have seen in latin america is when you have these kinds of negative external shock, most countries would allow the currency to devalue weight and absorb most of the external shock. that is how policy is supposed to work. you have argentina, where the

currency has depreciated by almost 40% since they hiked interest rates from 23% to 40% in may. since may, the currency has appreciated another 40% or almost 40%. clearly, that was not enough so they have to think about alternative measures. >> shares in the parent company of the operator of the bridge that collapsed in genoa have lost a quarter of their value this month, as the telly government began the process of revoking a toll road concession. bloomberg says the board is planning an emergency meeting to assess the impact of the disaster but not until next week. this is a human tragedy on a tragic loss of life so we can't forget that, but if you look at the markets, atlantia was down some 25% on this license revoking concern. 10 the government unilaterally revoke it? will they have to pay damages to them? >> they can revoke it and according to the terms, they do have to pay damages.

if there is no penalty reason that would allow them to revoke it. at this point, we don't know what the entire parameter of what the government is talking about is, but there is no rest in the company will strongly defend its interests. shares plunged by the most in 15 years. investors weighing the costs of a legal battle after -- was hit with $259 million in damages. this on the news that roundup causes cancer. do investors expect this to hit the bottom line? are worried about uncertainty and potential legal liabilities. they are concerned this could lead to a wave of other lawsuits, and that even if this bayer mayesn't stand, need to pay settlement costs for other suits. >> donald trump has asked the

exchange commission to and quarterly reporting in order to he's regulations and spur growth. we have to draw a distinction between ending quarterly guidance and ending quarterly earnings. >> this is a big difference and this would be a bigger seismic shift if we ended quarterly earnings reports and go to twice a year. we have been hearing from a lot of investors. they do feel the pressure on earnings these days on the stock price every quarter is really holding back companies from putting more money into research and development, which could in the long run benefit companies more. on the flipside, this could reduce transparency for shareholders on what is going on inside the companies, wedding -- executives are doing, how they are getting paid and what the value of their shares actually is. ♪

david: you are watching "bloomberg best." i'm david westin. cryptocurrencies lost 10% of value in a 24-hour stretch before advancing. erik schatzker spoke with a theory and's co-founder, who wasn't fazed by all the swings. >> this is something we have seen so many times in the blockchain ecosystem since 2009 when bitcoin was invented. we have seen rises and falls. we have seen what many call bubbles and i would agree. >> what happened last year was a bubble? seen six bigve bubbles, each more epic than the previous one. each of these bubbles are astonishing when they are

happening, but when you look back, they seem like little pimples on a chart, really because the growth has been exponential. each of these bubbles has the advantage of bringing attention into our ecosystem. it brings entrepreneurs. it brings developers. it brings money. it brings the prospect of building fundamental infrastructure and creating more noticedo what we have is with each of these bubbles, we have a tremendous surge of activity and that is what we are seeing now. we had a big bubble. i think we are something back -- back to something like november, december prices which we thought were incredibly high. since then, we have probably seen two orders of magnitude increasing developer activity, increase in scalability, technology. it is actually going quite well. does it worry you at all that the developers, the

entrepreneurs, the talents and the money that enter the crypto ecosystem on the way up exits on the way down? ethereum -- joseph: no, we are not saying that. we see trader types feel like their fortunes are rising and falling with the price of bitcoin and the price of ether. all of these tokens are incredibly correlated. it is the trader types that are moving them around. >> don't you feel it too? on paper, surely, when ether is at 1300, you are wealthy are then you are today. joseph: we can look at the price and make growth plans and projections, and we are still on track, basically. david: coming up on "bloomberg best," conversations around the week's central stories. investors, analysts, and policymakers talk turkey. the cause of the crisis, immediate effects, and the consequences. >> collaterals are financing and

the rates are starting to converge. david: this is bloomberg. ♪

♪ welcome back to "bloomberg best." i'm david westin. looking back on the week, turkey dominated the discussion on bloomberg, and the implications of its nations crisis extends far beyond its borders. here are highlights from our conversations on the week's hottest topic. ♪ >> i don't want to sound like a doom monger, but it seems like this is a really unique set of circumstances. is there any other precedent we can look to, either in turkey or in other emerging markets, that can show us a way out of this crisis, or is everyone stabbing in the dark? >> i think emerging markets have been through these crises at various points. >> exactly like this? >> the difference i think we are

