♪ >> coming up on "bloomberg that shapedtories the week in business around the world. -- takesteaks dovish hike,ith a maybe not as dovish as the hoped for. >> it's really facts and circumstances, meeting by meeting.nd >> central banks of japan and england stand pat on policy. concessions pass muster with europe. peoplehe more moderate have won this battle. its first day of trading. china celebrates 40 years of reform with a message of

resistance. very few mentions of the private sector. as global markets struggled, what'sve insights as to ahead. >> if you look at the indicators i have historically used in my not quite red're yet but they are definitely setting off warning signs. onall straight ahead "bloomberg best." hello and welcome. i'm taylor richard grasso. west," youromberg world ofview of the business. let's start with a day-to-day look at the top headlines. monday, u.k. prime minister theresa may resumed her quest to a brexit deal over the

finish line despite opposition parliament. >> statement! minister! >> theresa may has pushed back the idea of holding a second brexit referendum after e.u. leaders failed to provide leeway more attractive to leaders in the u.k. clearly she'll push back against deal butthat's not her you would expect her cabinet to be on the same page. have detractors in her midst? wouldn't that be a revelation, the splits in the british government, the whole of government has been divided about this issue all along, as we know. strong reports over the weekend about the movement for a second referendum gaining traction

within her cabinet. she's been forceful in rebutting this saying the vote was taken betrayal of the british public if we try to undo that. it's undeniable over the last few days and weeks as it's clearer she won't get this vote passed, her deal will not by parliament, they thend referendum is one of only options out there. >> my right honorable friend, the leader of the house, will on thursday ins the usual way, but i can confirm today that we intend to return to the meaningful vote and debate in the week commencing january and hold the vote the following week. closing at the lowest 500l since 2017, more than points lost in the dow jones

volumes up 40%. >> this is not tied to fundamentals and hasn't been for two months and what i think we're making the mistake is to of thinarratives out air to say, today it's a recession and two months ago was that was bankfore stocks. there's a variety of things that to this contributing but recession, i think we're stretching it. >> chinese president jinping xi aheade's willing to push with china's reform and opening up economic strategy but warns any path of reform will only from within the country. >> no one is in a position to dictate to the chinese people what should or should not be done. there were business executives and investors we have leading up too the speech who were hanging up that maybeope president xi would use this as an opportunity to outline

changes to the economy, lowering trade barriers thatd the markets here but didn't happen. he recapped historical from 1978, the start of the reform period, and emphasizing the role of the party. mentions of the private sector or market forces in play china.last few years in nothing in the speech addressed the concerns from trade tensions economic pressures china is under. >> the european commission will imposing penalties on italy over its budget. on aand brussels agreeing 2019 budget and lowering the growth target. e.u. has figured out, let's defuse this because you don't want a battle you keyt win but i think the issue is that reduced growth rates in italy, not enough. the i.m.f. european

commission says will happen next year. that's aome in at 1, good achievement. >> when you look at the power moderate people that want this battle. guiseppe minister, conte, who is politically independent, and the finance minister, and the market didn't trust what he said but he's had the final lot here. it's a similar number to the one he proposed and the more skeptics, they've had to back down so that would be the here.ght >> president trump has not been shy to provide his views on what the fed should do. tweeting just yesterday that the fed should be careful not to make another mistake, warning of further reductions in the earliersheet, after saying continued rate increases would be wrong. >> fed officials raise the for the benchmark 2.25 and 2.5 and

reserves goexcess up as feds try to keep a lid on funds tradingfed range and now saying the committee judges some further increases in the target rate for the federal funds rate will be appropriate. clock calls for only two year.next >> the policy will change if incoming data materially change the outlook. the put away or restruck it lower. morets looking for a flexible fed, a more "we feel your pain" kind of fed. certainly a down day, collapse in the market today. off by 39 if not 40 points, the 500 down 1.5, nearly every industry group in the red. $350 billion wiped off of the s&p 500 in market cap. wereearly the markets hoping for a bit more, and bit more feeling of love from the

