♪ coming up, the stories that shaped the week in business and around the world. >> the no's have it. >> the u.k. government pulled out all the stops. >> today, i am taking action. data from china surprises to the upside, while prospects brighten for a trade deal with the u.s. >> this is the grand daddy of them all. >> there are issues remaining.

>> bitcoin shows resurgence. blackrock announces an overall. the latest report sheds light on the state of the u.s. economy. >> investors can relax. banks on time there rolls out the new business plan. >> 20 billion over the next few years on technology and digital. >> twitter's ceo speaks exclusively about the challenges facing the tech sector. >> there will not the any one party responsible for fixing this. >> it is all straight ahead on "bloomberg best." ♪ >> hello and welcome. i am emma chandra. this is "bloomberg best." let's start with the day by day look at the top headlines. , investors braced for

a busy evening of brexit votes in parliament, but while they waited, and unexpected dose of good news came from china. ♪ is showingeconomy signs of stabilization after the latest pmi numbers showed the biggest month-to-month increase since 2012. run us through these numbers. what is the key takeaways? andhe new export orders orders rebounding. that is a clear indicator of future activity. it shows demand is picking up. it is a good sign for key trading partners. if you consider what is happening with the pmi, the being a stabilizing business sentiment, the rally on the stock market, and the prospect for trade agreements, it points to the idea that

china's factories are heading in the right direction. while there are unknown variables in this debate, too. >> u.k. lawmakers are taking control. mp's debate for the second time today after theresa may's plan suffered its third defeat. >> we are counting down towards april 12, the new cliff edge for and no deal brexit. the u.k. has until been to explain to the eu whether it wants a long extension, which would mean participating and parliamentary elections, or whether it is prepared to leave without a deal. >> members of parliament have begun voting on several brexit options. it seems the momentum seems to be building for the softness of the divorce model. >> it is the second motion, which seems to be gaining traction. were 276, so the

.o's haven't appeared theno' have it. theyerling has fallen as fail to agree, rejecting all options to replace theresa may's deal. it leaves up prime minister with no clear idea what to do next. >> today i in taking action to break the logjam. i am offering to sit down with the leader of the opposition and to try to agree a plan that we would both stick to to ensure we leave the european union and do so with a deal. has decided the only way to break this impasse is to reach out across the aisle and come up with an agreement that both sides of the house of commons can agree with. basically, i think she has

reached the end of the road with her own conservative party. downas agreed she was step after the brexit process has been completed. in some ways as soon as this happens, she is done. ♪ thehere are signs u.s.-china trade talks are edging towards a deal. the vice premier is in washington. how close are we to a deal? >> there are some things to be worked out, but we are getting insights into where the talks are going. chinathem is a deal for would get until 2025 to implement certain parts of it, including commodity purchases and allowing u.s. companies to wholly owned their subsidiaries in china. the u.s. side is eager to get a deal. the question is how comprehensive it will be. ♪ >> the u.k. parliament has moved to block and no deal brexit before midnight. to seek anoted

extension and rollout leaving without a deal. it passed by one vote. brief us about the possibility of a no deal. >> the chances have diminished massively. we are faced with the options of deal, andy's this i give a general election still kicking around. >> you have to imagine the dynamics. they said they are opposite each other. they barely talk. they don't like each other. one of them once a general election to depose the other one. >> president xi jinping saying china and the u.s. have made calling in trade talks, for an early conclusion to these negotiations. >> those comments come after president trump talked up and "very much a mental" trade deal. despite admitting there is more work to do before the accord can be signed. >> it is a massive deal, could

be one of the -- i guess it is, if you think about it, one of the biggest deals ever made. there can be a deal like this. this is the granddaddy of them all. >> there are thorny issues remaining. let's not think this is done. there are thorny issues remaining. this is good news if you're looking for a deal. the signs are getting from china and the u.s. are very positive, saying there has been progress made. is calling for additional leadership to drive a deal even quicker. the u.s. side is saying four to six weeks for something before a trump-xi signing meeting. it will be something announced and there is a deal done. that is where we are headed, so two to six weeks is our timeline. >> breaking news on brexit, theresa may has written to the european council president to request a delayed until june 30.

