♪ coming up on "bloomberg best," the stories that shaped the week in business around the world. , politicaln europe and economic shockwaves. majority --uropean what will it mean for who will succeed theresa may? >> trade tensions move markets. the mood music darkens. >> people are saying let me get into safety and see how the uncertainty shakes out. >> an alliance of carmakers may shake the auto industry. alibaba, an asian ipo. the ecb wants to norman nice

normalize policy, but rising risks. exclusive insight on volatile markets come from pimco and morgan stanley's cpl and jp morgan. >> we think we are entering an age of disruption. >> you see things triggering market reactions, and is more negative news than positive news. founder speaks's exclusively to bloomberg. he says he will come through with flying colors. tough battle environment just reflects how great we are. >> it is all straightahead on "bloomberg best." ♪ >> hello and welcome.

youris "bloomberg best," weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. let's look at the top headlines. last weekend, voters across europe went to the hall polls. at stake, the makeup of the european parliament and leadership of the european ecmission and b. > mainstream political parties have held their ground against assaults from populist groups, according to results from the european parliamentary election. they saw the highest turnout in a decade, set to reward the green and pro-eu liberals, but the far right winning in france and italy. >> the big take away is the political fragmentation in the

pro european majority is holding in the european parliament. there has been a reshuffle. the social democrats did particularly bad. the christian democrats of angela merkel lost seats, but the greens and liberals did gain less of that balance of power has changed. when it comes to the populace concern, that did not fully materialize. yet the populist attack following short, exceptions in france and italy, but also the u.k. was an exception, and briggs it was a big part of the story. the times are leading with voter shun main parties as brexit divide widens. this is the take away from this story. the british main parties really lost their share of the voters here. to the those votes go brexit party and the liberal democrats. the next big question is what does this mean for who will succeed theresa may? it will likely galvanized hardline brexiteers, like boris

johnson. president trump saying the u.s. isn't ready to make a deal with china on trade, although he claims beijing is, and his threat on chinese tariffs on imports. >> we are not ready to make a deal him and we are taking in billions of dollars in tariffs, and that number could go up substantially, easily. president also speaking about north korea's recent missile launch. it seems they may have overshadowed the u.s.-japan relationship. >> which is odd given it was a state visit. he did pay his respects to the new japanese emperor, but shinzo abe and donald trump talked extensively about that relationship being the cornerstone of stability. china and north korea dominated the press conference yesterday afternoon. north korea, he said i'm happy

with the way it is going. no hurry. yieldey slice of the curve falling deeper into inversion. dipped into a -9.2 basis points, the most negative since march of this closely watched segment inverted for the first time since 2007. >> today is a reflection of haven demand. are seeing this deepening inversion after trump himself said the u.s. is not ready to make a deal with china. that is driving investors into the 10 year treasuries, the section of the curve moving today. tochina could be gearing up use its dominance of rare earths in a trade war with the u.s., according to commentary in china, including from the state planning agency. >> we had him saying china isn't going to let the u.s. use the

products it makes from its rare earths to contain china. we had commentary in the people's daily in the global times echoing that same line. no doubt about the fact that china is sending a signal that it is ready and willing to use its rare earths in the trade war. obviously that would be a nuclear option, just like what the u.s. has done with huawei. dominance could be devastating if beijing pushes forward with threats to use the metals in the trade war. the u.s. gets 80% of its rare earths supply from china, used in everything from cars, dish washers. how much does this the u.s. and china? >> the big impact will be on the u.s.. the u.s. relies on china for 80% of its rare earths supplies, so if that is cut off, there are not a lot of options for the u.s..

they have only one rare earth mine. they can't make enough to meet the demand. in terms of the impact on china, probably more limited. china consumes most of the rare earths it produces domestically, and we would see a big spike in prices, which will help domestic producers, so definitely the big hit would be on the u.s. >> what about the u.s. sparing china from the tag fx manipulator? that would have been a demonstrable ratcheting against china. do you take her from that? >> it is a sign that talks are still on the table and both sides don't want to escalate too much. there is no real reason for the u.s. to do that. china only meets one of the criteria, and the u.s. tends to use it as a rhetorical thing. there are no real penalties involved if they were to do that , but in the current environment that would have been a

