>> coming up on bloomberg best, the stories that shaped the week in business around the world. president trump: we have launched an unprecedented economic boom. nejra: the state of the union is complicated. president trump calls to the nation with a siege. >> he had a couple of key lines for the base i think people will remember. >> he did not spend a lot of time on trade. nejra: earnings season rolls on as dozens of companies reported. >> is been a good quarter. it's been a good year. numbers look well. >> strength across the board. >> we will look across repricing as some of the business that we do. england cutsnk of

growth outlook as brexit deadlines loom. australia breaks regulations, but they could have been worse. >> it's a scathing assessment of conduct, driven by greed. nejra: phil gross calls a quits. he announces his retirement and space extensively with bloomberg. >> i have a few super bowl rings. time to enjoy myself and my family. .ejra: and capitalism taking a lot of criticism how advocates should respond to populism. >> i think as a nation we should focus on economic wealth and balance. nejra: it's all straight ahead on bloomberg best. ♪ nejra: hello and welcome, i'm nejra cehic. this is bloomberg best, your weekly review of the important business analysis and interviews

from uber television around the world. let's start with a day by day look from the top headlines. monday, investors awaited results from alphabet. ♪ shares of alphabet falling and after-hours trading after reporting thinner profit margins as they spent heavily to expand cloud and hardware businesses. investors are not liking those higher costs for the company. >> absolutely. if you look at the numbers, the underlying demand for the core business, very strong 66% growth. but if you look at expenses part, 40% in r&d, most of it from cloud infrastructure, hiring and spending. if they expected temper in 2019, that is some relief. but basically, expenses across the board are going up. shery: what is management going to do about stamping down on cost?

>> right now, they are sending the message the growth in 2018 is going to temper in headcount and infrastructure. they are at least showing the cost, which was a big deal for them in terms of getting the net revenue down, has been managed well. so, they're saying expansion and the spending. so, all in all, i feel that they can manage this transition in higher costs. ♪ >> president trump is set to deliver his second state of the union address tonight to address

congress, a delayed state of the union. it ranges on a range of critical issues, drug prices, and of course, immigration. >> the second start of it -- estate of the union is the starting point for the 2020 reelection. we're still in the midst of a government shutdown debacle, and the president needs a clear win tonight. he needs to make the state desk make the the state -- case that the state of the union is stronger. president trump: we have launched an economic boom. a boom that has rarely been seen before. wages are rising at the fastest pace in decades. and growing for blue collar workers, who i promised to fight for. an economic miracle is taking place in the united states, and the only thing that can stop it are foolish wars, politics, or ridiculous partisan investigations. >> may be his biggest job was to reach across the aisle without alienating his base. did he do that? >> he had a couple of key lines for his base i think everyone will remember. nobody else will build a proper wall.

he's able to get it done. and when he tries to redefine some of these issues in terms of the working class versus the political class, rather than democrats versus republicans, he was speaking to those democrats or independents who crossed over for him in 2016 and saying i'm still your guy. >> it was a real dichotomy. he, many portions of the speech, was at that were quite good, he reached out across the aisle. but then he immediately took it back on his rhetoric about immigration. and he did not spend a lot of time on trade. we do know that he's working towards a deal with china and he would like to have one. we'll have to see where that goes. ♪ nejra: president trump has nominated senior treasury officials given my pen to leave the world bank -- lead to the world bank. the nomination makes him the top contender to lead the bank as

president for a five-year term. usually, it's an american who leads the world bank and an american who leads the imf. are we expecting challenges given who the nominee is? >> there undoubtedly going to be some opposition and some criticism of the choice. the trump administration has been lobbying very hard, treasury secretary steven mnuchin making calls, and officials believe that he will eventually be confirmed by the executive board of the bank, which represents something like 189 countries. >> where do you want to take the world bank?/ bigger? smaller? what would you like your legacy to be? >> i would like it to be more effective. i care deeply about the mission of the world bank and development, in general. if we think about the world, there's still a lot of poverty, extreme poverty in some cases. but in general, more growth for

developing countries. that means higher living standards. and that comes back and benefits the united states. it benefits europe. all of japan, of course, all of the major shareholders of the world bank's. it's engaged internationally in trying to have more growth, higher living standards, and better practices around the world. ♪ the central bank delivers its latest assessment on the economy. now,decision out right obviously completely expected. no change when it comes to rates. however, the bank does cut its growth forecast, saying that brings it damage -- brexit damage has increased. >> causing short-term volatility in the economic data and creating a series of tensions in the economy. >> it's hard to feel sorry for a central banker, but mark carney has no direction. because of brexit.