theresa may sights talks with jeremy corbyn aimed at breaking the brexit impasse has the reason for the postponement. deal andn't have a tell now, why would you get one by june 30? >> that sounds weird. elections, i eu can't imagine why the eu would we canith that unless pretend it is the 23rd of may. it seems to me or we are, the likelihood of a long extension has risen a lot in the last week. >> this is the nightmare scenario in brussels, to get stuck in a cycle where the u.k. every two months decide we don't want to know deal brexit, but we have not figured out the answer. we need more time. can you give us some? this is something the eu does not want to be trapped into, but

it is difficult because nobody here, in particular the germans, don't want to be blamed for a new deal brexit. ♪ >> u.s. hiring rebounding more than forecast in march, relieving some concerns following a weak february. break it down, mike. >> investors can relax. stocks report. it is a leave your bond broker on hold kind of report. from000 is a big rebound february when we saw 33,000 created. that is a revision from the 20,000 initial print. unemployment stays at 320%. any disappointment might be in wages. they were only up a 10th. >> this is similar to what happened last year. you had a week first quarter. we have had weak first-quarter's, bad seasonals for years am a but then the economy snapped back, we got 3% growth. it is a repeat and i like it very much, and i think president

trump's rebuilding of the economy from the supply side with tax cuts and deregulation and trade reform, i think we are still very much in play. ♪ emma: still ahead as we review the week on mp's bank santander .xplains the business plan plus, an exclusive conversation with jack dorsey, who says regulation can be a good thing for tech companies. up next, more of the week's top business headlines. chinese bonds get a game changing boost as they gain inclusion in a global index. ♪ >> this is the seal of approval for china's efforts to open up onshore bond markets. emma: this is bloomberg. ♪

♪ emma: this is "bloomberg best." i am immature laundry. let's continue our tour. in australia, the government

unveiled its budget proposal for 2019. ♪ , scott in australia morrison is hoping the tax cuts sway votersll help in the upcoming election. it should hand morrison more ammunition ahead of the vote, expected in may. is it going to be enacted? >> that is the key thing. normally the budget has a majority and it gets past and on we go. this year, there as an election to get out of the way first. it willis possible that never be enacted. the treasury did announce in parliament that the country will andrn to surplus in 2020 received applause when he announced austria was "back in black."

tax relief for smaller companies, middle income earners as well, so an election-year budget. concerns the biggest for voters in the reserve bank is the impact on the property market on spending and the ability of voters to go out and consumed. inen the tax cuts pledged this budget will take years to roll out, is there more immediate way we can look at this budget as helping voters in the economy? >> our plan for income tax relief is part of a broader economic plan. it is not just a cash handout. it is part of the national economic plan to make the country stronger and ensure hard-working families have the right incentive and encouragement to work hard. the $144t builds on billion of income tax relief we announced in last year's budget. this is the next installment. ♪ party hasnt erdogan's

lost control of key turkish cities and local elections. turkey's opposition has taken the lead in istanbul and ankara. how would this change president erdogan's policies? will he become more populist or do more for the economy? , president erdogan was not on the ballot box, but what was significant is the fact it is the first election where turkey change from a parliamentary system to a presidential one. it was a test of president erdogan's popularity. what we need now is some reforms. -- economic there are some economist who fear he will go towards populist policies instead in order to get short-term economic gains. ♪ chinese financial markets are taking a big move towards

