>> coming up on "bloomberg best ," stories that shaped the week around the world. currencies sink and economies staggered around the world. >> too little too late is the story of this emerging market crisis. >> i despise the word contagion. >> testimony times two. candidate and tech titans answer questions on capitol hill. >> the question of misuse of these platforms is even close to addressed is false. theatrick leahy described setting on capitol hill. >> amazon's market cap touches a

trillion. citigroup restructures its investment bank. the carney era made run longer at the bank of england. this does suggest the fed is on the right course in terms of tightening. >> the data is unmistakable. likere growing, boom across the board. >> plus, an exclusive conversation with jack ma about what comes after alibaba. >> very soon, i will go back to teaching. >> it is all ahead on "bloomberg best." welcome. i'm julie hyman. ," your "bloomberg best weekly review of the most important business news, analysis from bloomberg television around the world.

let's start with a look at the top headlines. markets were closed in the u.s. monday, but meanwhile, trouble --emerging market showed markets showed signs of becoming a crisis. >> argentina took action today amid its fiscal crisis. the president will ask -- impose prices on exporters after the peso continued its collapse last week and concern grew about the ability to finance itself. made arnment officials more concerted effort, outlining what will be their effort to decrease the fiscal deficit. they said they will seek to bring the primary fiscal deficit to zero in 2019, 1 you're earlier from what was previously agreed with the imf in 2020. supposed to bring confidence to markets but we are still concerned a weakening peso was going to reach complications

in the next year for financing needs. >> let's turn to turkey. the central bank suggests higher interest rates are in the offing. finally, the central bank talks tough. >> too little too late for this andging market crisis turkey, if they are talking about raising rates, it is the next central bank meeting as they indicated today, why not straightaway? they have done emergency hikes before. producer prices jumping six points his -- 6.6 on the month. it is only going to get worse. the central bank will raise rates almost certainly on september 13, but by how much? will it be enough? will they commit to keep on raising interest rates to break this vicious cycle?

>> rent has fallen after south africa's president suffered the same false start as his predecessor. how concerning is this? mean the south african economy is worse than we were expecting? >> it does seem as though this is bad news for the south african economy and the assessment -- investment goal that ramaphosa has two boost the economy and create more jobs. gdp strength -- shrank in the second quarter compared to a decrease of 2.6% in the first quarter. it seems as though the fundamental structure or challenges that are working against economic growth still persist and he will have to work hard to unravel those and hopefully resolve those so he can stimulate economic growth.

>> there was a day when supreme court nominations were largely partisan free, but no more as hearings on the nomination of judge kavanaugh couldn't get past the introduction before democrats and republicans traded heated words about the process. >> mob rule is how patrick leahy described the setting on capitol hill. this, as democrats have taken issue with the release of 42,000 documents released hours before this hearing was underway. they had been calling on the senate judiciary committee chairmen to give more time to review those documents. >> what are we trying to hide? why are we rushing? >> this committee has more materials for judge kavanaugh's nomination than we have had on any supreme court nominee in history. how littlemarkable of this discussion is about brett kavanaugh. democrats are complaining about the process, there are millions

of documents that could be relevant but they haven't seen yet and only a small amount of discussion on brett kavanaugh and his qualifications and what he would bring to the court. silicon valley taking center stage. sheryl sandberg and jack dorsey, and a third chair left empty for google faced questions from the senate intelligence committee. jack dorsey has said, i understand these problems are large and i haven't done enough and i am willing to fundamentally reevaluate the business model for twitter. he doesn't time, seem to know what twitter needs to do to get better. some of that uncertainty, coupled with the idea of doesn'ton -- if twitter even know what it needs to fix, how will a government now? that is one of the reasons you are seeing the stock fall today. >> one of the most significant things that came out of today's hearings was the sense the

government and these companies need to work more closely together and there was some willingness on both sides to have a reasonable discussion about that. be tosic point would believe this problem of molecular and an misuse of these problems is even close to addressed is fundamentally false. emerging-market stocks on the cusp of a bear market for a second day. a few signs of relief from that selloff. contagion is the worry. what do you do with this selloff? do you sell into it or do you look for value? >> look for value, definitely. we have seen tremendous opportunities. i'm not saying you jump in with two feet, but at least you begin to stock pick. of thefundamentals world, in terms of global growth and earnings, still look pretty good. it is not like we are in this dire position. by the way, i despise this word