significant ratcheting up of tensions. right now everything we are seeing is rhetoric on both sides. we are not seeing actions yet. it all seems to be pointing towards a potential meeting between trump and xi jinping at the g20 in japan next month. , a crucial part of the yield curve has become the most inverted and more than a decade, the gap between three-month and 10 year rates, dipping to a -12.3 basis points, sounding alarm bells for analysts on the street. >> people are saying let me get into safety and let's see how this uncertainty shakes out and i will adjust my positions accordingly. not necessarily a super bad time to be in treasuries given your earning some sort of yield, especially on the short end, but the ten-year rally has been dramatic. >> we talk about that three month, 10 year and the inversion, do you think this is a reliable signal, not so much

of recession, but of a real downturn sustained downturn? >> historically a reliable signal, but with qe, it has been distorted, so even though it is probably a good signal, it is probably over emphasize today in terms of how good it is. >> the mexican peso has slumped as donald trump fallowed to impose a five -- vowed to impose a 5% tariff on goods from the nation and said the move would stand until the country stops immigrants from entering the u.s. illegally. mexicans president responded saying "from the start i expressed i don't want confrontation and added that the nation's foreign minister will visit washington tomorrow, but the decision throws the stability of the rebooted nafta pack in focus." >> donald trump says he and the u.s. will propose 5% tariffs on everything that comes in from mexico in mid june, then if mexico does not do enough to curb illegal immigration into

the united states, trump says those tariffs will ratchet up, step-by-step by step, until you get to 25% on every single thing coming into the united states from mexico by october 1. this is a massive explanation -- escalation. , but we are sot integrated with mexico that if we got into a tariff battle with mexico that it would be more costly to the u.s. economy and have a more direct effect on business confidence which would cause them to retrench, and that could lead to an economic slowdown. earlier today, chinese state media announced the government would establish a list of what it called unreliable entities based on whether they obey market rules, violate contracts, cut off supplies for noncommercial regions, and damage the interests of chinese economies. what do we know? >> it looks like it is in response to the u.s. it looks as though china will

target those companies that have cut off supplies, u.s. companies that have cut off supplies to chinese firms, and huawei is the example. serious aboutng retaliation and flexing their muscle to show they have some options. tumbling, the dow losing 1.4%, the nasdaq losing 1.5%, the worst performer of the bunch, the first weekly law since christmas treasuries rallying, oil tumbling. we are at a 12 week low for the s&p 500 and the nasdaq and the president is is threatening tariffs on texaco -- mexico two after -- weeks after putting tariffs on mexico. >> the 10 year yield hit 2.41% overnight. we entered may at 2.5%. treasuries are overbought on a number of different measures.

people still want to own bonds. >> still ahead, as we reviewed the week on "bloomberg best," exclusive interviews with morgan stanley ceo, pimco, and the founder and ceo of huawei, plus the vice president of the ecb says he is worried about a full-fledged trade war. up next, more fallout from the european elections. angela merkel's handpicked successor does not appear to be succeeding. >> you would have expected a fresh face and a boost to the polls, and that has not happened. >> this is bloomberg. ♪

♪ this is "bloomberg best." i am viviana rotondo. let's continue our week with more fallout from the european elections.

a crushing defeat for the ruling party increase puts the prime minister's future in doubt. stocks climbing this morning after the prime minister called for a snap election following a crushing defeat in the polls. you have seen that 10 year yield increase hit a record low. why are markets are reacting like this? while polls had shown from a few months ago until just before election that he was set to lose the election. we did not expect that loss to be as big as it was. main0% difference with the opposition party was where the loss was seen at the beginning of the campaign. we have gradually reduced and ,educed to around between 3% and markets of welcome that because they feel that it will be hard now for him to make of that boss ground in terms of the

national election. german chancellor angela concluded her secession plan is unraveling. successor, the person she thought would lead the party after her seems to have other notions. explain what is going on. has been at the top of the party since december, which you would have expected with a fresh face is a boost in the polls. that has not happened. in the european election, the cdu had its worst showing since the war, so things aren't going go way they were support to -- were supposed to go. has committed quite a few gaffes. she picked a fight with some

election,before the so a lot of people are wondering whether she is up to the job. we are wondering whether angela merkel feels the same way. influentialmost leaders are tussling over who should be the next european commission president. angela merkel failed to win support for her pick. emmanuel macron pushed for chief brexit negotiator, who ran an unofficial campaign, even though they are in the same party. >> it is clear that micron and merkel do not see i to i on the issue. clarify whove to becomes commission president before they can focus on the european central bank. or auld see a delay transition that becomes very long. the problem is mario draghi