seeing here is that policymakers don't seem to be responding in a way that markets are wanting to see. historically, what we've seen when we have had large currency falls is the imf come to help. they raise interest rates, keep real interest rates high -- >> all of which turkey isn't doing and widgets that it won't do. >> the question is what changes? some governments have managed to get through this without the imf. russia had a currency crisis in 2014. but even then, we had some move toward reforms. higher interest rates, a shift toward orthodox fiscal policy. turkey doesn't seem to be doing that. my concern would be there needs to be a deeper crisis to bang heads together. ♪ >> i didn't realize that trump would be so tough with regards to bond selling in getting his return. now we see a real bargaining taking place between the two

leaders, and both of them are strong, and are probably not willing to compromise. >> a question for you, mark, about turkish banks. the u.s. bonds trading $.50 on the dollar. do you have a comment, and if you were a depositor in a turkish bank, would you be taking the money out? i got most of my money out, but i am keeping some in, because i think longer-term, it will be an interesting market. but if you have a turkish lira, you are losing -- in my case, i had a little turkish lira, so i'm in pretty good shape -- but i'm concerned about any currency controls. if i wanted to get that money out -- this is something we would have to look at. ♪ mercantilism, to and i think that's the real story. it is potentially damaging to the world economy, in particular

to some of us in the developing world. >> if we are back to mercantilism, the president is in some ways dealing with that this morning. turkey, or canto you link it to the fact that we are back to mercantilism? bywell, we has been affected currency instability, the south african rand has gone down from about 13 to the dollar to about 14 something to the dollar. result oft, a direct the contagion from turkey. we are affected. fundamentally,re we has been subject to some of the punitive tariff of the united states on steel and aluminum products -- they were imposed on us as well and another developing companies.

we have been subject to those, we believe it is a cause of national security threats to the united states. we don't believe we should have been, but we have been. we are now under investigation for an extension of those tariffs to automotive products as well. the rest, i think we find ourselves in a trade war. ♪ markets, as ag general matter, and like other fixed income markets, have had far too much access to capital. in the case of turkey, they took a lot of non-turkish lira denominated debt to further the borrowing desires. so what you see in those markets is not only that they are tight, but put optionality in those markets is expensive. it indicates that the investor community views those as not only tight, but ready to move down. in fact, we are not people who bet on those currencies. if we use them at all, we use

them to hedge other risks we have. we have seen a number of currencies that have operated in sympathy with the turkish lira, for example argentina, were our ability to hedge became suddenly far more difficult because market makers went away. i think you will see that around the world. >> so the psychology that is exposed, there's a sentiment that is exposed by this sort of reaction. how much further do we have with that? are we foretelling something here, in the broader market? >> i would say it is unclear to us whether we are in the last inning of the first game or the first inning of the second game. but a lot of points we see bubbling up across the world would suggest that people's understanding of their collateral and the risk of financing are starting to converge. ♪ >> we talked a little bit about emerging markets. which ones are flashing on your dashboard as ones to be

concerned about? do you think we have passed the immediate haven phase? >> well, of course, turkey remains -- we have seen on this slump that the south african is vulnerable to contagion effects. this is due to a current account deficit. what we are doing is that those who have current account deficits are most likely to also slump if we see any higher volatility in turkey. >> how did the euro get from here? turkey is something that had been weighing on the euro, what is your call? some of this concerned that the ecb could get safe in the near term, right now we are not seeing any effect on the real economy in europe. they are also going to stress price volatility.

we are on track and we are going to continue with the normalization. ♪ do in terms ofou managing exposure to a country like turkey at the moment? >> so initial conditions matter a great deal. if you are already exposed to turkey, i would reduce exposure. i think turkey is trying to rewrite the crisis management playbook, it is trying to go without interest rate hikes, it is trying to do it without the imf. that is hard. it's not impossible, but it's hard. >> it looks slick they are dealing with a symptom but not with the illness, and if they continue to explore this unorthodox crisis management, how bad does it get before it gets better? >> so the major concern whenever you look at these things is what is a technical dislocation becoming a financial dislocation.

that plays out through the following channels -- corporate bankruptcies, because of currency mismatches; massive pressure on the banking system, so you get increased dollarization; higher inflation, and then recession. that is what turkey must avoid. they need a circuit breaker. you and i have talked about this. they need a solid circuit breaker to stop technical contagion from becoming economic and financial disruption. >> the word i keep hearing is idiosyncratic. have we gone beyond idiosyncratic for emerging markets? >> oh, yes, we have. we see correlations going up across the board in emerging markets. we are in the midst of a contagion phase that is impacting both strong and vulnerable economies. that is going to provide opportunities. if i were back in the game, i would be saying this is great, look at this, the market isn't

distinguishing enough to create strong and weak names. we have gone beyond that. we are in the midst of a contagion right now. ♪

