>> coming up on "bloomberg best," the stories that shaped the week in business around the world. the u.k. parliament votes and votes and votes on brexit, answering questions about much remains in doubt. >> we are getting the whole story. >> appear to have taken over the asylum. >> global crisis around the

boeing crash. the fallout spread far and wide. >> brand-new jet crashing after takeoff. kailey: in a wild week for the market and politics, exclusive perspective from j.d. who has a message. >> trade issues are real. kailey: the shale revolution shakes up the global market. >> the implications dominating. >> i think we have a very workable relationship with the members of opec. >> i think opec has a role to play. kailey: it is all ahead on "bloomberg best." hello and welcome. this is "bloomberg best," your review and analysis of the most

andrtant business news interviews from around the world. let's start with a day by day look at the top headlines. investors began hoping the u.s. and china could be on the verge of a trade deal but signals from the governments were mixed. tom: officials in washington and beijing indicating progress is being made in trade talks although china continues to push back at some u.s. demands. shouwen: any enforcement mechanism must be two way, fair and equal. i feel hopeful. john: underlined this two-way fairness issue, it is a very domestic events. china needs to sell the deal looked really. they want a deal but cannot be seem to fold to u.s. pressure. that wouldn't go down well. they said the agreement on the yuan was a build off from what they agreed to at the g20, that

they would usually agree, not competitively. anything china does, they want to make sure the u.s. is doing the same thing. tom: there is already a framework of understanding on how we manage the exchange rate. we will not go further than that existing framework of understanding. we are still optimistic china and the u.s. will find a way of living with each other. what we are hearing from the comments at least on the exchange rate, there is distance separating the sides. anna: theresa may has won changes to her bill after a chaotic day. the prime minister had late-night talks with jean-claude juncker. around midnight the leaders announced the new deal. pm may: the backstop cannot be indefinite, permanent. pres. juncker: it is an insurance policy, nothing more, nothing less. rosalind: she got clarity on avoiding a border between the u.k. and ireland. that might the enough to bring

some of the eurosceptics over. fear anything bound into the rule of the european union on trade. the question is how many can she bring over. jonathan: the legal risk of being trapped remains unchanged. the lawyers have rejected the deal. geoffrey: in my letter of the 13th of november remains unchanged. francine: the deal has gotten a double blow, first or the attorney general, lawyers that make up the hardliners for brexit, it is unlikely theresa may will get support for the deal. mr. speaker: the ayes to the right -- it.no's have

pm may: i am passionate about delivering the result, but i equally believe the best way is an orderly way with a deal. guy: a lot of mp's will have to decide what they want but what they will really accept. i would love to have a second referendum, but i will accept -- i would like a new deal brexit . >> voting going on in westminster. the key vote is parliament votes whether to leave the european union without a deal. guy: amendment a would take it off the table permanently. there was basically a concern in the house that the government motion was not clear enough. mp's decided to vote for this and the government is whipping its mp's against this. we would find ourselves in a situation where a no deal exit becomes an impossibility. mr. speaker: the ayes to right,

312. the no's to the left, 308. order. guy: theresa may is defeated a third time. the government is defeated, the u.k. parliament rejecting a no deal brexit in the long-term permanently. guy: this is a major shock. nobody expected this to go through. to have this happen is obviously a significant evolution to the story. defaultthe legal remains the u.k. will leave the e.u. unless -- unless, unless something else is agreed. the onus is now on every one of us in this house to find out what that is. danny: the lunatics appear to have taken over the asylum. the u.k. does not appear to have a functioning government. i can't answer your question about what is coming.

