♪ >> coming up on "bloomberg best," the stories that shaped the week in business around world. equity investors find few reasons to be thankful as global stocks suffer through a selloff. >> i do think there is something approaching an old-fashioned growth scare. >> misconduct charges take down a legendary auto executive. relations between the u.s. and china get chillier. black friday cap's a woeful week for the u.s. investors. >> they are seeing e-commerce investments are very expensive. >> the path to brexit remains

rocky at best. >> the british people want this to be settled. >> this deal is not acceptable. going back between this deal and no deal, i would choose no deal. >> leading figures in finance and investing survey the road ahead for markets. >> you can expect more taxes. >> it is not surprising the markets are active. this is what markets do when they deal with uncertainty. >> is all straight ahead on "bloomberg best." ♪ >> hello and welcome. this is "bloomberg best." your weekly review of the most important business news, analysis and interviews from bloomberg television. let's start with a day by day look at the top headlines.

the week began with political tensions growing between the u.s. and china, following a weekend of exchanges at the summit. >> there are rising fears this morning of an economic cold war possibly dividing asia after the apec summit in papua new guinea and in disarray. in the first time in its 20 plus year history, there was no statement. what went wrong? >> we heard xi jinping saying the trade war is short sighted and tuned to failure. he called for a stronger world trade organization and defended the belt and road initiative. very different opinions coming from mike pence and xi jinping. at the end of the day, they did not come up with a communication, because of u.s. officials have told bloomberg the chinese rejected a reference to "all unfair trade practices."

the other 20 nations apparently agreed to that language, the chinese did not. >> nissan looking to remove its chairman this thursday, after he was arrested in tokyo for breaching financial laws. nissan has underreported income. >> they have come out and said they would look to oust him as chairman from the board of both of those companies. he has not necessarily gone as far. ghosn exiting the picture scrambles the outlook for this combination of these companies. he was so key to these three and was really the face of the franchise. >> in an industry where optimism and bullishness are built into the dna, doubts now starting to seep in about faang stocks.

this is a testament of all these stocks. >> it seems like all of it. what initiated the selling today was the news over apple. there was a report at the wall street journal saying they had halted production over the past couple weeks. >> a really brutal finish. really across the board, dow down and the nasdaq down 3%. >> 388 s&p companies down and a huge chunk of the nasdaq down. >> your sort of embroiled in this moment in a reset of expectations. we have been saying it for a couple of months now, but especially when it comes to tech stocks, these momentum and growth stocks, they were very high expectations built into stock prices, and the expectation was these companies would continue to beat growth expectations.

unfortunately, we have experienced a season that told us otherwise. investors have lost a lot of confidence in respect to the outlook. this is the final capitulation for tech, which was formally the market leader. >> stocks falling from london to shanghai. are we in a bear market? >> investors still see risks contained to specific sectors. markets are run by idiosyncratic concerns. >> it is early stages, so you have not seen broad contagion. you see the beginning of the end of the house he on days and this is what we have heading into a slower growth environment. earnings have come off the boil, so it the inflection point is lower and markets are reacting to that. >> another selloff in the stock market. correction. everywhere you look, it seems that everything is down and

unlike past selloffs, we yet to see a bounce. >> what you do see that you didn't see in the last corrections, which is now clear-cut, is that there is a rotation within the stock market. the momentum trade has really hit the buffers this time in a way that it didn't do back in february. momentum sailed on through on that occasion. >> i would suggest, if you are trying to ask what is particularly creating angst today, i do think there is something approaching an old-fashioned growth scare. >> a new report from the u.s. trade representatives accuses china of continuing ip and technology theft. that is even after tariffs on $200 billion of chinese goods imposed at the end of september. this seems to be an update on that investigation on ip and intellectual property,

innovation, technology transfer, and what exactly is it saying? >> this report fundamentally says that the u.s. trade representative had not seen any fundamental changes in the way china conduct is practices, especially with regards to intellectual property, and what they call forced technology transfer. the report, a detailed, 53 page report said china appears to have engaged in further activity in recent months as well. clearly, u.s. trade representative is not happy with what he has seen in china gave years. these practices are the heart of the trump administration's grievances against the chinese. >> the eu rejecting italy's 2019 budget. italy now faces a fine in the annual review of eu member nations. the body warns italy is in serious noncompliance of fiscal rules.