internationalization today with the inclusion of onshore bonds in the bloomberg auglaize index -- barclays index. the parent company of bloomberg news owns the index. you hear all these analyst notes about this is the game changer. how much money are we talking about? most important implication of this bond inclusion is that we will see a lot of passive inflows to china for all those following this index, and that will trigger active inflows. a lot of foreign investors in the market are not asset fund managers. they are mostly sovereign wealth funds and banks. this is part of efforts to open up onshore bond markets. we will see more institutional investors in this market, which means china's credit rating and liquidity proms will be solved as more investors come in. ♪ wto aremf and

increasingly pessimistic about global growth. they are warning momentum has been lost since the start of the year. the wto cut its trade growth projections to the lowest in three years, citing the rising impact of protectionism in the trade war. it is the second consecutive year they are paring back those expectations. >> absolutely. we are hearing from the imf likely to cut its growth forecast again. it hasne lagarde saying weakened more since its last update. in a precarious position for the global economy. global growth has lost momentum. slashing its outlook for growth to the lowest level in three years. 2.6% worldw to merchandise trade growth according to the wto. and 3% in 2020. ♪ >> today we have seen data showing german factory orders

drop by the most in a decade. /their ownment forecast. -- cut their forecast. the attained government is set to do the same. eu economies growth has been due to exports to china directly or indirectly. it will be several months more until we see a pickup in the chinese economy. that means the european dul onion remains the economic side. was containsure because the time government promised the european commission they could grow the economy and would keep the deficit below 2% of gdp. we understand the governmental you turn on that. the forecast a 0.1%. the italian economy will not grow in 2019, and the deficit

will grow to 2.4%. ♪ >> on to india, the central bank has delivered a back to back cut. this is to support the sluggish economy before national elections kickoff. by 25po rate was lowered basis points to 6%. when you look at india in the and earlyeems polling investigations point to the fact that there could be a rejection of the established political class. how true is that? on one hand, there is a serious debate on jobs in this country. there is another equation with the data on growth has been question. india has cut interest rates and cut the forecast, and more importantly, cut the growth forecast by 7.2%. so which political power comes to power, it will be faced with a slowing economy and a serious

jobs crisis. ♪ intends tot trump nominate herman cain for a seat on the federal reserve board. that is according to people familiar with the matter. what are his qualifications? >> he does have some qualifications. he was a business executive. you mention his experience with the kansas city fed. honorary generally positions were local business people are on the board until members of the fed what is going on in their businesses. it has nothing to do with monetary policymaking. ♪ the j.p. morgan chase ceo warning investors to get ready for more wild rides ahead in his annual letter to shareholders. he wrote the fourth quarter of 2018 might be a harbinger for things to come. he has usually been bullish, particularly this time last year, so quite a change in town.

>> definitely. jamie dimon talks about how amazing the economy is doing. this is one of the first times we have seen him to say maybe a recession is not coming, but we want to be sure we are paring for one and things ahead don't look as great as they did this time last year. ♪ >> the president of the united states once again calling for the fed to drop rates. >> the fed should drop rates. i think they really slowed us down. there is no inflation. i would say in terms of quantitative tightening that it should now be quantitative easing. >> why on earth with the fed be cutting rates? >> that is a good question. andhe fed is cutting rates an economy above trend, payroll above trend, and inflation moving sideways, in fact, wage inflation, while march was a

little bit off the recent peak, the broader trend is accelerating. the fed could risk throwing gasoline on to a campfire. that being said, they have to keep their in your to the markets and the yield curve in the economic data and be prepared that may be that will be warranted down the road, but that does not look like the case based on what we are seeing in the jobs report today. ♪