"contagion." just because it happened in the last recession doesn't mean it will happen in this recession. please, please stop that. forhina is bracing potential new u.s. tariffs that could come in imminently. duties on $200 billion in chinese imports are supposed to cover everything from bicycles to digital cameras. what is the mood amongst business leaders and those in china? therom the official side, view is, we are digging in. we are shoring up our defenses and not budging. we are not going to back down. from the business perspective, i spoke to a very influential lawyer this morning. he is right at the heart of dealmaking between foreign and chinese businesses. he works with foreign and chinese clients, and it is a pretty grim situation. a lot of concern is overshadowing business sentiment here.

theresident trump saying could be another $267 billion of imports inchina addition to the $200 billion worth of tariffs. them yet, butse the public commentary is that -- has just ended. >> this would be a huge escalation of things. we are in the final stages. there hearing that over at u.s. trade representative's office, they are working through the final stages of nailing down the specifics of what they want to do with the $200 billion we have heard about. the hope -- president is eager to go ahead as soon as possible but he really dropped a bombshell today saying there is another 260 billion dollars to go further. that is not going to help things. negotiations in washington, a nafta deal, not

looking likely. an asian -- a canadian official says talks have seemed upbeat but aren't -- don't seem to lead to an agreement this week. >> keeping no comments. tightlipped about a possible deal. the president saying he does not think there will likely be a deal anytime soon. >> what is the main sticking point? has it changed from what we thought the sticking points were a couple of weeks ago? pushing for more access to canada's dairy market and the canadians are pushing ofk against the u.s. idea scrapping dispute resolution panels. another situation that has emerged that is somewhat new is that canada wants to preserve its cultural industry. they want to prevent u.s. television programs and movies and such from infiltrating local markets. discussions are ongoing. they say they are positive, but

we are not seeing any major progress. attention, wall street. wages are up. 200-1000 jobs created, unemployment at three point 9%, unchanged. average hourly earnings rise -- rose .4%, pushing the annual game to the highest since june 2009. is a little surprising to me is the labor force participation decline. put that together with larger wage growth than expected and this suggests the fed is on the right course in terms of tightening. an economic boom. it wouldeople thought be impossible. we are actually picking up speed right now on things like i sm and business investment and wages and so forth. the data is unmistakable. we are growing, boomlike, across the board.

julie: still ahead on "bloomberg best," what really matters to jack ma. an interview about philanthropy and purpose with the founder of alibaba. different, something in my mind. julie: what is ahead for the global oil market? politicsather, and have created questions. more of the week's top business stories. the football player famous for taking a knee is the new face of nikes. but will customers buy it? is thenderstand this beginning of a lot more of collar kaepernick -- colin kaepernick you will see through nike. this is bloomberg. ♪

,"lie: this is "bloomberg best

i am julie hyman. let's continue our global tour with yet another sign of amazon success. tuesday, amazon reached a market cap of $1 trillion. is starting september with a bang. shares pushing the company of $1 a market value trillion. a milestone apple reached last month. most notable, the speed with which amazon hit that milestone. shares have more than tripled in the last three years. is this rational? >> this company has executed extraordinarily well the last 10 years. loyalty toward amazon, the increasing success of the film and where amazon turns its warehouses over to third parties, all the things it does so well and online retail is still 5% of total retail in the u.s. of the optimism is investors rationally looking and

seeing amazon is an extraordinarily well run company and markets that -- in markets that have so much room for growth. >> citigroup restructuring the investment bank operations as -- two days after the cfo and two other key leaders depart. >> the restructuring is not unusual, because we have most banks on wall street including mortgage origin nation businesses and now they are intoing origination investment banking. meanwhile, some of his underlings are being promoted, the court heads of the investment banking units, one of them was the head of origination, and the other was the head of emerging markets and europe and africa.

