♪ juliette: coming up on "bloomberg best," the stories that shaped the week in business around the world. so much for investors to process this week, from a fed decision. >> the pause is for real, this is an indefinite cause. >> to trade decisions. >> while no breakthrough, it was expected and the two sides remain hearty. the talking. talking.o sides remain >> to the latest jobs report. >> it is almost like a second cycle. that is the way i would describe it. >> theresa may in parliament. backing a brexit plan b. >> theresa may can go back to brussels and say we do not want to crash out, we do want to deal. >> earnings reports come fast

and furious with tech giants leading the way. >> we still have lots of work to do across the board, but i think we are making progress. >> plus the week's top interviews run the gamut from energy to politics. >> if we leave the market to its own devices, we risk it completely. >> within the next two or three years, then we beat readjustment. >> capitalism without rules is theft. >> it's all straight ahead on "bloomberg best." julliette: hello and welcome. this is your weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. let's start with a day by day look at top headlines. tensions between the u.s. and china escalated with the justice

department handing down indictments against china's largest smartphone maker. >> u.s. prosecutors filed criminal charges against huawei alleging it stole trade secrets from an american rival and committed bank fraud by doing business with iran. the action comes two days before a pivotal round of trade talks. what are the specifics? one area is the ip theft issue, allegations that they stole intellectual property from t-mobile. that photograph and even a piece of a robot that helped mimic smartphone use was stolen from t-mobile. that is part of it. another part of it was the arrest of the cfo who was arrested several months ago. they are charging that she was conspiring to commit bank fraud, that they have used a subsidiary to make deals with iran, breaking u.s. sanctions against iran. >> have we gotten any reaction

from beijing so far? >> we have their -- we have. just about half an hour ago, we got a reaction from chinese officials in beijing describing the actions of the u.s. as unfair and unethical, that using national power to smear and attack a company is unfair. the u.s. has put through an official extradition request for the cfo of huawei, giving canadians about 30 days to make a decision as to how they go about that. >> the u.k. prime minister is addressing parliament. she basically ripped up her brexit plan today and has come out and given support to an amendment that would effectively lead to a renegotiation of the irish backstop. >> what we can do is send a clear message about what it is this house wants to see changing in the agreement.

in order to be able to support it. >> we will have a range of things voted on tonight in a few hours' time. broadly speaking, they fall into a couple of camps. one is about kicking the can down the road to give more time for an agreement, and the other is about reopening negotiations and the biggest sticking point, the irish backstop question. bear in mind, this is that they the european union has said they will not do. mrs. may is asking for a mandate from parliament, saying we have got to reopen talks if we are going to have a deal. >> theresa may now seems to have a mandate to go back to the european union to renegotiate the irish backstop. the question is, will the e.u. be willing to renegotiate? so far we have heard they are not. >> we found out what we knew, the majority would like to renegotiate the irish backstop. theresa may can go back to brussels and say we do not want to crash out.

we do want a deal, but the sticking point of the irish backstop is one that needs to be resolved. before that is going to be possible. >> i find it so interesting that the market has decided that the no deal is not possible. i do hear people say an accidental no deal is possible because the default option, come march 29, if there is no deal, if the u.k. does not request an extension of article 50, is that you simply crash out. >> apple's first earnings reports since tim cook let investors know that apple was cutting its forecast is out. shares are up in premarket trading as apple reported revenue that was slightly higher than expected at $84.3 billion. all major products other than the iphone's saw major increases, giving investors hope. what is the strategy here? do we worry that when you look at iphones, sales have kind of peaked, so they are focusing on

services? >> at the end of the day, they need to keep selling iphones. they are the hub for these other things they want to sell. on the hardware side, as you point out, the other hardware areas, such as the watch and air pods did very, very well. 50% year on year growth. what investors are cheered by is first of all, tim cook did manage expectations weeks ago when he said it's worse than we thought, but they are also cheered by the fact apple is focusing on non-iphone revenues and that is something people think could be sustainable. >> we are awaiting the first fed rate decision of 2019, followed by a news conference chairman -- conference by chairman jay powell. officials expected to hold their rates steady and emphasize patience. >> doves take note, no change, no supplies, but the fed has dropped its pledged further gradual rate increases. they now will be patient as they