♪ you are watching "bloomberg best." i am in the charter. bank santander announced a new business plan, pledging to cut one billion euros in costs, ramp-up investments in digital technology over the next four years. the executive chairman discussed the strategy and some of its recent challenges with

bloomberg. will invest $20 billion over the next few years in technology and digital. it is about $5 billion total per year. of that, $2 billion is in digital. to run the bank can transform the bank, so it is a healthy ratio. in terms of scale, we are up there with the biggest bank in the world, so forth and fifth in the u.s. depending on how you measure that, so we have enough scale to invest in which is one of the ways we are aiming to work more for countries like the u.s. are countries where we don't have the profitability we want, so we were really take advantage of our size globally. executiverrent chief , i asked you in february, is he here to stay? does he have the confidence of everyone? will it be settled legally? >> i think we are moving

forward. the team is very comfortable. the deal to the rest of the group. he is a good leader. we work great together. we are very optimistic about the future. >> what happens about brexit? have you considered the worst and are you ready for it? >> we have been working to ensure our customers, retail customers, and the bank and spain come retail customers, small customers, small companies, big companies that we are ready to serve them. we are ready and they can trust the service will continue whatever happens with brexit. >> will it impact if there is a no deal brexit? will it impact operations in europe? >> we had to do some adjustments, but not as much as others. for us, the rules have been more .nerous in terms of costs

we had to move a few people, but not many. bondsr decision on coco cause some waves. bring us back to that decision. take alld we would stakeholders and consideration. that is what we did. it is the first time since they were issued that the economic rationale made sense. that is what we did. and willlexibility have flexibility in the future to do it or not. we believe we did the right thing. ♪ emma: coming up on "bloomberg best," more of the weeks top stories. it was a soft quarter for u.s. auto sales. carlos ghosn faces another legal setback. plus, more compelling conversations. one ceos of companies all to push back against regulation, but jack dorsey said government oversight can have its benefits

in an exclusive interview, next. >> there are things like that that have been net positive for our platform in the industry in general. emma: this is bloomberg. ♪

♪ welcome back to "bloomberg best." platformmedia wrestling with issues of hate speech, fake news, end-user privacy. the ceos of the biggest tech companies are coming to see the benefits of regulation. this week, that twitter cofounder and ceo jack dorsey added his voice to silicon valley's growing chorus of support for government oversight. he spoke with jon erlichman in an exclusive interview. ♪ generally, i think regulation is a good thing, it's a net positive, and i think our role

as a company should be that of regulators, helping and legislators understand what's happening with technology, the secular trends that we are seeing and are aware of, how our system works. the job of the regulator is to ensure protection of the individual and a level playing field. so as long as we are working together on that, that has good outcomes. i generally think the things have been net positive for the industry in general, and specifically there is more clarity around privacy, a lot more clarity around how data is being used, into typically a service like ours, our terms of service are hard to read in hard to follow and not necessarily the most customer focused things. gdpr put a stake in the ground to at least bring out some

elements where you have a lot more control over, and i think that's a net positive. there's more room for that, then yes, absolutely. there's not going to be any one that is responsible for fixing this. i think putting too much of that weight on any one entity, whether it be corporation, individuals, government, is not going to work. we have to think about it differently. we have to think about it as a desire. we have a desire. our purpose is a public conversation. our desire is to incentivize and increase healthy conversation. and for that, we can look much deeper. we can look at what we are incentivizing. we can look at the foundational nature of the service, making sure we are not incentivizing behaviors that would take away from that. today there are areas where i think we are. those are the questions that we are asking, into it will lead to a fundamental shift in how the

service works and how people experience it. ♪ >> from an embrace of government oversight to the exact opposite. this week on bloomberg television, several guests took issue from policy moves, specifically regulatory overreach and the recent rate pass. let's start with outgoing ceo of metlife, who told erik schatzker that companies should assert their rights and pushback against regulation they consider excessive. ♪ there was some light regulation at parts of our financial system, in particular in banking and shadow banking. then we saw the pendulum swing hard the other way, let's over regulate, we can always adjust later. the problem is you might be out of business before they adjust if you don't push back, and that was our decision. >> clarity istanbul debate over interest rates right now?