i have no idea. theresa may not only has no idea what is coming but no idea about what's coming tomorrow. >> the u.k. parliament preparing to vote on theresa may's motion, it was not amended. sebastian: power lost, corbyn lost. we have no amendment to the overall motion. it goes in and stands between backing her deal next week with a technical extension, or a longer delay which could be a soft brexit or referendum for people who really don't want to see either of those things. now, as we head into the voting on the overall motion, we are

watching to see whether they find this -- mr. speaker: the ayes to the right, 112, the no's to the left, 202 -- the ayes have it. >> for once, the u.k. government has won their proposal and it is a small win. jeremy corbyn once again reiterating his call for a second referendum. anna: keeping an eye on theresa may's deal itself, which comes back for a meeting. number three. the other is actively ta place, jeremy corbyn and members of the conservative party meeting to talk about other motions and ways forward. that could lead us into another unknown path and territory. nejra: will brussels actually give an extension? what will the terms be? maria: donald tusk, who in many ways speaks to the european council, he said i will propose a long extension. he hasn't clarified if this is one year or two years. there are really two choices. do you force a no deal or accept

the extension? the prime minister says she wants a short technical one? we could see the e.u. agree to it but because at this point, they don't want to be blamed for a no deal brexit. matt: the chinese government announced measures to counter slowing growth and encourage more foreign investment. lawmakers at the people's conference site they will put all companies registered in china on a level playing field. tom: this is a real focus for foreign investors looking at the events of the last 10 days. they fast tracked this law. they will allow foreign businesses to be viewed by local governments and others as on equal footing with chinese companies. there will be an appeals system, businesses, if they a contract, for example. the premier said the focus and

priority was fiscal support, particularly for the private sector. he talked about tax cuts outlined 10 days ago, worth about $300 billion u.s. he talked about the fact they want to focus on the targeted measures, cuts to reserve ratios. we have seen five of those since early 2018. that could be another option as well. caroline: what has been set up to be a quiet week, one of the quietest this year, all spike.y, volumes scarlet: yes, we have consumer staples, discretionary leading the way higher, the best weekly gain for the s&p since november. caroline: yeah, this year. kailey: still ahead, an exclusive conversation with jamie dimon. from insight into brexit tony blair. and sparking debate over safety in the skies. the grim saga occupies a great deal of airspace. >> the future of the company rests on this aircraft so it is

no wonder shareholders are getting a bit queasy. kailey: this is bloomberg. ♪

kailey: this is "bloomberg best." the second crash of a boeing 737 max jet resulted in more than 150 deaths and reaction by regulators, carriers and investors remained a top headline throughout the week. >> china has grounded its fleet jets after a model operated by ethiopian airlines crashed. chris: soon after takeoff, so far, circumstances unexplained. we had china ground its weight

fleet of 737 maxes. other countries saying they might do similar but the airlines so far mostly saying they have faith. the future of the company rests on this aircraft. it is no wonder shareholders are getting a bit queasy. alix: boeing responsible for a fall of points on the dow yesterday. the list of countries grounding the 737 max is getting longer. christopher: we had carriers in europe, north america, saying that they were taking boeing's advice and continuing to fly the plane. today with singapore and australia saying the 737 max 8 is no longer welcome, that is a big deal. big, respected aviation authorities. that could be a game changer. shery: the e.u. regulator also suspended all 737 max flights. are we expecting more countries to follow suit?

why isn't the u.s. moving? brooke: at this point we have seen a significant number of major countries come out and call for grounding. that puts pressure on the faa. the faa was almost holding up this beacon alone. for boeing, maybe to get in front of it and say we are being transparent, we don't know what happened, we will ground these planes while we look into it. benjamin: boeing has taken the dow jones average down for two days now as countries around the world ground the 737 max 8 except for the united states. with canada and the european safety agency taking these steps, followed by many countries, you have seen the map across the world to ground these planes. there is pressure building up on the faa. yvonne: regulators have changed course and now grounding the 737 max 8 and max 9. the u.s. with the last domino to fall after countries across

asia, europe, the middle east and latin america ordered a ban after the disaster. david: should we thank donald trump? stephen: donald trump made the unusual step of announcing the faa would be grounding the max 8 and max 9. generally, what the faa came out and said, they have new evidence, satellite flight tracking data combined with evidence from the ethiopian air crash suggesting parallels to the lion air crash. romaine: max jets, potentially being grounded through april, pending a software fix. that is according to house lawmakers. >> is that an accurate timeline? rep. graves: we don't really know what the timeline is. hopefully, it will be sooner than that. shery: in the last few hours the company said it was pausing deliveries of all 737 max aircraft.