the unique people are going to push it forward. cvs bouncing back up 1.3 initial decline, percent on reports the company's board is in talks with the ceo to leave the company. the 100 million and run? to know whatssible happens but the outcome was all but assured, -- assured. when you go to war with your majority shareholder, forget about all of the risks and challenges that the #metoo allegations have added on, he went to war with the shareholder of the company and tried to take power of thatg majority shareholder. he was going to lose anyway, so it sounds like he is finally figuring out there is a better path, especially for the company then fighting this to the bitter end. >> the new ceo of the world's

largest advertising company. follows martin sorrell, who resigns over misconduct. he is talking about change. what should we expect? >> there will be change, but much of the same. wpp has been slower to adapt to the reality of the advertising industry. this holding company they have had before isn't serving its purpose anymore. there will be change on that front. a lot of those changes have started. it is seeing that process through. jd.comionaire founder of has returned to china after his weekend arrest for alleged sexual misconduct in the u.s. an incident happened at the university of minnesota where -- with a doctoral student and involved another chinese student. >> sentiment is there won't be a long effect on the company. all bets go out the window if

the ceo of the company is forced to come back for more questioning or is charged with an actual crime. at this stage, he is only accused rather than formally charged. and colin kaepernick. the quarterback who sparked controversy during the national anthem will be the new face of the iconic "just do it" campaign. shares are lower in a down market today. why so much controversy? >> someone finally signed colin kaepernick. a lot of controversy. colin kaepernick is a lightning rod for debate about the future of the nfl, about race relations in the united's rates, the way -- united states, the way people address the military and the flag. from what we understand, this is the beginning of a lot more colin kaepernick through nike. there may be a shoe, and apparel they'll -- deal.

this is not a one-off and nike is going to double down. >> buyer warned of lower earnings after the purchase of monsanto. the first forecast since the acquisition has seemed to disappoint the market. >> earnings-per-share are lower .han so far guided it is a technicality because we are closing the monsanto business later than expected and the earnings of monsanto that have been generated this year rather us as cash flow than reported earnings, but also, the monsanto business is very healthy, so we are very positive for the combination of the businesses for the remainder of the year. our people are pumped up and ready to go. at risk of bank is losing a major investor. china's hna group recently most -- held as much as 8% of voting

rights is said to be plant -- exiting its entire stake in the bank. does this make it possible or less possible that we could see a tie up with commerzbank or some other entity now that hna is out of the way -- hna is out of the way? >> i don't have a direct answer to that. to my knowledge, hna doesn't have much of an opinion on the merger. i don't see any obstacle arising out of this, but i don't see a ,otential merge accelerating either. it depends on who takes the shares that become available. betting on anne eventual merger between the two banks, it could accelerate, any proceedings in that way. shares, falling by as much as 10% today after two senior executives announced their departure. it follows an interview with elon musk.

this one saw him sipping on whiskey. sipping whiskey, smoking pot, they lose their chief accounting officer. less than a month with the company. there is even greater call for a co-ceo or coo to be under elon musk and help him run this company. ♪

julie: you are watching "bloomberg best." i am julie hyman. tom mackenzie sat down with alibaba group founder and chairman jack ma. they didn't talk about e-commerce or double trade. the topic was his journey from english teacher to corporate leader and how he is dedicating more time and fortune to philanthropy. i do a lot of things on

education because i think education is so critical for the environmentducation . these are two things i focus on a lot. there is no one thing that is the most important. the most important is everyone do something. tom: to what extent has your identity as an entrepreneur been shaped and forged by your first love, which was as an english teacher. jack: people don't like me to i am aout it because teacher. the only thing i can do is share. i learned so much from alibaba. i learned so much from the alibaba journey in the past 19 years. it is my responsibility to share. whether people don't like it or like it, agree or disagree, that is ok. the thing is, you have to share because society gives us so many resources. so much experience, you should

not waste it. share with others. maybe it is a professional disease i've got, teaching. tom: do you miss teaching? jack: very much. field as the business an accident. just coming, started to do it. i think someday very soon i will go back to education. this is something i have more confidence -- i think i can do much better than be an alibaba ceo. tom: that would be quite something. jack: yeah, i love that. this is why i prepared a jack ma foundation, teachers, kindergartens, all of these things i have been preparing for 10 years. this is something i want to devote most of my time to when i retire. tom: when could that be, that transition? jack: very soon you will know that. tom: this would you -- bu --

this would be you separating to focus on the foundation? jack: yes. tom: would you focus on the bill gates model? jack: there are a lot of things i could learn from bill gates. never be as rich as bill gates, but i can retire earlier than him. i can do something in the education field unique, different, and something in my jack ma's mind. will learn from bill gates, warren buffett, a lot of great philanthropists in the world but i want to do something using my own way. julie: coming up on "bloomberg best," more of the week's top news including the latest on italy's budget battle and straight ahead, more exclusive conversations. executive shares

concerns about how trade wars could hurt his business. >> if china falls off significantly, that will have an impact on global demand, no question. julie: this is bloomberg. ♪

