>> coming up on bloomberg best, the stories that shaped the week in business around the world. e.m. mayhem. >> too little too late, unfortunately, the story of this emerging market crisis. >> i despise the word contagion. >> a court candidate and some tech titans answer questions on capitol hill. >> it is believed that this manipulation of platforms is even close to addressed is false. >> patrick leahy describes the setting here on capitol hill -- citigroup restructures

its investment bank, the carney era of may run longer -- era may run longer in england. >> the data is unmistakable. boomlike across the board. plus, an exclusive conversation with jack ma about what comes after alibaba. all coming up next on bloomberg best. julie: hello and welcome, i'm julie hyman, this is bloomberg's best, your weekly review of the most important business news, interviews, and television from around the world.

markets were closed in the u.s. on monday, that meanwhile, troubles in emerging markets showed signs of becoming a full-blown crisis. >> argentina took action amid its fiscal crisis. the president said he would impose taxes on exporters after the peso -- >> the key thing here is that took tont officials making a more concerted effort toward what would be their efforts to increase the fiscal deficit. they said today that they would primarybring their fiscal deficit to zero in 2019, 1 year earlier from what was previously agreed with the imf in 2020. that is supposed to bring markets, that -- will erase complications for the country positive financing needs

-- the country's financing needs -- fordflation rose more than -- the central bank talks tough. too little too late is the story of this emerging market crisis. turkey, they are talking about raising rates, the next central bank -- is an indicated they. they done emergency rate hikes before, and this crisis, we have 6.6%ced prices coming up on the month, extraordinary the level of inflation built into the pipeline is only going to get worse. the central bank will raise rates for certain on december 13, but the question is will it be enough? and whether they will commit to keep on raising? the only thing that will break this vicious cycle, i'm afraid. rent has fallen after the

south african president suffered the same false start as his predecessor. his first six months in august. how concerning is it? does that mean the south african economy is much worse than we were expecting? >> it does seem like this is bad news for the south african economy. and the investment goals the president has to try to boost the economy by bringing in vistas and money, jobs and to boost the economy. compared to a decrease of 2.6% in the first quarter. as though the fundamental structural challenges working against economic growth still persist. he will have to work hard to unravel those and hopefully resolve them so he can stimulate economic growth. day when supreme

court nominations were largely partisan free, but no more. as hearings on the nomination of thee kavanaugh not get past introduction before democrats and republicans were trading heated words. >> mob rule is how he would describe capitol hill. course, as democrats have taken issue with the release of 42,000 documents just hours before this hearing was underway. chuckad been calling on grassley, republican from iowa, to adjourn this hearing to give more time to review the documents. >> what are we trying to hide? why are we rushing? has moreaterial materials for judge kavanaugh's nomination then we have had on any supreme nominee in history. >> it's remarkable how little of this discussion is about brett kavanaugh. emma kratz are complaining about the process, completing there are millions of documents that

they haven't seen yet. little talk about brett kavanaugh and his qualifications. silicon valley taking center stage on capitol hill. sheryl sandberg act the twitter third chair, left empty for google, faced questions. said, is come out and understand these problems are large and i haven't done enough, and i'm willing to fundamentally reevaluate the business model for twitter. at the same time, he doesn't really seem to know exactly what twitter needs to do to get better. so i think some of that uncertainty, coupled with the ipo regulation, if twitter doesn't even know what it needs to fix, how will the government no? -- how will the government? me, one of the most significant things that came from today's hearings is that

governments and companies need to work more closely together. the basic point i would still make it is, to believe that this problem of manipulation and misuse of platforms is even close to address is fundamentally false. emerging-market stocks and the cost of a bear market for a second day, a few signs of relief that selloff. the rally is the longest since the 2008 financial crisis, and contingent is the worry. what do you do about the selloff? do you sell into it or look for value? >> look for value, definitely. i'm not saying you jump in with two feet, but you at least begin to pick stocks. of thefundamentals world, in terms of global growth and earnings, are pretty good. it's not like we are in this dire position. by the way, i just despise this word, contagion.

