emma: coming up on "bloomberg best," the stories that shaped the week in business around the world. red october drags on for u.s. stocks. >> today is clearly a panic sort of sell everything day. -- emma: saudi arabia remains the center of controversy after the killing of a journalist. >> it is not convincing too many people in the world. emma: italy projects defiance as the e.u. rejects its budget plan. european banks need a courageous corporate earnings report. >> it is the second clean

quarter for the bank. we have no legacy issues. >> we have always had to look at ways to become more efficient. we are doing that. emma: in a week of high anxiety, investors, expert voices offer insight and perspective. >> if there is a slowdown, i think the debt can be worked through. >> many chinese companies have a huge opportunity in china. >> i don't believe there are signs of reception -- recession anytime soon. emma: it is all straight ahead on "bloomberg best." ♪ emma: hello and welcome. i'm emma chandra. this is "bloomberg best," your weekly review from bloomberg television around the world. let's start with a day by day look at the top headlines.

on monday governments, businesses, and markets reacted to saudi arabia's account of the violent death of a journalist. >> saudi arabia says that journalist and government critic jamaal khashoggi was murdered by a rogue operation that has sparked an international outcry. >> the discussion varied from a saudi side. they said that they wanted to convince mr. khashoggi to come to saudi arabia and then discussions escalated to a chokehold that ended with his death. it is certainly not convincing too many people in the world. not the least the u.s. lawmakers. as senator bob corker and lindsey graham have made clear yesterday in various interviews. but also, as germany's chancellor made it clear that she would like to see more of the full truth come out, and the germans have halted military sales to saudi arabia, as well as the french. they talked about the need for the truth to come out.

>> erdogan isn't buying the saudi version of the death of jamaal khashoggi. he says that khashoggi's killing in the saudi consulate in istanbul was the result of a thoroughly planned plot. >> he portrayed the killing of journalist jamaal khashoggi as a murder meticulously planned in saudi arabia. he called on the king to bring all collaborators to justice, no matter what their positions are. according to people we speak with here, that was a veiled reference to the influential crown prince in saudi arabia, although erdogan has refrained from naming him. >> the european commission has rejected the italian government's budget, giving room -- rome three weeks to make a plan with lower spending. the italian prime minister said there is no plan b.

>> if they are going to ask me to change the most qualifying difficultit will be for me because i cannot affect that. >> he is saying that he will go and talk. he did get a signal that he would be ready to make some tweaks to the budget. the bottom line remains, no changes on the substance. it will fall short of what the commission wants. the government is remaining committed to the budget, to the deficit figure. there's room to talk, but don't expect italy to rewrite the budget. >> jes staley has a case to fend off an activist shareholder after positive at barclays. the securities unit saw commodities income outperform peers in the third quarter. >> we are pleased with the third

quarter. this is the second clean quarter for the bank. no legacy issues. profits were up some 40%. we generated earnings over one billion pounds clean. that is a demonstration that the strategy is well on course. >> we've been talking about the banks. deutsche bank shares have slumped after the lowest third-quarter revenue since 2010. the bank also predicted a slight decline for the full year. the chief executive said the focus has to be on growing the top line. >> he said you are on track for a profit in 2018. the first profit in four years. how much money do you think you are going to make? >> as christian says, we've been profitable in the first nine months. we have been working toward a profitable year. we've been working toward the near-term targets. i think the third-quarter results demonstrate our progress towards those goals.

>> a punishing stretch for market continues today with technology stocks leading major indices lower again. as worries about economic growth and corporate growth continue to -- investors. the s&p 500 erased gains that it made on the year. is this a capitulation? >> right now it is. today is a panic, sell everything, day. i do think that the market internals have been so negative. once we break through that 2700 level, we continue to see weakness. >> there's nothing really to stop this. there's a lot of concern that is this air pocket. it is harder to identify any sort of support. we are now lower year to date. psychologically that is not the best thing for investors. >> donald trump will be briefed by the cia chief as the crisis over the killing of jamaal khashoggi continues to grow.

