>> coming up on bloomberg best, stories that shaped the weekend business around the world. decisions, central banks make policy statements and find themselves tangled and political controversy. >> maybe this was the start of the currency wars. >> i have a four-year term and i intend to serve it. >> mass protests in hong kong key pressure on the government. president trump and president xi confirmed they will talk at g20. >> they have the ability to eset expectations.

>> the boeing ceo speaks frankly about industry issues. >> we are going deeper than normal and i think that is good. we encourage that. >> we need to keep going steady. >> plus, facebook reveals the project that goes beyond social. the coo says the company is ready to embrace it. it is all straight ahead on bloomberg best. >> welcome, this is bloomberg best, your weekly review of the most important business news and interviews from bloomberg television around the world. let's start with the day by day look at the top headlines and protests in hong kong continue

over the weekend. >> hong kong's leader made a rare apology, this after hundreds of thousands of protesters took to the streets in the government suspended the bill saturday, but that did not stop more mass protests, demanding complete withdrawal of he bill. what we have not seen a full withdrawal of the bill, but we have heard from some over the weekend. she says a confession is equivalent to a withdrawal because in a way, they don't have enough time to get this through and a lot are saying this could be a face-saving option for carrie lam as well in a way that she can back down

from all of this and basically let this law die a natural death. > policy and policy interest rates and measures to contain any side effects remain part of our tools. ability andwo-month maybe even nudged the governing ouncil in the direction he wants to go which traditionally has been in the direction of more stimulus. it is a very clear message that

this talk exists and by the way, you might have to [indiscerniblr] >> you have france at 0% and the u.s. tenure hovering just above that level and what you can do here, taking a look at global interest rates, now down to 157, the lowest since december 2017. equities really getting a boost from the idea there is more easing insight. >> donald trump's tweet then followed and i don't think it is wrong to say it was widely ridiculed among the central bankers, but now the column comes out and says maybe the move was designed to preempt the rate cut and preempt a list of the euro versus the dollar and that would maybe be the start of the currency wars. >> the g20 meeting next week in osaka, already the most recent

anticipated gathering in years by world leaders. >> seeing basically a big rally here. of course, we had trump saying he will meet with xi jinping. is it trade, is it the fed? >> i think it is the trade news. the market rallied and it is probably more post that tweet. >> bloomberg has learned that present from explore the legality of the motoring the fed chair, according to people familiar with the matter. the headline came out at 11:23 and the equity market stay calm. please tell me we are taking this in stride. >> trade headlines still seem to very much move the market, but i don't know whether this is seen as much less likely to transpire

or it is just the notion that they are convinced that the fed is strong enough and that any succession would be enough to tip the central banks. >> facing pressure from wall street, the fmoc's latest decision, rising expectations that the fed will hold interest rate steady. >> the fed doesn't cut rates, but they come close. eight members of and open market committee saw the need for rate cuts this year, one voted to cut today. he majority of the committee sees to rate cuts, 50 basis points as appropriate by the end f next year.

> some road town policy cuts -- wrote down policy cuts, and others did not. after deliberations made clear, additional accommodation has strengthened. >>'s message is clearly we are getting more dovish, but at the same time, the fed avoided signaling a july rate cut, so at this point, i don't think it is a done deal. >> the market is priced at 100% for july and the only thing is whether it is a 25 basis for 50 asis point cut for july. for those type of odds, it won't be pretty. >> you wonder what the future jay powell my say. >> i think the law is clear, i

have a four-year term. >> jay powell not taking the bait in terms of making the calculations. he feels he's not going to respond in the political context to the president ees criticism or thinking really. could have been a lot worse in terms of what the fed ultimately oes. it was not ideally what the president wanted, but it could've been a lot worse. >> we are waiting for the bank of england. >> the key rate at 75 basis points. you did not see any dissension today. >> the fed is talking about using the ecb and the market is pricing and easing into the expectations for the bank of england. that is really what the bank is noting when it talks about the tension. the market is clearly pricing at a much bumpier view and how

brexit will develop. the market sees a completely different at the moment and it is putting the bank of england in the context of a global economy and a tougher rexit. >> tensions between the u.s. and iran escalating, as iran shot down an american spy drone near the persian gulf. the president tweeting out that iran made a big mistake. >> all eyes are on the white house and the president's witter feed. the iranians insisting this happened over their airspace and the usa and the u.s. saying it was over international