do we see a risk of the country sleepwalking into instability? >> we have not decided any kind of exit procedure today, but if there is no change, and if the member states agree on our proposals, we are paving the way for the opening of such procedure. >> this is the problem child for the european union. the debt is a problem, deficit is a problem, the growth is not credible for the european union and we have a warning from the european commission, who said, do not play this as a political game. we could be heading for a crisis. for investors, this is tough language but little action. they don't think the european commission once to trigger fines, because there is an election in 2019 and they don't want to hand more ammunition to euro skeptics.

he is saying i'm not going to change the key policy. that is not going to go away. >> the japanese automaker's board voted to remove its chairman, after charges of alleged financial misconduct. was it a surprise the board voted unanimously? >> yes. in a word, it was a surprise. a couple days ago, we were picking up signs that there was discord on the board. we don't have all of the facts lined up at the moment. he should be presumed innocent until we know more. that is the route to be french side chose a couple days ago in their own board meeting, when they chose an interim ceo, but stopped short of actually kicking ghosn out. there is a big political factor in this. many players in this game and we are far from knowing where it will end up. >> the u.k. and european commission have agreed to a brexit deal.

it sets out a vision for closer economic ties in a draft that hands theresa may some key political winds. >> the british people want this to be settled. they want a good deal that sets its own course for a brighter future. that deal is within our grasp. >> she has managed to secure significant concessions to be european union in this final draft of the future relationship. they are designed to assuage some of the biggest criticisms she has had from her own side and both sides. she is now challenging parliament to get behind her and cast this deal. >> spain is threatening to vote against the brexit deal to be signed off by member states on sunday. the country criticized changes to the accord on the issue of gibraltar, ascribing them as treacherous. >> the text was changed and they weren't told. bear in mind that spain alone

can't veto this brexit. obviously, it is not a good look. one of the members as opposed to this. the comment of the secretary of state, it sounds a their open to a fix. if the european union comes up with a document that says this is not going to be a problem, then it sounds like a fix is possible. >> if you're hoping for a quiet day in the markets, crude has not been your friend. brent plummeted below $60 per barrel. higher trading volume than normal. >> concerns about supply coming out of saudi arabia or the u.s. in the shell basin, this is weighing on prices to a level that doesn't seem to have any real and insight. >> months ago, we were talking about shortages in the market. saudi arabia was assuring everyone they would increase supply to meet that. that was going to be the price, $100 per barrel.

that was realistic. that flipped overnight. what you are seeing now is a steady trended downwards. i wouldn't call it capitulation just yet, but no one wants to be along with this price. nejra: still ahead, as we review the week on "bloomberg best," exclusive insight on why investors should prepare for a world of lower concerns. the bank of india's battle with the government reaches a sort of truce. >> make no mistake, the bank is at stake here. nejra: this is bloomberg. ♪

nejra: this is "bloomberg best."

let's continue our global tour of the week's top business stories at the same time as global were selling off early this week, cryptocurrencies were in steep decline. >> volatility returning to crypto. cryptocurrencies resumed their slump with a bitcoin falling below the $5,000 mark, following the split of one of the largest major tokens. is this all to do with regulation, more to come? >> regulation and enforcement should be good in the long-term, but markets are taking back the excess this last year. got to extreme. last week, it hit a key inflection point. the market, it is going to get more supply and that will not be good. a hard for king bitcoin cash, people don't understand it, that is the problem. >> the great cryptocurrency crash of 2018 is heading for its worst week yet. is there a shift in sentiment as a result of the drop?

>> it is a led bath, a washout. we will see a lot of tourist capital if it hasn't already left. it will be leaving. there are these true believers and by very nature, they are looking for the long-term and maybe seeing this as an opportunity to top up their holdings. >> the indian government has reached a truce with the r.b.i. over access to surplus funds. after a mammoth nine-hour board meeting, the bank has demanded sharing capital. >> it looks like a compromise, but make no mistake, the r.b.i. and the independence of the bank is much at stake here. what the government has managed to get out is a committee that is setup to look into the r.b.i. structure. secondly, the r.b.i. has made no compromise on that. they still remain under structures. the capital buffer of the

