coming up on "bloomberg best," the stories that shaped the week in business around the world. trade tensions escalate. beijing demands respect from the u.s. after talks collapse, and trump for to implement tariffs on mexico. >> part of the uncertainty here is that no one really knows what the farms of deadlines are, what the criteria are and what to expect. >> the chairman hints of rich cuts to come. in london, president trump does a three day visit to the u.k. as his trade policies feed to growth anxiety. silicon valley is targeted over antitrust.

exclusiveing you interviews from influential investment figures on the current challenges and opportunities. >> 10 years into an upcycle. so at some point, the music is going to stop. >> i don't think we will see a major chinese company go public in the u.s. for the for cia bund future. >> we are playing with a lot of little a risk which is often ethical to trade through. >> we sit down with ap boc governor ahead of his meeting with secretary of the treasury steven mnuchin. furtherolicy for he hikes in tariffs or the escalation of trade war's come our policy toolkit is ready. juliette: and an exclusive interview with dallas fed president robert kaplan, and why he says it is too early to make a judgment on a rate cut. >> should we be adding stimulus to the economy? that is a question we are asking.

i am open-minded about it. i think the risk to the downside has increased. juliette: it is all straightahead on "bloomberg best." ♪ juliette: hello and welcome. i am juliette saly. ," inis "bloomberg best your weekly review of the most important stories from bloomberg television around the world. the top headlines. the week began with china demanding respect. beijing released a white paper on the trade war, calling the u.s. greedy. meanwhile, president trump tripled down on tariffs, leaving china, india, and mexico to figure out their next move. ♪ >> china says it is willing to work with the u.s. to end the trade war, but blamed president trump and the administration for a collapse in talks.

the commerce minister says there was no backtracking on aging beijing'sng -- on part june the negotiations. >> it is just an agreement, backtracking. during the negotiations, everybody often says the method is agreed until everything is agreed. >> it does look like china is laying the blame on the u.s. and demanding respect. >> absolutely, playing the blame game. as the u.s. is as well. papers report, the white published on sunday, they rightly say, the chinese are taking a swipe at president trump saying that his policy measures and the response from bc would not quote "make america great again." they talk about the need for the removal of all tariffs. they say that the u.s. should dial back its demands of chinese purchases of u.s. goods. the gap between closing the deal

or getting back to talks remains apart. >> if trump goes after mexico and says, i am ok with the tariffs if nothing changes, does it postpone almost automatically the truce with china? himself clearly putting in a situation where there is a lot of pressure to solve really complicated things. not only do we have mexico, we have china. he is not talking about iran. three major sets of talks to be pursued by the administration, which is not particular good for negotiations. if he pursues this, i think people think he will walk this back, in large part because there is so much pushback domestically. it ever at his attention from china. it is less likely we will see any deal in the short term with china even of the president is now fighting h.r. war on two or three fronts. >> everyone is waiting for chairman jay powell to indicate anything about cuts. i have not sure he confirmed there would be.

but he did not seem to discourage the markets. look at what is happening on the 10 year. >> all is good now. jay powell to the rescue. cuts.n't promise rate but in his speech, he said that the fed would act as appropriate to sustain the expansion, whatever happens. for those wanting a fed rate cut, they took that to mean exactly that, the fed it doesn't know what is going to happen going forward. but just the reassurance of the fed understands i what is happening in the markets was enough. >> it is all on jay powell. thing.powell is a big the conciliatory tone of mexico and perhaps some optimism that that will not spiral out of market.helping the i think with powell, the key thing is not so much that he is signaling a rate cut, but that

he is attuned to the downside risk. he somehow managed to thread the needle of moving closer to the market view, while saying that everything is fine with the u.s. economy. essentially, if you hear whatever you want, there is a bullish message, whether you are bullish because using the economy is on track, or bullish because you think the are rate cuts. >> coming now on the impending tariffs on mexico. we just learned that talks ended without a deal. we are now seeing reaction in the markets. futures falling a half of 1%. the president is not around, he is in europe at the moment. there were still high expectations from the mexican side that they could come to an agreement. >> yeah. i think part of the uncertainty we have, that no one really knows what the deadlines are, what the criteria are, and what to expect. the mexicans had hoped they could get a deal to avoid the 5% tariffs by monday. they still have time to do that.