just because it happened in the last recession doesn't mean it will happen in this one, so please stop that. china is bracing for potential new u.s. tariffs to come imminently. ,200 billion on chinese imports everything from bicycles to baseball gloves, digital cameras. what is the mood among business leaders and those in china? official side, the view is we are digging in, shoring up our defenses, not budging. we are not going to back down. from the business perspective, i spoke to a very influential lawyer in china this morning, a man right in the heart of dealmaking. he has worked with chinese clients and says it is a grim situation, a lot of concern. trump now saying

there could be another $267 billion of tariffs on chinese imports ready to go. that would be an additional one to the $200 billion worth of tariffs. they haven't imposed them yet, but the public comment time has just ended for those tariffs. >> this would be a huge escalation of things. we are in the final stages. we are hearing that over at the white house, at the u.s. trade representative's office, they are working to the final stages of nailing down the specifics of what they want to do with the $200 billion trench we've been waiting for. is eagerhe president to go ahead as soon as possible, but he has really dropped his bombshell on air force one today, saying there's another $267 billion to go further. that is not going to help things. after days of negotiations in washington, a nafta deal is not looking likely. a canadian official telling

bloomberg talks between the u.s. and canada are not expected to lead to an agreement this week. comments withno regards to any possible deal. the president last night saying that he does not inc. they are going to make a deal anytime soon. >> what is the main sticking point here? >> the u.s. is really pushing for more access to canada does it very market, and -- to canada's dairy market. another issue that has emerged that is somewhat new to the discussion 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. we saw no august effect. 200-1000 jobs created, unemployment unchanged. wages rise 4/10 on the month, pushing the annual gain to 2.9%, the highest since june 2009. >> what is a little surprising to me is that labor force participation rate climbed. you put that together with slightly stronger wage growth, part of that was because of the base, but not all of it, probably. this suggests the fed is on the right course in terms of tightening. boom.are on an economic the story of 2018, so many people thought it would be impossible. we are actually picking up speed on things like -- and business investment, wages and so forth. the data is unmistakable. like acrossng, boom the board. still ahead on bloomberg

best, what really matters to jack ma. an exclusive interview about philanthropy and purpose with the founder of alibaba. unique,n feel different, something in my mind. plus, what is ahead for the global oil market. and up next, more of the week positive top business stories. the football player famous for taking a knee is the new face of nike. will customers just buy it? beginning of a lot more of him you will see through nike ♪. ♪

>> this is bloomberg best, i'm julie hyman. let's continue our global tour

of the week's top business stories with another sign of amazon's success. the company reached a market cap of $1 trillion on tuesday. >> amazon starts september with the tech company beyond a market value of $1 trillion, a milestone that apple reached just last month. withnotable was the speed which amazon hit the milestone, shares have more than tripled in the last three years. is this rational? >> this company has executive extraordinarily well. to acceleration and loyalty amazon prime, the increasing of fulfillment where they turn their warehouses over to third parties, all of the things it does so well. an online retail is still 5% of total retail in the u.s.. the optimismme of as investors rationally looking and seeing that amazon is an extraordinarily well run company

in markets that have so much room for growth. >> citigroup unveiled restructuring of -- operations after citibank announced its cfo and other key leaders would depart. >> the restructuring is not -- most banks on wall street do include mortgage or origination businesses in the investment banking unit, and that is what citi is doing. ringing origination into the rest of investment banking. meanwhile, some underlings are being promoted. the heads of the new banking unit, one of them was the head of origination, which is now becoming part of all of investment banking. and the other one was head of emerging markets in europe and africa. lot,s grown in the city a and new people, i guess, are

going to push it forward. shares of cbs bouncing back after an initial decline, up 1.3%. reports that the company is in talks for the ceo to exit the company. will he take 100 million and run? in stocks. >> i think it is impossible to know what will ultimately happen, but the outcome was assured. when you go to war with your majority controlling shareholder, forget about layering on all of the risks and challenges that the #metoo allegations have added, you went to war with the controlling shareholder of the company and tried to take away voting control of that majority shareholder. he was going to lose anyway, so rather than losing in court and delaying this, seems like he's figuring out there's a better path, especially for the company, in fighting this to the bitter end. >> the ceo of the world's

largest advertising company, mark reed was named successor. -- says there are no sacred cows and he's talking about change. what do we expect? >> frankly, there will be change, but there will also be more of the same. they have been slow to adapt to the new reality of the advertising industry. -- isn't really a different purpose anymore. the fact is, a lot of those changes have already started. it is a matter of seeing those changes through. -- has returned to china after his weekend arrest for allegedly sexual misconduct in the u.s.. authorities say an incident happened in the university of minnesota involving another chinese student. >> expectations are that it will not be -- that there will not be a long-term effect on the company.