♪ >> welcome back to "bloomberg best." the outlook for oil is complicated. a tropical storm in the gulf of mexico, impending sanctions on iran, and the threat of trade barriers between the u.s. and china were all on the minds of investors, and bloomberg television spoke with several industry insiders to get more insight. let's start with our exclusive interview with nigeria's oil minister, who expects opec and its allies to continue oil production through next year. ♪ >> the threats on iran and a couple countries, the challenges in iraq, we think that will continue to play.

to take a much more disciplined relationship with opec to see this positive movement in terms of compliance. >> do you expect that plan to continue into 2019? >> the momentum is still leaning toward that, yes. it is work for us. it wek before we dislodge have to see how the marketplace. if come december we find out everything is working well, definitely what you will find is investors are limited. we are stronger with that decision in june. [no audio]

>> -- in the upcoming years, absolutely. things come up every day but overall we still see oil demand being strong. >> figure changes come from trade agreements. we have maybe something with mexico, maybe not with canada, maybe not with china. how does that effect where you send your oil and natural gas? strongall, we want a economy in the u.s. and in north america. that will overall impact demand. some sortike to see of agreement reached that is .utually beneficial

as far as where we stand or what we receive oil from, that is really driven by is the actual demand for that individual product, do we have agreements we can sell the product? >> if you lose mexico and china, is there enough demand and other countries to send gas and oil. >> that would have an impact. question. mexico, from a natural gas standpoint, we are counting on growth that is slowly occurring. we think that will be beneficial. but overall, we think natural gas is probably in the three dollar environment for a long time. ♪ >> the macro environment has been going to a more concerned state over the last six months. the oil demand dynamic benefited from very strong diesel demand

and synchronous global growth. all industrialized countries firing on all cylinders. the key em demand growth is a key part, 20% to 30% of the demand mix, and was in the robust state for at least a year and a half. i think there are a lot of concerns, when we look at the currency effect, in addition to the oil demand effect of higher prices. both the price in the income effect is starting to raise questions about the sustainability of the 1.5 million, 2.8 million barrels per day we have seen. 2018, we sawin almost 2 million barrels per day in demand growth, and we have expected that to start to go lower over the course of the year. the trade tensions give a lot of concern to the oil demand growth profile, because it is affecting that e.m. component.

wethe other part of it is have seen a lot of countries take off the subsidies they have, which makes them more sensitive to fluctuations in the oil price. are you having to factor that in yet to your oil demand these this? -- demand thesis? >> definitely. when you look at the price to a retail consumer in some of these countries, we are back at levels we were seeing in 2007 and 2008. that's an incredible full circle we have come, as a result of tax changes and subsidy removal. ♪ >> from oil and gas to cars and planes. bloombergs guy johnson was a man on the move this week, speaking with airline executives at the global aviation festival in london, after he set down exclusively with the volkswagen ceo in our london studio. vw makes vehicles in the u.s. and mexico, so they began by discussing the uncertain future

of nafta. ♪ >> i think having an agreement in place is important. we need reliable conditions. unfortunately we don't know yet all the details of the agreement. we know that canada is supposedly coming to terms. so for the time being, it is a work in progress, but stability is what our industry needs. we appreciate any move toward an agreement, which is the basis and foundation for our business in the region. >> there was a report that you were approached or part of the tesla go private plan. is there a truth to that? were you approached? were you in any way involved? >> no, i heard about the rumors too, there was no discussion on our part. >> tesla has been an amazing story. it quite literally has electrified. i remember talking to elon musk a while ago.

he told me his whole emphasis was on getting german engineers, the best in the world, to get their act together when it comes to electrification. have we now achieved that? it feels like we have. have we reached peak tesla? is peak tesla behind us? >> i don't know. we have a lot of respect for tesla and elon musk. i think they changed the thinking in the industry. they have been the benchmark in many respects, and they will overcome the problems in terms of ramping up production, therefore we should and do take the necessary as a competitor, but we are very andted about the porsche, then the big next issue is getting into volume with our and this audi product, is the wave of electrification. i think we have something to offer, which will be very convincing.

all segments of the market may be luxury and volume. if we look at every competitor, we certainly look at tesla, but we focus on our strengths and abilities. luckily, most engineers stayed with us. ♪ >> when his jetblue going to fly to london? >> well, we are very interested in the opportunity. market at the u.s. out.en it when we rolled we look at the fares that they are charging transatlantic, and we think we can bring price discipline to the market, we can bring lower fares, and stimulate demand. glenn are if we do that, we have to balance that with all the other great things we got going on. >> is it imminent?