speaking of the saudi investment conference, prince mohammed bin salman said he would bring the killers to court. >> it is a heinous crime that cannot be justified. >> do you think mohammed bin salman has done enough to move the global perspective of what happened here? >> no. i think the speech was very much directed towards a local audience. there, his mood was in billions. -- eboluent.ant the speech was quite effective. before this, the saudi's that we talked to were quite upset about this whole thing, in terms of the murder and the pressure the kingdom has found itself under. >> the ecb staying the course despite turmoil and disappointing data. the european bank has left its outlook unchanged. >> the information, while somewhat weaker than expected,

remains overall consistent with an ongoing broad-based expansion of the euro area economy and gradually rising inflation pressures. >> what was this central message that draghi delivered today i go wasn't steady as she goes? today?vered was it steady as she goes? >> steady as she goes for now. you heard his acknowledgment of the data is weaker than expected. that has to be a concern. to be honest, as one reporter asked, draghi said so many things were not discussed at the press conference. she wanted to know, what did they actually talk about? the economy and a look ahead to have the economic projections in the summer might look is the key factor there. >> the dow jones industrial average adding 400 points. after yesterday, tumbling 608 points. the s&p 500 gaining 1.9%. with most of the big sectors

advancing led by technology with those big earnings on top. >> relief in the tech sector was short-lived. amazon down more than 8% in premarket trading. the world's biggest online retailer missed revenue targets and google's parent company alphabet also missed targets for the third quarter. overall, is there a link between the two companies? why did they both underwhelm markets? >> the link is that revenue growth seems to be slowing a little bit, but they are compensating for that was -- with really impressive bottom lines. amazon and google beat expectations, but missed on the revenue. google, the miss was really quite small. $100 million in the context of 7 -- $27 billion in overall revenue. >> gdp coming better than expected. walk us through the numbers.

>> that 3.5% increase was really solid, especially after about 4% in the prior quarter. it was led by a couple of indexes. particularly, it was led by consumers. i think some of this could be a cotton candy and number. -- cotton candy number. it tastes good while you've got it, but it goes away quickly. one of the reasons people are going to be looking at this number is the government spending looks robust. business fixed investment did not look particularly good. that is what you would hope to see. a pickup and that sector to foster growth down the road. sector to foster growth down the road. >> is it sustainable? >> we think that it is.

you get down deep in the numbers, this is a sustainable growth cycle that we are in. it is a supply driven growth cycle. one of the things we draw attention to is how mild the inflation numbers were. well below what people expected, but not what we expected at the white house. we have been telling people for the last year that this is a different type of growth cycle driven by the supply in the market, which would typically put less pressure on inflation. we feel like we are in that goldilocks moment. we are getting good gdp growth, but we don't have the inflation. that traditional you might have seen with this type of market. maybe it takes pressure off the fed to raise rates. all things seem to be pointing in the right direction. emma: still ahead, as we review the week on "bloomberg best," insight on markets and the global economy, plus exclusive interviews with the south african president and dallas fed president, and up next, more highlights from the earnings report. could tesla's result be a turning point?

>> they are profitable. first time they've been profitable since the third quarter of 2016. emma: this is bloomberg. ♪

emma: this is "bloomberg best." i'm emma chandra. plenty of earnings information to digest this week. let's continue our review of results with a profit beat from swiss banking giant ubs. >> ubs reported income for the third quarter that beat the

highest analyst estimate coming in at 1.25 billion swiss francs. ceo sergio ermotti has hit key financial targets for this year. >> we have to look at ways to become more efficient. we are doing that. the real story for us is how we free up resources for cost initiatives. to reinvest in our business. that is the reason why we expect our cost base to stay flat, excluding variable compensation. that is performance related and grow our top line. growing the top line is sustained by secular trends, wealth creation and wealth transfer. and also the opening up of china as a financial market. in general, we see those forces allowing us to grow at least as much as the real gdp growth globally.