space. the expectation, it will require a more substantial response by the president right now. >> president donald trump seems o downplay the attack, suggesting that a loose individual may have been responsible. >> you don't hear them giving the benefit of the doubt, but here's an effort to try to dialback some of the tension that led oil prices to surge on this latest attack. i think the president has, for now at least calm fears that a military strike is imminent. >> as we hear that closing bell, closing books on another day of gains. you see stocks rallying, but i'm looking at bond yields. the tenure down 2%. how significant is that? >> i think the real key will be sort of on the front end because

the market is getting far ahead. every time the fed gives a little bit, the fed pushes further. >> what is to stop the market from going back again and again? and testing powell? >> nothing, unless jay powell says that is enough. >> protesters in hong kong eassumed demonstrations today. thousands gathered outside the city headquarters. what are the chances that because of the protests, carrie lam actually resigns? >> no indication she has any intention of resigning, and that is not sitting well with many of the protesters here. they not only one carrie lam to resign, but they also want her to withdraw, retract the ontroversial bill. one protester told us the point is to paralyze the government

today because they don't respond, but so far, fairly peaceful and police have stayed at bay. > in a series of tweets, trump aid when he was told the planned attacks would kill 150 people, he stopped them. >> you have john bolton and secretary of state mike pompeo who are quite hawkish and believed the u.s. needed to send a very firm message to iran, but you also have the president, in 2016 in no uncertain terms, he campaigned on the idea that he would not bring the u.s. into more costly wars. these are all negotiating tactics. what the president wants is a new deal with iran and all of these moves he sees as a way to chieve that.

>> still ahead as we review the week, interviews with top executives in aviation at the paris air show, plus lackstone's steve schwarzman and a conversation with federal reserve vice chairman. >> why are we speaking of cutting interest rates? >> especially in the last six or eight weeks, there have been elevated uncertainty about the outlook. >> coming up, more of the week's top business headlines, but it's governor's says don't call us [indiscerniblr] this is bloomberg. ♪

♪ >> this is bloomberg best. let's continue our global tour of the week's top business stories in the u k, where a field of conservative contenders

to replace theresa may narrow to a final 2. >> then there were two. boris johnson versus jeremy hunt in the title round to be britain's next prime minister. they will spend the next month battling for votes. boris is very much the pick. pick of the party. some say the battle was deliberately crafted to give boris an easy ride. >> all the information we have suggests that boris will be the runaway winner in this contest. it is interesting he had a broad amount of support. his message has been deliberately vague to bring a lot of mp's together. ultimately, i think he will be

relatively pleased going up against jeremy hunt. >> let's focus on iran now because they may be close to breaking a landmark agreement. that was meant to keep it from developing nuclear weapons. they say they will exceed agreed-upon limits on june 27. what part of the agreement is it about to overstep? >> that it will pass the agreed limits on low enriched uranium. o about 3.7 pkt. percent. this is not material that can be used in a nuclear bomb. it could be used in a nuclear reactor. i think a much more provocative step will be if they say they're going to start seeking to produce highly enriched uranium. that will be a major red flag for the united states and all the partners in the iran nuclear eal.

>> bloomberg in the us long-term economic forecast. among the findings, europe will make the fastest transition to renewables with china and the u.s. playing catch-up. that is the main highlight, that europe is well ahead of the pack. what is taking so long for other countries and continents to catch up? >> europe has certain things that has given at the lead, namely the price on carbon emissions. in other parts of the world, there are other reasons and china has an enormous amount of coal generated power bill that will be economically competitive four years and in the united states, an enormous amount of natural gas and that will continue to be very price competitive the next several decades. generally speaking, about two thirds of the country, we see renewables as the lowest cost source when it comes to

eagged the next megawatt capacity. >> today's bank of japan giving monetary policy unchanged, but for the first time in more than two years, a majority of economists predict the central banks next policy move will be to increase stimulus. 10-year government bond yields. the banks governor was not too concerned. >> there is no need to take an overly strict view on the 0-year yield target range. i think it is appropriate to allow a degree of flexibility. >> with the dollar dropped, the dollar-yen, how does that play into what might happen next? >> people have to realize they sed to be in charge. by delr 5 rvened

billion. he is a tactician and an expert on global foreign-exchange markets. if the dollar-yen rakes 105, the boj is going to have to ease quite significantly. >> a third interest rate hike in september and signaling more to ome. another major global central bank. many are talking about easing. you are hiking. does that worry you? >> the short answer is no. we follow closely the expectations going forward and then the background, a gradual increase is that growth in our economy is -- unemployment is low and inflation is above the