is this something i can look forward to? is the jetblue experience going to be something i'm going to be able to -- i'm thinking about a holiday in the year -- will i be able to get on your flight? >> we haven't made a decision, and i don't want to tip our hand on what we are thinking. we do think it's a good opportunity. when the time is ever jetblue to take advantage, we may well do so. ♪ >> you have taken over early, you have more business coming in. are you starting to see the business coming in? are you starting to feel the advantage? >> i think one should remember that we launched the sales, that we completed the transaction only in december lef last year. this is a strategic transaction that we made, which give us a fantastic position in the biggest market in europe. this will take some time before

we get out to a profitability that is an average of the network. we are targeting to break even next year, and we've had a fantastic year in terms of response from the customers. we are very pleased with how the year has gone so far. >> you found you were doing well with singapore. this is part of your worldwide program. effectively what you are doing is becoming the short network for the full-service carriers. the full-service carriers who struggled to make money when it comes to their shortfall networks. money on worldwide? can you make money on a transaction like this? what advantages does it bring you? >> what it does is it opens up for a whole new set of customers by connecting our european network, which is the strongest investment when you are looking at what we are delivering to europe.

what we haven't done until we launched, we were unable to be part of a single transaction when you connect the destination. doing, what easyjet is and the fact that we have more airlines is a testament to the caliber of our proposition. we definitely think we can make money on it and it is a good solution. ♪

♪ >> this is "bloomberg best." let's resume our roundup of the week's top business stories with budget discussions and italy. the nation's new populist government had vowed to oppose eu restrictions on deficit, but as the week progressed, leaders backed off.

-- jeopardized the stock market to win voters. fair?at there > they >> the traditional base is in the north in italy. aboutwas a lot of anxiety possibly spooking the stock market and what happened to bond yields, which shot up. all of this i think is suggesting some caution. , we don't have a final figures yet. we will still see a lot of we still don't know where they are going to land.

. tonenk the change in compared to just three months ago is remarkable. ♪ >> the bank of england governor mark carney says he is open for extending the 10 year for a second time to help the u.k. transition out of the european union. he is due to step down next june, just three months after brexit. >> i think we all know there's a lot on him at the moment, the on it and ias a lot would expect this to be resolved relatively soon. >> the reality is personnel changes at the bank of england won't necessarily change the dynamics. buts not a bad thing equally it is no thing for the u.k. markets to rally, especially when you take a step back and look at the key driver for u.k. assets, it's going to be brexit. that is by default a function of

brexit. i think that is small headline noise won't nest early flow through but it is not a bad thing. ♪ plans the second and third largest mobile carriers to shape and control 5g wireless technology. when you talk about this merger how will it boost their ambitions? >> as we understand it from the sources we have talked to, there's a proposal with china's theleaders that would see second and third biggest mobile carriers merge and create a company that would be more nimble in terms of acting on development and be more nimble and able to make the investments that china sees as needed to dominate this technology. 5g is key to the made in china

2025 ambition of president xi jingping. it is something china wants to move ahead on, and this could be part of that plan. ♪ >> to russia now. it says it is ready to take an emergency stance on buying its own ruble debt with new wave the u.s. sanctions threatening to up into the market. how prepared is the finance ministry for the worst-case scenario? >> when i put this question to the deputy finance minister, on a scale of zero to 10 with 10 being very prepared how would you rate your preparedness? he gave me a very clear 10. what we are looking ahead is the worst case sanctions, sanctions on new sovereign debt and sanctions that affect state banks. in terms of the new sovereign debt this year's have already pushed ruble bond yields hires and sent the ruble itself weaker . we have seen foreign holdings decrease as well.