equally, the rest of the world is slowing down. there's a of high rates because of which pressure it's away from them yet again. they have to omit reality, which is that they aren't going to hike rates like they are expected to. they cut growth for cost -- forecast. following a string of weak data. >> we're catching a reality. what people fail to focus on is why european growth is so low. when you want to speak fundamentals, why is europe weak? europe is weak because of all this political uncertainty. ♪ >> there you have the closing bell, and you can put a stamp on it. it's a loss, second day of

losses for the s&p 500. walmart, travelers, and coca-cola the only three gainers, which loses 218 points. matt: asian stocks down, especially in japan, on concerns the u.s. and china won't reach a trade deal before the next round of tariffs is set to kick in. >> donald trump says he won't meet resident xi jinping before the deadline. how much significance to be attached of his comments from president trump? >> it's a reminder we have a ways to go before we have a conclusive trade agreement. what we do know is that the talks so far seem to be making some progress by virtue of the fact they are happening at all. next week, we have another u.s. delegation heading to beijing. but nothing is expected to be signed off until we get president xi and trump together, at which point it may signal a longer-term truce in the trade war between both parties. ♪ theresa may is hoping to

break the brexit deadlock. the british prime minister, european commissioner agreed to further negotiations and to set new deadlines. >> she didn't get those concessions. it wasn't a complete failure for the prime minister, especially if you take into account everything that was said the day prior. the head of the european council said brexiteers should go to hell. there was an impression the prime minister was walking into a trap. that was not the case. reengage, agree to which for the u.k. is good news. the eu said as far as they were concerned, the negotiations were done. they are back at the table, which is good. in terms of concessions, in terms of breakthrough, that's good. the eu accepted we can't get the backstop and we can't put a time limit on it, which makes it wonder what the vote next week is about if the prime minister has nothing new to offer.

♪ nejra: still ahead as we review the week on bloomberg best, and exquisite interview with bill gross on the day the bond king announced his retirement. plus, perspective from top investors of defense on capitalism as inequality gains fourth. and up next, the cascade of earnings report continues with thin from this week. >> basically confirmed that we're well on track for our ambition for 2020. nejra: this is bloomberg. ♪

nejra: this is bloomberg best. i'm nejra cehic. let's resume our wound up of the interest -- roundup of the earnings report. we begin with a big miss. ♪ >> bnp paribas, brutal core of all -- quarter when it comes to their overall trading revenue, down 40%. their equity trading was abysmal, down 70%. >> if you look at our balance sheet, is very salad. -- very solid. of 3.5of that, dividend euros or share, paid in cash.

it basically confirms we are well on track for our ambitions for 2020. >> clearly better and more realistic than they were. but everything we've seen so far have been to investment banking. we see those problems elsewhere, ubs or deutsche. they haven't cut the targets within the retail business and that could be the risk going forward. economic downgrades across europe. hikes they were hoping for has not come through. there will be more downgrades to come on that front. ♪ >> ing reported fourth-quarter underlying the tax profits of 1.6 9 billion euros, beating average estimates. they saw net interest income in the quarter of 3.5 7 million euros. needlso said you see the for further cost discipline, specifically, how are you going to achieve that cost discipline? >> if you look at where we are in the cycle, we have basically

already, a quarter ago, indicated we would be more cautious and more selective and how we grow our banking business. we will also look at repricing some of the business that we do in view of requirements. if you look at our financial markets performance, also in the fourth quarter, it's not unlike the market. it's not a good picture. so you see some of the headwinds there. you go through how the systems work. you go through into being more and more efficient. ♪ joining big oil peers by giving investors a positive surprise this morning, numbers exceeding fourth-quarter profit estimates as rising output and prices. -- in crude tell me how sustainable you think this is. >> it's been a good quarter. it's been a good year. operations are running across

the company, best year on safety. all operations, good financial resorts. anna: what are your plans? >> capital spending, prices and costs, coming in under time and under budget. we just pierced the range, but it's really because of one transaction. that, the backside of we've committed to divest $10 billion. we're gearing back down. i'm not concerned about thinking outside the range a little bit because it's such a good transaction. ♪ >> disney record -- reported first-quarter results that beat expectations, as they pushed further into streaming with plans to launch its own service, disney plus, later this year. >> the biggest word there is direct streaming. this is a transition year, when they will be making investments for the big products, which they