ramy: interestingly, boeing says they will keep building but they will be watching if there is any hit to demand. >> boeing has reaffirmed by a software update for the now grounded 737 max jet. they said the software update will be deployed in the coming weeks. brooke: the question is whether or not the faa requires additional steps. regardless you want to see the faa requiring bowing to go -- boeing to go through some hoops to push out the software. they also have their a petition reputation on the line. kailey: let's continue our global tour of the business stories in washington where the

white house sent congress an initial 2020 budget proposal. vonnie: president donald trump releasing his request with at least $8.6 billion in funding for the construction of a wall on the southern border. this is the so-called skinny budget, the opening salvo, and it is a request. what happens and what is in it? >> skinny budget but it landed with a thud. many democratic staffers say it is dead on arrival. a 5% discretionary spending cuts, $8.6 billion for the wall on the border, and no balanced budget for 15 years. they also are arguing and banking on a 3% growth model. scarlet: retail sales stabilizing, indicating consumers can help support economic growth after a weak end to last year.

was the growth an anomaly? michael: it is about -- that e figures were revised even further down. december was a much worse month than we even thought. if you accept the numbers are accurate, there will be questions raised about that. they could have been a one-off. we will have to wait and see. eight of 13 categories went up. the biggest jump for building material since late 2017. we have seen a comeback in home sales. food and beverage stores rising. things look a little bit better. shery: u.s. core inflation pulling back amid falling prices for auto and prescription drug prices. being forced to hike rates sooner than expected? stephen: it keeps diminishing by the day with each report we are

getting that keeps diminishing by the day with each report we get. the price numbers, they are just slower than envisioned six months ago and certainly by year ago. the idea of it shifting at the end of the year is paying off now because now we see slower retail sales, slower employment and slower inflation data. rishaad: let's get to the data . it is largely benign, continuing slowdowns, indicated him a not , indicating not as sharp as might have been feared. the lowest levels for industrial numbers but retail sales in line with forecast and property investment jumping. what are the key takeaways?

glass half empty or half full kind of thing. industrial output as you say coming in at 5.3%. that is the worst since 2009. same with retail sales, not a pretty number. any other country, this would be decent. but it is the weakest number for china since 2012. unemployment rising to 5.3%, the highest in two years. fixed asset investment it did increase as expected and property investment jumped 11.4%. david: wells fargo ceo tim sloan is on the hot seat today before maxine waters and the house financial services committee. there is a drama unfolding on capitol hill. does this matter? isaac: we take the bipartisan bashing he is getting and his meandering answers, there is a clear signal the wells fargo issue is going to stay on the congressional front burner for some time. my view is this hearing and the headlines coming out of it make it difficult for the federal reserve to lift its asset growth

cap on wells fargo. which things like today where we see both sides of the aisle beating up on wells fargo, the timeline for lifting the asset growth cap is pushed out further. haidi: president trump should have news on a china deal in three to four weeks and he said people have been talking about it for a long time. what is going on behind the scenes driving this timeline? he said either way we will have news in three or four weeks. joe: he did say that. having a timeline with president xi at the end of march was always optimistic, given the complexity of the issues involved. going forward we are looking toward able, some sort of announcement in the coming weeks of a meeting. ♪

kailey: welcome back to "bloomberg best." j.p. morgan chase held its global conference in paris this week. that is where we sat down with an exclusive conversation about global markets with chairman and ceo, jamie dimon. she asked what will survive as a financial center after brexit. jamie: under soft or hard, financial centers in london will diminish over time because countries will demand -- it can be legal, credit, compliance -- i think it actually changes the forecast for london. hopefully it will still be a financial center. it will not be what it is today. francine: how should we look at china and what kind of business do you want to do in china? jamie: they need to resolve many issues. resolved?will they be jamie: we think so. both parties want it.