target. monetary policy in our case is expansionary. the rate is much lower than the neutral rate, normal rate. e are still stimulating the economy and of course, our policy rate and interest rates are deathly affected by what is happening internationally. >> european leaders have abandoned the formal candidate for the next eu commission president and will start from scratch. >> we are back to square one and all the front runners, they are out of the competition. hey cannot be the commission president and that was the only agreement and the fundamental issue continues to be the divergeance between the french and german government. angela merkel's continued to thank the parliament and an and

a macron thanks it should be a much more open competition and we are back to square one with two weeks to go. the deadline is now seen as july 2, but there will be a summit on june 30. ♪

and value so we can be used for everyday transactions. this is huge news this is huge news. mystical compared to the global payments or foreign exchange markets. this is facebook taking the technology and the infrastructure from bitcoin and

others and applying it to payments. potentially it has very big consequences. >> when facebook announced plans this week to logic or to pushed backshington for calls for hearings and demand for oversight and regulation. facebook chief operating officer sheryl sandberg was in france, along with many global leaders in the media. in an exclusive conversation with bloomberg's caroline hyde, she insisted facebook is not looking to avoid regulatory responsibility or restrictions. we are calling for

regulation. not just saying we will deal with it reluctantly, but we are working with president macron on a co-regulatory model. we are working with people around the world on a gdpr that we think would be a good thing. we want to not just be at the table but be noticing and acknowledging companies like ours should not make as many decisions as we do. we know that. new rules need to be written for the internet and we went to help make that happen. >> do you think realistic rules are being talked about on capitol hill? it feels like the eu has a blueprint, but do you think it will be fit for purpose? >> the legislative process is never linear. good.nk gdpr is we are also not winning for regulation. in the u.s. there is a bill that did not pass. it said that in political

elections, you should be able to see who is paying for the ad, how much they spent, who is behind your ad. that bill did not pass but we built the tool. it was up and running for the u.s. midterms and the people elections. did gdpr controls. they passed in europe, but we made them available around the world. we are very much trying to usher in the next era. we are trying to work collaboratively with governments to write rules. we will keep working and try to move ahead because we know people need protection. we want to be a part of that. emma: you can find more of that excessive interview at bloomberg.com. coming up on bloomberg best, more big-company news. plus, conversations from the paris air show. a ceo struck a tone of optimism.

>> we are making good, solid maxress on bringing the backup. emma: this is bloomberg. ♪ we're the slowskys.

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emma: welcome back to "bloomberg best." i am emma chandra. aviation executives came together this week for the paris air show, an annual opportunity for aircraft buyers and manufacturers to meet and make deals. the spotlight was on boeing, still reeling from the grounding of its 737 max, and airbus, hoping to take advantage of the setbacks and trade tensions to gain an edge on its u.s. rival. bloomberg's guy johnson was in paris and spoke to the ceos of both companies. dennis: we are making good, solid progress on bringing the max back up, working through the certification simulation flights this week. we hope to schedule the flight

tests shortly and get the airplane back up in the air. all of this is being done through the lens of safety, and we will take whatever time is necessary to make sure it is safe. guy: 2019? 2020? dennis: we expect it to happen before the end of the year. we are making good, steady progress. but i won't give you a specific timetable. we will take the time necessary. guy: so 2020? dennis: we expect it to happen this year. guy: are regulators going deeper then you anticipated? is this a more thorough examination of the aircraft? dennis: it's a very thorough examination, and we expect and encourage it. we are working with regulators around the world. the faa, chinese authorities, brazil, canada. two weeks ago, the faa hosted a multi-regulator network in dallas. we are working around the world, and it's important that we do this in a very thorough and disciplined way. guy: you keep emphasizing "thorough." are the regulators getting

further in than you would have expected initially? dennis: i think we are going even deeper than normal, and i think that's good. we encourage that. we are looking at every dimension of the software update, not only the airplane itself, but also the training and education materials and the overall end-to-end design and certification process. it's a very holistic effort. >> we have a trade war. we don't know how it is going to be resolved yet. do you get a sense that we will be seeing more orders coming for airbus aircraft out of china? again can you see any advantage? , guillaume: we have a historical strong relationship with china. in china we have produced more than 400 planes, and this is a very strong commitment to china and to the chinese market. we continue to serve the needs of china, and i think we are perceived as a strong and loyal