this will go out the window if the ceo of the company is forced to come back for more questioning or is in fact charged with a crime. at this stage, he is only accused. is betting on colin kaepernick, who sparked controversy for annealing during the national anthem. he will be the new face of the company's iconic just do it campaign. >> somebody finally signed colin kaepernick. not the company we were expecting. asre's a lot of controversy, he's been with the last two years, a lightning rod for the about the future of the nfl, race relations in the united states, the way people address the military and flag. from what i understand, this is the beginning of a lot more of colin kaepernick that you'll see from nike. there will be a shoe, apparel. this is not a one-off, nike is

going to double down. after thearnings purchase of monsanto. the company issued its first forecast since the acquisition, which seems to have disappointed the market. >> the earnings-per-share are guided, a so far technicality, because we are closing the monsanto business a little bit later than we expected. the earnings of monsanto that have been generated this year us to extend allow as cash flow rather than reported earnings. but also, them monsanto business is very healthy, so we are positive for the combination of the businesses for the remainder of the year. our people have pumped up and are ready to go. deutsche bank is at risk of losing a major investor, china's h&a groupa group ---

-- planning to exit its entire stake in the bank. the question is, does this make it awesome double, or less possible, that we could see a tie up with commerce bank? i don't know if there a direct answer to that. does notwledge, h&a have much of an opinion on the merger. i don't see any obstacle arising out of this, but i don't see the potential of the merger accelerating. it depends on who will take the shares that become available. if it is someone who is betting on an eventual merger between the banks, it could accelerate proceedings in that way. tesla shares falling by as much as 10% after two senior executives announced their departure, following another interview with elon musk. this one side and smoking marijuana.

sipping whiskey. theyre's what happens, lose their chief accounting officer, he actually joined the day before elon tweeted that he wanted to take the company private. there is a greater call for there to be a ceo or coo to help run the company. ♪

>> you are watching bloomberg best. this week, tom mackenzie sat down exclusively with alibaba group founder and chairman, jack ma. they talked about ma's journey from english teacher to corporate leader, and how he's now dedicating more of his time at fortune to philanthropy. >> i do a lot of things on

education because i think education is so critical for the future. education, environment. these are the two things i focus on a lot. there's no one thing that is the most important -- the most important is for everyone to do something. >> to what extent do you think that your identity as an entrepreneur has been shaped and forged by your first love, your first job russian mark as an english teacher? >> people don't like for me to talk a lot. i'm a teacher. the only thing i can do is share. i learned so much from alibaba, from that journey in the past years. it or don'tlike like it, agree or disagree. it is ok. society gives us, gives me so much resources. so much experience. you should not waste it.

share it with others, maybe it is a professional disease i've got. ?> do you miss teaching would you like to be back in a classroom? so, i think i came to the business field by accident. i think someday, very soon, i will go back to education. , i havesomething confidence, i think i can do much more -- much better than alibaba ceo. i preparedt is why the jack ma foundation. rural teachers, head's, kindergartens, all of these things being prepared for 10 years. these are the things i want to devote the most of my time when i retire. >> went to that transition be? >> very soon you would know that. away to focus on

the jack ma foundation, with a focus on education? would you look at the bill gates model question mark giving away most of your wealth? >> i think there's a lot of things you can learn from bill gates. i can't ever be as rich as bill gates, but one thing i can do better than him is retire earlier than him. i can do something from an educational view, i could do it uniquely, different. mind.ing in my jack ma's i would learn from bill gates, warren buffett, a lot of great philanthropists in the world, but i want to do something using my own way. >> coming up, more of the week's top news, including the latest battle.'s budget and more exclusive conversations. a top energy executive shared his concerns about how trade wars could affect business.

