>> coming up on bloomberg best, the stories that shaped the week in business and around the world. more tariff trauma as the u.s. and china escalate the trade spat. >> we are here in china will not engage. truth or dare between donald trump and the united states. >> north and south korea hold nuclear negotiations and the dot -- blg on stimulus. >> the boj would be looking at whether tesla broke any fraud laws. >> the ceo of ubs says his bank is planning for the worst. >> you don't know what is going

to happen, how can you invest? on global trade from leaders in finance and politics. >> everyone is worried about the trade war and should be worried about trade tensions. >> it is more the impact on sentiment. >> development. >> and the new president of zimbabwe. we feel the world is opening up. >> it is all straight ahead on "bloomberg best." hello and welcome. i am emma chandra. this is "bloomberg best," your weekly review of business news, analysis from bloomberg television around the world. the week began on a familiar note with trade tensions rising between china and the u.s., and

reports of another round of tariffs. the u.s. trade spat with china heating up. donald trump threatening to impose tariffs on an additional $200 billion of chinese goods. china, ready to retaliate. >> president trump tweeted tariffs have put the u.s. and a strong bargaining position with billions of dollars and jobs flowing into the country and yet, cost increases have been a noticeable. if countries will not make fair deals with us, there will be tariffs. tweets one of several the president has made in recent days. >> what we are hearing from our sources is the chinese absolutely will not agree to have any more talks with the u.s. if these tariffs go forward, at least in the short term. there was invitation extended to china from the treasury secretary. we heard there was goodwill on the china side to engage in the fifth round of talks since june -- since may, but if these

tariffs go forward, we are hearing china will not engage and again, we will be stuck in the standstill situation with china, expected to retaliate immediately. >> president trump, ratcheting up pressure on china by ordering a 10% tariff on $200 billion worth of goods and threatening more if beijing retaliates. a pretty fierce statement despite trump saying he has respect for president xi. >> right, but he is certainly trying to keep pressure on president xi with these new tariffs. now, designed to give u.s. businesses some time to adjust supply chains and the like. they are scheduled to take up to 25% next year. the have excluded some items from those tariffs, including smart watches, bluetooth devices, children's car seats, and that is designed to ease some of the wei for u.s.

consumers. september 24.ve i am losing count. where are we? how many goods and what tariffs? >> it looks like we are playing through toward their between donald trump and the chinese. the president, imposing $250 had $257nd saying they billion in reserves. china upped their total tariff products to pretty much everything the u.s. send them. about 130 billion dollars. will impact china carried they seem to be willing to put up with it for the time being. gdp to one ofheir 5% if the president him -- 1.5 if the president imposes additional tariffs.

>> the offshore yuan has increased gains. a china will never go down path in stimulating exports by devaluation its currency. >> did china's premier offer any concessions to the u.s. in his speech? >> there were a couple of nods to the administration in this speech. talkad the chinese premier about the need to crack down on intellectual property violations, saying they will be dealt with strictly, saying foreign firms in china would face a level playing field and really, the key takeaway, saying the yuan would not be devaluing. saying that is being used to boost chinese exports is not true. saying devaluing the currency would be more painful than not. >> eu leaders are meeting in

salzburg ahead of a potential brexit summit in november. time is running out. there are issues to be resolved, like the irish border. theresa may said she would soon announce a proposal on how to avoid a hard irish border, but gave no details on the plan. for sure, we will never accept the deal which will damage the european union and its integrity, for sure. >> what a difference 24 hours can make in politics. theresa may walked into salzburg yesterday hoping to get to the next phase of negotiations, to get a roadmap to a deal but most crucially, to get support from her european counterparts. it's then the opposite. european leaders have told her your plan does not work. rework it, it is not acceptable. european leaders have said we

want to see real progress and told her to do a november summit that would get us to a deal. said todent trump is deny exemptions for the latest round of tariffs on $200 billion of chinese goods. saying it ishouse giving companies time to adjust supply chains away from china. what is the importance of product exclusions for u.s. companies? is it something that we are going to get? >> that seems to be the state of the play for these companies that don't want to be subject to tariffs and certainly not the 25% tariffs due in january. that puts pressure on them to source cheaper supply chain and move manufacturing out of china. the problem is, that is easier said than done. moving supply chain is quite a complicated operation. you need to get staff up and running, facilities off the ground. it takes time. most importantly, china offers

scale that many countries do not. you can say terrorists in china, let's make it somewhere else. that is more problematic than it sounds. stalemate after salzburg. this morning saying as sheects respect pushes ahead with her plan. >> donald tusk said our plan would undermine the single market. he didn't explain how in any detail or make any counterproposals. we are at an impasse. haidi: she looked really cross. >> she was very annoyed and at the end of her short statement, she turned on her heels and walked out. i thought that was emblematic of how she felt. he has been a humiliating week for theresa may. they went in thinking they would get warm words.