partner of the chinese airlines. guy: do you see yourself having an advantage? is president trump giving you an advantage in china? guillaume: we have a strong product advantage. the a320 is the best successful plane at the moment. it has been a big game changer. this is from feeling the market demand. guy: so politics play a part of it. guillaume: there is always politics in the background. you need to keep going, keeping your eye on the ball. emma: staying with the topic of global trade, blackstone ceo and chairman stephen schwarzman has dealt directly with the leaders who will meet next week at the g20 summit to try to jolt u.s.-china negotiations out of their stall. he shed insight into what the two sides are looking for on "bloomberg surveillance." stephen: i think with the president is looking for -- and

i am not his spokesman, but what he's looking for is the equivalence in terms of open markets and tariffs and trade, and there's not a real desire to entrench the united states in some way. it should be a fair competition. all of these issues that are being used as tactics, if you will, are done to bring people to the table so that you can get to equal. the best products win, the best price wins. if the u.s. loses, so they lose. if the u.s. wins, that is good, but i do not think there is another agenda. tom: right. right. stephen: it is really just an evolution as developed market

countries like china get to parity -- tom: ok. you are a great listener of the leadership of china. what are you hearing from the leadership of china as they go to g20, as they deal with this president? what's the nuance you can give us right now? stephen: each of the two countries, as you have seen, and we have all seen, seems to be bifurcating, going to their corners and scaring the business community and creating an adversarial situation. and that will continue unless it is changed by the two presidents. so the meeting in japan is quite important because they have the ability to reset expectations. if that could be put together in terms of a framework, then the trade negotiators can go back to work and perhaps get something done.

emma: this week, the federal reserve appeared to scrap its policy of patience. the fomc didn't cut rates at its june meeting, but the committee set the stage for cuts in the coming months. on friday, fed vice chair richard clarida offered insight perspective on their path forward in an exclusive conversation with bloomberg's tom keene. richard: we had very strong growth in the first quarter north of 3%. we could see some moderation in growth this year, but the economy's baseline outlook is good. sustained growth, a strong they were market, and inflation near our objective. tom: then why are we speaking of cutting interest rates? richard: well, because in this environment, especially in the last six to eight weeks, there has been elevated uncertainty about the outlook. the economy is hitting crosscurrents. there has been a marking down in global growth prospects. there is uncertainty about international trade. there is evidence that is weighing on sentiment.

we are monitoring that closely. we will act as appropriate to sustain expansion. tom: if we have one rate cut, two or even three, what does that accomplish for the american economy given your 2% statistic for growth? richard: first of all, let me remind your viewers that in our most recent meeting we made no adjustment to policy, but we did say we were monitoring closely the crosscurrents that are facing the economy and some of these uncertainties. and also, as chair powell indicated, i think there is broad agreement around the table that the case for providing more accommodation has increased. clearly we are going to be looking and be very attuned for the incoming data flow. i think the important thing about our policy is we have the tools necessary to sustain expansion, a strong labor market and stable prices, and as appropriate we will deploy those tools to achieve those goals. tom: how has this responded to

the gossip and innuendo of a demotion of any given fed chair? richard: you know, tom, we have known each other for 20 years, we are just doing our job. it helps that we have a clear mandate and an excellent staff and 12 reserve bank presidents from around the country. we sit around the big table across the hall. we have an objective, we have the tools, and we have a very collegial committee, and we reach, we think, very good decisions. ♪

emma: you are watching "bloomberg best." i'm emma chandra. time now to resume our round up of the week's top business stories, with a focus on company news. slack went public this week, but not with an ipo. the workplace communication software maker became the latest silicon valley firm to test the

wall street waters with a direct listing on the new york stock exchange. emily: another unicorn hits the public market. slack soaring in its trading debut. the company shares opened at $38.50, 40% above the reference price. at one point a climbed as high as $40 per share. it came back down, closing the day with a market cap at $19.5 billion, more than double its last valuation on the private market. can slack fend off the big guys? steven: well, this might be more of a question of can microsoft , fend off slack? the way the industry leaders have talked about, slack is viewed as the leader by a bunch of measures, 10 million active users and so on. but i think they are in a really