they are complex. they talk about having hundreds of pages of memorandums. if it doesn't get resolved, it is something to be worried about. china will be a fully developed nation as bigger than the united states in 30 years. they are very smart but don't have enough food, water and energy, huge corruption, don't have an open, transparent -- here we have research, rule of law. you don't have all of that there. it is not a criticism. they have a way to go. they will grow, but there will be times in the future where there will be road bumps. francine: what does it mean? as an investor in china, you slow down until you see the lay of the land? jamie: we are all in. we are not slowing down. people are slowing down because of trade, not what i said. they might have a future bounce in the financial system. that will come on the roof one day. right now they can handle it. china can micromanage, tell people, companies what they need to do, who they need to higher. that won't always be true.

one day this could cause a disruption. a recession. francine: a financial crisis? jamie: in america, we had a financial crisis and markets panicked. they can handle it today. five or seven years, they have to be careful. the bigger markets get, the more or less they can control to -- to say that will happen but china growing at 6%, 7%, i think the world will be more scared than they should be. kailey: that was the j.p. morgan chase chairman and ceo jamie dimon speaking with francine. we have tony blair on brexit and more on opec. and investors tell bloomberg where they are going out growth is slowing. bruce: the four largest

economies in europe slowing and slipping towards recession. josh: it is time to be cautious. steve: the u.k. banks are really a brexit play. kailey: this is bloomberg. ♪ you.

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kailey: this is "bloomberg best." it has been another week of high drama on brexit, both business and politics joining us to talk what lies ahead for written in -- britain and the eu. let's revisit our most interesting interviews, starting with our exclusive conversation with tony blair. >> if britain is prepared again, then europe should also think again. the issues that gave rise to brexit are europe issues, not british issues. immigration, fear of communities left behind, casualties of globalization, a feeling that europe was integrating in a way

that people lost control of. similar themes all over the world. the smart thing would be for britain to think again, and europe also to think again and put forward a package both on immigration and on the future of europe that meets those concerns. >> are they prepared to think again? what is their game plan? will they make more concessions? >> i don't think they will make any more concessions on the essential nature of the deal. what britain has been trying to say to the europeans is we want to be in your single market in terms of access, but we don't want to abide by the rules, which is what people is that as the cake and eat it position. that is never going to work. >> what do you think of the actual chances of this deal getting through u.k. parliament next week? >> i think that will only become

clear if prime minister may decides -- when she decides -- to hold a vote. what is really important to us in the european union is that if we do get into a decision regarding a further extension period, that we are all clear what that extension period is for, in the availability of that extension period doesn't in any way heighten the economic risk we are looking to avoid. >> has the irish government spoken to the dot about a way forward? >> that's a matter for the british government. i know they are engaged intensively with the main negotiation body on behalf of irish interests, michel barnier and the european commission. this is both an irish in the and european challenge. >> do you think relations are improving? you are at the end of the day the collateral damage of what's going on. >> precisely what we are trying to avoid is becoming collateral damage in any of this, and of course we are aware of the levels of contact that are going on with the engagement that has taken place from the british government.

from our perspective, we continue to abide by the principles of respect, for understanding the needs and , but we of unionism strongly believe the backstop is only an insurance policy, and having that insurance policy is in the best interest of everyone on the island. >> slowing growth and political turbulence in europe and around the world is registering with wall street. this week, leading investors told bloomberg how they are adjusting their portfolios to meet these conditions. let's start with bruce richard, who spoke exclusively with vonnie quinn. >> you are talking about the four largest economies in europe slowing and slipping toward recession. the ecb just recently set up instead of normalizing rates, keeping rates low for a very long time, which means they are pushing. libor rates are negative, treasuries are negative, in the

central bank actions are going to have no impact, zero impact, as it relates to gdp and economic expansion, because their tools have been spent. >> you had several investments in europe based on what the ecb might do. are you holding onto those? >> we are holding onto the nonperforming loans we bought from big european banks. we have taken over property, and the property is performing well. you have to remember back we are earning cash flows are pretty high, funding is the lowest cost in the world. we are earning a really nice spread, and as cap rates are starting to come down a bit, as interest rates are moving lower, we are able to exit nice profits. it has worked out really well. there's a lot of money already and we will continue to make a lot of money despite the problems we've seen in europe.