but i think the fed has done the right thing, looking at the macro academy, the economic outlook. the fed can't respond to every time the markets move in one way or the other. >> we now are waiting for the bank of england decision which out and surprise, surprise, .75%, thethe rate at asset purchase target at $435 billion. big surprise. >> if you look at what the bank of england is looking at in terms of the economy, you might thought this would be a meeting in normal times where you might prepare investors for another rate rise at some point in the next few months. wasough inflation lower-than-expected, they're bringing the implications of the earlier in the year which will be more expansionary for next year so fiscal policy will support the economy. slightly faster than the bank of england policymakers thought but

because ofon hold the endless back-and-hold over brexit and lack of clarity on of marchens in the end >> u.s. stocks sinking today, sessions lows, in part because of a rising threat of government shutdown, a partial shutdown but shutdown nonetheless. really unexpected. everyone thought it was a done deal and in the g.o.p. conference this morning, it fell apart. the president made it very clear he will not sign a continuing resolution that doesn't include wall funding. >> we're going to work on adding border security this, also keeping the government open to see we want agreement. >> from the beginning of the year, markets kept shrugging this off. saying isome are different is the fact that you have so many uncertainties that and you pile this on especially when one of the uncertainties is surrounding global growth and potential for then anything can off.ou >> u.s. defense secretary james

mattis will retire at the end of february, citing differences with president trump. a made the announcement in tweet. we had that letter from the defense himself laying out the reasons he's leaving. what were the key takeaways? key takeaway was that that had al mattis said he strong belief and respect for u.s. alliances and clear-eyed of u.s. strategic competitors and malignant actors world and he said that was formed over a long, long working in those areas and he said that the president viewsed someone whose were more aligned with his. most recently, the announcement the u.s.esident that would be withdrawing completely from syria, that caught him and other -- caught matus and other national security officials by now there's word that the president is considering a full withdrawal from afghanistan. trumpe no idea yet where

going for his next defense secretary. >> republican senators are meeting with president trump at washington on the brink of a partial shutdown. >> earlier today, president that tweeting out democrats whose votes we need in the senate will probably vote security and the wall even though they know it is desperately needed. has becomeussion about the filibuster in the senate because that's the only from keeping the senate passing the measure that the house passed yesterday to fund andgovernment for two weeks including $5 billion the president requested for the wall. the reason that can't pass the senate is because he needs nine democrats on board to get rid of the filibuster. mitch mcconnell is not ok with filibuster.of the >> it looks like we're heading towards a partial government tonight.at midnight the senate is voting on a procedural motion to move to government funding bill that

billion for the president's wall money. it will fail to get 60 votes in the senate. whatuestion then is republican leaders do and what the president is willing to accept. still ahead, as we review the best," anloomberg stansive conversation with druckenmiller, alan greenspan, dudley. a new intelligence report on reveals thatdling instagram may have more influence than facebook. were able tons grow to tens of thousands of followers, hundreds of thousands followers. ♪

>> this is "bloomberg best," i'm taylor riggs. let's resume our global tour of the week's top business stories arabia where the kingdom came out with its budget 2019. >> saudi arabia's spending will hit an all-time high in the coming year as the government extends handouts to cushion the of rising costs and keep the vision 2030 program on track. the budget includes a cost of allowance. the kingdom is struggling over falling oil prices and anger the murder of journalist khashoggi. >> they imply an increase of all 2018 to 2019. given that brent crude oil $70 a barrel this year, that assumes they are projecting

$80 a barrel in their budget in revenue targets. that is optimistic to say the least. the government cannot have their and eat it. they have a choice to make. toy can either stick spending plans and all revenues might disappoint in which case the government would miss its target of 4.2% of g.d.p. the other option it has, it's basically it commits to deficit of g.d.p. and adjusts spending to accommodate decline in oil prices in which case the government will miss its growth forecast of of g.d.p. growth in 2019. w.t.i. closing below $50 a barrel for the first time since year, down again this morning, amid fresh concerns production cuts announced by opec and allies prevent aufficient to

new supply gut. is this a sign that opec and losing control of the market? >> the saudi oil minister said patch wouldshale thank him because that would support prices. through tofiltering the market now. they're really only doing about a third of the market. marketnfluence on the has declined over the years and we're seeing it coming through they need to rely more on russia and as they battle this on. of shale coming >> the i.m.f. has approved forions of dollars in aid ukraine as the eastern european stabilize itso economy and pay back debt. president poroshenko said the decision would stabilize ukraine. after thet comes country imposed martial law in some regions. previous payments were not reforms tookecause