today's meeting ended without a deal would not be fatal in that regard. we have mixed views as to whether that is possible, how serious donald trump is. the president tweeted that there was no bluff here, that he is willing to go through with the tariffs if they don't get something done with regards to mexico along the border. but a lot of analyst. s seem to be looking at the mexican comments, including at the president saying that they are optimistic that they can get something done in time so the tariffs don't come in on monday. >> the european central bank leading is inflation forecast for 2021 unchanged. but mario draghi noting in his briefing that the council is standing ready to change that thinking. the governing council is determined should act in case of adverse contingencies and also stands ready to adjust all its instruments as appropriate to

ensure that inflation continues to move towards the governing council's inflation a in a sustained manner. >> the market is pricing in cuts by the ecb. mario draghi did not deliver. did he under liver. deliver today? >> we think the market may have been looking for a little more. is quite hard for the ecb to surprise to much, given the have limited room to maneuver. you get the sense they are trying to keep their powder somewhat dry for when they might actually needed. they are definitely looking at contingencies. thinking about how they can ease but i think it are reluctant, to pull the trigger to quickly. >> the think the ecb is doing enough? >>. i think so i think there was not any specific surprise in the , the slowdown, the

relatively modest slowdown. will keepthe ecb its rates as they stand currently. no surprise, financial conditions remain exceptionally good. >> we will find out later today where we are with jobs in the united states. let us put up what we are expecting now. although, this has been tempered a bit while the numbers -- big by the numbers. >> of the story here, not many jobs, not much which pressure, just 75,000 jobs created in may. march and april were revised down to 75,000. so no new jobs created, which means no wage pressure. average hourly earnings up just .2%. so the average wage gains falls to 3.1%. nothing unusual in the numbers come up more people hired them thang jobs, -- hired losing jobs.

>> money floods in coupons particularly on the front end, as yields drop. it feels like a overwhelming feeling is that we will have .ore cuts from the fed the curve is still steepening, which is what you would expect if the market is trying to communicate its expectations for a fed rate cut sooner rather than later. >> what say the fed cut rates in june or july. is that enough to save the economy? >> anything that is a big question around that and i think there is a strong possibility that it is not enough. >> vice president pence says the administration still plans to impose tariffs on mexico next week, with no agreement on halting the flow of migrants. the tariffs will be imposed on monday. we have made that very clear to the mexican delegation. but discussions will continue in the days ahead. >> we have the threatened tariffs being talked back and forth with mexico.

what effect is that having already on mexico and markets? >> the u.s.m.c.a. was a done deal. it is being reopened for none economic reasons. the trump administration is using tariffs as a weapon. so this is a big deal. it leaves a residual of uncertainty going forward on anything the trump administration says or does. i think markets are starting to come to grips with that right now. juliette: still ahead, the view from bloomberg invest. interviews from influential investment figures on the current challenges and opportunities. plus, we speak exquisitely to the dallas federal reserve president, robert kaplan. and up next, more of the weeks top business headlines. the d.o.j. and fdc split up the job of monitoring tech giants. the breakup in regulation with soaring stocks. this is bloomberg.

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♪ juliette: this is "bloomberg best." i am juliette saly. we continue our global tour of the week's top business stories. u.s. top officials and lawmakers targeting the country's biggest names for a fight with the government. >> alphabet, facebook, apple, amazon even tumbling today after the u.s. justice department and the federal trade commission team to be splitting up oversight of the technology giant. --le is in some way competitive? >> this is in some way shocked

investors. it is viewed that apple o -- they were not going to go after. this was at the exact time you did not need it, given the china worries as well as other demand issues that have been haunting apple stock. i think part of the problem apple is facing as well as other tech players is, what is the ballgame and where other rules? is this a baseball game where you start running in the first, or the third? in terms of what they do, in terms of strategic moves, do they try to keep it close to the vest? i don't think this will change their business models. but i don't think this was something they were expecting. i think the timing is surprising. trump holding up the prospect of a big trade deal with the u.k. he said so during a joint press