the president and some other people want interest rates to below are, but low rates are terrible for the insurance industry, not to mention anyone else in the business of savings, like pension funds. >> there is going to be a balance.very high interest rates wouldn't make any sense in the low inflation environment like today. but rates are extremely low on historical basis in terms of basic returns over the 10 year treasury and basic returns for the tenure treasury, compared to underlying growth of the economy. rates are low and it hurts industries like life insurance, and hurts savers and generals. i understand arguments in favor of progrowth, but there is a trade-off here. finding the right balance is important. ♪ >> you have to take a clue from the bond market, there's no question about it. don't follow stocks, follow the bond market. i think chairman powell coming into office will have to use to the power of his voice. you are right, in the fall they

were too strong, to worried, and suddenly they react to december and back off. i think they should consider tightening later this year. they should be back to data dependent, something we have set for decades. they need to go back to the data and make sure they see the economy. the bond market right now was expecting them to use this year, which to me is crazy. i think they will be neutral to tight later this year, depending on how strong the economy is. >> there was a massive move -- would you see acceleration? >> we are very worried about the german interest rates, japanese interest rates -- i will enough that when i went to college, rates couldn't go negative yet, and here we are with consistently negative rates in germany. i'm worried that is signaling a bit of a recession, particularly in germany and probably in france and the eu. we will be underweight all sovereign debt outside the united states and very worried.

we will be watching brexit without question. ♪ >> in this week's episode of "big decisions," david westin sat down with the starbucks ceo, kevin johnson, to discuss his company's rapid expansion into china. he sees opportunity to continue the current pace of growth many years into the future. ♪ >> we can do that at least for decades to come. but it't calculated it, will go beyond my lifetime, we could go at that rate. >> the demand is there for the chinese people? >> the demand continues to grow. chinese consumers are primarily a tea drinking culture who have been introduced to premium coffee. we will build a net new 600 stores per year in china, i think we are over 3500 today. million people in china and the middle class, that

is projected to double over the next few years. they are consuming more coffee, and that is going to continue to grow. i look at the fact that over these next few years, we are going to build starbucks into 100 new cities in china that we are not currently in, and everyone of those cities is larger than the population of los angeles. we will be building new stores in china for decades to come. ♪

♪ this is "bloomberg best." let's resume our roundup of the week's top news in business and finance. oil giant saudi aramco is preparing for a bond sale with a trove of eye-popping data. ♪ >> saudi aramco is the most

profitable company on earth, according to an extract of the firm's account. it easily surpassed u.s. giants apple and exxon mobil. moody's says aramco generated net income of just over $110 billion last month. the agency gives the saudi oil giant the fifth highest investment rating. >> the income loss last year was around $111 billion, far surpassing apple around $59 billion, and well ahead of the other oil companies, like exxon and shel which have, been around the $20 billion mark. aramco has been rated at the same level as the saudi sovereign, in the next question will be how investors looking at those ratings, how they want to price aramco compared to some of the saudi sovereign issuance we have seen over the past couple years.

we should start see the answer to that over the next few days as aramco's bonds go on. ♪ >> unicredit is waiting in the wings to tie up two of germany's biggest banks failing. the italian lender is preparing a rival bid for commerzbank should talks with deutsche bank collapse. why would unicredit bid for commerzbank? they already have some assets in germany, don't they? >> exactly, and that is part of the reason they do have assets in germany, they have a pretty big bank there. the german subsidiary is one of the biggest banks in germany, and adding more to that make sense in a market that is potentially overbank. you have taken out another bank, that could make sense. the question is how much is consolidation possible? it is difficult because of national regulation. that is one reason it hasn't really happened yet. ♪ is beginning its

biggest organizational overhaul and years, according to an internal memo. blackrock's massive. how do you go about reorganizing something that big? >> a couple key takeaways from the memo. they are definitely making some moves in the alternative business. this is a group they have been trying to bolster over the last few years. we just reported earlier that they had their first close on a private equity fund, getting off the ground with $2.75 billion in the first. they changed the head of that unit and elevated an executive who was the head of their real assets, and also made it clear that they are trying to get more local on the ground, elevating some people in regional places to say we know we need growth definitely u.s., and want clients to feel our presence one-on-one, giving more power on the regional level. ♪ >> another gloomy corner for those in the auto industry as carmakers reported u.s. auto sales.