>> tesla shares soaring as the company reports third-quarter earnings and as elon musk strongly hinted, tesla has made money. company's net-- income was $312 million. positive cash flow. $881 million. walk us through the numbers. >> the big thing is that they are profitable. first time they've been profitable since the third quarter of 2016. it is only their third profitable quarter ever. but demand is still really strong. that was a big surprise. bear thesis was that there would be no longer any demand for these cars. the customer deposit number is still -- >> $900 million in deposits. >> so demand for these cars is still continuing. even though they worked through the reservations, more people are ordering them. >> ford motors net profit fell 37% as sales slowed in the u.s.

and china. ford has elevated china to a standalone division as it seeks to halt losses. >> in the third quarter, we lost about $100 million less in china than we did in the second quarter. we have a number of important launches. we have the all new focus family that will be launching, as well as the escort. and an all-new suv that will be positioned attractively coming at the end of the year. the big product onslaught begins this quarter. >> caterpillar tumbling the most in more than two years after it warned that u.s. tariffs will impact its customers. companies also fell after similar warnings this month. another industrial taking a hit, 3m. after lowering its profit forecast once again as sales drop. third-quarter numbers are pretty good. that is not the issue. it is the outlook. >> the numbers are not the issue. if you look at s&p 500 earnings,

almost a quarter of stocks have reported. all but 15 have beat on earnings. if you look at the average price reaction, they are down half a percentage point. clearly the numbers are looking good. with caterpillar, they beat on the top and bottom line, but then executives talk about what may be perceived as earnings. now we keep seeing this trend about higher input costs. it is having investors question what this means going forward. >> microsoft's first-quarter numbers are in. it looks like its cloud business is driving growth. profit and sales exceeded analyst estimates. revenue was up 19% to $29 billion. revenue jumped 76% as the company works to fulfill ceo

satya nadella's vision of transforming the company into a service and cloud centered business. >> 76% is still about 2.5 times bigger than the overall cloud market. that is very strong. overall, total revenues up 18% is one of the strongest numbers i've seen. as far as i can remember. to put it in context, the entire software industry is growing at about 7%. microsoft is growing at 18%. that is a very big -- >> twitter is getting a much-needed boost. shares up almost 20% after third quarter earnings and revenue topped estimates. >> give us some detail on what is drawing more advertisers to the platform even though monthly users are going down. >> twitter is the place where you want something new. twitter is where you go to advertise to the most valuable audience when they are most

receptive. we were not clear about that a couple years ago. it has really started to resonate. we were pretty surprised at how quickly the business has turned around in the united states. it turned faster than we thought it would and in a bigger way than we expected. that was a big part of what drove the business this quarter. reportedps has adjusted ebr for the third quarter that missed the analyst estimate. the supplier has reiterated its target for 2017 to 2020. how big of a role did the weakness in emerging-market currencies have to play here? >> they recorded a little over 4% revenue growth. the 40 basis points of operational profit improvement could have been a lot higher were not for currency headwinds of 60 basis points. emerging markets were week due to the global geopolitical situation.

it is something that we will compensate for as we go forward. therefore, it will not get us off track. we reiterate our overall guidance. the momentum is strong. we're looking at a good order book. we need to deal with those headwinds and we will. >> ryanair now. plans for future share buybacks on hold due to uncertainty surrounding brexit. that comes as the airline reported its first decline in first-half profit amid rising fuel prices, strikes by european air traffic controllers, and disruptions from the unions. which they have recognized. >> this is one of these great periods in our industry where the doodoo has hit the fan, oil has spiraled upwards, and it will be a fight for who has the lowest cost, and already we are seeing bankruptcies.