will launch later in 2019. i think as far as fiscal one q results go, it was a pretty solid print. it looks like all of their investments are paying off. they had a recent price hike. there was 10% off income growth. and then again, the median also holding up pretty well. but the company management bracing us for losses in the direct to consumer segment. ♪ >> let's check in on softbank after the company announced a stock buyback worth more

most in more than a decade. can you explain what is going through his head when he decided to announce this by back? and why, in particular, does he seem so obsessed with this gap between the market value of the company and the sum ofan you look at the numbers, softbank added ¥1.9 trillion with of market cap just today. he has lamented the corporate discount. arguing the sum of its parts is do, have the lowest fares and the lowest costs, and grab market share. that's what we're doing at the

moment. there's a huge capacity and some of that capacity comes out. some of that can be helped by lower fuel, $80 a barrel to six. -- $60 a barrel. we are going to continue to grow market share. ♪ >> general motors has come out with a reassuring sign in a shaky global car market. it blew away estimates, plus reiterated the upbeat forecast it may last month. the automaker continues to get a better product from customer shift from trucks to suvs. >> across the board, north america was very strong, as well, with 10.2% margins. $2 billion of equity in china for the year, despite the challenges we're facing, as well as the g.m. financial performance, a record for the quarter, as well. all of this really points to, in an environment where you see commodity challenges, the only resiliency of the company and our execution in this environment. ♪ toyota cut net income assets for the fourth year, siding losses from equity sales. as much as the initial batch of stingers would suggest very dramatic change in the outlook, there were some positive patches in the outlook, wasn't there? >> there were for sure.

they left of their income and revenue targets in place for the full-year. that's a sign that it's full steam ahead in terms of sales and operation of company. this change in net income outlook was based on huge loss in their securities investment. ¥310 billion, that's coming on $300 billion. that's a big chunk in money. there's also the big tax factor that affected the year on your comparison. as you recall a year ago, the tax-cut they had in the u.s. and it up in a big -- ended up in a big paper gain for them, as well. it made the comparison for this quarter particularly tough. ♪

nejra: this is bloomberg best.

i'm nejra cehic. call it the end of an era. this week, bill gross announced his retirement. april and now5 in intends to concentrate on managing his own asset and charitable foundation. gross spoke exclusively with tom keene about his decision, his career, and the state of bond investing. l: been almost a half a century of waking up in the middle of the night to check asia and europe. and that's a long time. i've got a few super bowl rings to look at, and it's time to enjoy myself and enjoy my family. manage the harder to janis constrain fun given the outflows you seen the last number of quarters, and even years? bill: well, not really. half of the fund is mine and i haven't taken money out as

others have mentioned. i look back on it and the pastrmance on funds in the years with janice has been -- janus has been unsatisfactory, no doubt, but positive in nominal terms. what i'd like to mention, i've managed some total return accounts, what i'm famous for for janus. and it fell 100 basis points over and outperformed them. maybe i should have stuck to total return and the been more constrained. tom: i was talking with tom in los angeles, and with the unconstrained model, the model trained,"rase "uncons what did you learn about the pros and cons, the difficulties of this phrase unconstrained? bill: unconstrained has

basically come to maine going anywhere. it was really developed -- to mean going anywhere. it was really to develop risk-taking. in the days of blackjack, you didn't put a lot on the table. for the past three or four years, the negative trade for unconstrained has always been germany versus the united states in terms of a spread. 10-year german bunds started out in my portfolio at 190 basis points over, and are now over 250 plus over. it's been the big decider, and probably one in which i shouldn't put too many chips on the table. ♪ nejra: coming up on bloomberg best, more of the week's top business news. a slice of as pizza chain. a remarkable inside story involving chinese tech giant huawei, a u.s. startup, and an

fbi fix. >> do you believe your company was the victim of corporate espionage? >> absolutely. nejra: this is bloomberg. ♪ i'm a veteran