determine future adjustments to the federal funds rate. that could mean rate cuts as well as rate increases. >> common sense suggests patiently awaiting clarity, an approach that has served policymakers well in the past. >> the pause is for real. this is sort of an indefinite pause. the other thing i think was really important in chairman powell's comments was the conundrum the fed faces. the data we have, albeit spotty, this at the same time he acknowledged they are awake at the wheel. they are listening to financial markets. they see the risk of china slowing, of europe, a shutdown, trade tensions. they really feel that this is now the appropriate way to adjust, this is now the appropriate policy. he would not take the bait on saying they will ease further, but the flexibility is there.

>> scandals and piracy issues could not keep facebook revenues down in the last quarter. at $16.91 billion, the social network has resolved to beat even the highest analyst estimates. what drove earnings? >> i think when you look at facebook, you need to consider that they just have an immense size to their network and therefore immense power and money that comes with that. advertisers do not really have a big alternative for where they can reach that many users with that much detailed information and users do not really have another place they can go where all their friends are. all that makes for an extremely powerful business despite the criticisms and the scandals, not to mention the regulatory scrutiny that will ramp up this year. >> president trump is dispatching his top trade negotiators to beijing after talks with chinese trade officials taking place in washington this week. meeting with the vice premier, the president said that a deal can be done by the march 1 deadline.

>> i think we can do it by march 1. can you get it down on paper by march 1? i don't know. >> the president has said that nothing final will be done until he meets with the big man himself. >> we saw that the trade talks did not fall apart and while no breakthrough did occur, none was expected. the two sides remain talking. speaking from the oval office, president trump characterized the talks as having made tremendous progress. we heard the president say no deal will be done before he meets with china's president, but there has to be continuing negotiations before that point. ultimately, there is some progress even if the two sides remain apart on some issues. >> amazon looking good in the fourth quarter. fourth-quarter forecasts for profitability pretty strong but revenue on the shy side. what do you make of amazon's results? >> i think overall, results were solid. we are seeing good strength in

the core e-commerce business. amazon web service is growing at an exceptional rate despite its size and newer businesses like advertising are beginning to take off. while some may be disappointed in the guidance, remember, this is a huge company. there is inherent lumpiness to it. >> part of what everyone forgets is we are hitting the law of large numbers. on absolute dollars, the amount of money that amazon is adding each quarter is astounding. we are coming off of a base, so while they may disappoint a lot, this is extraordinary performance. >> pressure is mounting at deutsche bank as revenue contracted for an eighth straight quarter. top executives believe they may not be able to avoid a radical solution such as a government brokered merger with commerzbank, unless they can show improvement in the quarter. >> we feel we can control our destiny. we are executing against our

plans. we are proud of having achieved the milestones we did, if it's the actions we took around the businesses or, frankly, achieving financial milestones that we promised the market. we intend to do the same in 2019, leverage all the work we have done with the businesses, stability in the platform, serving clients, executing on our strategy. all the stakeholders around us should see us execute on that and that puts us in control of our destiny. >> u.s. jobs are expected to rise for the 100th straight month in january. economists looking for 165,000 payroll additions and wage gains of 3.2% despite the partial closure of the government. we turn to michael mckee, who is live at the labor department. >> the labor market still strong. very little impact from the government shutdown. unemployment takes -- ticks up to 4%.