great position. emily: what problem are you really solving, stewart, by a direct listing versus the traditional ipo? stewart: the first one is no need to raise primary capital. we came into the process with $100 million on the balance sheet and the solution -- we did get a little more freedom in how we tell the story so in addition to a roadshow, but instead of only having a roadshow and -- in private rooms with investors we are able to do a day, livestream it and make the video available to everyone. that puts us in a better position. matt: deutsche bank is reportedly considering setting up a 50 billion euro bad bank unit. the plan is seen as part of an overhaul of their trading operations as ceo christian sewing shifts germany's biggest lender away from investment banking. bfp also reports that their equity in rates treating businesses outside of europe may be severely shrunk or even

closed. steven: if you want to cut a certain area of the bank, it's a natural decision to take assets you don't want anymore because that part of the business you are closing or shrinking, you put them into a bad bank, which changes the way you operate with those assets. if they are still in the investment bank people have an , incentive to work within it so they are still profitable. it also changes the way you work with the stuff in there. nicholas: it was clear for a couple weeks that there would be cuts coming, and the equities, in general, especially u.s. equities are a candidate for that. the rates business as well. the question is to what degree do european clients still want to maintain access to the u.s. capital markets? does deutsche bank have to maintain some way of offering their european clients access to u.s. equities. anna: deutsche bank is considering a senior job shakeup. this comes as the ceo is purging executives under his

predecessor. he is considering replacing his finance chief and investment banking head. this must make uncomfortable reading for senior executives over at deutsche bank, but will it come as a surprise? steven: it does come as a bit of a surprise. there has been a lot of speculation about the investment banking head. he was on his way out last year and then instead got off on a -- offered a promotion. he has stayed on since. the cfo speculation is really new. it is a big surprise and , definitely they are considering a big shakeup and we will have to see if it turns up as big as he's considering. guy: deutsche bank reportedly facing criminal investigation in the united states over money laundering allegations. according to "the new york times," authorities refused to comply with laws meant to stop

money laundering and other crimes. some of the transactions been reviewed are linked to president donald trump's son-in-law, jared kushner. what is new here? sree: this is one of the strands of several overlapping investigations against deutsche bank. this one really examines what deutsche bank did in terms of complying with what's known as suspicious activity reports, or sar's. at issue here is did deutsche bank comply with regulations that required it to flag these transactions or did it not? rishaad: the fallout from remarks by the ubs chief economist has widened. one of china's biggest states of -- state owned infrastructure companies conference paul donovan's use of "chinese pigs" when discussing the outbreak of swine fever. paul: i made a mistake. i unwittingly used culturally insensitive language. john: the big worry is that china railway corp., a huge state-owned conglomerate, very

important in terms of infrastructure construction -- does this signal to other chinese issuers that ubs is in the doghouse? i think this would be the danger. chinese companies are selling lots of bonds and stock, and there's an opportunity to make lots of money on those deals. also wealth management. there are about 20 trillion u.s. dollars worth of private wealth that needs to be managed, and if this derails ubs' strategy of getting into that market, it could be a big deal. nejra: nomura planning to buy back up to 8.6% of its shares for ¥150 billion. this comes as pressure has been building on the ceo. almost a week until the group's agm. gareth: nomura announced this afternoon -- there was that large buyback which is pretty significant, and the second

element to it is the namura research institute, which is a think tank, a technology consultant firm had a 37% stake and they will sell ¥160 billion yes stake at ¥1750 per share. it will drop to just over 23%. namura will remain an equity affiliate of nomura holdings. tom: president trump's blacklisting of huawei is starting to hammer one of the company's most important businesses. we are told huawei is preparing for a 40% to 60% drop in international smartphone shipments. those are huge numbers. selina: they are huge numbers. and this comes out to about 40 to 60 million smartphone units they are predicting a drop in just this year. that's a big portion of the international sales which comprises almost half of their total smartphone sale units last year, which is about 200 million.

so after this ban from trump, the big issue is they can't get access to critical components, hardware, and software. on the hardware front, they are ok with this newfound because they are using their own huawei chips. it is on the software side where they are getting hammered, because it means new consumers can't get access to the android update. we have heard from internal forces that executives are even considering pulling sales of this new phone if they don't perform well in markets. taylor: there has been a lot of talk about the effects of the u.s.-china trade dispute on apple's business, including talks from apple itself. the nikkei reports this morning that the company is asking its suppliers to take a look at shifting anywhere from 15% to 30% of their production capacity out of china and into southeast asia. arguably is this a good strategy for apple to hedge their bets against a very unknown future? john: absolutely. my sense is, taylor, that they have been doing this for a while. these are probably not new

discussions. foxconn, as it is known, who they have been talking to about shifting to other regions, you can't just lift out that final assembly and test to get the moniker of made in the philippines for made in malaysia. you've also got to move a lot of the content out of china as well and they are talking to suppliers in china and saying, hey, if we move final assembly and tests to malaysia -- or the philippines or mexico -- can you do the same so we can dodge these potential tariffs in the u.s.? taylor: pfizer will buy array biofarma technology for nearly $11 billion, gaining promising new medicines for cancer. the new drugs could limit the use for punishing chemotherapy. i have to ask, why? to me when the big pharma giant goes in for a biotech company, it's all about the pipeline. cynthia: that's quite right.