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like never before store. the xfinity store is here. and it's simple, easy, awesome. ♪ this is "bloomberg best." among the european banks reporting earnings this week, italy's beat on fourth-quarter profit and delivered on dividends, while france's socgen saw trading revenue plummet, is that it would cut costs by 500 million euros. bloomberg spoke exclusively with the chief executive of both lenders this week about europe's larger economic picture. let's start with carla mussina, who told me that while italy is technically in recession, he's optimistic about the year ahead. ♪ a slow downn italy in the real economy for sure, but i think in the second part

clear year, we can have a recovery due to internal demand acceleration, because the measures from the government will bring momentum into internal demand, giving money to people in accounts and will increase consumption. we can have a recovery in the second part of the year. nejra: you seem to think that the government will be part of a pickup in the italian economy, but how long can the government last? could we have early elections? >> it is difficult for italy to have fighting between the parties, but also, like in all the other countries in the world. we have to consider that this government started, in my view, with the negative attitude toward the european commission, and they made the mistake. it is clear that they are starting to see that the aficit, and moving has been

mistake in terms of reputation toward international investors. but they understood, they changed their position, and now, in my view, they can deliver good results in terms of attitudes toward investors. ♪ you, whatto ask worries you most? you mentioned geopolitical tensions? trade war's with beijing and washington? brexit? this low rate environment? now ahink that there's gathering of the transition period is the big risk of a hard brexit. a soft brexit. there, of course, that will be a soft brexit. generally speaking, 12 months

ago, 15 months ago, there was a euphoria on the economy. theu.s. was so happy with tax cut in the potential benefits, and there is a change thisat it is adding to natural slow down because of the political uncertainty. ♪ nejra: in the u.s. this week, economic indicators remain strong, but debate continued over proposals to combat inequality, such as raising marginal tax rates, imposing wealth taxes, and limiting corporate stock buybacks. investors have warned that anticapitalist sentiment is increasing. erik schatzker asked some leading figures in finance how the economic system can best address populist pressures. ♪ >> you know, in the final months, i remain an optimist on

this country and where we are in where we are going. we were there, doing discussions like this during the credit crisis. coming out of that, we lost 700,000 jobs, and look at the recovery over the 10 years and how well the economy is doing. i think in the final analysis, americans will focus on the growth in the benefit of the strong economy for everybody. i do think we need to, as a nation, focus on economic and wealth imbalance. we have to make sure everybody is coming along for the ride, and they feel like they have a fair chance. >> you built a career as an investment banker first before you became an executive and ceo. if you are trying to think of the rate deal, what's the deal that balances the needs of the have nots with the realities of the haves? >> the deal is that we as a country invest in some of the things for people who are less well-off to developed the skill

sets to compete and to succeed in to feel like if they work hard,, they can get their. that's investment in education andin community colleges job training and making sure that people don't get to the age, the young age, 18 or 20, and wonder how it is working for me. we have to make sure -- but that's different than saying we are going to create a way for you to feel ok but to not strive and succeed. it's important that it gets down to the individual. the

i, too, can get there, is what has driven the country to this point, and i'm optimistic going forward. ♪ >> you know, there's this term creative destruction. it's the central fact about capitalism. we still live in this pseudo-capitalism today, and we still have this notion of creative destruction, but it is very different. it is very concentrated in time. creative destruction is about one business plan destroying another. the auto industry destroying the horse and buggy industry. but what happens now -- think of the business plans that are alive today, that grew in the last 10 years simply because of interventionism in the monetary system. we have $3 trillion in the balance sheet, almost $5 trillion in corporate debt. this has gone specifically into business plans that survive, that make sense because of the interest rate environment. so when that changes, it's an enormous problem. that isn't really what recessions are, this is what crashes are. it will happen on its own, very much on its own. the debt, on its own, will very much do it. . when you said the automobile destroy the horse and buggy business, that is true.

it's a question of the moment. i'm not channeling anything personally here, but will progressive liberalism destroy capitalism? euphemism.at's a [laughter] could it destroy capitalism in the short run? it could. i'm optimistic in the long run, but it certainly could. there are things about capitalism that inherently cause it to destroy itself, and it is not because it's not the most efficient and effective system, but because there are things -- optics about it that people don't like. >> do you subscribe to the notion that capitalism may not be the best system, just better than any other? >> sure, but i do think it is the best system. it's a natural system. there are things we don't like about evolution, there are things we don't like about natural systems with creative destruction, but it is the best, most optimal system. ♪ report in the, a

current issue of "bloomberg businessweek" sheds on huawei, specifically allegations that they have been trying to steal u.s. trade secrets. erik schatzker followed an fbi investigation into huawei's dealings with a chicago area startup. he spoke exclusively to the ceo. ♪ >> based on what you've seen so believe that your company was the victim of corporate espionage? >> absolutely, absolutely. > to what end, we don't yet know. worst-case scenario, i'm almost afraid to say. >> give it your best shot. >> worst-case scenario, we've been publicly discussing some of the work we've been doing all the defense and arrows -- and aerospace side. that's the worst case.