some of the smaller guys disappearing. i hope more of them disappear this winter because they deserve to disappear. >> french giant total has said it will keep spending restraint this year despite better-than-expected third-quarter profit due to rising oil and gas prices and production. eni also beat estimates. oil prices took a huge dive over this last month, but the reporting quarter saw prices rise and that helped. >> absolutely right. what you are seeing is a result of so much hard work. they were reducing spending. they were cutting breakeven costs. they were eliminating waste. in the height of the oil price boom they were sanctioning new , projects. now you are seeing that production come in, so you are seeing this great period right

now for these oil companies. ♪

emma: you are watching "bloomberg best." i'm emma chandra. as investors ponder signed that the economic expansion may be nearing its end, howard marks says a recession is probably not right around the corner. still, the cofounder of oaktree capital thinks caution is in order. he discussed the markets with haidi stroud-watts. >> the fundamental decision that an investor has to make is whether to be aggressive or defensive. i've had more of an emphasis on defense for a few years now. i think the easy money has been made.

it is important to know where the market is in its cycle. i think it is high in its cycle. that doesn't mean it is going down tomorrow. i think the economy is very powerful. it would be difficult to be out of this market. but i think one should be in in a cautious way. >> are you seeing a recalibration? rotating from everything growth to looking at values? >> i don't spend a lot of my time in the stock market, but i do think growth stocks ride high on optimism. which means they become vulnerable. when the optimism is taken away, the vulnerability resulting -- results in losses. >> the current economic recovery is one of the longest ever. valuations are some of the richest ever. at the start of this year, you said it is plodding along. it is not so hot that we are going to see the end very soon. has that changed?

you've got more voices talking about a recession potentially. >> our economy is still doing very well. in a few months it will become the longest recovery in history. i don't believe there are signs of recession anytime soon. in december, the government passed a tax bill which will be highly stimulative. it has produced a gangbusters second quarter this year. the third will probably be somewhat less than that. i don't think there's any reason to expect a recession anytime soon. emma: more compelling conversations coming up. perspective from david rubenstein, plus, what is the fed thinking as financial markets take a downward turn? we speak exclusively with robert kaplan. >> some amount of volatility in the markets, i think, is

typical. emma: this is bloomberg. ♪

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emma: welcome back to "bloomberg best." i'm emma chandra. weakening economic data, political turmoil, and mixed corporate earnings results all contributed to another fragile week for global equities. so where should investors look for relief? citigroup's asia-pacific head of corporate and invested banking said that, despite trade tensions, he sees potential in china. >> the one big thing about china is many chinese companies have a huge opportunity inside china, absolutely massive. the growth opportunity that is so big, they are very careful about where to expand, because they don't want to dilute the focus on that massive opportunity.

where they are expanding, into places like indonesia and in some cases india, they are taking their spots very carefully because the opportunity at home is massive for them. >> are people putting the pin on m&a activity? are they holding back as they see what happens with the trade flows and this trade war? >> i think people are looking at m&a on a continuous basis. certain kinds of m&a will be a little harder in the future, and that is something where we have to give clients advice about how to navigate. but clients, when they do look at m&a, also look at market expansion. they're also looking at m&a to fill technology gaps they have, and that doesn't actually slow, because it is strategic to their businesses. >> how worried are you about the trade war, actually getting all this to waste? -- putting all this to waste? >> i'm not. i think you are going to see the

trade war will probably continue for a while, and what you won't will see is in that environment, the intentions of everybody are not malicious. i believe, i hope. i think what you will see is that the world will find ways to adjust. one thing to remember is that companies are smart and will find new opportunities and will evolve over time. >> carlyle group co-ceo david rubenstein brings decades of expert perspective to any conversation about the economy. ed hammond caught up with him in toronto. >> what are investors around the world wanting to know about america at the moment with midterms around the corner and what are they worried about? >> investors are worried about whether the united states might have an economy that slows down. it has been very good for the last 10 years, and there is some concern that the slowdown in china could spill over into the

united states, the tariffs and trade wars could slow down the economy, the interest rate going up might slow down the economy, and if the democrats gaining control of congress would produce more fights with the president. that could slow down the economy. it's unclear. >> you have been through a few different financial crises, you have seen a lot of different cycles. we're in a position now where something like 13% of the deals this year had that. how worried should we be about that? people say it's nothing like 2008, but i'm sure in 2008 it's nothing like the last crisis. >> the debt coming in is roughly what we had before the great recession, not that much higher. but the terms are much more favorable. before the great recession, 30% of debt had no coverage. -- covenants. now it is 80% to 90%. if there's a slowdown, the debt can be worked through. >> canada. it would be remiss to ask you about cannabis. does carlyle have any interest