this is two weeks before the conservative party conference, which will be difficult for her. she wanted to go in showing strength, but the league humiliated her. she woke up to gruesome headlines this morning saying she failed in salzburg and this was her attempt to clawback some of that respect. emma: still ahead on "bloomberg best," reaction from the latest flurry of tariffs from policymakers. plus, liam fox thinks britain will put together an economic deal and the country's prospects could be fine. first, more headlines. costs are likely to be steep. >> these are historic floods. emma: this is bloomberg. ♪

emma: this is "bloomberg best." i am emma chandra. let's continue our global tour of the business top stories. in japan, the central bank stuck to its stimulus script. boj has left monetary stimulus program unchanged after adjusting its policy settings for the first time in two years in july. they maintained their 10 year bond yield guidance on interest rates by all economists surveyed by bloomberg. the decision leaves the boj behind its global peers, who are moving to return to precrisis monetary policy. everyonej is the hind else normalizing but the reality is the boj is tapering. asset purchases are falling. they are not buying as much, but they had this slightly

conflicted policy-setting where they had the yield curve controls and the yield target and an amount to buy. there is a tension between those two things. there is reluctance from the bank of japan to drop their asset purchasethere is a tensioe two target because they are scared of looking like they are tightening too much. morning outews this of the two korea's meeting was the second round of talks culminating in the military agreement. >> we heard promises from kim jong-un when it came to denuclearization. will he follow through on his word? >> that is the question at stake. if you look at the joint statement released by moon jae-in's presidential office, it mentions specific nuclear facilities kim jong-un has agreed to dismantle and he has also agreed to invite professionals from related states, nuclear experts, other

parts of the military agreement include withdrawing some of the along theguard posts border separating the two korea's, as well as the material -- military efforts to excavate war remains in the demilitarized zone. we can see kim jong-un stepping up to really achieve the credibility within the international society. comfortablebia is with brent rising above $80 a barrel, according to people familiar. rent rallied on the news. a significant shift. >> the saudi's aren't necessarily going for a $90 oil, but earlier in the year, we saw tweets from donald trump about crude saying he wasn't happy with the high prices opec had created an now the idea saudi's are creeping above $80 and are content to see if there.

it is an important shift because it suggests that in the short-term, the saudi's aren't going to step in and curb brent above $80 a barrel. refinersigh after u.s. eroded domestic stockpile to a new low. what is the push and pull here? >> what you see is based on u.s. stockpile numbers. we saw opec watching the cushing number with extreme attentiveness before they decided to act on production output. steppingeeing refiners in and chasing the margins while they have them, and you are seeing a lot of exports. it is hard to think of the u.s. as a major oil exporter, but you are seeing that. >> brent, up 1%, the second week of gains. that is before the opec meeting in algiers. however, the conversation will be about politics overproduction with president trump setting the

agenda. he tweeted yesterday, we protect the countries of the middle east, they would not be safe without us but they push for higher oil prices. we will remember. the oil -- opec monopoly must get oil prices down. >> the saudi-russian view is that those that can, saudi arabia and russia, plus others, should take production that others can't make. to bring the total to where they want it. thoughnian position is every country has an individual target, each country can produce to that target. that is where the tension is coming. what we will see at this meeting is the saudis and russians arguing that there is still less production and they have agreed, there is still more to make up, and this will feed through ultimately into an increase in production again from both

russia and saudi arabia over the next couple of months. andhe saudi arabia sovereign wealth fund has signed an agreement to invest more than $1 billion in an electric startup -- car startup that could challenge tesla. we are talking about lucid. arabia gotten into bed with a rival? >> they are trying to diversify their folio away from oil, which is not the way they had been managing their wealth for the past several decades, but realizing a lot of the political tide turned against them, some of the climate change concerns, and trydge themselves to provide for the future, they are making sure they get invested in some renewable energy, some clean energy options and maybe they don't want all their exit in one basket. with tesla, we've reported they are a little annoyed that elon musk really hung his funding secured tweet on informal