wanting case, simply something to differentiate against the samsungs, apples, giving of the world, them that leading advantage in the performance increase. >> given everything we know about huawei, and we have learned since yorks dreams begin, does this surprise you? >> i wouldn't say it shocks me, but it would surprise me. >> the degree to which they are prepared to go? >> exactly. perhaps the boldness. they did this against the start up, one known to work with the department of energy, etc. >> what is it like for you personally? >> in the broader sense, par for the course. it really speaks to the importance of the technology. you are working on something with your colleagues, your

fellow researchers -- having that extra validation, seeing someone willing to go so far as to steal it from you, multibillion dollar, multinational corporation. ♪ you can find more of this interview on bloomberg.com, and read the entire story in the current issue of "bloomberg businessweek." this is bloomberg. ♪

♪ this is "delivered best." i'm nejra cehic. let's continue our global tour of the world's top business stories in australia, where the royal commission wraps up a year-long inquiry into the nation's financial industry. on monday, the government responded to the findings. ♪ >> australia's big banks are in trouble, cracking down on

wrongdoing and curbing the bonus cultures of decades of misconduct. the government says it will act on all recommendations in the royal commission report. >> it's a scathing assessment of conduct driven by greed. >> scathing, but in terms of going through the measures recommended, was it tough for the big banks? >> it was tough in some respects. the commissioner was very critical of regulators. in fact, he saved his sharpest criticism for them. the regulators often worth going far enough to go after lawbreakers. but the report was also pretty like in some respects. for example, when the interim report was released in september, they seemed to be very critical of the structure of banks, that you have this one-stop shop set up, where you can get financial advice and wealth management. >> there is some speculation that he was going to recommend that banks start selling of these units, but he didn't do

that yesterday, saying that such a move would because the in disruptive. >> the fallout from australia's banking inquiry has claimed the biggest body can't get. -- body count yet. two have quit after being the target of criticism by the commissioner as not having learned their lesson. >> they ostensibly didn't give the respect or the deference to the commissioner that he was probably expecting. it looks like they came into the process weighing, no, i don't think this commission is necessary, and it seems as though the commissioner did not really take kindly to the lack of deference shown to him during this will process. ♪ >> dovish this is increasingly taking wing, as the reserve bank of australia says they are looking at cutting interest rates as likely as a hike. uncertainty over

the domestic housing market and how that will hit consumer spending. we saw the aussie dollar fall of the class. >> i think it's interesting, because going into the meeting, it has been quite a 48 hours for people watching the rba. there was a sense that they could back away from a signal toward the next hike, 2019 or even 2020, to something at least more like neutral. but in fact, in the policy statement, even though the gdp forecast was downgraded a bit, they didn't take that step. he is the one who really opens the door, a movement is possible. >> rba slashing its for your forecast, leading to uncertainty over housing and also consumption. >> this forecast, this is quite a slashing. what's behind the cut?

>> of has happened basically is that the statistics bureau has revised its consumption estimates downward. it looks a lot more like -- i think the rba senses it's perhaps not as bad as with the numbers are showing, but nonetheless, they have to incorporate them. ♪ >> india's central bank has unexpectedly cut its benchmark rate, becoming the first in asia. predicted by just 11 of 48 economists surveyed. what prompted them to cut rates? >> they had an inflation number that had been consistently falling. gdp came in at 2.2% in december. policyve the monetary committee room to cut interest rates. the other thing that is taking place is the monetary policy committee will also shift to

neutral. the bond markets are doing positively on the back of the outflow, so the last couple weeks bond traders have been spooked by this huge, record borrowing after the budget of last week announced that large farm report program. ♪ >> bb&t has announced plans to buy suntrust for $28 billion. this is a great deal for both of them. >> we are seeing deals all across the financial services industry, and there's a lot of headwinds, a lot of company seeing pressure. but this is not necessarily coming out of weakness, it's to create a bank that will compete with some of the largest. jamie dimon said a couple years ago that there are too many banks, and to create another one of scale is a big deal in the u.s.. >♪ >> a $200 million investment in

papa john's, star board is also taking an interest in squid. tell us about this. it is sending the stock up more than 200%. >> a really interesting investment, and odd one. they came in not as an activist but as an investor. there will be a new chairman of papa john's, so they have come in with a fairly -- it's a big tradition, we should note, $200 million initially, they could go up to $250 million. >> it's a brand we have followed for quite some time. we believe, i believe, it's the best product. we love the pizza, that is where you have to start. i thinken watching it, the world has been watching what's been going on with papa john's. we wanted to help. ♪ >> european union antitrust regulators rejected the proposed rail merger involving siemens and alstom. they say the companies are not willing to address concerns