in it? >> we invest in canada, we like investing in canada, we are trying to buy another company in canada. hopefully we will win it. canada, in my view, is a good place to work. -- invest. you have a very high gdp relative to other companies. best countries. -- countries. in the end, rule of law, transparency, i think canada's excellent place to invest. my only reluctance is i don't want my peers to hear too much about how good it is, because they may come in and drive prices up. canada is not a good place, you should not invest. my peers should not invest here. emma: in a week, when president donald trump again blasted the federal reserve for raising rates, bloomberg landed an exclusive interview with a top fed official. michael mckee sat down on friday with dallas fed president robert kaplan. >> what do you make of what has been going on in markets lately?

>> well, i'll avoid in this position commenting too much on market changes, other than to say some amount of volatility in the markets, an up and down, i think is typical. the one thing i would comment on is i watch earnings reports and talk to about 30 ceos a month. i think the story is consistent. input costs are higher across the board. labor, materials, steel, aluminum, and companies are struggling for whether they can pass the savgins on or whether they can get margin erosion. i see in the earnings reports a consistent story. >> is there a level change, a percent move or something that would cause you to believe that maybe the fed should slow down, take a pause, not move in december? >> what i am looking for is what impact in what this all indicates about the strength of the underlying economy, and also the impact on financial

conditions. it's not a market move up or down per se, it's still what is my outlook for the economy, what is my assessment of financial conditions in the economy that might impact future growth prospects? >> getting closer to the neutral rate, 2.75% to 3%, how close are you to possibly making a policy mistake? >> so i've said that the estimate of the neutral rate is a concept, it is imprecise, uncertain, part of the mosaic i look at, and it could be 2.5% to 2.75%, 2.75% to 3%, we will have to make that judgment as the economy unfolds. but to your point, i'm very sensitive to not be rigid or predetermined about the pace at which we get there.

emma: south africa's rand plunged this week after the finance minister told lawmakers that government debt will peak two years later in higher than -- and higher than previously forecast. the country also cut the growth outlook for 2018 by more than half. on friday, guy johnson spoke exclusively with the south african president about the challenges facing his nation's economy. >> i'm overwhelmed by the level of interest that continues to be in the south african economy. many corporate and potential investors are here, and we have well over 1000 people here, and many of them are real investors, not just people who want to come in and have a free conference. -- free be at a conference. they are here because they want

to put money on the ground and make money themselves. >> let's talk a little bit about where the economy is right now. clearly, you need the numbers to look better if you are going to attract more investment. it's a virtuous circle. legacy from the zuma era even tougher than you thought it was going to be? is the job of fixing the south african economy even tougher than you thought it would be when you took the job? >> yes, it is tougher, because now in the full glare of commissions of inquiry will be -- inquiry, we have been getting really into the depths of what has been happening. we can see the damage that was done to state institutions, to government departments, corruption had become endemic. the unfortunate thing is that the wheels did not come off. we're beginning now to renew and

to roll back the bad practices that had come into play. and therefore, we're now in a very determined way moving forward and making sure that we do, indeed, get rid of corruption. we do, indeed, reposition our enterprises. we do, indeed, improve levels of government within our government departments. ♪

emma: you are watching "bloomberg best." i'm emma chandra. let's continue our global tour of the week's top business stories. in china, where messages were meant to stabilize markets, were met with mixed success. >> the chinese government has

been taking steps just about every day now to support the economy, but despite all those efforts, the stock market was down over 2% today after a similar rise yesterday. the chinese government seems to be going to every extent it can to help. is it working? >> clearly, they are sending a signal they want to stabilize, but like you said, that wasn't the message the market gave today. we had another 2.5% drop, some say it was down to china's specific factors, other say it was part of the global risk off story. at the same time, there's no doubt the authorities are making clear, both through the actions they are taking, the measures they are promising, and the rhetoric they are delivering, that they are willing to step in when it counts and that they are watching what is happening closely. all indications are they want to stabilize things as fast as they can. >> the australian government is