conversations among them. maybe they are wanting to hedge their hedge a little. hurricane florence tore the carolinas on friday and state a while, dumped about 30 ages of rain, killed at least 17 people in north and south carolina and did more than $18 billion in damage. it is not done yet as some critters won't crest until wednesday. >> we knew this would transform into an inland flooding event and that is what has happened. these are historic inland floods. even when the rain stops, the flooding will continue because the rain has to go somewhere and are alreadyers that at maximum capacity, are going to continue to overflow and grow into populated areas. this is an evolving process. >> cleanup starts in hong kong and southern china after they were hit by the world's most powerful storm this year. it left at least four dead,

damaged buildings and forced suspensions in the casino over the weekend. any read on the damages inflicted and how long it will take to repair? numbers onut some it. the casino closed on saturday, fairly unprecedented for casinos there. they were closed for 33 hours, estimated loss of revenue $86 million and one analyst said it may shave two percentage points off the revenue growth rate for the third quarter. , is slowly coming back to normal. the casino is getting back to normal and the airport, clearing a backlog there. there is not a dollar total on the damage, but it is significant. >> norway's's central bank has raised interest rates for the first time in seven years by .25. >> the country is ready for it.

we have solid growth in the economy. more people entered the labor market. we have even lower unemployment growth forward, and wage is on its way up. also, in light of the international picture, which is also positive in the sense that there is growth and normalization of interest rate in policy, it is time to gradually raise our policy rate, as well. the japanese prime minister has won his third straight term as the head of the ruling liberal democratic party. the win with almost 70% of the vote takes him a step closer to becoming the country's longest-serving premier. was this the majority expected? we knew basically he was going to win. it is just a question of the margin. >> it was better than expected and moody's is out with a note

saying this pretty much offers stability for policy of shinzo abe. it also wipes away any uncertainty about next year's planned value added tax hasease, which shinzo abe pledged to put toward more social where for projects and he will also push to change the constitution. another day, another trade deadline missed. post nafta deal has failed to reach an outcome. >> in order for the deal to be signed by the new mexican president in office, they have to get everything published by the end of this month. that means any sort of text would have to be agreed to by the three principal parties here fairly soon. signal itontinues to wants to keep and preserve the to use these national

security tariffs if they need to want auto imports. it remains one of the sticking points between the two sides as they continue negotiations. ♪

emma: you are watching "bloomberg best." i am emma chandra. ubs has selected frankfurt as its post-brexit hub. the bank will have offices in madrid, paris, and . --gio are monte spoke with sergio ermotti spoke with as the deadline for a brexit deal approaches. >> whatever solution is coming, what would make it softer is no

longer relevant for us. a few weeks ago, we had to make a decision to execute for a worst-case scenario. system is all rock -- already operating under the assumption there is no agreement so whatever is going to happen not makeonwards will the exercise less expensive, will not make the feeling about resolvingnect and those issues, we don't back to what we started at the beginning. a complication that undermines willingness to make investments. if you don't know what is going to happen, how can you start to invest? u.k. and inin the europe, this has been something that has prevented people from

taking actions and investing in the future. >> frankfurt will be the choice for you? sergio: yes, confirmed. we have an existing operation in and have a multilocation strategy where frankfurt will be the base. we are branching out and some people are going to be located in madrid and in paris and milan, also a good chunk will go to frankfurt perry haslinda: there is expectation out there that a hard brexit could lead to the next banking crisis. what is your take on that? sergio: i think the system is well-prepared. first of all, i don't think the next crisis will be a banking crisis. the banking system is very resilient and you may have some banks here and there like the past, the insurance sector was

also part of the problem. that the financial system is more resilient and ready to absorb any shock. i don't believe the brexit can be a trigger for a financial crisis or banking crisis, but it could undermine investments and trigger a slowdown in the economy. that is clear. yes. emma: coming up on "bloomberg best," we cover the week's top company news. the ceo of dansk bank stepped and a japaneseal billionaire may be the first private citizen to travel to the moon. first, more conversations. liam fox thinks the u.k. economy will thrive after brexit. he says the pessimist have all been wrong so far. >> the armageddon predictions that came with the referendum

result have not materialized. in fact, the opposite has happened. emma: this is bloomberg. ♪