about their control over rail signaling systems and high-speed trains. french and german officials argue the merger is needed to make competition from china. >> we've been looking very carefully at the chinese. what they do within the chinese market. they have no footprint in europe whatsoever, and a very light footprint in other kinds of rail, because in very high speed right now, the chinese are running rings around others. aware tto be very well o make sure you have fair shouldn'tn, you forecast customers in europe to enjoy prices, because of the chinese threat. ♪ >> france is recalling its ambassador to italy. that's after the italian deputy prime minister met with senior

figures with a new yellow vest movement. is this playing into the populist's hands? >> probably a little bit. they have been in campaign mode, basically, since they won the italian election last month and subsequently for the government in june. it's nonstop. this spat with france has been pretty heated since the immigration issues where it up before christmas. certainly the base of this like, i coalition, they think, what should we call it, the forceful activism on the part of these two leaders. whether it is going to boost them as we head into the european elections remains to be seen. ♪ >> goldman

it sounds like fixed-income trading is not a sacred cow under david solomon. >> they are facing fundamental challenges, the market is not what it used to be, the adoption of technology is what they call the shrinking wallet. so everyone wants to figure out whether that business needs to be restructured. remember, goldman sachs as it stands today has new management in place, but particular attention is being paid to the fixed-income trading business, because perhaps it needs some work, $22 million for the quarter. that was the worst three months in more than 10 years. no surprises the new management wants to take a long, hard look at that segment of the business. ♪ choosingezos on show, "the national thing -- accusing "the national enquirer" of extortion, writing in a blog post, "my ownership of "the washington post" is unavoidable, that certain powerful people who experience news coverage will

conclude that i am their enemy." president trump is one of those people. what is going on? >> well, welcome to the world we live in. we're constantly asking yourself, have you ever seen anything like this before?and you are constantly saying no. these are the times we live in. i will say that this bezos controversy is more than just a front-page story. >> you said president trump will probably not -- >> i would think you would want to stay away from this one, because it could turn into a real legal morass. ♪

♪ >> i want to show you just quickly my earnings screen here, ea go is the function to get here, and you can put any equity index in the drop-down box.

with this shows -- revenue is far, 100 10 so companies reported out of the 52 we track in the stoxx 600, but earnings has been by 11%, almost 12%. nejra: there are about 40,000 functions on the bloomberg, and we always enjoy showing you are favorites on bloomberg television. maybe they will become your favorites. markets and many asian countries were closed this week for the lunar new year holiday, ushering in the 12th and last animal in the chinese zodiac cycle. in the midst of a trade war and an economic downturn, bloomberg takes a look at what analysts are expecting for the year of the pig. ♪ ♪ >> lunar new year let down. that's the stark warning from bloomberg intelligence when it comes to china's annual travel rush. holiday air passes for traffic growth is likely to fall short of 2018, with beijing's push to

stimulate consumption unlikely to benefit airlines. as for that, china's social credit system. any wrongdoers will be barred from boarding planes and trains, the first new year since the application to transport. still, more than 400 million rail trips will take place with 10 new tracks put to the test, and a lucky $7 million deal traveling abroad. domestic in short destinations will be topic, but flight risks and south africa are some of the areas to relax visa requirements. when it comes to digital red packets, the competition among tech giants remains clear. baidu expects to distribute $280 million among users with its chat iswallet, while we allowing customers to customize electronic envelopes.

clsa's peng shuai index says investors should focus on limited losses in the year of the pig. that could weigh on high-end brands. bloomberg intelligence says luxury retailers in asia are unlikely to replicate last year's sales gains. this hog-themed item has an i watering price tag. for a less expensive option trey flowers,. a whopping 10 million pots are going on sale in beijing's market, meaning this new year may just come up roses, literally. ♪ ♪ to all bloomberg users. you can find more videos like this 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 nejra cehic. this is bloomberg.

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♪ emily: i'm emily chang. this is "bloomberg technology." coming up in the next hour, the basal islam shall permit amazon's ceo accuses the parent company of blackmail and extortion. an explicit blog post that name drops the saudi government and president trump. plus, the fallout for the publisher ami as federal prosecutors are now looking at how "the national enquirer" handled the coverage of jeff bezos's extra marital affair and whetcr