honda was the shining star with a 4.3% increase. went to the march sales tell us about the state-of-the-art industry and the economy? is there something more to this? >> general motors had a big sale in march of last year that artificially pushed sales up. the numbers look a little weaker they areison, but still talking about marching down after the first two months of the year. year,is is after last which was flat on the year before, but they pulled out a lot of the stops with the rental car sales to stay even with 2017. really, we are on this walk of the market getting softer in softer. ♪ >> turning out to tesla, shares of the electric car company tumbled after the company reported a record decline in deliveries during the first quarter. analysts are worried a sharp

fall indicates weaker than expected demand for the model 3. how dire is this? >> is a pretty big deal. vehiclessand model x down from the prior quarter. >> let's turn to the courtroom showdown this thursday. jan arrived in the district arguingom with lawyers, he recklessly tweeted out information after they reached a settlement which barred such action. how does the judge listen to what was put in front of them? >> she had a little bit of dirt to throw at both sides. she was a little bit critical of the fec, which was interesting. she told both sides to go back to their respective corners. within two weeks, they came to an agreement, to come back to her with something that they will be ok with. ♪ >> the drama around the embattled auto tighten carlos

ghosn erupted again with prosecutors the arresting him on fresh allegations that he used nissan funds for his own purposes. he has dismissed it as "outrageous." where are we? >> forget about battle for control of the company, that is pretty much over. this is a battle for control of the fate of carlos ghosn, and whether he will spend many years behind bars are not. it is also a battle of control of the narrative. he has scheduled a press conference in tokyo one week from today to tell the truth from his perspective. prosecutors are getting another step back on carlos ghosn, re-arresting him on new charges of aggravated breach of trust, stemming from allegations of illegal payments, they say, of upwards of $5 million usd to a distributor in oman, as well as in lebanon.

lots of different allegations which, as you rightfully said, carlos ghosn has vehemently denied. ♪ if european authorities have issued their report on last month's crash of a boeing 737 max aircraft, saying a pilot followed safety procedures and is calling on the manufacturer to review the control system. >> only had was a press conference where the ethiopian authority outlined their initial findings. the pilots opinion, of this plane did everything they should have done, following procedures, yet still unable to risk the flight. is not directly pointing the finger but does shift the spotlight on to them, and the authorities recommended that boeing review its flight control software and the aviation authorities, in a process that is already happening. ♪ trading, second day of shares have fallen below the lyft ipo price, investors

warning it could be an ominous sign for other unicorns planning to go public, and raising questions about their growth trajectory. >> it's amazing how a little bit of where the price is set and expectations have fallen away from them. market just hasn't been as enthusiastic as they had hoped going into the pricing. there is that initial superhigh opening price and that it has fallen from their as people are looking at the company and trying to figure out what to multiple should it have? how do you think about a company that is a story based narrative? >> for this company were the red carpet is rolled out, the big issue is profitability. ♪ with marketega ipo

share is jumping in the debut after raising $1.1 billion in the second largest u.s. initial public offering this year. >> they up to the size of the offering twice, it jumped in the early trading by more than 25%, now trading steadily. obviously there is no known what will happen but it's a really positive start. ♪ to itsoin has surged highest level since november, thewe brought to an end virtual currency market. what started the rally? >> every time you think it's dead it jumps back up again. the truth is nobody really knows -- people are talking about closing their futures contract, which reduces what you have for official bitcoin, and people are