needs to leave the central bank by the end of october. standoff between deq and italy continues. italy set to respond as it faces a multibillion-dollar euro penalty from the commission due to the country's failure to rein in debt. >it does seem like we have been here before. why is this time different? >> the balance of changed in side the coalition. the dominant force in the coalition because of this massive win in the european parliamentary election is taking a brussels-bashing stand, and the latest is he is preparing for a collision course with brussels. >> the chinese government's first seizure of a bank in two decades is piling pressure on shares, already trading at

rock-bottom valuations. the bloomberg index dropped to a four-month low monday after regulators assumed control of the bank, citing serious credit risks. tell us about the fallout from the seizure. >> we see a lot of negative impact, not just the equity market, but the bond market and money market in terms of repo rates. the shares of the hong kong listed chinese banks have dropped to a four-month low, and interbank repo rate has hit a one-month high, and smaller onks coco bonds also failed monday. this is the first time the chinese government seized a bank since 1998, so the market participants are still very nervous. they don't know what will happen next. special counsel robert mueller about to make a statement on the pressure probe. this is his first-ever public statement the special counsel robert mueller has made or will make on this matter.

or any matter related to the probe. >> if we had had confidence that the president clearly did not commit a crime, we would have said so. we however did not make a determination as to whether the president did commit a crime. >> president trump was out quickly. do you think it is close? >> no. incitement from robert mueller to congress that it is in your hands. this is the way the constitution is organized. if there will be the prosecution of the president, it is up to you. the case is by no means closed. 5g, the new communications network has arrived in britain. vt is rolling out the next generation today through its carrier with rivals vodafone, o2, and three also to follow in

the coming months. what does this mean for the , whichersy over huawei obviously for a lot of countries is the preferred 5g equipment maker? is thelutely, huawei elephant in the room when it comes to the 5g rollout. for radioon huawei and antennas needed for 5g. it had to pull huawei's new smart phone last week. while they are able to roll it out, there are uncertainties as the government is making up its mind. have the manufacturing pmi dipping further into contraction territory. 49.9, forecast had been so firmly in contraction. the subindex of new export orders points to further contraction as well, so a combination of weakness in terms of domestic demand, external demand, and trade pressures as well. nonmanufacturing data came in

line with what we saw in the previous month, 54.3, of the services sector still holding up, but the manufacturing sector is firmly under pressure. ♪

♪ you are watching "bloomberg best." i am viviana hurtado. tom mackenzie set down for an exclusive interview with huawei founder and ceo ren zhengfei. the company is caught in the crosshairs of the trade war. despite sanctions, ren zhengfei said decisively and defiantly that huawei will find a way to

survive. >> the u.s. manages its own companies. the u.s. is not the international police. they can't manage the whole world. the rest of the world decides whether they will work with us based on their business interests and positions. if some companies don't want to work for us, it is like a hole in the airplane. the airplane is still able to fly. using,s we have been half are from u.s. companies, and half we produce ourselves. if the u.s. imposes further restrictions, we will reduce our purchases from the u.s. and use more of our own chips. if american companies have permission from washington to sell to us, we will continue to

buy from them. what exactly have you put in place in terms of contingencies? we might have contingency plans for the core of the airplane come the engine and fuel tank, but we may not have a plan for the wings. we need to review the situation all over again and fix those problems. you can come back to interview us in two or three years to see if we still exist. if we are gone in two or three years, please remember to bring a flower and put it on our grave. expect toh damage do be felt in the consumer division of the business, smartphones and laptops, which depend on u.s. ships and software? -- chips and software? >> we might miss our expected growth target, but we are still growing. being able to grow in a tough

environment reflects how great we are. >> you have talked about having a two-year lead in terms of 5g on your competitors. does that need get eroded? >> definitely. if we slow down, it is because the wing of the airplane has lots of holes. if we fly slowly but others fly fast, of course they can catch up, but we will keep fixing the holes. we will fly fast against once all the holes are fixed. you can find much more of that exclusive interview with the founder and ceo of huawei at bloomberg.com. check your local listings for a bloomberg television special, huawei: connected and contested through the weekend. coming up on "bloomberg best," more compelling conversations. the ecb vice president discusses the latest financial stability morgan stanley ceo

speaks exclusively on markets. he said the problems may be all in our heads. >> the issue is the market psyche. viviana: this is bloomberg. ♪