304,000 jobs created in january, but hold the champagne on that. december's blowout jobs numbers were substantially revised lower to 222,000 from the initially reported 312,000. still very good, but that's the biggest monthly revision since 2014. about all the concerns underlying weakness in the economy, which there are not that many signs in the hard data, i think this suggests the economy is actually still strong. >> we have had a record 100 straight months of payroll growth in america. what underpins the belief this cannot go on longer? >> if you look at jobs numbers and wage numbers, you see a kind of demarcation beginning in late 2017, which is when the tax cut and reform bill was passed. for the following year or so, slightly more, employment growth picks up, and wage growth picks up. when the policies ticket, it's

almost like a second cycle. that is the way i would describe it. a second cycle. almost a dmz line beginning in late 2017. >> still ahead as we review the week, conversations with facebook coo sheryl sandberg and u.s. senator elizabeth warren. best -- u.s. presidential hopeful elizabeth warren. coming up, more results and more reaction in what has been a whirlwind week of corporate earnings reports. >> we are going to do it all. we need to do it all. that is our objective, to be world-class, best in the case. >> this is bloomberg. ♪

>> this is bloomberg best. let's continue our global tour of the week's top business stories with more corporate earnings points -- reports.

starting in spain with banco santander. >> santander will push ahead with a new strategic plan after reporting better than expected fourth-quarter earnings. profits jumped by more than 1/3, but a decline in u.k. earnings and challenges in brazil . -- in brazil underscore the challenges ahead. >> we're focused on digital transformation, building global platforms so we can take advantage of our scale. santander has 144 million customers, and the whole focus is going to be on building these horizontal platforms, on different areas like trade and operational platforms. this is going to be very transformational. >> alibaba rose after posting a 41% rise in quarterly revenue. china's biggest e-commerce business was able to offset slowing online sales by expanding into cloud computing and entertainment. are we looking at a bit of a peak for alibaba? in terms of some of these numbers, the revenue growth,

slower than three or four years ago and was typically a strong quarter. >> i think the result is actually in line with , but there is an expectation that the worst is behind us. theybody is expecting accommodation fee, of which we have seen a delay. >> tesla's ceo is retiring again, reinforcing the company's reputation for having a revolving door of top executives. the surprise announcement came during the earnings call, on that call, elon musk vowed to cut costs. >> just when it kind of felt like governance for tesla was improving and they had learned some lessons from the past, they have this slightly odd communication and there's a very significant change in management. given the focus on financial performance and the need to improve cash burn and deliver

sustainable profitability. it potentially takes confidence back a few notches, and there is somebody knew that the investor base has to grow to know and understand and trust. >> a slowdown in china is hurting industrial equipment giant caterpillar, and investors are not happy. caterpillar reported fourth-quarter earnings this morning that missed wall street's forecasts. it was its biggest earnings miss in 10 years. we have seen caterpillar in the past give conservative initial guidance. is this a repeat of what happened, or have things changed? >> i think the tone has changed. there was this high water mark comment last year that pointed out to investors that maybe we have reached some sort of peak in the cycle for caterpillar. today on the other hand was this modest growth comment, this theme where they are warning people they are not seeing the growth they had been in china, which is a big deal, and overall, they are not expecting

things to just go crazy anymore. >> general electric shares are having an incredible day, best day since 2009. the company has settled with u.s. authorities on subprime mortgages. how does this help management in terms of moving this business on? >> i think it helps a lot and i think some analysts were expecting that settlement to possibly be meaningfully bigger. any time you can just remove a liability question mark at ge, that makes a big difference. that is really the big question mark at the company now. how big are its liabilities and how can it handle them? there are still a lot of questions at ge capital, but we did get some answers today, and i think that is why you are seeing the stock dropped. >> fedex has reported fourth-quarter comparable sales which beat estimates, as a dutch health technology company launched a new 1.5 billion euros share buyback program. a strong set of numbers overall. what drove this in the last quarter?

>> i characterized 2018 as a year of continued progress. we did grow 5%, and i think that is driven by a strong commitment on innovation with regards to share buyback, we look at the general economic environment and our own strength in our balance sheet and earning power and knowing that the current share buyback is about to finish this year, we decided that a program for the next two years would be a sound allocation capital decision. >> despite volatile oil prices, royal dutch shell has managed to beat earnings estimates. the share prices jumped after the company posted fourth-quarter results and delivered a surge in cash flows, which it said will underpin world-class returns to investors. >> we are going to do it all. we need to do it all. that's -- our objective is to be