too long to be delivered. are you confident reforms can be this time? >> we are grateful they have supported us once again and i have delivered quite a lot already. we have adopted the budget for is a good fiscally prudent budget with a deficit as low as 3.28% and i think we are the reforms will be in this 14-month program to we're alsor 2019 and open, green light to other lenders tol cooperate with ukraine. from russia with like. a report commissioned by the intelligence committee shows that russia's spreadingtive tool if propaganda is instagram, not facebook. boycottingave been facemask, talking about how --

facebook, quitting the platform because of russian gotnformation but instagram more engagement, according to the researchers with the report commissioned by senate intel. this is stung because of how instagram works. it's not a viral network the way facebook and twitter is. but on instagram, you can build very defined community within an interest group so on instagram there were black activism accounts, feminism accounts, lgbt, veteran accounts, that the russians were ofe to grow to tens thousands and hundreds of thousands of followers and of traction int those deep groups. steven munchin saying that washington and beijing will meet in january to negotiate a broader trade truce following a inies of phone conversations recent weeks. the treasury secretary says both are determined to resolve

differences. mnuchin, theto u.s. is determined to have an agreement put on paper by march 1, the deadline for the truce agreed to at the g-20 summit. are two factions in the white house. some china hawks have questioned not the u.s. can count on any agreements made by reforms,ut economic given the experience of past administrations. mnuchin told bloomberg today in an interview that whatever is will include enforceable measures and firm be taken.for steps to anticipated, the bank of japan made no policy changes at its final meeting of year, maintaining that 10-year yield target at about percent. minuslicy balance rate at

.1%. >> i think the decision by the surprise.pan was no inflation is nowhere near their hadation target so they absolutely no other choice and of course now with the fed sounding a little bit more think that gives -- theicates the decision by bank of japan. we probably have to wait until policy, if they make a change. i don't think there will be changes before that. united states has accused two chinese nationals of coordinating with chinese officials in a decade-long campaign against dozens of companies in the abroad totes and steal intellectual property and other data. we know about these charges? >> we know their computer intrusion conspiracy charges and essentially what the government's saying here is that for 12 years, a couple of theers who were tied to

chinese government, were infiltrating both u.s. companies and u.s. agencies and in the sorts oftealing all intellectual property and other data from these companies for a time.eriod of ♪

♪. taylor: you're watching "bloomberg best." i'm taylor riggs. investors around the world this the federaltching reserve with keen interest. druckenmilleran one step further. the duquesne family office co-wrote an op-ed in the --ll street journal" usuals urges a pause in rate hikes. anexplained his position in

exclusive interview. the coincidentat economic indicators which i wish did.ed coincident at the ones, they all look quite good. if you look at the indicators i used in myically business, they're not quite red yet but they are definitely setting offey are signs. abigail: what do you see? >> the best economist i know is the inside of the stock market heard harrickou and i heard in my economics 1 market's stock predicted nine out of the last recessions. i will say that's better than the fed. they've gone 0-9. but the best economist i know thethis is the inside of stock market.

so the fed, when they look at market and they look at financial indicators, probably is just looking at the s&p but the decline in the s&p, when i wasnny, preparing for this interview, it was 10. it's now 13. a bit of mirage because if you look inside the stock cyclical elements of the economy, particularly the aont-end cyclicals, show completely different picture than the defensive parts of the stock market. eric: stocks that's more sensitive. >> to the economy. so auto stocks are down 30%. 11, they're10 or down 30. building stocks are down 35%. would think you can might be a symbol of credit or 25%.hing else, are down the russell 2000 is down over 20%. retail equities are down over

20% so how in the world could 10 or 11nly be down when i was looking at these numbers? utilities, staples and pharmaceuticals, which are economically defensive, are actually up. and this is the same situation i cycle after cycle so that's one of the things. the inside of the stock market, economist i best know and which i've used every invested, ishave saying, there's something not right here. >> that interview took place hikee the fomc's rate announcement on wednesday. coming up, interviews with former fed officials alan dudley after bill the decision came out. plus, bank of america c.e.o. moynihan weighs in with his perspective on the fed and the economy. >> we're more worried about the factors outside the system. stock market prices.