array does have some drugs on the market already and what's interesting about what array is doing in cancer -- they are developing what are known as targeted therapies. traditionally we thought of cancer based on where the actual tumor showed up in the body. increasingly scientists are discovering commonalities that might show up. in this case there drugs target melanoma but also have promising results on colon cancer. they are targeting a mutation that as they study it could have broader applicability to treat more patients. vonnie: auction house sotheby's is having its best days since going public back in 1988 on news the company is to return to private ownership. 57%. emma: yes, 57% up today, almost wipes out its 40% drop we have seen over the past year. now down around 5% or 6%. it is selling itself to patrick drahi for $2.7 billion.

investors will receive $57 per share. some of the biggest shareholders owned about 50% of the stock, including third point. one activist investor netted a profit of about 85 million pounds on this. the company has been public for about 31 years and has gained more than 500% in that time. ♪

>> there is a great function that i just discovered, it is mipr, and it's a global overview of implied policy rates within a year. it might be hard to see but all you need to know is the sea of

red means lower interest rates. emma: 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. quic . it will lead you to our quick takes, where you can get important context and fast insight into timely topics. here's a quick take from this week. >> smartphones have altered our daily life so much that many of us do not remember life before them. there are an estimated 3 billion smartphone users worldwide. over the past decade, we have seen phones get larger, faster, and loaded with more features, like fingerprint technology, improved cameras, and digital assistants. but the pace of innovation is slowing, and smartphone sales are declining. manufacturers are scrambling to find new ways to conjure up excitement. this is your bloomberg quick take on the future of smartphones. in 2007, apple's iphone ushered in the modern era of the smartphone. at the time, text messages and slow data were almost all

most wireless networks can handle. then carriers moved to 4g. downloads got faster, phones got more sophisticated, and growth exploded, surging 40% in 2013. but 2017 saw the first contraction, and the trend continued into 2018. devices aren't making a big innovative leaps like they used to. phones are also getting more durable, and some of the biggest markets for smartphones are reaching saturation. most chinese have a smartphone now. what would be the next growth driver? some of the world's biggest smartphone makers seem to think it will be the foldable screen, which doubles the size of the display without making the phone gigantic. companies like samsung, huawai, and xiaomi are betting on it, but the technology isn't quite there. in april, samsung had to delay the launch of its foldable phone after early users of the $2000 galaxy fold reported that it failed after only a few days of

use. the screen stopped working after people peeled off the special film that looks just like a screen protector. >> it was a pretty devastating blow so early in the process in the release of foldable phones. what was unique about the samsung fold was that it folded inward, like a book, whereas huawei had one that folded outwords, so the screen is on the outside. what that means is not so much a crease, but while companies are experimenting with how they will design these devices, they might start going more for the huawei option. >> or maybe the game changer will be 5g. the rollout could be slowed by geopolitics and security concerns. 5g networks promised to be so fast that it would only take a few seconds to download a feature-length movie. samsung has released a 5g phone in south korea, and huawei has one in the works as well. >> what it will do is support all of the other technologies that are emerging.

for driverless cars to work, the world is counting on the capacity for wireless networks to carry that data. for the internet of things to work, which lets you connect your fridge to the internet or remote control the lights in your house when you're not there, that requires a lot of bandwidth and a lot of data. >> but experience has shown it usually takes more than one improvement to get people to shell out for an upgrade. >> even when we went from 2g to 3g to 4g, it was a combination of things. the ability to download data made all these extra uses by the consumer so much more possible, but not everyone used their phone the same way. what you need to see is a capacity for people to start using their phones in new and different ways to justify people spending more money. emma: 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 from "bloomberg best" this week. thanks for watching. i am emma chandra. this is bloomberg.

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chang and thisly is the best of bloomberg technology. ack making its public debut but not by the usual ipo path. facebook reveals plans for its own cryptocurrency with much fanfare but washington is pushing back and a sheryl sandberg response to the