>> -- could have an impact on global demand, no question. ♪

julie: welcome back to "bloomberg best." i'm julie hyman. 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 of countries, there are so many challenges in the wreck.

when we add those to what is becoming a more disciplined relationship within opec, you're bound to see positive movement in terms of compliance. >> do you expect that plan to continue into 2019? >> the momentum is still leaning toward that, yes. it has worked for us. think before we dislodge quotas, we have got to see how the marketplace plays out. if come december we find out everything is working well, definitely what you will find is everybody will leave it as it is. we struggle with that decision in june. if in december, prices go up dangerously, we will foresee a from president trump and his team. you're going to see a loosening

up of volumes. we see global oil demand staying strong. day but we up every see oil demand growth being strong. >> bigger 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? >> overall, we want a strong economy in the u.s. and in north america. that will overall impact demand. we would like to see some sort of agreement reached that is mutually beneficial to keep the economy strong in these countries. it does have impact from that standpoint. as far as where we send 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 at a good price? >> if you lose mexico and china, is there enough demand in other countries to keep sending gas and oil? china falls off significantly, that would have an impact on global demand. mexico, from a natural gas standpoint, we are counting on growth. it 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 ticking 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. that key em demand growth is a key part, 20% to 30% of the global oil demand mix, and was

in a robust state for at least a year and a half. i think there are a lot of concerns when you look at the currency effect in addition to , the oil demand effect of higher prices. both the price and the income effect is starting to raise questions about the sustainability of the 1.5 barrels per day we have seen. million, 2 million remember, q1 in 2018, we saw 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. >> the other part of it is we have seen a lot of countries take off the subsidies they had which makes them more , sensitive to fluctuations in the oil price. are you having to factor that in yet to your oil demand thesis? >> definitely. when you look back at the way

the and 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. julie: from oil and gas to cars and planes. guy johnson was a man on the move this week, speaking with airline executives at the global aviation festival in london, after he sat 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 that agreement. we know that canada is supposedly coming to terms.

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. i am curious, is there any truth to that? were you approached? were you in any way involved? >> no, i heard about the rumors too. there was no substance. >> tesla has been an amazing story. it quite literally has electrified the sector. i remember talking to elon musk a while ago and him telling me his whole emphasis was on getting german engineers, 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 had a strong impact. 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 but as a serious competitor we trust in our reliability. we are very excited about the porsche, and then the big next issue is getting into volume with our platform, audi product, and this 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 looked and do look at tesla, but we focus on our strengths and abilities. luckily, most engineers stayed with us. >> when is jetblue going to fly to london?

>> well, we are very interested in the opportunity. we look at what we did in the u.s. market between the east coast and the west coast when we rolled out in 2014. andmproved the experience fares have have. ved.ave hal 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. when or 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? if i'm thinking about flying across the atlantic, is the jetblue experience am i going to 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 right we may , well do so. >> you have taken over early, -- over berlin. 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 last year. our first up archer was january. was january.rture 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 up 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 signed a deal as well

with singapore. this is one of your worldwide programs. becomingre doing is the short-haul network for the full-service carriers. the full-service carriers who struggled to make money when it comes to their short-haul networks. can you make 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. this is what easyjet is doing, and the fact that we signed singapore 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. ♪

julie: this is "bloomberg best"" i'm julie hyman. let's resume our roundup of the week's top business stories with budget discussions in italy. the nation's new populist government had vowed to oppose eu restrictions on deficit, but as the week progressed, leaders seemed to back off from that battle. in italy, the finance minister has accepted that weak economic growth and the populist program means the budget deficit may need to widen more than anticipated. comes as the populace

coalition is discussing a budget deficit below the limit. italy is full of entrepreneurs and entrepreneurs want a good stock market. they will never want to jeopardize the stock market to win voters. is that fair? the traditional base of the northern league is in the north in italy. there was a lot of anxiety about possibly spooking the stock market and what happened to bond yields which shot up to above 3%. all of these i think is suggesting cautioned to salvini. remember, we do not have the final figures. we will still see a lot of difference. we still don't know where they are going to land.