♪ welcome back to "bloomberg best." morgan stanley's chairman and ceo doesn't expect a full blown trade war between the u.s. and china, but he says anxiety about trade is having a negative effect on markets. with him atlusively the morgan stanley china summit in beijing. ♪ the market psyche is fragile. i would say the market itself encore fundamentals is fine. unemployment is 3.5%. who thought this was possible a decade ago? we have very muted inflation and

there's plenty of liquidity -- the issue is the market psyche. there is more downside risk than upside risk. or people think the market is heading down and potentially heading to recession, which the inverted yield curve would suggest, then the reverse/ that's not a good thing. that is why you are seeing at any point in time, when these macro stories hit the news, whether it is prime minister may announcing her resignation, sharp election results in australia, around the world you are seeing things that are all triggering market reactions, and it is more negative news than positive news. inversion, how concerned are you when you look at that? >> it's concerning. it's the leading indicator of recession for the last 50 years. on the other hand i saw the former chair yellen say it could mean that or it could mean it is time for the fed to cut rates --

that surprised me. i think the fed is being decidedly neutral at the moment, which i personally feel is the prudent thing to do, to cut rates of har. they don't have a lot of firepower. ♪ there was aday, recession within the next three to five years. jonathan ferro spent the day at the company headquarters in

newport beach, california. he spoke exclusively with several top executives, starting with scott mathur. ♪ >> we are seeing the end of an era. the last five to 10 years we have had massive performance of financial assets over the real economy, and we think that era is coming to an end. we think we are now entering an age of disruption. >> going by the last five to 10 years, you underlined this in the piece, it would be a mistake to extrapolate forward to push it out in a forecasted way. why is that such a big mistake this time around? >> it seems like markets have become used to an environment where central banks are really powerful in terms of taking volatility out of the market, and one of the things we talk about in the outlook is that the era is coming to an end. the u.s. is about the only central bank that was able to normalize and elsewhere there is no monetary firepower left. ♪ >> there was a broadly hard assumption that the federal reserve could engineer soft landing. is that starting to unravel? >> the downside risk to growth has certainly increased. the main downside risk with respect to trade -- we have seen tensionstion in

between the u.s. and china. the direct impact of the tariffs is estimated to be relatively small, but i think the bigger and more important point is that it is happening during a time when global growth and u.s. growth was already on a decelerating trend. growth and it creates a broader environment where you could see a bigger deceleration. ♪ is there'sdo think an opportunity because of what banks used to do that they don't do, and itfor us to goes from real estate to buying , to do various which, if managed

properly and constructed the right way, should deliver 10% to 12%. an opportunity for us. it's an incredibly competitive environment right now, we talked about areas where there might be for off. viewssistent with their on corporate credit, that is where we see the froth. in terms of direct corporate credit issuance outside the financial space. we look at areas like commercial and residential real estate, private or public. we continue to see considerable opportunity, despite the global financial crisis being 11 years will we still see opportunities for investors on the private side and the public side? now,has been our focus for looking to harvest opportunities within that space. ♪ >> you can check out many more

interviews from jonathan ferro's day at pimco on bloomberg.com. check your local listings for a bloomberg television special featuring his complete conversations with any roman and dan iversen. this week, the european central bank presented its financial stability report. it says that risk to the euro zone's public and private finances has risen. it cites both internal and external threats to growth. matt miller sat down with the ecb vice president and asked him about the report's key findings. ♪ >> the economy is growing at a slow pace. it will be slightly above 1%. risks, butownside they are related mainly to situations outside the borders of the euro area, and that is something to take into consideration. >> when you watch what's

happening between the u.s. and china, aren't you concerned about the sure to come trade war between the u.s. and europe? think now that we have seen china and the u.s., i think the main risk is the trade tension because so far what we have seen are some announcements but the real risk could be escalation toard full-fledged trade war in theopean economy >> past few days and weeks we are pretty much there -- >> i hope that will not be the case, at the end of the day common sense will prevail. we hope that an agreement will be reached. if that is not the case, the tax is main risk we have for the

global economy. ♪ banks, with central president donald trump still has two open seats to fill on the federal reserve board. top economic advisor judy shelton is a possible nominee. she joined david westin on "bloomberg: balance of power" and discussed the fed's role in maintaining a level monetary playing field during the u.s. trade disputes china. ♪ cable with its state-controlled apparatus to bring everything to bear. they can intervene in the currency markets and they do so as a matter of policy. they can engage in fiscal stimulus at the drop of a hat stop i think the united states wants to fight fire with fire but we don't do it that way, we believe in the private sector. but i wouldn't want the fed to be a burden and to do the wrong

of thend undermine some good growth prospects that we have ahead of us. >> didn't do the wrong thing in december when it raised rates? >> i think by its own admission, we have seen almost a complete turnaround so i think the fed itself went from being quite inclined to raise as quickly as andible to now rethinking now even hinting that it could go the other way. new foundthis humility on the part of the fed, watchful waiting, and i think it's an admission that central bankers are not always exactlynt in knowing where interest rates should be. i think it would be healthier if we had a more organically determined interest rate that reflected market thinking. ♪