facing backlash in sydney. the independent candidate looks set to remove wentworth, removing the majority in parliament. >> the independent candidate winning an incredible victory, a 20% swing away from the liberal party and that ends the grip of the liberal party on wentworth. it has held for 117 years, since australia was federated. so that's rested on support for the liberal party, and it's gone. the prime minister said going into the weekend he understood people were angry but cautioned against them doing anything rash. they did not listen. >> u.s. law enforcement agencies are investigating suspected pipe bombs sent to the homes of barack obama, hillary clinton, and george soros, as well as cnn in new york. the fbi says it is possible other potential disruptive packages have been mailed, and is urging the public to be

vigilant. >> what we don't know is who sent them. we don't know why they were sent. we are waiting to see why, we are waiting to see what. that's the subject of ongoing investigations by bomb experts at the fbi and elsewhere. >> a suspect is in the custody of the fbi. i want to remind everyone that the defendant in this case, as in every case, is innocent until proven guilty. he has been charged today with five federal crimes, including interstate transportation of an explosive, illegal mailing of explosives, threats against former presidents and services -- certain other persons, threatening interstate communications, and assaulting current and former federal officers. for these charges, the defendant faces up to 58 years in prison. >> president trump is promising voters there will be a new

middle class tax cut before the election. there is one problem though, apparently tax policy makers don't know anything about it. presumably this would be separate from tax cut 2.0, which would make last year's tax cuts permanent. give us the latest, including what kind of timeline we are talking about. >> this has been a head scratcher for pretty much everyone in washington. we have this plan, it looks like it's going nowhere in the senate, what is the second plan? folks on the hill are very confused as to look at be in -- as to what could be in here and what he could do in the next couple weeks while congress is out. anything that would happen before the midterm would have to be some sort of executive action. indexing capital gains rates, that is something he talked about, but that's not a middle-class tax cut, that would be for investors. >> a record investment last may, it is determined we are going to

examine -- examine now. saudi arabia has pledged as much as $20 billion to help the investment firm build the world's largest infrastructure fund. it turns out this investment had very, very favorable terms. give us the details. >> absolutely. in a high level, the most favorable term is that they got a discount on fees. it's paying 75 basis points on the first 10 billion and 65 on and 65 on the second $10 billion. to compared, the teachers funds is paying 75 basis points for two years, and that ratchets up quickly into 90. but what's interesting is beyond the high level discount, there's a revenue sharing agreement. what we're breaking in this story today is that 15% of all the fees other investors pay to blackstone comes off the fee balance. and what is owed by the saudi fund. >> saudi arabia today signed more than 25 deals at its

flagship investment port in riyadh. as we are on the air, siemens says they are pulling out of the deal. yesterday the ceo said he wouldn't go to the conference. >> yeah. the conference is still underway, so they are trying to make a showing that it is business as usual. but as the headlines show, it's not business as usual at all. its $20 billion deal is going ahead, it's just the timing. the optics are completely off on this particular occasion, and the ceo of totality has well -- totality -- total as well signed an agreement with the saudis for the asian companies represented. but what is clear is that the european and american presidents, much less than it was last year. you can feel that. our colleagues have an telling us, in the halls and corridors. >> china's greater bay area

received a huge infrastructure boost on tuesday. the world's longest sea bridge is set to connect the former european bastions of hong kong and macau to juhai on the mainland, and it should solidify xi jingping's vision of a high-tech megalopolis. what does this bridge mean for hong kong and china? >> the bridge is going to connect hong kong much closer to china. in a literal sense. the trip used to be 3.5 hours, now it will be 30 minutes. four china, it is very significant. china, it is very significant. it's xi jingping's vision of building this greater bay area. but at the same time, this is the 41st year of china reform, opening up. bigger picture, this is definitely in xi jingping's mind, they want to bring the economy up with technology advancements.