>> we saw the fragility of the market in december, and we think there are a lot of warnings and in the overall macro economy that are more than just noise. you are seeing fundamental weakening in china, fundamental weakening in europe. you have really seen the limits of monetary and fiscal policy, in its ability to extend out along boom period. rates are low, everywhere, it is hard to see rates being any lower than they are today. draghi, when he spoke about interest rates and pushing off any reversal of quantitative easing, you could read that either as a bullish signal that great rates will stay low, or as a sign of fear about the slowdown in europe. a global economy, so i think it is time to be cautious.

>> how do you express that? >> first of all, by lowering total exposures. shorter duration, event oriented situations where they are much less market dependent. adding hedges like what we saw on cbx. generally constructing a portfolio that is going to be less correlated to things like duration, interest rates, overall beta, overall market exposure, etc. i watched the daily fluctuation of our pricing versus, for example, almost any market index, any type of beta, and we have really consciously dropped that dramatically. >> we have some u.k. banks that you are not happy with now. is it a profitability issue? is it a revenue issue? is it a management issue? or is it just they can't dimon?e with fortress >> the european banks, generally , i think, have impaired this

model because they are still 1.5 to 2 two times more leveraged in still 1.5 to 2 times more leveraged and less profitable. over the long-term, if you want to make a bet, you provide jp morgan short european. my bet on the u.k. banks is brexit. >> can you explain why sterling went up with the chaos in the meltdown we saw yesterday? are you surprised by the advancement of the currency, given what we've seen? >> i'm a bit surprised in the sense that none of the outcomes here are great for the u.k. if you get along the way, who was going to invest in the u.k.

if there's a 20 month delay over brexit? no company i know will put money into the u.k. until they have certainty of the end result. and since no one can seem to coalesce around any solution whatsoever in the u.k. -- look, i think it's negative for the u.k. one way or another. it's just a matter of degree. >> lots of news this week on oil. the international energy agency predicted that opec would be squeezed by the u.s. chill shale producers until the middle of the next decade. meanwhile, shale industry executive and opec officials met this week at the annual energy conference. alix steel spoke with several key players about the shifting balance of power in energy production. >> our numbers show in the next five years about 70% of the global oil production growth comes from the united states. this number means that u.s. production will dominate the game. but there's a second part of the story, which is the following. the u.s. is not the only major producer, but also becoming a major energy exporter, not only in terms of oil, but also for natural gas. in terms of oil, our numbers show that in three years time, the united states will overtake

russia, and in five years time, will catch up to saudi arabia. in terms of natural gas, in the next five years, 25%, lng lng5%, three fourths of the exports will come from the u.s. only. we will see the u.s. the emerging in a major sector in terms of energy trade. >> somewhat role than does opec and saudi arabia play over the next five years? >> i think they have to -- first of all, my very humble advice would be to understand the nuances of the oil market. -- the new realities of the oil market. number two, they are, especially in saudi arabia, a very important country and will be for many years to come, especially feeding the growth in asia. but, at the same time, in my view, in the history of oil, this is the highest time for those whose economies are almost exclusively relying on oil need to be broadened.

relationshipur with opec now versus a year ago? what's the conversation like with them? >> i think we have a very workable relationship with the membership of opec. i try not to get confused about the political side versus the production side of the oil and gas industry, and we may not always have the same interest in mind, but i look at it, particularly with saudi arabia, that we have a lot of interest, whether it's the partnership that we have with them dealing with iran, whether it's the businesses, the american businesses, that are in riyadh. i try not to get too confused

about the politics side of what , the oil and gas industry, and continuing to make sure that we have a very stable gas market. that's the most important, as we talk about pricing, to have a stable market so that the global economy understands that we are going to have the energy that we need, we will have production that allows for the stability in the oil and gas market. >> my own view, if opec wasn't around to moderate prices high or low and keep them within the fairway, producer and consumer countries, we could go back to the days of high oil price and then very low prices and crashes.