♪ this is "bloomberg best." let's resume our roundup of the week's top business stories with a focus on company news. european carmakers fiat and renault announced plans for a cross-border megamerger, delivering the latest jolt to the global auto industry. ♪\ >> fiat has formally proposed a merger with reynolds that would create the world's third biggest carmaker. how well do these carmakers fit together? >> there is a range of places where they might overlap and as always they are both making a lot of different types of cars, including competing brands, and the key area is where they have a good fit. certainly in electric cars, that's a big, growing segment, renault with some very good

technology and models. that would be a big boost in terms of acquiring the electric car technology and the same goes for nissan. they have some great electric car technology to the sense that they are brought along into the alliance, those are good areas. fiat itself claims that there will be about 5 billion euro in merger,a year from this and those will primarily be in r&d and product development. it does look like there are some good reasons to make this. >> the french finance minister was on the radio this morning, saying he thinks it's a great deal, that this is what's needed, that car companies have to bulk up to deal with the challenges of the future and have the ability to invest massively in all the new technologies coming on board, from autonomous to electric cars. pretty much a green light from the french government. ♪ >> sources have told bloomberg

that alibaba group is considering raising $20 billion via a second listing in hong kong, which would bring china's largest company closer to investors in its home country. they try to strike a deal in hong kong before their 2014 new york ipo. so why are they revisiting it now? >> before they went to new york they were lobbying in hong kong, trying to get their partnership structure and corporate structure done. at the time the hong kong stock exchange wasn't ready but since then we have seen the hong kong stock exchange relaxed and show me has already done a structural listing in hong kong. given the backdrop and the trade war going on, the u.s. has shot off china and there must be some concern that alibaba could bring closer to the home investors which know their product in

their platform best. >> if they do,, it's not a surprise to us. when you travel far you will come home, everybody does. andsure they will come back keep whatever they are doing in new york and other places and they will be coming back to asia. ♪ industryf the payment third megamerger industry of the year. at $21.5is valued billion. why now? why did it take them until now? the pace and innovation has really accelerated. asia-pacificn the across parts of china, they will

have more scale and the business to make the investments compete and to further fund innovation which is driving a lot of what you are seeing. ♪ suppliersds of small and longtime vendors on amazon.com are holding their breath for what could be a purge that would favor major brands like procter & gamble, sony, and lego. it is expected to reduce amazon's overhead -- why is amazon even considering such a thing? >> basically as e-commerce business has two parts, it has a retail side where it buys products wholesale and resells them at a markup like a traditional retailer, and it also has this marketplace model similar to consignment shops. matchmaker between the seller on one hand and the buyer on the other. amazon is trying to shift more peoplesmaller vendors, it buys through wholesale model,

and shift them to this where thesemodel suppliers will be selling directly to amazon shoppers one shopper at a time. ♪ >> apple has unveiled its first updated ipod touch in four years, it has a way to tap into apples new services and a new price tag of $199. apple is revamping a product that is cracking on. time the ipod touch and nexted was in 2015 week is there annual developers conference where they roll out new software and oftentimes in order to get the newest features you need the newest hardware to make it work. some of these features are very processor intensive and require a lot of speed and because the ipod touch haven't been updated it needed a new chip to take advantage of new services like augmented reality and similar apps from developers.