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♪ welcome back to "bloomberg best," i'm emma chandra. let's return to the topic of global trade in the tariffs between the u.s. and china. we discussed the situation with guests throughout the week on bloomberg television. here's a sampling of those interviews, starting with jpmorgan asia-pacific chairman and ceo nicholas agassi. he spoke exclusively with juliette saly in singapore. ♪ >> there's a lot of unknowns in this environment. how are you placed in how are you making business decisions amongst all this escalation? >> yes, good morning. over the last two days, i was in beijing, and i talked to a lot

of people. i'm less concerned about the than the recent announcement a few hours ago. it is more an impact on sentiment, investor confidence, derivative will be what we have to track a bit more closely. right now, this event where we have over 100 treasurers trying to gauge what's happening, it is important. there are clear paths we have to do in terms of going through this discussion. i don't think it will be resolved in the short-term. is we needto happen to make sure we have a roadmap, certain, specific milestones to be achieved, that both parties are clear in terms of what they are trying to achieve, how they want to do it. and if those milestones are not

hit, what are the consequences? ♪ >> what does this do to risk appetite and financial stability in the world? >> well, if we look at the global economic outlook, overall it is a positive outlook. in europe we expect economic growth in the range of 2.1% this year. thatve already indicated this kind of trade conflict actually raise downside risks to the economy. certainly we see this as a worrisome development, and this will have some negative effects on the economy. >> how do you see it affecting eu-china relations? you were in beijing if you met your counterpart yesterday. are you encouraged by their pledge to the eu for market access? >> indeed, as we know, the chinese authorities have announced market openness,

including the financial sector. we are encouraged by those political signals. course, it is important to see implementation. ♪ >> there's a ton of uncertainty that is being injected into the environment right now, and i think with respect to the u.s., they are trying to think through -- prices are starting to go up -- can i pass those costs through to the consumer? if they can they can keep margins high end if they can't you will see a squeeze and corporate profitability. >> how worried are they about trade war? >> everyone is worried about the trade war and everyone should be. we have not yet seen the mathematical effect of the impact of all this noise on our portfolio companies, but i am more worried about the second and third order effect, what

does this do to confidence, investors spending, supply chain claims in terms of where you put your factors in distribution? i think there's a level of uncertainty that has been injected, and we are strong believers in fair and free trade, and hopefully the authorities can figure something out. ♪ >> trade in europe is also a concern on the horizon as negotiators struggled to put together a post-brexit framework. the u.k. secretary of state for international trade, liam fox, expressed confidence that a deal will get done. he explained his optimism to amanda lang. ♪ >> i think we have seen the towardt in recent weeks an agreement, and i think there are a number of reasons, a number of political reasons. you have potential instability with the italian budget, instability with the general political area on the 14th of october.

we have some european companies caught in the crossfire of the u.s.-china dispute. to park a strong desire brexit so we can work on the others. but there's no guarantee we will get one. the movement and music has improved. >> we have had some dire warnings for major corporations about what would happen in the event of a no deal. do you think these overdone? -- these are overdone? >> i look back to the referendum, and we were told that we voted to leave the european union, just the act would cause such a shock to the economy that we would lose 500,000 jobs, investors would desert us, in the economy would go into recession. we have continued to grow, added 600,000 jobs to the economy, and last year we had more direct investment projects. i understand the nervousness, but i think we need to be rational and balanced.

predictions that came with the referendum have not materialized. in fact, the opposite has happened. ♪ >> this week, caroline hyde sat down with the president of zimbabwe. the new president hopes to restore investor confidence in the economy following the ousting of robert mugabe. ♪ it became such a perception of isolationism, we want to move and we want to open zimbabwe for business. china is a bigy, investor in you at the moment. are you concerned about the relationship between the u.s. and china, and will china remain a key investor? has remained very friendly to zimbabwe and we have

continued that friendship, and we have no problem with that at all. we are waiting to say zimbabwe is open for business, not only for china but for the entire community. , investors of fact are coming from across the world. in the past, the eu had sanctions against us, and the whole community was closed out. and fortunately, between us in today, there is a woman prime minister in britain to exchange because of theresa

may. britain isnt with going very well. germany the chancellor -- so we feelg back, that the world is opening up. officialshigh-level who believes that the signals coming from washington are indicative of re-engagement between zimbabwe and the u.s. ♪