state run bank's, which are at 9%. the government wanted it at 8%. the central bank has not compromised that, but they have compromise on liquidity measures. those industries have been hit hard. they are very crucial to the prime minister's party. there has been give and take, but it looks like the central bank is pretty much restored. >> let's talk about president trump. he says he won't the murder of journalist jamal khashoggi jeopardize relations with saudi arabia and the says he will stand by riyadh regardless of whether the crown prince was involved in the killing. >> saudi arabia, if we broke with them, i think your oil prices would go through the roof. i have kept them down. >> this latest statement just shows how difficult they are

finding it to walk a path that really addresses all issues and protects their interests. >> you think so, but it looks like trump is still finding it difficult. he made a choice. he said let's happen -- let's see what happens, then says we may never know what happened and i don't care what happened. it is a horrible crime, but the relationship with saudi arabia goes above all. it is important to him and his base. >> the south african reserve raised its reserve rate. the governor had to cast the vote to decide this, that tells us how close it was. why was it so close? >> the governor told us three members wanted this increase and three wanted it unchanged. the reason it was so close is on the one hand, you have inflation within the central bank's

target, but still above where they wanted to be. on the other hand, you have an economy. the central bank had to balance those needs. >> do you think it is one and done? >> the possibility is, no. the central banks own internal projection model shows for more of these rate hikes in the next few years. they made it clear there are looking at about four more basis point hikes before the end of 2020. >> the ecb published accounts of its october policy meeting a few minutes ago, technology uncertainty and fragility, but saying that incoming data is consistent with broad-based growth. what are your big conclusions from this account of their october meeting? >> what we have heard from their account is in line with what they have been saying publicly over the last few weeks.

we were having the fragility's, the uncertainty, but the broader picture, the underlying strength of the economy is that it is doing ok. the recommendation we have been hearing from the chief economist has been, we have to look for the noise of the data and obviously, they will be able to sift through that noise when they meet in december. they will also have their own projections, so that will give them more clarity and a broader view on where the economy is going. they will also have projections for growth and inflation and that should allow them to make a more informed decision. >> the euro weaker as the economy stumbles again. a key indicator has fallen to its lowest in four years. we are talking about the pmi data out earlier on. it was a german number that was the issue on the manufacturing side. at the beginning of december, we will get new projections. are they going to make it difficult for the ecb to make

the argument that it needs to begin exiting from stimulatory policy? >> i think so. they are pretty committed to ending that, but they will move to forward guidance and think about rate increases but that makes it harder. you have a prices collapsing, so it will be hard to forecast. the near-term inflation called remains relevant. it is not obvious why raising interest rates is getting anything but weaker at the moment. ♪

nejra: you are watching bloomberg best. bridgewater associates stopped by bloomberg's headquarters this week to speak with bloomberg opinion columnist on the masters of business podcast. he offered a mixed outlook,

saying investors should prepare for lower returns but claiming he is not worried about chinese debt. >> i think if you are an average investor, there is alpha and beta. you have to prepare for lower terms in the future. if you take these obligations, i'm talking debt obligations, but there are unfunded pension obligations, health care and in obligations. there are a lot of obligations. you it is essentially a will it is essentially a lower real interest rate and asset returns. most people should not be

making tactical movements out of markets. i think that is different. they have to know how to balance their accounts. that is why when i referred to risk parity, how do you balance you those things? you have to have a balanced and is portfolio. in a concentration is risky. or you have to be able to time markets and that is a difficult thing to do. now, you are dealing mostly with an internal issue, with also the lenders to china within their you system. him system. like i said, the capacity to handle a debt crisis by spreading it out in one way or another is quite large. they have the expertise to know

how to do that, to spread it out. i think that when you look at debt cycles, there were four cases in which the united states defaulted, had major debt crisis es. the lesson i gave of the 1982 debt crisis that i was so wrong about was the ability to spread that out and lower interest rates at the same time. china has that ability. everyone is focused on that and too focused in on that, and not focused on productivity growth and how they are making changes in terms of productivity growth. a bad year of growth will be probably twice as good as a good europe growth for us, in terms of the whole productivity thing. if you look at indicators of productivity over a.

of time, quality of infrastructure, those types of things, they have the reasons to have high productivity. it looks like one of those cycles, their version of a cycle. they are doing it on a proactive basis, before the cycle is actually in crisis. in most of the other cases, like in the 2008 financial crisis, have the crisis, then reaction. i am not worried about the debt crisis in china and i believe it is going to be a very good place for long-term investment. nejra: coming up on "bloomberg best," another influx of earnings reports, featuring chinese tech and u.s. retail companies. plus, more of the week's most compelling conversations. a chairman speaks exclusively with bloomberg. he doesn't think investors are taking u.s. china tension seriously enough.