>> netflix has taken the crown at the entertainment awards thanks to its new, innovative programming, but it comes at a high cost. the company is once again turning to the junk bond markets to fund production. >> netflix posted a strong quarter last week, they added a lot of subscribers with positive guidance for subscriber growth going forward, and that is all this story needs, that momentum of subscriber addition. they come at a cost. a lot of programming expenses. this is a company that doesn't generate any free cash flow. normally they go to the high-yield debt market. we expect they will turn free cash flow positive in 2021. that is what creditors are looking for, too. -- forward to. >> fiat chrysler has agreed to sell its high-tech parts unit for 6.2 billion euros. the first major deal for the carmaker under the new chief executive.

was this originated by sergio marchionne? >> yes, it was his idea. it came at a time when he was really developing his spinoff strategy. we saw it with ferrari and cnh, there was an internal debate probably on whether they wanted to go ahead and spin it off. he was also getting offers, so this deal wrapped up that process and fiat managed to get a slightly higher price than some of the bids. >> shares of glencore are lower after the ceo told investors he will retire in three to five years. why now? he owns more than 8% of the company, and it doesn't look like he's getting rid of any shares. why announce his retirement? >> well, he hasn't announced it as such.

it's important to say that this is in private conversations with investors. the key thing happening is investors are asking more questions. he's getting to an age where people might start to think about retirement, and the other thing prompting more questions is that glencore announced they had been subpoenaed in a corruption and money laundering probe relating to activities in congo, venezuela, and nigeria. ♪

>> you have a down leg in price and above average volume. we are trading above the last 30 days, both sides of the atlantic. this is the avac function, you can slice and dice it a number of different ways. there's the bar chart down at the bottom, you can see the track. the white line is the track

today in terms of where volume is. we are trading on above-average volume. emma: 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, quic go, which 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 japan's shrinking population is forcing the country to look for new workers, and prime minister shinzo abe things he has found the answer, women. these outlining goals is to create a japan in which women shine. the name given, womenomics. but while women have seen some success in the workforce, it still faces serious cultural hurdles. this is the challenge of breaking down gender bias in japan.

by 2020, abe wants 30% of leadership positions to be filled by women. he has urged listed companies to appoint women to executive and managerial roles. he is working to fix japan's day care shortage, while encouraging workplaces to be more accommodating, so mothers will be more inclined to rejoin the labor force. and it is working, sort of. labor participation rose from 46.2% to 49.8% in 2017. >> but most of the women that have been added to the workforce are working in these relatively low paid, part-time jobs, a mismatch with his goal of getting more women into management. >> although he frequently touts the success of women only, a close look highlights a culture that systematically excludes women. an expectation that women should

stay-at-home and be primary caregivers has held them back a liver the world, but here it is particularly deep-rooted. in 2016, 45% of men surveyed agreed women should stay at home. japan also has the third highest gender pay gap in the more developed countries. although companies like toyota are appointing a few more, change has been slow. only 4% of the managerial positions are held by women in japan, compared with 9% in china and 17% in the u.s. >> it's very much the working culture has built up around men and the long hours they work. it can be very bonding, they got thinking together in the evening, and women don't fit into that cozy little world in a lot of cases. >> on top of that, just 1/10 of the members of japan's lower house are women, ranking the nation among the lowest in female political representation in the world. >> if you look at abe's cabinet, he only has two women out of 20.

not really reaching his own target of management positions taken up by women. >> some think they should be legally binding for real change to come about. such measures could have great economic benefit, including one report suggesting that gender parity could add $550 billion to japan's gdp. >> i don't think we are going to see a transformation overnight or in the next couple years. these people are obviously at the bottom of the ladder in the corporate world, so they are not going to be deciding how the corporate culture works for some time. emma: that was just one of the many quick takes you can find on the bloomberg. you can also find them at bloomberg.com, along with all the latest business news and analysis, 24 hours a day. that will be all for "bloomberg best" this week. thanks for watching.

i'm emma chandra. this is bloomberg. ♪

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