♪ >> you are watching "bloomberg

best," i'm emma chandra. let's resume the roundup of the week's top business stories with the focus on company news, starting with a scandal at a danish bank that claimed the ceo as a casualty. ♪ >> the chief executive has stepping down when internal reports showed up to 200 billion euros flowed through its operations at the center of a money laundering and all. the founder has said he has also considered stepping down. >> the big question is how much of the dirty money was flowing through estonia and the baltic regions. right now they are saying it was $200 billion but how much of that was actually illicit funds. many analysts say it is $8 billion or $9 billion but some are saying the fact that they don't have a figure means they don't know what they are looking at. they have also cut their earnings target and analysts are

saying today they have left investors porter but not much wiser. >> when it comes to accountability, who knew what and when, when the investigation has been completed we are planning to put out any further recourse but obviously we will report any findings after .emaining talks that will take time. ♪ >> and considering taking tesla private at $420, funding secured. those are the words that sent tesla's world into turmoil, and now the company is the subject of a federal criminal probe. the department of justice opened a fraud investigation after the ceo's and that we which means that tesla is facing inquiries from the doj and ftc. >> the justice department is asking questions at tesla

regarding between and what were behind it. it is quite common for doj to run a parallel investigation to the sec. the doj would look at any criminal fraud laws that might be broken, which would require some type of intent to deceive investors. if anything is found then you get into the next stage of what evidence is there, who knew what , fines for the company. ♪ online clothing billionaire is to be the first private citizen to go around the moon. he has been picked by spacex. he is the head of japan's largest e-commerce company and will make a journey only 24 astronauts have in on. >> i choose to go to the moon. [cheers and applause]

>> it is intended to carry anyone and he is ultimately citizen to average be able to travel to other planets. >> we have this feel-good atmosphere going on. , dynamic, japanese billionaire who wants to bring artists along into the art projects for people that can't make the trip. it is a feel-good project for musk to be sure. ♪ >> the german government apparently is going behind the idea that we could push deutsche bank into a merger with commerzbank. >> but does the government take this from a national economic view -- german companies need a strong domestic banking market. that is what they would like to see.

they were looking at the european level and they say the european merger is still probably a long way off. it makes sense if we have a banking and fiscal capital market union and so they would ask them, they are favoring at deutsche bank merger. ♪ it has been a dizzying ride for investors in a marijuana company. to stock nearly doubled only see all the games go up in smoke less than an hour later. even though it was a volatile day, they managed to gain. >> yes. they managed to gain 40%. almost 94% was the high, hitting exactly $300. it then 45 minutes later lost all of that and went negative. then within the last 45 minutes of the u.s. market session it

rose again 40% to close $217 75. the mp is jumping into hong kong, raising $4.2 billion usd. the chinese food and delivery service giant went public to fund its increasingly costly battle for customers in china after games for the big boys. it lost almost $3 billion last year but they say that core business will soon be comfortable. >> the core business is growing and we have new we are goingecause to build the largest e-commerce giant. i think we are going to become profitable in a more mature business. ♪ >> the drawnout battle for

control of sky could he settled by a one-day auction. of hitting ons saturday. the lowest offer has to go first, which would be fox. they would be allowed to make a share, andpounds per then comcast has the opportunity to respond. if there's no clear winner by then, each party would put in their best and it would be over in one day. >> whatever happens in this highon, comcast will bid and they can sell their stake. if disney comes out with the it's a good place. ♪ >> sleepless in seattle.