taylor: this is bloomberg. ♪

♪ >> welcome back to "bloomberg best." i'm taylor riggs. this week marks the one-year anniversary of peak bitcoin. on december 17 of 2017, the cryptocurrency climbed to its all-time high value of just under $20,000. this tuesday, it was trading just over $3500. erik schatzker sat down with an exclusive interview with michael knew the grad, who runs the cryptocurrency marvin bank galaxy digital. he thinks the worst of the rout is over. ♪ for the next for seeable future we will be between $3000 in $6,000.

if you plunge through 3000 they worry, but i think we are close to the end of the downside. in the last few days we have seen big capitulation both in price and from take spokesman. brian kelly, who was a big advocate of crypto, turned bearish. those are usually good signs that the end is close. know, a number of people in the community say the cost of that coin simply has to rise, because right now it is trading thousands of dollars below the cost to mine. what is your view on that? >> not necessarily true. mining cost depends on a lot of things, on electricity, there are some places where electricity is cheap. it is how efficient your chips are. a lot of the mines are breaking even around 3000, so we really haven't pushed through that pain point yet. >> you have come around to this idea that there is something

different, maybe even special, about bitcoin relative to the other large coins, at the very least. this store value idea -- elaborate. >> there are a hundred 18 elements on the periodic table. only gold has real store value. the rest is to use. we buy aluminum to make cars and tinfoil hats. but gold is valuable because it's valuable. gold ind put all the olympic swimming pool and have value. all the gold that has ever been mind can fit into two olympic swimming pools. that is worth a trillion dollars, which makes no sense. ♪ >> let's return now to one of

the central topics of conversation, the fed. among the most informed reactions to wednesday's rate decision came from to a longtime fed officials, former new york fed president bill dudley spoke exclusively with bloomberg on thursday, and former federal reserve chair alan greenspan spoke with tom keene and scarlet fu on wednesday, moments after the decision. they discussed the political environment and the pressure it is exerting on policy. ♪ i'm very much concerned about the political system. i was in the u.s. for almost 20 years. anythingr seen remotely close to what we are observing today, and i think the economic outlook is being significantly affected. >> in your generous time with us this afternoon, chairman greenspan, let's pause on where we are in american political

system. do you find a permanence to the populism today, or do we rebound out of this administration, whether it is one term or two terms, back to a more traditional political system? >> well, let's remember what caused the populism, what causes populism throughout the world, when the growth rate slows down. when the growth rate slows down, you have a very strong political response and a group of people who come on the scene saying we feel your pain get very considerable attention. remember that populism is not a philosophy like communism or capitalism or socialism, it's a cry of pain. people say help us, we are

hurting, and someone comes along and says i have the solution. historically,, has always been very affecting. >> i know you don't comment on any current fed chair, but i was wondering if you would indulge a hypothetical. what would you have done, what would you do, if the president was tweeting at you, and there is political interference, the public rebuke? >> we should explain, the tweeting and social media -- i know you are not doing this at home -- all these messages we see from president trump. this is not william mckinley martin, is it, mr. greenspan? >> no. [laughter] the president and all other political figures have a right to state their opinions. government i was in for almost 20 years and i don't remember a single instance when a political figure, president or

otherwise, argued in favor of the fed raising rates. i had innumerable cases of the opposite. ♪ what is thee day, fed's outlook for growth? what is the consequence of that outlook for unemployment, what is the consequence of the decline on prices? what the fed is saying in their forecast is that they still think, despite the selloff in the stock market, the slowdown, that the economy will grow and above trend pace next year. people would you say to who may be don't understand what you just said? is there a point where a stock market selloff, that says we better pause? >> absolutely. if this went on much further for much longer, interchanged the fed's view about the outlook -- the fed is looking at the stock

market and financial conditions broadly, but also at the economic news. they need to see payroll employment gains of about $100,000 per month. they've been seeing gains much greater than that. their view is the economy is growing at above trend and we have a tight labor market, we need to slow the economy down. tighter financial conditions aren't a bad thing, they are a necessary thing. >> if you were at the meeting yesterday, would you have voted for the rate hike, and can you tell us what your thought was when you left and what it would be now for looking at 2019? >> i don't remember what it was. i was pretty much in the consensus. 2018 i think most people saw three or four. the fiscal stimulus is starting to change, yesterday they