i actually think opec has an important role to play. >> i thought shale was supposed to fix that. will do isle increase production. actually, opec is reducing production, and it helps the shale remain economic. if it weren't around and suddenly the opec countries started to produce, you're in for another price and then you would see the boom in the bus. i think opec moderates the highs and lows, and it really has helped the shale industry. ♪

kailey: you are watching "bloomberg best." let's resume our roundup of the week's top business headlines with the bribery scandal that

rocked the genteel world of elite u.s. college admissions. >> operation: varsity blues. the $25 million plot to get your kid into college. today, u.s. officials charging dozens of parents, university coaches, and admissions counselors in a sweeping criminal conspiracy that helps kids get into the top schools in the country. >> there was bribery, there was people cheating, there was the creation of fake work profiles sports profiles to make it seem like these kids were on sports teams. admissions directors typically -- it was just a whole conspiracy that involved many intricate networks of people changing the tests, arranging for kids to go to certain testings because they had proctors, and it was a very coordinated effort like we've never seen anything like.

>> gold shares getting a boost today after the company dropped its takeover bid of newmont when it announced a new joint venture instead. first, they were trading insults. now, they will work together. >> definitely things seem to be thawing. one of the question that everyone is asked in is whether this was the plan all along. certainly you can track the domino effect since the first megamerger was announced. both of these companies have tried in the past and failed to make progress in terms of closer cooperation. the situation was called very static, and this morning when newmont came along and made its own play for goldcorp, it allowed barrick to come in and make its own play, arguing that it was a better deal, and then in turn newmont countered with this jv, which is where they have actually settled. >> nvidia agrees to buy melon ox to help push into the growing market for data center components. it was good news all around. shares of both companies got a significant boost.

this is nvidia's biggest purchase ever. why is it trying to make this transformative deal now? what's the logic? >> what they are saying is that data centers are the future. they have factories full of computers used by amazon, used by google, really designed in a different way in the future. and really all of the computers are crammed into the place, they places, they will all have to be linked together and architected. that is where the technology comes in. they make the interfaces that speed the data between all those components. >> tesla reversing its decision to close all retail stores, instead adding to the price of the vehicles. >> tesla announced they were closing most of their stores, not all, in switching to online sales just on february 28. six days later they announced late on the sunday that they are reevaluating, that they will not close as many stores as

originally announced, but because they are keeping stores open, they have to raise prices again. it's this complete u-turn after what was already a u-turn, and the sales and customers have a lot of questions. >> ceo elon musk told a new york judge that a pair of tweets he sent about the company last month or not improper. -- were not improper. wants musk held in contempt for violating restrictions on his social media posts. what is musk saying about his defense? >> he is bringing two tracks to his self-defense. the first one has caught the most attention. he is taking a kind of how dare you attack on this, saying it is my constitutional right to say what i like about my company. the second stance is a little more conventional, where he is saying i haven't actually violated these provisions.

clearly, he is trying to hit on both sides, on offense and defense. >> deutsche bank and commerzbank not faring very well amidst the downturn, sailing a u-turn turnaround, the two moving closer to a merger. so many people said this so many times. why is now the time when this happened? >> amid a lot of pressure from investors, the chairman, the government, deutsche bank management is now holding exploratory, informal discussions to see what the deal would look like. i think the manager would prefer to give its own planet that more time, in particular to show that if they were to integrate in germany, and i think with interest rates now staying lower for longer and the trading businesses remaining under pressure, they don't want to wait around and see if deutsche bank is getting into more trouble to hash out a merger. the time seems to be no. -- now. >> china's biggest insurer is planning to buy back as much as