they didn't go too far, they just went to a faster chip. there's nothing else new going on here. ♪ >> it's a big week in european football, according to this year's football valuation reports, for the first time, madrid has overtaken manchester united at the top of the league. clubs allowed the spanish to broker commercial revenue doubled the rate. what does this tell us? >> want it does is it looks at the enterprise value of the clubs that takes into mind the projected revenue streams the cuts will generate. win, they haved managed to move ahead of manchester united that hasn't performed so well. a lot of the movement in this league has come from that performance. u.k.ve also seen the teams hit by a decline in sterling, and we have seen

barcelona moving down, who spent a lot on player wages recently. ♪ >> retail stocks are getting taken to the cleaners today, a luxury winter coat maker and the parent company of first sachi, jimmy choo, and others falling after weaker than expected earnings. is this a predominant theme or do each of them have their own story? >> in some ways, they each have their own story. but when we look across retail earnings season more broadly, we really do see trouble in apparel and home goods we did not see that same trouble at the big box stores. walmart and target had blowout quarters. best buy and home depot were fine. but apparel, it was a tough place to be and we saw that show off. ♪ >> the u.s. justice department is demanding t-mobile and sprint lay the groundwork for a new wireless carrier as a condition

to clearing their merger. sprintg t-mobile and would take away and it's not clear if sprint would survive. how would anyone survive? >> i think with the justice department is looking at is trying to preserve some form of competition than just going from four to three. they are saying maybe you could spin out the sprint brand and give it its own network -- we are not sure how the structure would work but what they want is to preserve another brand in the market. boostpaid phone service -- it would be a so-called wholesale deal that would give amazon access to t-mobile's wireless network for at least six years. if t-mobile and sprint are going to combine they need to get rid of it so is this a perfect solution? >> everyone and their mother is interested in this asset and it

is because of that fixed your wholesale agreement to leave spectrum. sprint inon is would t-mobile really want to sell this to amazon, or would they prefer to sell it to someone like comcast? , whohat with the doj think would be the better competitor -- what they want is for these assets to go to someone that will create a genuine competitor in the market. ♪ >> over shares are getting a boost after hours following a sparse earnings report of the public companies. the world's largest ridesharing company reported fourth-quarter quarter sales that beat estimates, but it also lost $1 billion among the largest of any public company. >> i think they performed better than expected, especially on the top line. results and gave us also they told us that the core platform will improve through the rest of the year.

they bought up this quarter, and you expect -- also they talk about more rational pricing, they are seeing less aggressive lifting when it comes to subsidies and pricing in the u.s. market. they expect more rational pricing to improve the takeaways. ♪

♪ yields on the move, the 10 down, the rate sensitive sectors did not move like you'd expect. you have consumer staples and utilities down almost 2% despite the move lower in yields. >> 30,000 functions are on the bloomberg. we always enjoy showing you our

favorites on bloomberg television. maybe they will become your favorites. here's a function you will find useful. it will lead you to our quick takes. that is where you can get important context and fast insight into timely topics. here's a quick take from this week. ♪ tanks to the smartphone, going from a to b is so easy that it has some urban dwellers wondering, why bother owning a car when you can easily get where you want at the press of a button? it's an idea known as mobility as a service, when travelers say goodbye to their own cars and sign up instead for transportation on demand, booked through their smartphones. imagine, for instance, a commuting plan that charges by the mile, or through a monthly fee, like netflix. the demise of car ownership, at least in the world's growing urban centers, is a prospect that the world's automakers are getting ready for. but it is not going to happen right away. a major switch to subscription

transportation requires two things to fall into place. the first is already well underway, the explosion of ride-hailing apps. the second part isn't quite there yet. that's driverless cars. removing the human from behind the wheel/is the cost of a taxi ride. that will make mobility as a service so cheap in many places that it won't make financial sense to own a car anymore. a typical ride today costs two to three dollars per mile, but a robo taxi is projected to cost as little as $.70 per mile. the tesla chief executive reckons he can lower that to $.18 per mile. that will turbocharge demand for mobility as a service, which is destined to be, $10 trillion business, according to ford motor company. that's why tech giants like google and apple are developing their own self driving systems,

to take on the world's leading automakers, including volkswagen, general motors, ford, and toyota. eventually, a single smart phone app could connect us to a web of options. robo taxis, self-driving shuttles, you bikes, and electric scooters. it will get us through congested megacities, where two thirds of the global population is projected to live by mid century. someday, urban dwellers may have to spend a day in the country to catch a glimpse of that 20th century show pony known as a private car. ♪ that was just one of the many quick takes you can find on the bloomberg. you can also find them at bloomberg.com, along with all the latest business news and analysis, 24 hours a day. that will be all this week for "bloomberg best." thanks for watching. this is bloomberg. ♪

♪ emily: hello, i'm emily chang in san francisco and this is "bloomberg technology." may day. stocks have their worst monthly performance so far this year. u.s. stocks posting their biggest weekly slide since december. plus, retaliation. china will establish a list of "unreliable foreign companies" they say hurts chinese firms. and uber/lyft still holding