thought there would be three but they did for because fiscal policy was more stimulated than expected. next year, two or three seems most likely, but it all depends on the economy and on how the outlook changes. if the stock market were to keep going down, i would definitely pause. but they don't know what's going to happen. part of the problem we have is that markets want the said to say how it is going to be, but there is a lot of uncertainty about how markets will reform, how the economy will react, how that will translate to pressure on resources and into inflation. certaincan't be more than what we have about those things. ♪ capping a week of exclusives on wednesday, david westin sat down with brian moynihan in new york. they went straight to the the fedsf

read on the economy and its policy outlook. ♪ months,were clear for saying that we have a view of where is the rates are getting and accommodative economy are taking accommodation out and we think that raises 2.5% or 3.5%. so of course they would be more cautious. i had a wise economics leader a few years ago say everyone looks at the dot plots and gets excited, but you have to think -- the question to me is where is the next -- not that they have some view of 17 meetings that plays out. but a lot of the path work was

needed early on to say here's where we are going. now we are there and it is back to the handhold. dataman powell said it is dependent, if unemployment stays as tight as it is, if wages continue to grow. are still at 2% plus then we will still tighten. on the other hand they brought their estimate down. we did the same thing today. there more worried about factors outside the system, the stock market prices. all the geopolitical stuff. thatyou get to neutral, means it is facts and circumstances, meeting by meeting, as opposed to we are trying to get the past back. the balance sheets are the same thing, and frankly they haven't had that much impact on rate structure.

they are lower now than when they started. it's an interesting time in people for get -- they can to know because they are data-driven. ♪

♪ >> this is "bloomberg best." i'm taylor riggs. let's continue the roundup of the week's top stories in business and finance, starting with more trouble for goldman sachs in the scandal involving malaysia's state fund, 1mdb. ♪ malaysia has filed criminal charges against goldman sachs involving what it said were false statements made in relation to 1mdb's sale. goldman sachs says it will vigorously defend against the

charges. how big and how bad could the charges be? numbers aside, the amount that the fines could amount to, are really large. >> the file on its own is really large, but there's also the risk of reputational damage to goldman. we spoke to a lawyer in singapore who said that the risk goldman as a financial institution in the eyes of regulators worldwide. malaysia has gone very hard, saying that goldman has fallen short of any funder. terms of the standards in the compliance. ♪ >> shares in softbank domestic telecom business has tumbled on the first day of trading, falling more than 14% in tokyo, the biggest decline for a major

2014, andapan since this was the biggest ipo in time, raising $23.6 billion. why did this huge in highly anticipated ipo fumble so seriously? it's notfor one, supposed to be this cold this time of year, so you could call it a cold reception. some people are calling it a soft opening. market conditions in the year where we keep talking about tight dollar liquidity, an ipo this marja the market, that's probably what's going to happen. the other thing that has bottled a lot of people is -- keep in mind, 90% of this went to retail investors. institutional money was largely kept away because we were buying a company whose profit outlook wasn't as rosy as the dividend yield it offered. just a combination of factors.

♪ pfizerosmithkline and have agreed to combine their consumer health care businesses in a joint venture, to be controlled by the u.k. company glaxo, creating the biggest supplier of over-the-counter medicines in the world. breakdown this deal for us. it's huge, obviously. global locations, who gets what? >> glaxo gets the lions share, 58% of the joint venture, pfizer gets the rest. investors are saying it is probably because they have that perspective of the ipo three years down the road. ups is essentially a split through the medicine business, vaccines and that kind of stuff. >> they are contributing significantly larger cash flows from the joint venture, continuing to fund on priority on the pharma pipeline, and we

also give visibility to the eventual separation post integration, and as we've made further progress, that will allow us to reset the balance sheets of two companies to focus u.k. base, one pharma in vaccines, very much a on the science of immunology, and one new world leader in consumer health care. ♪ >> a profit warning from britain's aphis. it tumbled as it lowered its 2019 sales outlook, lower at the open by 38%. why is it suffering given that they were the retailer that was on it for so many years? >> that's right. factors,claiming a few

the first is that consumer confidence has slumped, not just in the u.k. but also in france and germany. we introduced black friday in the u.k. and it is spreading across europe and that has got consumers addicted to discounts, which affects consumer confidence. ♪ hitachi is brining a miss geordie stake in the power grid division, beginning at $11 billion. they plan to return up to $7.8 billion of the proceeds. does the deal look expensive? is that what we will see in the share price? >> shareholders like this because they have wanted to get rid of this business for a while. the deals on the expensive side if you consider the running cost, acquisition cost, all the costs that will come over the next couple years. on top of that, there's this