i asked is in extreme scenario you could he the central bank intervening and he said this would be a possibility. >> you do get that worst-case scenario of sanctions on new sovereign debt, that affect the state bank, what will you do to protect the economy? >> the key things for what we we have a surplus on the fiscal side and on the current account side and all those factors allow us to keep stable in case of any kind of fixed are no risk. whether it is sanctions or an em have increasedes in the past couple weeks, so in case of anything external we have strong metals domestically that protect us. ♪ economy, expanding as

the fastest space and nine manufacturingst have set off worries about a trade war. a 7.6% median estimate in a bloomberg survey. >> the glass is half-full, very strong gdp, and a very favorable base. was atresponding quarter a multiyear low. it was notwithstanding a strong print. two things stood out, one is consumption, india is holding up well, but i think more importantly for the first time in many quarters exports began to grow stronger than imports. the drag is much lower and that is a tantalizing's mind that the rupee depreciation may be shoring up in terms of boosting relativity. it's a good start to the year

but policymakers will certainly start the new fiscal year. ♪ >> "the new york times" published an anonymous op-ed, reportedly from a senior official in the trump administration. this person says they are part of the resistance inside the white house, and "many trump appointees have vowed to do what we can to preserve our democratic institutions while fording mr. trump's most misguided impulses until he's out of office." we don't know who this is, but this lends credence to the idea that things are a circus in the white house, and what bob woodward has written about rings more true than not. >> absolutely. i was in "the washington post" during watergate, and this is very reminiscent of the fast-moving, more extraordinary events every day. you think you've seen it all, and you get something like this. is clearly a conspiracy going on in the white house among senior

administration officials, but in this case it is a conspiracy of good, where they are trying to restrain the president from his worst impulses. >> president trump demanding that "the new york times" reveal the name of the official who wrote the op-ed. the author said key members of the administration were working against the president. this is the first time we've seen something like this in my lifetime. >> there are two categories of commentary about what this means, some have said it is a coup but i think that's extreme. ,thers have said this is normal we ignore our managers. i don't think this is normal, i think this is very unusual. ♪ >> easy come, easy go. bitcoin get down again, it went from a one-month high to a one-month low in just two days. meanwhile, the bloomberg index fell to a nine-month low.

is it really that goldman news that is pressuring here, or is it adding to a list of concerns that this isn't going institutional anytime soon? >> i think you hit the nail on the head. the goldman news was a pretty big deal this week. regulators were cracking down on crypto, the sec just rejected several etf applications and there are a couple things -- just today, crypto exchange told bloomberg that they were doing layoffs, laying off around 60 people. just another sign that demand might be cooling. ♪

♪ >> let's get a round up of the

stories you need to know with today's edition of "daybreak." bloomberg subscribers can see it on their terminal. it is also available on the bloomberg anywhere app. and you can only get news on the industry and assets you care about. check it out. >> there are about 30,000 functions on the bloomberg, and we always enjoy showing you are favorites on bloomberg television. maybe they will become your favorites. here's another function you will find useful, to you i see go. 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. ♪ it has been a long time since electric vehicles had anywhere near the market share of the internal combustion engine. today, it is still not even close. in 2017, electrics made up 11% of worldwide auto sales but governments have always had an outside influence, possibly even

more so than car companies. so get ready for a lot more electric vehicles. since electric vehicles create a certain as much carbon as those running on gas, some countries have already enacted deadlines to convert all new's tales to ev's. but china is making the biggest push, in part to tackle the air pollution choking its cities. >> china is the biggest market for electric vehicles and there are cheap programs in place which make them more affordable and there's also a place in china where automakers are required to make electric vehicles. electric vehicles of come along way, the tesla model three can travel 310 miles on a full charge which is only slightly less than the range of a traditional sedan. >> a few years ago, buying an a worse buying car, but now they are comparable to a midrange vehicle. >> they could replace internal

combustion engines by 2025. there are hurdles, like charging. it takes 30 minutes to recharge so it can drive 170 miles. still, many are forging ahead. folks like and says it will spend $81 billion to develop electric versions of all its models by 2030, and next year volvo will begin phasing out models that use only guess. >> most have already unveiled plans to make electric cars. they recognize that they will only be left behind. >> china about 60% more cars in 2018 than the u.s. did, thanks to the growing wealth. it could become the detroit of the 21st century. ♪ 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 of the business news and analysis 24 hours a day. that will be all for "bloomberg best" this week.

thanks for watching. i'm julie hyman. this is bloomberg. ♪ xfinity mobile is a new wireless network

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and ask how you get xfinity mobile included with your internet. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. ♪ >> i am emily chang in boston, this is "bloomberg technology." tesla is feeling the burn, to senior executives resign and musk smokes pot in an interview with joe rogan. massachusetts is the seven state to legalize marijuana. we will look at the drug being regulated. plus, jack ma is considering life after heading alibaba. don't miss our exclusive interview.