>> this is a very big thing and i think the market will see that. nejra: this is bloomberg. ♪

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>> welcome back. the drama surrounding brexit negotiations continues this week with theresa may pushing her separation plan forward while others lineup for a war against. several women figures stated their position starting with an opposition leader jeremy you corbyn. in an interview, he told us he will not rule out supporting a second referendum. he will vote against theresa may's deal. >> why not? she says it is an international interest.

>> it puts us into a customs arrangement for several years that we have no say over whatsoever and can only leave with permission of the eu. >> she says nobody intends to use that. >> why is it there then? if no one is intended to use it. it does not deal with the question of northern ireland. it says the border between northern ireland will be an open border. where will the border go other than a different trading relationship? it does not meet those terms. >> she says time is running out. will you accept? >> there were two and a half years to negotiate and they clearly have not. now telling us there is not time. this deal is not acceptable and this is a failure of negotiation. go back. this is the kind of arrangement we want for the future. there would be majority support.

we have spent a lot of time talking to people all over europe. we cannot negotiate. we made clear the kind of relationship they want. we have not sent the equivalent to sign-up for 40 trade deals, none of which exist and say, we can do business somewhere else or cut wages and conditions. no. they said something more positive. >> it sounds that this could take it closer to no deal. would you be prepared for that? is that a price worth paying? >> we will demand a deal with the european union that protects jobs, living standards, and work. they are bound to say that, aren't they? the eu has a history of saying, nothing can be changed. i remember the lisbon treaty. ♪ >> i think the likelihood of her changing her mind is small.

she does not often change her mind. if i were giving her advice, i would say, but the proposal to the house of commons right away. 500 odd pages of it. >> it has to go to brussels first. >> not really. it is agreed with negotiators. why brussels first? why not come straight to the house of commons. she goes to brussels and they say fine, we like it and then it is defeated in the house. the difficulty now is we're going to run out of time. you showed a graph that said deal or no deal. the no deal leads to chaos. no it doesn't. it goes back to talking again. it will be uncomfortable for britain but a lot more uncomfortable to other european countries, holland, belgium.

this deal is no good. it is actually -- if it comes down to it and it is between this deal and no deal, i would rather go no deal. ♪ >> tensions between of the u.s. and china have been escalating and contributing to market fluctuation. volatility spiked this week, a bank chairman joined bloomberg markets: asia for a conversation. he says investors had best pay close attention to the clash between the two largest economies. >> my own investment thesis is that a global revolution started a few years ago. it was not a revolution with tanks, it was not noticed in the way that some revolutions are.

this was a revolution fueled by populism and fueled by the breakdown in multilateralism and the rise of the nationstate. the markets found it hard and tended to ignore them -- the risks. they are manifesting themselves ignore the risks. the volatility is going to continue. >> how long does this last? are we at the beginning of this phase? i would imagine, showing up is perhaps one of the symptoms. >> by 2049, china expects to regain its position as the world number one state. i have seen plans going out for 2049 to achieve that. i have been to china over 200 times. i am quite familiar with what is going on.

this trade spat is a manifestation of what is going to be a 30 year tussling -- >> without the war and without the bullets. there are manifestations in a bipartisan. this is a very big thing. the market is up to interpret it. it looks at trade war's day by day basis. it waxes and wanes. >> it is all headlines at the moment. not exactly the long-term trend we're seeing. >> yes. it is the fight as to which

attitude will become important. the chinese think the last 300 years were mistake. the chinese have a very strong -- where they were top dog. the chinese attitude is to give it a little more time and they will be top dog again. america is catching on to that and does not like it. >> investors are catching on to that, or are beginning to. >> they are beginning to. >> in and exclusive interview, we sat down with morgan stanley ceo at the banks knew our office and offered further insight into the turbulent state of global markets. ♪ >> if you step back, we are in a timing process around the world led by the u.s. three or four rate increases this year. that has consequences. the ability of the monetary authorities has limitations and what they can do and there are a lot of political turmoil -- is a lot of political turmoil.