conference with the outgoing prime minister theresa may. it was a really well behaved press conference. we always hold our breath, we never quite know what will happen. no fireworks. >> he didn't really say anything that crossed the line. people were looking to see whether he would cross the line. he was, if anything, extremely polite and gentle with the outgoing prime minister. he talked about one honor it had been to work beside her, how she might not get as much credit as she deserves on brexit, which contradicts what he said only a matter of days ago. i think it was important to lead the final meeting between the two of them on a higher note and maybe some of the potter for later. there were a couple of things that got everyone's attention. his saying that the national health service should be part of a discussion on trade, everything should be on the table and. pretty clear signaling to mexico back home. . but if anything, with may, he

was restrained and for more courteous than we have often seen him be. >> theresa may has resigned effectively as conservative party leader today marking an end to a tumultuous three years. >> i suspect whatever is the successor to mrs. may will have a pretty short-lived from your ship. premiership.lived why? because the conservative party has found it unable to agree on the brexit results. terms of the support within the conservative party from brexit and certainly those who will choose the next conservative leader, it remains strong, that the parliament can't get there and the clock is ticking. the french president does not want to extend beyond october 31. that means the risk of a no-deal up.it has gone

we have seen conservative party candidates actually campaigning on a no-deal brexit. the talk of dissolving parliament in order to just fall over the cliff. markets don't think that will happen, but i think the next few bumpy,will be pretty and that means to me, in you election here in the u.k.. >> oil prices tumbling today. take a look at this, we are off the lows, we saw brent crude fall below $60 a barrel for the first time since january. prices trading at their lowest since the beginning of the year. had 22 million barrels last week, and we also saw u.s. crude production hit a record. all that sparked a selloff but has seen wti tape into a bear market. we are looking at a chart from the recent high set just a few weeks ago in april, down more than 20% since then. >> the price action in oil today was brutal, essentially ending in a bear market.

22% from this april high levels. when you look at total petroleum inventory, it is not just crude oil, it is also refined products. gasoline as well, claiming 22 billion barrels last week. the data goes back to. 1990, this is the most ever. it is not just the stockpile. when you look at the u.s. production, it also hit a record. we also saw imports from other areas of the globe rise as well. it comes back to the fact that if you were already worried about the demand picture, especially as it relates to u.s.-china trade, now, we could be facing a supply issue in the u.s. as well. not that there isn't enough, but that there may be too much. >> fiat chrysler has confirmed it is withdrawing a proposed merger with renault, a deal that nissan was firmly against. the french carmaker wrapped up a board meeting with again, no decision. that prompted fiat. to walk away. it is the dream of this

particular grand alliance dead. >> it is looking clear that this is dead. aim not going to say that final, but we are getting signs that this is definitely not a good process. towards a deal. in china, you say, walk away. negotiating tactic, too expensive, walk away. walking away in this sense could be the final nail in a deal which perhaps a few days ago seems like it was heading toward a preliminary agreement at the meeting.oard but they had two late-night sessions at the renault board meeting that did not end with a vote on either case. and we are seeing now that the fiat chrysler executive team pointing the finger for all this falling apart on the french state government. this is a statement -- it has become clear that the political conditions in france do not currently exist for such a combination to proceed

successfully. fiat chrysler saying, no, the deal is done. looking at the d-day commemorations, 75 years since d-day. with president trump addressing the crowd scattered there. to put it into perspective, the sacrifice. 75 years of european freedom and prosperity. >> the two presidents walking down to the cliffs above omaha beach. truly extraordinary. what is so amazing is those of us with a collective memory of ronald reagan in 1984, and our time has moved on, over 40 years. truly extraordinary. as of the two presidents try to understand the sacrifice that was given. . ♪