♪ >> you are watching "bloomberg best." let's resume our roundup of the week's top stories with a focus on earnings. tencent was one of many firms around the world reporting quarterly results. ♪ >> the crackdown on online gaming in china is hurting tencent, the chinese internet giant suffering its first profit drop in over a decade. this is the messaging platform that has struggled to secure approval from chinese regulators to monetize some of its most popular online games. was this the reason why the results disappointed, and it is likely to weigh on results in the coming months and quarters? >> we are certainly seeing this

first profit drop in at least a decade, sending shockwaves across the investor community. there were already muted investigations, given these regulatory changes, but what we are seeing is even worse than expected. many know tencent as a social media giant, but at its core, tencent is a gaming company. it gets significant revenue from games, and the fact that they can't make money off their most profitable games is a huge problem for them. ♪ rebounding, posting its best quarterly u.s. sales growth in a decade, fueled by major grocery visits and online success, sending shares soaring. >> is a tale of two companies. walmart's u.s. business is performing amazingly. greg foreign and his team

run the u.s. team have really turned this company around in the last couple years. the challenge in getting excited about the equity is all the investing the company is doing in commerce, that they will close fli with cart in the next couple weeks. that company loses $1.5 billion. there only e-commerce business in the u.s. continues to lose money. in fact they said the losses will be more than the anticipated. that is the challenge as an investor. we have this great supercenter business taking share really well, and then with all these losses on the other side. ♪ >> macy's earnings topped expectations, and investors are concerned that the department stores spending and shares are sliding. they have beat estimates for what five consecutive quarters, and are still not convincing investors. what's the problem? >> they raise guidance three times, if you recall fy 18, all the news coming out was extremely positive. i think it may have a lot to do that if you look beyond the second quarter into the second half of the year, this is likely

their earnings take in terms of retail earnings. the index will be up 19.8%. right now it is unlikely it will come close to that in the back half of the year, and that will likely be the case for a lot of retailers. guidance is lower in the second half, and you have the specter of amazon, which is constantly present, given that the stock has been up. i think that is what investors are looking at. ♪ >> home depots second quarter represented a bounce back from a slow start to the year, when bad weather cooled construction projects. what caused that blip, that been recovered in the last quarter? >> in the case of home depot, we really did see an unseasonably cold winter that dragged on and on. what they said last quarter was that what you were seeing was all the clients in the gardening department, and that without those declines you saw in the gardening department, sales would have been right where full six acted. -- where folks expected.

they had telegraphed in that first quarter earnings call that comparable growth was of double digits, really strong. we had some inkling that was coming. ♪ thatsco appears confident an overhaul of its computer networking program will keep corporate demand. the company gave a bullish forecast for the current quarter. they posted higher-than-expected profit and reported sales growth rose for the third straight quarter. >> if you look at our performance, we have clearly driven a significant amount of innovation, our teams have done an amazing job, been at the same time we've had a very strong global, macro economic environment to operate in. right now we obviously have some dynamics with the rising dollar, we have some uncertainty in some of the emerging countries, we have to trade dynamics. those are things we don't necessarily control, so we will have to deal with those as they evolve. right now, things feel pretty

good. ♪ >> it's the end of the road for nvidia's crypto gold rush. the company says the sales of were risingips faster than expected. it expected to sell $100 million for its fiscal second-quarter, but only managed $18 million. they say revenue is likely to disappear entirely going forward.what does that mean for bitcoin ?is it bust ? >> well, we have seen bitcoin drop 70% last year. bitcoin certainly doesn't feel as hot. but, that said, we have seen cryptocurrency like this in the past. we saw drop more than 90% and then comes storming back. we are near levels that look technically quite interesting, but i think the coming months will be telling. ♪ -- having an up-and-down day, beating the highest estimates

and starting a potential $700 million usd expansion. good numbers here. what's behind it? >> we are happy with the numbers, thank you. it's a great result, australia is a strong result. a little softer in asia, but the geographic diversity of our footprint means we have been able to pull together a very good result. ♪ denmark's -- the maker,t turbine softening the outlook for turbine manufacturers. the company also came through a narrative guidance on revenues and margins. a lot of what you said this morning sounds cautious. what is it you think that people are seeing in the numbers you posted today, in the outlook you posted today, and the buyback you posted today, that you think is encouraging people to buy your stock? >> overall, we deliver.