it is not surprising you are seeing correction. incredible run-up and valuations this year. hundreds of billions of dollars. it is not surprising some of that is being taken off the table. >> there is a lot of debate. it is reflected in the volatility that we see over a number of the things itemized. is visiting about -- the sustainability of u.s. growth, the pace of rate increases, magnitude of rate increases, the implications of the standoff that the administration is undertaking with china. is there any consistency around of the debate as far as what you hear from clients? >> the most important thing to take away is there is a lot going on. every morning, you get up and

there is a strong news flow from overnight. before we get to the markets, before we get to china, what is going on in the middle east, sanctions in russia, the war in syria, north korea, there is a lot for investors to observe. there is tightening. the corporate credit falls and issues around triple credit. it is not surprising the market direction. this is what markets do when they deal with uncertainty, they get anxious. sometimes they get it wrong.

and the long term, the market is always right. >> there are so many directions to go. is the volatility in financial markets good for morgan stanley's trade? >> honestly, i care more about how it affects our clients because of our clients do well, we do well. everybody's markets right now, some of the volatility is good, not great. the equity capital markets have been pushed back. more uncertainty around transactions but more transactions and more volume in cash, equity derivatives, staying positive. >> you are seeing more trading or bigger trays with clients? >> not necessarily bigger trades but there is more volatility and with that more activity, on the other hand, it is being pushed back. it gives and takes. start looking at the fixed income space. these are more difficult

markets. we do not like up every morning and say, we hope the market is volatile. this is not our objective. we look at the fundamentals and try to make sure our clients are well-positioned for whatever risk profile they have got. >> what economic scenario are you baking into the strategy for the next 12-24 months? >> we are in the middle of our budgeting process. i do not expect growth above three and a half percent. it will moderate. the stimulus came from the tax cut and it was effective but that level of growth is unlikely. i am personally looking at 2.5 where growth for u.s. is going to be. >> morgan stanley cannot do as well in a decelerating economy as it has in and accelerate -- accelerating economy? >> you have to look at all the mix of our businesses. some do better in a decelerating

economy. in the backdrop, i am not that focused on the market turmoil. i am focused on the long-term strategic positioning of the firm. we are strategically and a great place. i am less focus on what is going on. ♪ ♪

this is "bloomberg best." earnings season is in the home stretch with big names in chinese tech taking the spotlight. ♪ >> chinese smartphone giant reported better-than-expected earning, 50% and the third quarter. what were the highlights? >> this is a story about smartphone shipments and the

emerging market. the strategy to derive sales from countries like india, southeast asia, and europe. xiaomi saw strong sales in spain. in terms of smartphone shipments, those were up for the quarter 21%. globally, the market is seen by most analysts as being in contraction. there is a price xiaomi is playing because -- paying because competition is fierce, particularly in countries like india. you can see the margins being squeezed. >> chinese e-commerce giant falling to its lowest in almost 18 months in lower-than-expected revenue. feeling the impact of the economy. >> investors took notice of that.

the stock was down 8.5% yesterday. it is down almost 50% today it is facing a complex environment domestically. that is reflected in these results. revenue is disappointed. forecast for sales in the fourth quarter came in below estimates. the other point of note was the fact that the annual active users felt for the first time since the 2014 ipo. that is of concern. it is a saturated e-commerce market in china. competition at the low end and competition from alibaba, as well. the founder of the company is facing clouds, as well, because he has faced allegations of rape in the u.s.. in the u.s., they are waiting to decide whether or not to press charges. that is something, the allegations they deny strongly. that is another factor to add into the mix. ♪

>> full-year revenue 5.9 billion pounds, the estimate was 5.85. it is in the ballpark of the estimate. the dividend per share is coming at the above estimate and the adjusted is 118.3 and a looks to be ahead of estimates. can you tell me about the resilience to the various headwinds we are seeing for easyjet and how competent for the future are you? >> it has been a fantastic year for easyjet, particularly in the backdrop of some of the difficulties that a number of airlines have had in 2018. the numbers are a record profit if you exclude the faction we have been involved with with air berlin. we have a record number of passengers, a 10% increase. it has been a really really good year. >> retail stocks are getting hammered today with some of the worst performers in the worst performers and indices like

target, kohl's. some warning signals from the earnings reports, which were good, overall. what are investors thinking? >> they are panicking about growth margin. that is where the concern is with tj maxx, reported a while ago. all of these e-commerce investments are expensive and they are wondering if this is a moment of is it as good as it gets for retail. they have a strong consumer sentiment. they are worried about the long-term impact on profitability that comes with competing. >> deutsche bank shares in the lender hitting a record low. investors turn their concern to deutsche's potential role in a money laundering scandal. what is confirmed about the potential involvement in the scandal? >> nothing has been confirmed. what has happened is that