$1.5 billion of shares after a beating four-year profit estimates. >> earnings were up 19%, close to $16.8 billion usd. our customer numbers grew by 11% last year to 184 million customers. and at the same time, our profits per customer grew by a very strong 18%. >> what is your outlook for the rest of the year when it comes to premiums, not to mention new business value growth? >> we are encouraged by the improving prospects of the china insurance market. we think this year will be a better year than last year. it sees slowing sales growth in the coming year as it looks for new drivers and momentum. global revenue growth in 2018 was driven by training and running categories, and the

reebok brand return to profitability. where is that we will see the biggest material slow down in 2019? >> we had a record year in 2018, topline 8%, 10.8 the highest in the history of the company. the growth average, i think we will continue to see those. online came out with 36% growth for the year, north america 17%. while there is a slight slowdown, partially due to supply issues, we still see a very solid 2019 with the bottom line growth of 10% to 14%. we are quite optimistic about 2019. not the same growth of 2018, but still solid. >> the prime minister of new zealand called it one of the darkest days in the country's history. the shootings in christchurch left 49 people dead. the alleged shooter live

streamed the attack on social media. the motivation appears to be racial. >> scott morrison was very quick to come out today to confirm that the alleged shooter was australian, and also to condemn this attack as a file in -- a violent, terrible act of terrorism in the strongest possible terms. the prime minister picked up on that message is well and said that such acts of extremist violence in such vile ideology had no place in new zealand, and indeed had no place in the world. on fo as announced live-streamed on facebook, replayed on youtube. what are companies doing to stop the dissemination of hatred? >> this is not the first time this has happened, that a live streaming platform has been used to broadcast an act of violence. i think you will see people asking the question, should live streaming be canceled?

that's a question that has been asked. the answer from the company has been overwhelmingly that most live streaming is good, and can sometimes lead to positive social outcomes. so they had decided to continue doing it. i'm sure inside, companies are asking the question of themselves. ♪

>> i pulled up the m&a function on the bloomberg, and i'm just looking at where we are in these deals taking place. all of them are here, but north america looking much bigger in size than europe in terms of the deals we've seen. >> 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. let's wrap up this edition of "bloomberg best" with a new series we recently introduced on bloomberg television, looking at the ramifications of maritime rules that will disrupt the global shipping market when they take effect next year. alix steel explains.

>> 15 large container vessels give off as much pollution as 760 million cars, and that's about to change. new international maritime organization rules hit january 2020, limiting maritime fuel. there's a grace period, but the rules are here to stay and you can't cheat. if you do, you pay a big fine and rescue vessel being labeled vessel beingour labeled as unseaworthy. here are your options. you can buy an exhaust gasoline scrubber, which cleans out carbon dioxide. most popular are scrubbers that they release into the ocean. the issue, more than 2800 vessels will still need to make that switch, and certain countries like china and singapore are banning them at a high price, $2 million to $4 million, $500,000 per year. or you can use low sulfur compliant fuels like diesel in marine gas oil. demand for these products could grow as much as 2 million

barrels per day. the problem, those supplies are tight. refiners can run uslife crude -- u.s. light crude and get diesel, but you get this creating a glut. or they can get heavy crude from china and venezuela, but that crude is in tight supply. anyway you slice it, the result is not enough product, to much -- too much demand, and skyhigh diesel margins. here's what it means for companies. shippers lose money, or worse, go bankrupt. it is good for some refiners who can use lots of crude, that for bad for others. products roads go haywire, and you have to turn to alternatives like lng. anyway you slice it, this has the power to change the shipping world. kailey: keep watching bloomberg television for more in our seachange series. you can also find episodes 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. this is bloomberg. ♪ want more from your entertainment experience?

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carol: welcome to "bloomberg businessweek." i'm carol massar. we are inside the magazine's headquarters in new york. what feels like facebook's never-ending crisis, one year since the cambridge analytica scandal. was elon musk really fixated on destroying a whistleblower at tesla's gigafactory? we will tell you about the