we have high activity in comparative market. intake is 45% year-over-year, leading to a record high on the backlog. i think that is a strong message. ♪ >> german industrial services provider bill singer has reported a quarterly net profit for the first time in over a year, and beat the industry expectations. talk me through your returned to profit here and your outlook toward building on that in the future. 10%, thereforep profits are up. i think the top line shows that earnings momentum shows we are on the way to delivering on our strategy. the good news is that the kind of businesses we are in, industrial process businesses in

europe and the middle east in north america, they are stable, and they continue to drive our orders. ♪ business is booming. i thought you did there. the industry is on chance to generate legal sales this year, $35 billion by 2030. investors are looking to get in on the green, and the latest in business comes from the grown-up your maker constellation brands. it is making a $3.8 billion bet on the world's largest publicly traded cannabis company. >> we are in the beverage alcohol business. obviously, this is the first aligned andfor an complementary type thing since prohibition. in fact, this is sort of the end of the type of prohibition, at least on cannabis. we see it as a tremendous opportunity to add to our portfolio. >> so when we make a beverage

that has no alcohol in it and no calories, causes friday nights to be uplifting, positive, you don't get sleepy, you get happy. if i can make that, make it with them, make it consistent well branded,, delivered to you for the type of purchase you want, that's the future. the reason i like constellation is they saw that before anybody else. ♪ >> a sudden shakeup and netflix. the ceo plans to step down after eight years on the job, during which the streaming service transformed itself into a content powerhouse. he says he is leaving to focus on philanthropy, and will choose his successor. how sudden was this? how surprising is his resignation? >> i don't think anybody was really looking for this announced meant. there have been no speculation. but the stock is pretty much unchanged, which indicates that the market is perceiving this as a fairly orderly transition.

david is going to stay, as you mentioned, to handle the transition. it appears to be a little bit of a surprise, but not a big deal. ♪ announced a string of units on the nasdaq opening in -- copenhagen. it is the latest step from the energy industry. the company has said it wants to streamline the structure and focus on the core transport business. >> we have looked at all options. we believe this is what will create the most value for shareholders. the reality is that there are many great companies, but there are not a lot of companies with very strong balance sheet. all the other possible transactions involve some kind mean that which would we would probably end up having more exposure. so we actually think this is a

good solution, and it will allow our shareholders to remain invested in a company that will do well in the coming years. ♪

♪ >> you can follow more on the stories and all the days trading on our markets live blog, mliv . you can get a market run down in one click with commentary and analysis from expert editors. you can find out what is affecting your investments right now. >> there are about 30,000 functions on the bloomberg, that we always enjoy showing you are favorites on bloomberg television. maybe they will become your favorite, as well. there'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. ♪ ♪ >> personal data doesn't get much more personal than that. that is your dna. consumer testing companies promise that, in exchange for a it, they will reveal your heritage includes to your health. the industry has grown in popularity. sales are projected to double the next five years, but the company still have your genetic data, and there are few limits to what they can do with it. >> if you read their privacy and policies for any of these genetic testing companies, they actually outline for you very clearly all the reasons you might want to think hard before you participate. made a deal and me

with glaxosmithkline that allows them to develop drugs. also say theements company may have to share data with law enforcement if there's a court order. they haven't yet complied with any request, but they may not need to. authorities say this the case of the golden state killer. leave an sacramento cracks the long cold case of the golden state killer by matching dna from a crime scene to one of his relatives through an open source genealogy website. in 2008 congress passed, the genetic information nondiscrimination act, which is meant to bar employers and health insurers from using genetic information against them . they could use your genetic information to decide whether to offer you a policy or not. >> but the products do what they advertise, right? well, yes and no. >> one thing they can definitely, 100% tell you is other people that you are closely related to. but after that, you get declining accuracy with every

other application. >> for example, breast cancer. >> what if you get a test result back says you are negative for one kind of breast cancer, but maybe you are at risk for other kinds of breast cancer? there are thousands of markers for these conditions, and they are not well understood. >> some consumer dna companies also claim to give you further health insights. >> the science is not there in those realms, to effectively say how you should be exercising or eating, what skincare products you should be using based on your dna. >> even if you decide a dna test isn't for you, you may want to convince your relatives as well. their dna could inadvertently reveal a lot about you. so remember, before spitting into that too, it is not just personal, it is familial. ♪ >> 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 businesses and analysis 24 hours a day.

that will be all from "bloomberg best" this week. thanks for watching. i'm david westin. this is bloomberg. ♪

♪ >> i'm emily chang in san francisco and this is "bloomberg technology." and the next hour, elon musk tells the new york times no one reviews the infamous tweet and he does not regret it. and chips stocks on track for the longest losing streak in months. is the semiconductor downturn coming? door dash raises 216 million more dollars in its latest