a world-class investment case. and to do that, we need to grow value for the company and have a strong balance sheets at his -- that is resilient through the cycle. and we need to increase shareholder distributions, and that is what we are going to do. our priority is generating the right level of cash so we can achieve all three of those objectives. >> soaring production in north america's most prolific oil fields, helping prepare both exxon and chevron to record -- bigger than expected fourth-quarter profit. the numbers are absolutely amazing, and the way that oil companies have transformed themselves by accessing these fields, incredible. >> this does seem to be the quarter where big oil learned to make shale work. previous forays into shale have been limited, but these companies have really grown and added weight in the permian, the most productive field in the u.s., and really learned how to make it work or them, as you say. that's really coming through in these blowout numbers we have seen from both of them today.

exxon got production up above 4 million barrels again and beat expectations by almost 50%. ♪ juliette: you are watching

"bloomberg best." facebook was among silicon valley heavyweights reporting earnings this week, and on the day the company announced results, emily chang sat down for a conversation with chief operating officer sheryl sandberg. >> i think one of the questions people have about us right now is we are making such a big investments in safety and security. we have so much work to do to protect people on our platform. can we do that while growing our community and growing our business? i think this quarter shows we can do both. we still have a lot of hard work to do across the board, but i think we are making progress. >> there was an incident in the last 24 hours whereby it was revealed that facebook had a tool that was collecting data from users including teenagers in exchange for payment. apple has shut down your the internal apps, and our sources are telling us that employees are panicking. how are you triaging this? >> i want to be really clear what this was.

this is an app called the facebook research app. despite early reports, there is nothing secret about it. it is completely opt in. participants knew they were in. a great majority of people were adults, not teens, and people were compensated for being part of market research. emily: but even apple has punished you. >> apple has taken it out of the app store. they took it down. it was violating the terms, and that is obviously something we never wanted to do, and we have been working with them, but i think it has been a pretty productive day for people at facebook, where people are continuing to do good work. emily: that said, investors, it's another "not again" moment, so what do you have a say about why people should trust facebook? >> i want to be clear what this is, what matters is people know how their information is being used, and in this particular case, the people using the research app in the study new -- knew they were in it and knew how their information was being used, but you are right that we need to earn back people's trust.

-- that it has been a challenging time for facebook. and we need to earn back people's trust. one of the things we need to -- saw in this new quarter is how much we improve safety and security, and you know this. look at where a company spends its money if you want to know its priorities. we want to take the hard steps to protect people on our platform, and you see us doing that. you see what happened with elections around the world, fake accounts. decreasing the distribution of fake news. these are hard and ongoing problems, but we are determined to do the hard work and keep doing it. >> we have more of the week's top interviews coming up on "bloomberg best." saudi arabia's oil minister says more cuts are coming. and we discussed a ceo search. and we hear from u.s. senator elizabeth warren who just lost a -- launched a race for the presidency.

>> what i believe is capitalism with serious rules. >> this is bloomberg. ♪ this isn't just any moving day.

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best," i'm juliette saly. time to revisit more of the week's top interviews. oil was the topic of much discussion as opec and its allies planned their 2019 strategy. saudi's energy minister talked with bloomberg about the kingdom's efforts to balance the market. >> i think we have proven that we should never let our hands off the wheel. the market is very fickle, any small deviation from balance shops the market. and i'm not talking

about prices, but investments, corporate plans, business plans get shaken and turned upside down after two or three weeks of a downturn. i think it's important for the producers, more producers to join us, to really stay focused on keeping supply and demand balanced. once we bring inventories below the five-year average and keep it there. but if we leave the market to its own devices, we lose control, and therefore i would never say mission accomplished, because i think you'll veer off. >> and you have said saudi arabia has done more than its share in guaranteeing success. have you gone below 10.2 million barrels per day? your opec limits? >> our opec and non-opec limit is 10.33, and we brought it down

to 10.2 in january, and the target for february is below that, approaching 10.1. there could be smaller adjustments in the domestic demand. we'll find out in february. but under all the conditions, they need to be well below the voluntary cap. >> saudi arabia is ultimately outlining and infrastructure program that includes gas, power, energy. what is your business potential in saudi arabia? >> you look at the role we play, and first of all i think this infrastructure investment is the continued journey that the kingdom is making into progression. we feel we can play a strategic part and be a partner, especially in the gas and lng. we are long on gas, number one.