yesterday, the whistleblower at the center of all of this, a deutsche bank employee said a european bank with the u.s. subsidiary is involved and he was referring to deutsche bank and everyone is now asking what exactly was the role? what did it know? it was not correspondent. what can happen to deutsche bank? investors are figuring out what this means for them as a whole. >> the hits keep coming for goldman sachs. facing an investigation in the u.s. and may have to return fees it received from malaysia. two investment funds from abu dhabi and what they say was goldman's central role in the whole scandal. >> the bad news keeps coming for

goldman. the one mbd and now they're going to come after goldman on the funds beckelman help them raise. one of abu dhabi investment funds -- they tried to get involved. ♪ >> one of apple's biggest suppliers is cutting through costs next year as it faces a difficult year. >> why are stocks making such deep cuts to expenses and how do they plan to do it? >> there have been they concerns -- there have been growing concerns about the global demand and customer sentiment. the cuts came out at the same time that a number of other apple suppliers have lowered their outlook. the move indicates we may be

expecting uptick in demand in 2019. this is going to be a difficult and competitive year ahead. companies like hp, sony, dell, and nintendo account for a large chunk of the company sales. it is not only apple story, but connected to other gadgets. >> massive sales expectations setting the stage for retailers heading into the holiday season. investors hope consumers will help with strong earnings growth. >> our survey shows consumers in the u.s. think they will spend an average of $1000 this holiday season, the highest it has ever been, up 4% from last year. the macro factors are setting up well. >> what traffic are you seeing in store and online? >> the start has been strong. we reopened today at 6:00 a.m.

and it started well. so far, so good. ♪

♪ >> here is a terminal chart for you to show you stores across the u.s.. a number of people think that is too many and is a lot of value for macy's. this is on the ceos mind. there are 30,000 functions on the bloomberg and we enjoy showing you our favorites. maybe they will become your favorite. here is another function, to uic go. it will take you to our quick takes to get the us insight into topics. here is a quick take from this

week. >> we are entering an era in which our enemies make it look like anyone is saying anything at any point in time. >> jordan peele created this video of president obama to demonstrate how easy it is to put words in someone else's mouth. >> we need to be more vigilant with what we trust from the internet. >> not everyone bought it come but the technology is improving, even as worries increase about potential for harm. this is your bloomberg quick take on deep fakes. deep fakes are realistic looking videos that gain popularity as a means of adding famous actresses and they are easy to find. they are named for the deep learning artificial intelligence algorithms, input real audio or video of a person and the software tries to recognize patterns of speech and movement. introduce a new element, like someone else's face, and a deep fake is formed.

>> it is easy to make these. there were breakthroughs from academic researchers. it would drastically reduce the amount of video you need. app, thems like fake most popular for making deep fakes, need dozens of hours of human assistance to create a video that looks like this, rather than this. in august, researchers revealed software to accurately render not just facial features, but changing weather patterns and flowers in bloom. this advance is not yet available to the public. with increasing capability comes increasing concern. >> this is fake news on steroids. we do not know of a case yet where someone has tried to use this to perpetrate fraud or an information warfare campaign or to really damage someone's repetition. it is the danger everyone is afraid of. >> and a world where fakes are easy to create, authenticity becomes easier to deny.

people caught doing genuinely objectionable things could claim evidence that it was fake. fake videos can be difficult to detect. researchers around the world at the u.s. department of defense are working on ways to counter them. deep fakes have positive uses. a firm that creates digital voices for people who lose theirs from disease. >> speech emphasis is the artificial production of human speech. >> there are applications that can be considered good or bad like the many deep fakes that exist to turn movies into nicolas cage movies. ♪ >> that was just one of the many quick takes you can find on the bloomberg. you can also find them on bloomberg.com along with the latest news and analysis 24 hours a day. that is all for bloomberg best this week. thank you for watching. this is bloomberg.

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♪ carol: welcome to "bloomberg businessweek." i am carol massar. jason: i jason kelly we are here . at bloomberg's global headquarters in new york. carol: in this week's issue, the predatory lending machine crushing small businesses. jason: the shocking downfall of carlos ghosn. andl: facebook