also talking about the harboring of the rewards, and every time ahead of that you have seen a rally. but really it's a bit of a mystery, we have seen sentiment turned positive and it is perpetuating. ♪ >> tencent has completed the biggest dollar bond offering and asia so far this year. the operator sold a $6 billion bond, meeting that $3 billion bond sale earlier this year. tencent has more than $20 billion of cash on hand -- why do they need this debt funding? >> the reason is three parts. tencent has about $3 billion coming due, using the new money to repay old money is an option. and the funding costs overall are a bit lower because the treasury yields have come down, so it's an opportunity for

tencent to sell. but in reality, it actually paid about 30 basis points more than , so10 year sold last year overall it is still a big deal for investors. other than the 10 year, which is about 3 billion, half of the overall sale, there are four more, of five-year, seven year, and 30 year trench. ♪ fiasco,another facebook research found millions of users data accessible on cloud computing services. this comes a year after the social media giant came under fire from became agenda political scandal, meaning user information is exposed. in acebook user data was place where it shouldn't have been, and they found trolls of user data publicly available on amazon server. and is one instance

researchers also found a mexican media company that had 540 million different users, the of those users exposed. email addresses, names, contact information. in the third situation there was an app developer that exposed 22,000 usernames, passwords as well, all of this hiding in plain sight. tweet, saying they have finished the process of dissolving the marriage with the ceo, giving him all of her interest in the washington post and blue origin as well as 75% of the amazon stock, plus voting control of her shares. what is this telling us about control over amazon, the biggest company in the world? a lot of the current generation of technology giants, jeff bezos didn't exert voting

control. he owned about 16% of the company. they announced they would get divorced they were questions about what would happen, and this kind of answers those questions. jeff bezos retains full voting control of the 16% stake they jointly own. he will keep ownership of three quarters of it. ♪

♪

run this code on your terminal to add your voice to the debate. alternatively, you can message your comments to the cv team. >> there are about 30,000 functions on the bloomberg, and we always enjoy showing you our favorites on bloomberg television. made it will become your favorites. let's wrap up this edition of "bluebird best" with a closer look at the 1mdb scandal. the former prime minister faces 42 criminal charges related to his role in the affair, and his trial began in kuala lumpur this week, the first of many around the world. here's an explanation of the issue behind the investigation. ♪ >> it was supposed to be a vehicle to attract foreign investment.

instead, 1mdb has found embezzlement and money-laundering investigations across at least 10 countries, and the search for enormous pile of missing money. it started in 2009 by the then earlyment, the initiatives included buying privately owned power plants and a new financial district and kuala lumpur. ultimately they found themselves $12 billion in debt. investigators have been trying to find out how money load through and around the fund, and illegally into personal accounts. the u.s. justice department said more than $4.5 billion move through a complex set of transaction and shell companies. up to $7 billion passed through 1mdb and one of its units. he is charged with criminal breach of trust and money-laundering involving 1mdb related funds. he denies any wrongdoing. goldman sachs is also facing criminal charges, with

prosecutors seeking more than $3 billion. malaysia alleges the bank misrepresented have proceeded totalings got to 1mdb, $6.5 billion. knowing the funds would be misappropriated. goldman says it will vigorously defend itself. financerthe malaysian is in hiding, accused of leading a small group of denver and money into personal accounts designed to look like legitimate businesses. some of that cash is thought to have been used as kickback for authorities are looking to disperse the assets including a luxury yacht. ♪ keep watching bloomberg television for continuing coverage of this important story. onh more about it bloomberg.com, where you can find all the latest business news and analysis 24 hours a day. that will be offered "bluebird

best" this week. thanks for watching. i'm emma chandra. this is bloomberg. ♪

♪ caroline: i'm caroline hyde in new york in for emily chang. this is "bloomberg technology." it could be weeks before a final trade agreement is made. facebook ceo mark zuckerberg released his outline for regulating the web, but some in washington are not convinced. we will speak with fcc commissioner brendan car. the owner of blue apron saw

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