we see gas as something that will continue to grow. but as we look at our portfolio, each country has its own dynamics. we look at our portfolio and want to make sure that in every country we are providing what's necessary for them. >> so what does that mean for the middle east? >> for the middle east, it means -- again, a gas aspects coming on stream. in iraq, for example, we're working to make sure that it can be utilized from an energy perspective. if you look within the kingdom. there's also several areas where this will be continued expansion. and on lng, there's obviously qatar, looking to expand lng. >> when you look on the 5%, do you see more of those types of investments to secure that business? do you see joint ventures? >> i think every model is different. we said this last year at the

conference, collaboration is going to require different solutions and also different models. as a company, we are really testing different models. in some cases, it may be an equity stake. in other cases, it may be more localization by ourselves, going into a country in setting up the establishment. in others it may be partnering. >> from commodities to luxuries. despite indications of slowing global growth, earnings this week from lvnh suggest consumer demand for luxury goods is still strong. the ceo shared an exclusive perspective with annmarie hordern. >> for many years now, we're in a very, very strong economic trend due mainly to the low interest rates and their availability of money everywhere

and to the very high prices of many assets and -- assets. stocks and so on. this cannot continue forever. i'm not so much worried for 2019, but within the next two or three years, there will be readjustment. it can be quite strong, especially when that will happen and the interest rates in europe really start going up. >> you are going to be very cautious about the future. how do you prepare for that, what you think is less spending from consumers globally? >> there will be what we call a blip in the economy. we're ready now to do this. on the contrary, it can also provide opportunities, because

prices can go down, and that can be a good investment. today, it is difficult to make good investments because of price. every price is very high. whether it is for stock or if you want to buy paintings. exaggeration. it will give more opportunities. >> now let's return to francine lacqua's interview with banko santander's chair. the bank recently reversed its executiveo hire a ubs as its new ceo. empty, buton remains they say this has not disturbed investors. >> investors are very relaxed. i think they are very happy with our performance. it's not just growth and

predictability, but the three-year plan, we originated with organically generated, $25 billion in capital. we're about on target, 11.3. but very important, santander comes out as the best bank in europe. this is our model, which delivers growing results, predictable results through the cycle. our investors want us to continue on this line and continue generating all these advantages. >> what exactly happened? what made you believe that there was a commitment to pay -- -- deferred pay. >> andrea is a great professional. we've known each other for years. the board came, after a diligent process, to the conclusion that the amount santander would have to assume for his buyout was something that was not right for us. because of this process and requirements, we had to announce early, and so unfortunately

that's where we ended up. we believe this is the right decision for all stakeholders. >> do you blame ubs? does it change your relationship with ubs? >> we have a great relationship with ubs. we will continue working, and we respect their decision. >> finally, we heard from elizabeth warren, the u.s. senator from massachusetts, who's exploring a run for the democratic presidential nomination in 2020. she's sticking her brand on tightening financial regulation and making the economy work for everyone, and she sat down wednesday with bloomberg's joe weisenthal. >> i believe in capitalism. i see the wealth that can be produced. but let's be really clear -- capitalism without rules is theft. encouraging companies to build their business models on cheating people, that's not capitalism, that's not competition in the marketplace,

that's not producing consumer surplus. what i believe is capitalism with serious rules. that means rules where everybody gets a chance to play. >> speaking of rules, one of the criticisms of the wealth tax is that it would be really hard to enforce. people have ways to hide how much wealth they have. it is difficult to measure. they could move it internationally. how much would a successful implementation of a wealth check -- tax essentially require local cooperation, so that people can't easily shuffle assets? >> let's start with the fact that the way this is written -- that wealthhe says wherever it is held. moving it to one of the islands, moving into switzerland, that's not going to get you out from underneath the tax. there is no advantage to taking your diamonds or your art or your yacht outside the united states. part two, remember, the international scene on taxes is

changing dramatically. starting in about 2010. they started changing the laws so companies are more cooperative with each other in terms of identifying the assets held within their areas. third part is this bill has really serious enforcement. remember, the kind of money we are talking about here, the estimate is about $2.75 trillion over the next 10 years. it's money we could spend on childcare, that's money we could spend to reduce the student loan debt burden, that's a good down payment on a green new deal. ♪ >> this is "bloomberg best."