two weeks after hitting a $1 trillion market cap, amazon is revealing its next generation of products and software. spoiler alert, it is all about alexa. she's getting smarter. amazon,u think about they don't have a smart phone. they are really going after the home where people live, to try to be that platform you. this is a market that is estimated at $100 billion, things like connected thermostats headlights. amazon wants to be at the center of that. $40 billion of that is in the u.s., and that number will keep growing. amazon is flooding zones with those projects and we have to see what resonates. ♪ >> here's one more company story, featuring a startup that has gone from small to big. -- went to work on his family's struggling farm intimate a critical decision. he decided the business should focus on organic, free range egg

production. long before that sector of the market took off. it is now one of the top egg brands in the u.s.. you spoke with bloomberg about the journey. ♪ ♪ i was in college, trying to figure out what my next step would be. my parents had discouraged me from coming back to the family business. we were small, conventional. egg farmers were very large business. a fewt time, we had maybe hundred thousand dollars in annual sales, we were nearly bankrupt. ♪ >> it started to make a conversion to organic. . described it as a hail mary we used one of the barnes my grandfather had built in the 1950's. we repurposed it into organic production and started to

disassemble the old barns. it was an outdoor space, the roofing, everything that goes into organic. back, revenuesp and business took a step forward. ♪ >> much to my surprise, the business has grown far more than i ever could have imagined. it didn't feel right. it didn't feel right at all, to have that much -- concentrated all in one place. the next move was to expand our network, if you will. we found farmers who were just interested in being farmers, not marketers, this tribute or is. it was a natural fit.

it ended up being these incredibly mutually beneficial relationships. we didn't need to build up our farm anymore, we could do our business without feeling our own farm. ♪ we have added anywhere from five a year to almost 15. we are now up to 125 farms. we are now at most major retailers along the west coast. the future will be full, national expansion into all the retailers that make sense for our product. we see a category growing double digits year after year, even in these economic times. it is organic eggs, free range eggs. theyntinue to think -- could take up to a third of the category in dollars. we should grow close to $200

million this year, is what we are projected to approach. i really see no end in sight, and i'm extremely optimistic about it. ♪

♪ >> take a look at the commodity complex. this is a terrific function you can use in the bloomberg. what we are looking at, three different areas of the commodity complex, energy, metals, agriculture. we see pretty much every commodity here is green with the exception of natural gas. >> there are about 30,000 functions on the bloomberg, and we always enjoy showing you our favorite on bloomberg television. maybe they will become your favorites. here's another function you will find useful, it will lead you to

our quick takes, where you can get important contact steadfast insight into timely topics. here's a quick take from this week. ♪ >> decades in the making, quantum computing is the technology that could make today's fastest supercomputer look like an abacus. teams around the world are racing to build machines using different approaches. while the technology is moving quickly toward reality, it is too soon to tell when it will get there. this is your bloomberg quick take on quantum computing. the computer you are using now processes information in bits that represent two possible states -- 1 or 0. quantum computers use different bits, which can represent one, zero, or both. this is called superposition. it can also represent entanglement. these two properties let quantum computers consider multiple possibilities at once, while the normal computer plugs away at one possible answer at a time.

>> if we figure out how to do these kinds of calculations, we can suddenly solve absolutely complex, unfathomably long calculations with a quantum computer that would take a traditional computer, no matter how good or fast it is, thousands of years. >> there's a lot of hype around quantum computers, and researchers are continuing to make incremental advances. evangelists promise machines that can break the most impenetrable coded messages, accurately predict whether, and instantly diagnose and treat disease based on a specific body . but there is a ways to go. >> it is difficult to make the physical computers, the hardware for these things. a lot of the research is in material science, figuring out the best hardware to use. there are a few different options. you don't just talk about the traditional silica and chips we see in normal computers. >> many manufacturers use tiny loops of semiconductors, combinations of others, or even stranger approaches, like

twisting subatomic particles into a braid. many can only exist under temperatures colder than deep space. a canadian company became the first to solve quantum computers in 2011, although their usefulness is limited to certain math problems. othersogle, intel, and starting in berkeley have all built quantum computers. microsoft is investing heavily, while china is throwing hundreds of millions into the technology. >> anyone who knows the promise of the technology can't help but get excited, even if it is many years away, even if it never works the way theoretically it could. this is still something people think is worth spending a lot of money on. ♪ just one of the many quick takes you can find on the bloomberg. you can also find them at bloomberg.com, along with all the latest business news and analysis 24 hours a day. that will be all for "bloomberg best" this week. thanks for watching. i'm emma chandra.

this is bloomberg. ♪

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♪ emily: i am emily chang in san francisco. this is "bloomberg technology." in the next hour, the battle of the chilean air tech titans. apple fans get their hands on the latest iphones. who will dominate devices of the future? plus, facebook pulled back on presidential campaign support after the uproar of help it gave candidate trump in 2016.