♪ juliette: you are watching "bloomberg best." saly.uliette fed officials descended on chicago this week with investors looking for singles on possible rate cuts. . we sat down exclusively with dallas fed president robert kaplan. he told us the fed is on high alert as a result of trade tensions. robert: i think it is really to make a judgment on that. we are going to be very vigilant about understanding these heightened trade tensions, see if they see through to the economy, most important they, see if they persist. ,o i think it is too soon though, to make a judgment as to whether we might or might not taken action. i would rather be patient and let events unfold a little more. >> investors have priced in three rate cuts. wall street economists over the weekend recently joined the consensus that you are going to cut rates. what would tip the balance for

you? when would you think that you need to make a decision? robert: i would need to see some evidence that there is a further deceleration of the economy. we expected that growth would 2018-2019, what we are still growing above trend, we still see. a tightening in the labor market ever measure of core inflation is now at 2%. so i would need to see some evidence that there is a worsening in those terms. we may well see it. i am on watch as to whether we see a further deceleration. >> but the data lagged. cost-benefit, what is worse? cutting too early, or waiting too long? robert: it depends on where you are in the cycle and what our stance is. my own assessment of our stance is we are in the neighborhood of mutual right now. -- the of to cut

mutual right now. if we were to cut, that would be making the judgment that would be to add stimulus to the economy. that might ultimately be a judgment i need to make. but if on the other hand, you have a restrictive stance and you decide to cut, that is something different. or if you are highly accommodative, it also is a different judgment. right now we are pretty much at a neutral setting. we beestion is, should adding stimulus to this economy? i am open-minded about that question. i think the risk to the downside in the last five or six weeks has increased because of the heightened trade tensions so i am watching it very carefully, but that is a judgment and a question i will be asking. >> they say that the federal reserve decides when to raise rates, but markets decide when you are going to cut them. how much pressure do you feel from markets right now? robert: i have spent my entire career in the markets, and i

have learned that markets can change on a dime. for example, there has been a dramatic change in the markets last five or six weeks. you could see a dramatic change in a different direction in the next five or six weeks in a different direction. for example, what is happening to the treasury curve is very much in response to the trade tensions. some of those tensions could be reversed in the next several weeks. so i have learned to watch markets but i don't want to over read or overreact to what they are saying because they can change on a dime. ♪ juliette: coming up on "bloomberg best," recession risks on the horizon. apollo global management ceo sees a downturn after the 2020 u.s. elections. and blackrock's jonathan gray sees progress ahead of trade. and we speak to the goldman sachs ceo from the european financial conference in paris.

>> it is a market trading more on political risk than it is trading on a macro risk. juliette: this is bloomberg. ♪

♪ this is "bloomberg best." influential figures gathered in new york to discuss the challenges and opportunities posed by a rapidly changing financial landscape. here's what they had to say about the current investing climate. ♪ >> you essentially have this unbelievable economic machine in power,nd a great, rising economically and geopolitically, with the relative gap in global influence and economic impacts between the united states and china closing very quickly. there's lots of historical

precedent for the dynamics of a rising power -- >> many of which have not ended well. a well-known political scientist who has written about this, the likelihood of conflict in this circumstance. if you think about the u.s.-china relationship, more so now than ever, that would be the defining bilateral relationship of our time. that would be the defining relationship. and it is going to be difficult to manage. world,nt views of the different ways to think about a country, and the dynamics between the two. that's the headline, and whatever happens in the near term the trade negotiations will take place within that arc of a very challenging relationship that could be, on one hand, strategic competition, of the other hand, could be much more

combative. ♪ >> people have confidence that tomorrow, things will be better, and they will make capital expenditures or hiring decisions based on that confidence. if they feel very uncertain about the future, they tend to pull back. i do think the tax cut last year was helpful in building confidence, and i think now there's more wariness in terms of what's going on. i still thinks -- as it relates to the u.s. and china on trade, ultimately there should be a resolution because it is in both parties interest, the recognition of a rebalancing that should be taking place. this is really about the pace and extent of that rebalancing. i do think the technology side of this is harder to resolve. we may end up in the bipolar technology world. >> to that point, rebalancing is one thing, but it feels like on the tech side we are looking at decoupling in a lot of ways. you work at a place -- your