i'm juliette saly. let's resume around of the week's top stories in business, finance, and politics of the u.s. treasury department imposing severe restrictions on venezuela's state owned oil company. >> the u.s. has slapped sanctions on venezuela's state-owned oil company and its central bank. is the latest move by president trump intended to raise pressure on the regime of president nicolas maduro. >> we haven't seen a much of an impact when it comes to oil prices, so like it we expect to be the repercussions of this latest u.s. move? >> i think we are going to have to wait and see the immediate effects, and it's clear at this point it will really increase the pressure on them. the u.s. treasury said they estimated this will freeze between $7 billion and $11 billion next year in the government that has been hemorrhaging funds. >> are there processes in place

where they can restrict commodity flows and the cash flows around those to the fleet mr. maduro? can they maintain that? >> in the current environment, absolutely. the key issue with the sanctions last night is that they did not use a blanket, even secondary sanctions likely use of russia and iran, which means both china and india continue to take the heavy barrels. the u.s. refiners will stop taking it, citgo will not make payments to venezuela. >> chinese pmi in the month of january, slightly better than expected when it comes to manufacturing in china. slightly better than expected, and slightly higher than december. still, a second straight month of contraction. how should we read these numbers? better than expected, but still in contraction. >> we are looking at new export orders, and the nonmanufacturing

pmi is higher, that is one to watch. we know this economy has been holding up better than expected. i think the broad story remains the manufacturing sectors under pressure, exports are under pressure, this really confirms that. >> earlier today, we heard it's official, italy is in a recession. what's going on? >> that's right. the economy shrunk for a second consecutive quarter, the last quarter of 2018, so it's a recession. that of course is a problem for the government, because they had considerable spending plans. if indeed the economy is slowing down, if the trend continues, it's very unlikely they will reach their targets they talked about in 2019, even 1.5%, that's very difficult. if they can't get that, then they won't have enough money to spend on all their promises to voters, from citizen income to

lower pension age, and that means they will have a problem, or they will spend the money and that means they can't keep promises with the eu. >> here's the sensex on india's new budget deficit target. it will breach the target for a second year, as prime minister narendra modi tries to move before an election. india's finance ministers is the country is back on the growth -- says the country is back on the growth track. >> india is solidly back on track, and marching towards growth and prosperity. we have prepared the foundation for sustainable growth, progress, and better quality of life. >> give us some of the other details, then, from the budget, other than the top line. >> apart from the fiscal deficit, the finance minister a dole out for small and marginal farmers. it was kind of expected. what the markets will be

interested in is how are they going to get that money? will they subsume the subsidies that have already been given to farmers? so that's the devil in the details, we will have to watch for that. that's one thing the finance minister has announced. if you see the stocks off companies, they have started reacting to that. >> the trump administration indicated plans to remove restrictions on aluminum producer, after reaching an agreement to reduce the ownership stake of russian billionaire oleg deripaska. it surged in hong kong on the prospects of an end sanctions while aluminum has dipped in london. how big is this news? how much was priced in? bruxelles, which has had the threat of major sanctions, and it's now free to

start sending in the world market. but in the grand scheme of things, not so much. it's down by half over the past year, as everyone started to see that the u.s. administration had been fairly flexible, giving deripaska enough time to come up with a plan. we've seen it priced in pretty much. >> one of america's largest utilities fall to its knees. pg&e files for chapter 11 with $50 billion in debt after a series of devastating fires drove the company to bankruptcy. if you are in chapter 11, what happens? >> the company is still operating, that's the entire point of chapter 11. it's giving the company some breathing room for creditors. we're going to try to work out our problems, try to keep the lights on in california stop that is what pg&e is trying to do right now. >> two european energy giants -- ne and omv have agreed