group -- hitachi has a predefined option, all these things are going to start weighing on the way this deal -- what happened to the stock prices over the next couple years. -- of the big things for abb they have had a knack for investors on their back, so investors will cheer the disposal regardless. >> more bad news for facebook. the district of columbia's attorney general has just filed a lawsuit against the social media giant for granting cambridge analytic access to user data without permission. it's a relatively small number of users effect it -- could this just be the beginning? >> absolutely. the company is already being scrutinized by the irish data protection lawmakers in the eu, scrutinized by lots of attorneys general around the country.

it could bring charges against facebook, it could be a very difficult position for them to be in. sheryl sandberg earlier this year showed up at the meeting of attorneys general to give a talk about facebook and privacy. about drumbeat of news how facebook has been flouting what they have promised consumers. it has been a little bit -- too little, too late, and this company is under the microscope now. ♪ qualcomm.hina, now another legal victory in germany in its patent fight against apple. a court in munich says qualcomm can block sales of some iphone models, but the band won't start immediately. qualcomm accused apple of infringing on its patent. china said it would ban sales of certain iphones. what makes this ruling significant is that we are talking about hardware, not software. >> absolutely correct.

the idea being that if it is software, you put your programmers to work, rewrite the code, everybody gets on with their lives. here it is related to hardware, which implies that if you are not successful on appeals you have to put new parts in, which creates a lot more troubles. ♪ ghosn vale hopes have been dashed by a charge of breach of trust, aggravated breach of trust, according to the prosecutor's office. >> what do we know? >> prosecutors have re- arrested carlos ghosn on suspicion of breach of trust. this is a surprise for us. many expected him to be released today, which is why we are outside with many media crews at the detention house. the next time he could be

released at the earliest is december 31. we just got a cop be of the prosecutor arrest warrant and insights he allegedly transferred investment losses on derivatives to nissan to inflict financial damages, estimated around ¥1.5 billion. ♪

♪ wallace on his left

arm has a tattoo that says "opec go on." shows production cutters. >> 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. it will take you to our quick takes, where you can get important context and fast insight into timely topics. here's a quick take from this week. ♪ it has been a long time since electric vehicles had anywhere near the market share of the internal combustion engine. today it is still not even close. in 2017 electrics made up 1% of worldwide auto sales, lead governments have always had an outside influence on the auto industry, possibly even more so than car companies. so get ready for a lot more

electric vehicles. since electric vehicles create about one third as much carbon as those running on gas, countries like norway, france, and the u.k. have already made deadlines. but china is making the biggest push, in part to tackle the air pollution choking in cities. >> china is the biggest market for electric vehicles, and there are programs in place for consumers, which make them more affordable. there's also a place in china where automakers are required to make electric vehicles. electric vehicles have come a long way. the tesla model three can travel 310 miles on a full charge, which is only slightly less than the range of a traditional sedan. >> a few years ago, it meant buying a different car. now there are ones you can buy at a comparable cost to mid range vehicles. >> they could be cheaper than internal combustion cars by 2025 thanks to falling battery prices. there are hurdles like

charging,. it takes 30 minutes to recharge the tesla to drive another 170 miles. still, many are forging ahead. volkswagen says it will spend $81 billion to develop electric versions of all models by 2030. next year, volvo will begin facing out use of gas only cars. >> many have already unveiled plans to make larger, luxury cars. they don't want to be left behind. >> china about 60% more cars in 2017 than the u.s.. thanks to its size and growing can speed in designing great electric vehicles and could become the choice of the 21st century. ♪ >> that was just one of the many quick takes you can find on the bloomberg. you can also find them at bloomberg.com, along with all the latest business news and analysis 24 hours a day. that will be all for bloomberg best this week. thanks for watching. i'm taylor riggs.

this is bloomberg. ♪

♪ emily: i am emily chang. this is "bloomberg technology." drones flying over a u.k. airport creating chaos during peak holiday travel. authorities are launching a criminal probe. a big investment by big tobacco pushes it valuation of e-cigarettes to $38 billion, more than spacex or target. is it worth it? and 2018, the year apple lost its mojo? we will see if they can reclaim