boss, steve schwarzman, intimately involved in china, a confidant of the leaders of both countries. how worried are you about that decoupling?how is the firm? >> everyone recognizes the parties have moved apart and i think everyone is disappointed that has occurred. a senseink there is that it is in the collective interest of both parties to come back together. that is why in terms of trade and reciprocal openness of markets, i think progress ultimately will be made -- i think the technology is just tougher. ♪ >> we are 10 years into an up cycle, so at some point, the music is going to stop. time, we have an administration, like them or not like them, they have done a

pretty good job in extending economic growth and consumer confidence and kept inflation down, and therefore it is very hard to say whether we are going to have another cycle with interest rates where they stand now and with the growth and inflation numbers where they stand. it probably won't be until after the next election, but that's not that far off, so the key is to be prepared. we go through hundreds of credits in the industry, and study every part of their capital structure, and at what prices we want to start buying, and you are right, we have had the benefit of 30 years, 29 years, of doing this, so we do have a lot of conviction and it is a very useful and value investor pathway to finding great value.

♪ >> we have raised our bar in terms of the kind of returns we expect. shouldk valuation compensate us for a riskier environment. the fact that we have connected all the dots around trade tensions and cold war -- economic growth could be impacted. it may not be as fast as we have seen. we may see more in china. >> do you need more of what buffett would call a margin safety? >> we had a china team yesterday, they were hitting the pause button in saying we want to see a little more cushion on valuation, private markets just a bit more, to reflect the reality of this realignment. private markets tend to adjust more slowly than public markets do. we are watching it's pretty carefully. >> this is a standoff that has

turned into a retaliatory tit-for-tat. what if -- and it's not a crazy suggestion -- the trump administration were to cut china's access off wall street? >> it would have severe implications. two seminalok at things -- i think alibaba is seminal. see aot think we will major chinese company go public in the u.s. for the foreseeable future. i think what will happen is the chinese economy will change their rules and be much more flexible. the government in china will strongly encourage chinese companies, even offshore, to go public in hong kong. closer to home.

more under the control of the chinese government, although to a degree independent. but very accessible to global investors. but i don't think they want to do is cut off access by global investors to their most exciting parts of their economy. ♪ >> and now for another bloomberg exclusive. we sat down with pboc governor -- ahead of the g20 in japan. we spoke to him about u.s.-china relations ahead of his crucial meeting with treasury secretary steven mnuchin. ♪ war ought to have a temporarily depreciation pressure on the renminbi. noise, the after the room and be will continue to be very stable and relatively strong compared to emerging-market currencies, even compared to convertible currencies. it's a very strong currency i'm very confident the renminbi will continue to be stable, and

more or less equilibrium. >> is there a redline for the yuan? is anon't think this important question. see, on the numbers, it is smooth and continuous. allowing this mathematical scale any number is more important than the other number. it continues, and this is a totally market driven, determined by market supply and demand. the central bank of china is already pretty much not intervening the exchange market for a long time. i hope that is the situation that will continue. a little bit of flexibility of therenminbi is good for

chinese economy and the global providesbecause it automatic stabilizer for the economy. then also thed people's expectations will be along the line. i would say a flexible exchange rate regime is a very good and that we will continue to have this market oriented mechanism. >> if we find ourselves in a position where we see tariffs imposed on all chinese goods to the u.s. market, there could be some retaliation from the chinese side, that will lead to a slightly softer, weaker economy domestically, then a depreciating renminbi. actually, i think -- i see a lot of resilience and

robustness in the chinese economy. renminbi is a stabilizer for adjustment and also for balance of payment. for the hike in tariffs, for the escalating of the trade war, our policy is , our physical policy for this year is tremendous. we have tremendous room -- if something bad is happening, our monetary policy could act in the right direction. they have plenty of room in the interest rate, plenty of room in andiring reserve ratio, also for the physical monetary policy, where the room for adjustment is tremendous.