i think this is work in progress. i think the change in tone compared to just three months ago is remarkable. >> the bank of england governor mark carney says he is open for nure for ahis te 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 at the moment, the government has a lot on its plate. i would expect this to be resolved relatively soon. >> the reality is personnel changes at the bank of england won't necessarily change the dynamics for u.k. assets or the pound. it is not a bad thing but 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 and the sterling it's going to be brexit. , that is by default a function of brexit.

small noise will not filter through into sterling but it is not a bad thing. china plans to match its second and third largest mobile carriers to shape and control 5g ability wireless technology. when you talk about this merger 5gow will boost china's ambitions? >> a proposal is on the desk of china's top leaders that would see the second and third biggest mobile carriers merge and create a company that would be more nimble in terms of acting on developments in technology 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 ambitions 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 of buying its debt if a new wave of the u.s. sanctions are threatening to go 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, the fears have already pushed ruble bond yields hires and sent the ruble itself weaker. we have seen foreign holdings decrease as well. extremek if in

scenario, you could see the central bank intervening and he said this would be a possibility. >> if 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? and the a lot of things key things is what we have done on the policy side. we have a surplus on the fiscal side and on the current account side and all those factors allow us to have a stable economy in case of external policy. whether it is sanctions or an em areis, the chances increased in the past couple weeks, so in case of anything volatility, we have sound fundamentals domestically that protect us. >> in this economy, expanding as

the fastest pace in nine quarters, robust manufacturing have set off worries about a trade war. gdp grew a .2% from a year earlier. .2% from a year earlier. -- 8.2% from a year earlier. >> the glass is half-full, very strong gdp, and a very favorable base. the corresponding quarter was at a multiyear low. it was notwithstanding a strong print. two things stood out, one is consumption, india continues to hold up well. i think more importantly for the first time in many quarters exports began to grow stronger than imports. lowerag from trade was and that is early signs that the rupee depreciation may be in terms of boosting relativity. showing up it's a good start to

the year but policymakers will certainly take a print like this to start the new fiscal year. >> "the new york times" publishing 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 thwarting 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 journal" 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. there 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 is demanding that "the new york times" reveal the name of the official who wrote that op-ed. the official 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 have been two categories of commentary about what this means. some have said it is a coup but i think that's extreme. others have said this is normal, every big organization. we ignore our managers. i do not think this is normal. i think this is unusual. >> easy come, easy go. beat downlls get again, it went from a one-month high to a one-month low in just two days. meanwhile, the crypto index fell to a nine-month low.

the 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. we have regulators cracking down on crypto that the sec just rejected nine bitcoin 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.

julie: let's get a round up of the stories you need to know

to get your day going with today's edition of "daybreak." bloomberg subscribers can see it on their terminal. it is also available on the bloomberg anywhere app. you can customize your settings so 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 our favorites on bloomberg television. maybe they will become your favorites. here's another function you will go.d useful, quic 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 third as much carbon as those running on gas, some countries have already enacted deadlines to convert new car sales 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. one is subsidies for consumers which make them more affordable and there's also a place in china where automakers are required to make electric vehicles. they have to make them or buy credits from companies that do. >> electric vehicles have come a long 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 ev meant buying a luxury car. now there are once you can buy that are comparable to a midrange vehicle. >> they could replace internal

combustion engines by 2025. there are hurdles, like charging time. it takes 30 minutes to recharge the tesla so it can drive 170 miles. still, many are forging ahead. volkswagen 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 gas. >> most carmakers have already unveiled plans to make electric cars. they recognize there is shifting and they do not want to be left behind. if china can succeed in designing and manufacturing electric vehicles, it could become the detroit of the 21st century. julie: 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."

♪

carol: carol: welcome to "bloomberg businessweek." me carol. -- i'm carol massar. jason: we're headed inside bloomberg headquarters in new york. carol: it is all about cities, including some home prices, great for some and not for others. we take a look at affordable housing. jason: and the world's first 5g