to pay $5.8 billion for a combined 35% stake in abu dhabi's state oil refineries. the deal values the adnoc unit at $19.3 billion in total. meanwhile, the ceos were keen to emphasize the synergies the deal will bring. >> the best, unique opportunity to grow our downstream capacities, making flexibility, more efficiency, because we won in producing ourselves, developing ourselves in abu dhabi. >> it bring stability in our corporation. the price is high and we enjoyed producing oil together. when it fell, we enjoy the refining business together. >> both partners bring a great deal of value.

they bring very sophisticated technical expertise, which have -- they bring operational expertise, helping us drive efficiencies ross our refining. -- across our refining business. >> societe general is repairing to cut jobs following -- preparing to cut jobs following the trading slump. bloomberg has learned the announcement could be made public as soon as next week. what's the reason for these cuts? >> it comes as a reminder, globally, of how volatile it is. there were profit warnings a couple weeks ago about 20% earnings on wall street. somehow, this is really the backdrop. and of course large investment banks are spending more with compliance, ip, it's quite a -- i.t., new projects. it is quite a novelty bank, so you could imagine there is the

need to find savings somewhere to spend and invest somewhere else. >> shares of nvidia took a tumble in monday's session. the maker of 3-d graphics processors and related software has cut its fourth-quarter revenue forecast. nvidia says gaming sales were below expectations due to weakening global economy, especially in china. quarter ain the last 4% drop in pc shipments worldwide. part of that is because of the weakening economic outlook, including in china, but it is also data centers. this is something that everyone is looking out across the semiconductor industry and enterprise technology. these companies like amazon.com microsoft, alphabet are not , spending as much on building out data centers as they used to, and that's going to be a huge problem moving forward. ♪ >> this is a great function that

can be used in the bloomberg, the graphic dashboard. yesterday nvidia was down 14%, today down another 4.2%. above average volume. very interestingly here, there are 29 buys and 11 holds. >> there are about 30,000 functions on the bloomberg, and we always enjoy showing you are -- our favorites on bloomberg television maybe they will , become your favorites. here's another function you'll find it useful, to uic go.

-- q uic go. it will take you to our quick takes, where you can get important quick takes and fast insight into timely topics. this is a quick take from this week. >> over the last couple of years, india's most underprivileged citizens have taken to the streets in thousands to protest violent government policies and demand more rights. hundreds of millions of people in the lowest caste will be a force to be reckoned with when they head to the polls in may. this is your bloomberg quick take on lower caste political power. india is traditionally split into hierarchical groups. the lowest of all now form a quarter of the population, about 16% of all voters. >> on the ground, there's a lot of discontent, especially amongst them. there's discontent among minorities. even the hindu majority is concerned. >> one hopeful to reprise narendra modi is a former delhi

slum native who has been elected chief minister of india's most populous district. her party that was to end caste discrimination and build a society based on equality and fairness. >> she has followers across india, and she winced say one or two seats, she can be the kingmaker, at worst. at best, she could stand a good chance of being the candidate -- consensus candidate for the other side. >> laws against caste discriminate and were adopted 70 years ago, and with some exceptions, it remains a major factor in determining how people earn a living and who they married, especially in small towns and villages. where around 70% of indians live. -- he's beendi has a very interesting government, simply because this is the first time we've had a leader with this kind majority. >> he rode a wave of dissatisfaction and emphasized his own modest background to

take power in 2014, but his bjp party has developed a problematic repetition as far as voters are concerned. >> narendra modi's party has traditionally always been seen as what we call upper caste, so basically the or -- the more privileged, more landing, business owning class. >> despite living in a stratified society where circumstances of birth to find a large part of what the future will hold voters , in the world's largest democracy will soon be hitting the polls as equals. each political party will tailor its message. >> 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 "louvered -- bloomberg best for this week. thanks for watching.

i'm juliette saly. this is bloomberg. ♪

we begin with a big issue. another solid jobs report. >> it is impressive. >> another strong number. >>