and as i said, also, we are ready for the negative impact on if people ared getting unemployed because of the trade war temporarily, maybe theyix months or longer, make sure that they have unemployment benefits to raise their family as well as send them to vocational school for the job training. ♪ its 23rdn sachs hosted annual european financials conference in paris this week. thesked the goldman cfo how bank is navigating this uncertain business climate. ♪ >> it is a market that is treating more on political risk that it is trading on macro risk, and that's a difficult market for any trader to trade through. you see it obviously in your preamble of what the ecb and central banks are doing, and

there's the overlay of tariffs, whether it involves china or mexico. we are playing with a lot of political risk, which is often difficult to trade through. >> what does it mean for your business? how do you adapt to this ever-changing politics? do you need to change your business? >> i don't think you need to change your business. any good trading business has the ability to be agile, the ability to respond to a different set of circumstances, and ultimately to be responsive toward clients. we are in the end intermediaries of risk, and that changes based on political and economic circumstances, and we stand ready as we have heard a long, long time to intermediate risk among our clients. >> talk to me about the credit card type with apple. is it actually going to make money for you? >> it will make money. it's an investment, obviously, in terms of the investment in the product. it's a new product for goldman sachs. but over the long term, we view it as a very profitable

business, and the tie up with apple has had a number of different benefits for us. ♪

♪ you are watching "bloomberg best." let's resume our global tour of the week's top business stories. billion onbets $18.7 urban logistics properties. the warehouse is used by amazon and other retailers used to fulfill orders from online shoppers. the deal with singapore will almost double blackstone's u.s. industrial footprint. ♪ a company that is no the world's largest landlord, trying to invest money, and they have lots of it at the moment, therefore it is very difficult. is this an indication that blackstone is only going to be looking at massive, massive

deals? it needs to get these kinds of deals done and i guess if you want to invest the kind of money they have, this works. >> they are seeing a lot in this pattern. the difficulty is finding assets at the right valuation, that will be good growth stories as we go into an uncertain economic environment. i think this warehouse fits into that. this is obviously been a very large deal, but it has made smaller bets. there was a $7.6 billion purchase last year, a $1.8 billion purchase for other warehouse assets, businesses from harvard that fit in this space. you can see piecemeal deals to build up to a bigger overall business, and it has been a great way for them to put their cash to work. ♪ >> deutsche bank once again back in the news, we talked to someone last week at the general meeting, you did not get a resounding vote of confidence

from the shareholders. is the reports are that he included in this expanding probe. there were allegations of tax abuse. garth ritchie is now included in that investigation, what role he may or may not have had in that. he is under seizure. deutsche bank is under -- their stock is down -- it's quite stunning how far it has fallen. one of our viewers rode in and said they attention to the difference between market cap on deutsche bank and twitter. twitter has more than twice the market value of deutsche bank. who would've thought? ♪ scoop,nk bloomberg's boeing is said to be negotiating one of the largest ever orders for planes with china. the deal could include about 180 and most newest expensive long-range jets in the catalog. however negotiations could

stumble on the escalating trade war. our aerospace team leader joins us. this headline is pretty surprising to me. one, you have the continuing trade tensions between the u.s. and china, two, china was pretty active when it came to the grounding of the 737. how long has this conversation been going on? >> it has been going on for a while, and even though it has been taking time, how reporting suggests that no deal is imminent. obviously the trade tensions are very much weighing on all the discussions. that said, the fact that they are going on at all shows how the u.s. and china are still dependent on each other when it comes to airplanes. you have boeing with the triple seven under discussion, that's a crucial market, and china needs all the planes they can get because air travel is growing so fast as the economy expands. >> if this works out, how

meaningful will the deal be for boeing? >> it will be a very big deal for boeing. the first part, they need the business. the second part is that the company is in a huge crisis right now because of the crashes of the 737 max 8. taken as he said, has very proactive role in grounding the plane and in reviewing what needs to be done to let it fly again. planting a big order from chinese airlines, even for a different model, would be a pretty big boost of confidence for boeing. ♪ see a stock day you drop as much as 40%, but that is what we saw with gamestop. here's a company that is still traditionally selling video games through retail channels, brick-and-mortar locations, while we are living in the world where streaming and online free gameplay through games like fortnight is the new reality. we saw that in the company's financial picture.

it is challenged, especially as we see other technology companies get into the gaming business, whether it is apple or google. this company is trying to cut costs right now, but at the end of the day, gamestop shares have lost about 95% of their value since their peak in 2007. ♪ >> google is looking to expand. google has agreed to by business intelligence and analytics platform looker for $6 billion in cash, giving google a new tool at his campaign for more cloud storage and software and it struggled to compete with larger rivals amazon and microsoft. >> there's a lot of pressure on google to do something to expand its size, at least from the analyst community. this acquisition was maybe not as big as people were hoping for, this is just a look at a product that many google cloud customers were already using, and they will be able to sell them together. ♪ meet, out with its

first earnings report since its ipo back in may. it beat on all the main metrics that investors were looking for. you can see it is up about 12%. >> if we look at this company, it's up 300%, and in a way you can argue that it was sort of underpriced at its ipo. record, it'sck really not something that is outsized compared to what it has delivered. it has done a pretty rosy performance, rosy results. maybe this is actually what they are worth. >> they are the most advanced compared to everybody else in the market right now. you have seen them more than you seen anyone else. they have somehow managed to creep into your normal burger places, where you don't actually think you are having a veggie burger. ♪

♪ known as the round held bit craft, e-sports and digital entertainment etf, otherwise we just call it nerd. two things about this fund that stick out, it doesn't use videogames in the name. digital entertainment is what they are going for. a look at the price, 25 basis points is cheap, but it is only guaranteed for a year. cheap.very >> there are about 30,000 functions on the bloomberg, and we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites. here's another function you will find useful. it will take you to our quick takes, where you can get fast insight into timely topics. here's a quick take from this week. ♪ let's say you've given up your law-abiding lifestyle to pursue a life of crime. you've just made your first big

score, perhaps from selling drugs, taking a bribe, or other corrupt acts. you can just spend it or deposit it in your bank account without attracting attention. that pesky money trail could serve as evidence of the crime you committed. so you need to get that dirty money clean. there are three steps to any money-laundering scheme. first, placement, where funds are move from direct association with the crime. then layering, or describing the money trail. finally, integration, where the funds are once again available to spend without worry of being caught. so what are your options? one option is forming a shell company. it is fairly easy, and there are plenty of law firms who can help. it should take them only a bit longer than signing up for a new email address. you can turn to historic tax havens like switzerland, or places with anonymous shell companies. once the shell company is set up, make up some fake

transactions for goods or services you pay for with your dirty money. suddenly, that dirty money looks legitimate. it also helps to find people in banking who don't care if you are a shady client. after the fall of the soviet union, longer sought out weak spots throughout europe where oversight was poor. billions have been funneled through banks in cyprus, malta, and the baltic nations of estonia and latvia. if you prepare to use the stock market, you can try a technique called mirror trading. you use your money to purchase shares, then you sell shares worth the same amount somewhere abroad. the trades functionally cancel each other out, but you've successfully turned your ruble into clean euros. a similar method is a back-to-back deal where, say, a russian takes out a loan in one country, guaranteed by a deposit of dirty money back home. you default on the loan, the bank seizes the deposit, but she still ends up with the proceeds of the loan. no strings attached. or maybe you like to visit casinos. another method of

money-laundering is mixing dirty money with clean. cash businesses like restaurants and casinos are particularly attractive the launderers. a common scheme is to buy a bunch of casino chips, make small wagers, then cash everything else out as winnings, or finally there is smurf think. you won't need anything blue. you hire a bunch of associates called smurfs to individually deposit small chunks of the large hall you were trying to cleanse in different accounts in different places. but beware, u.s. banks are required to report any transaction over $10,000, so you might need to find a lot of smurfs. so you can see there's lots of ways to launder money. unfortunately for you, there's is no guarantee you will get caught. ♪ of the manyjust one quick takes you can find on the bloomberg. you can also find them at bloomberg.com, along with all the latest business news and analysis 24 hours a day. that will be all for "bloomberg

best" for this week. i'm juliette saly. thanks for watching. this is bloomberg. ♪

♪ emily: this is "bloomberg technology." big tech and the u.s. government are preparing for major antitrust battles this year. we will talk to the lawyer who took on a microsoft in the 90's. plus, google wants restrictions on huawei lifted. a top government official in charge of the u.s. stance on huawei will join us to assess the threat. you no longer have to