>> coming up, the stories that shaped the week in business around the world. the political future hangs in the balance. parliament says no to a snap election while the clock ticks to another brexit deadline. >> the prime minister said he will try to continue to get a deal. >> the probability looks start. >> the ecb takes steps towards a met theulus path : question is is he doing everything it takes? >> the u.s. and china offering tariff relief. >> it is a goodwill gesture. >> more optimistic. to work through

on the way to an ipo. >> investors did not like it. >> saudi arabia puts the prince in charge of the kingdom's oil ministry. >> he has a strong personality when it comes to the market. >> james gorman speaks frankly about the fed. >> i suspect they will do one or two more, but then it is time for a pause. >> eminent asset managers apply unconventional wisdom to a changing financial environment. >> ingressive and grade -- investment grade corporate bonds are an asset class that provide more risk than return. >> bonds are not a safe place to be. >> you have 17 trillion treasuries trading negative returns, which is crazy. nejra: it is all ahead on bloomberg best.

hello and welcome. this is "bloomberg best." your weekly review of the most important business views, analysis, and interviews from bloomberg television. let's start with a day by day look at the top headlines. the tension between boris johnson and u.k. lawmakers ratcheted to new levels monday as the pm stuck to his do or die brexit plan and parliament came together in opposition. david the british parliament is : about to suspend its operations for a month at the borist of prime minister johnson and the order of the queen, but not before an act of legislation barring the prime minister from leaving the european union without an agreement. does this mean he cannot leave without an agreement? >> it means he has to request an extension from the european union if he cannot get an agreement. there's some question about whether he will find legal wiggle room, that extension or , if he will make it so

unattractive to grant the extension which needs to be done unanimously by the other 27 members, then they would refuse it. it is not for certain there will be an extension. the law puts a huge roadblock in boris johnson's way and the other roadblock is the election that he has been seeking is probably not going to happen. parliament is set on denying him that. u.k. prime minister boris johnson says he will continue to work for deal while preparing to leave without one. he was speaking over another attempt to call a snap election. -- no matter how many devices this parliament and bends to try to tie my hands i , will try to get an agreement in the national interest. doorrliament is out the

for a few weeks, five whole weeks until the middle of october. the prime minister, last night said he is trying to get a deal. targeting the european council meeting when the parliament gets back 17th, 18th of october and that is the moment johnson says europeans will fold and will offer some sort of deal. she is not going to do what parliament told him to do. there's a lot of rhetoric coming out from both sides. there is a lot of mixed news. it is such an eventful week for parliament. anything can happen. >> apple is wrapping up its latest product unveil. and bundling of their apple tv plus. >> this is an unusual tactic by apple. over the past few years they , have been steadily increasing the price of their phones and setting new benchmark prices for

the entire industry. the $1000 smartphone is a barrier apple has crossed. the iphone xr, which is the least expensive, the successor that apple announced today is getting a $50 price cut. by comparison a few years ago, that is about where high-end smartphones started two or three years ago and now that seems cheap. it is unusual for apple to lower the prices of its devices. >> china has unveiled its first list of tariff exemptions effective on september 17. corn, soybeans, and pork are not on the list. is this a bullish move? enda: on paper, it sounds like the move towards conciliatory towards china, but what they have done is a fairly narrow group of products from the

tariff list. 15 categories, pharmaceutical goods, fish food and the like, but the big one that remains on the tariffs are pork and soybeans. that goes to the crux of u.s. industry and also comes to the crux when it comes to tariffs. it could be viewed as a positive gesture, but a way to go. >> president delaying his tariffs on chinese goods, tweeting that the decision was of thet of a request chinese vice premier and out of respect for the 70th anniversary of the people's republic. they were said to raise it on the first of october, but that has been pushed back by two weeks. >> two weeks is not very long. moving it away from that october 1 holiday is very important. it is a big event for xi jinping.

the 70th anniversary of the founding of the people's republic of china it is very , important to him and also, if you compare this to earlier in august when we had both sides wasing tariffs, the u.s. calling china a currency manipulator by contrast, this is , much more optimistic what we are seeing now. francine: a full scale of the damage of a no deal brexit could cause u.k. has been revealed. last night, a document codenamed operation yellow hammer they tried to keep secret. it warns of food shortages and disruptions of the supply chain and intends pressure to return to the negotiating table. if the u.k. crashes out of the eu. >> there is nothing incredibly startling out of this report. something coming out last month. if you put it all together, in fact one part of it was redacted, it looks pretty stark

and it undermines his assertion , that a no deal brexit would not be the equivalent of a zombie apocalypse and will actually be ok. vonnie the european central bank : cutting interest rates 10 more basis points to -50, now nothing -- announcing plans to start open-ended bond purchases. did mario draghi deliver more than what economists were looking for? matt in some ways he did because or theuantitative easing asset purchase program he is reinstating is open-ended. he will buy bonds november 1 and theoretically could go on forever if we see a real continued japanification of japan. japanification of europe. he is lowering rates as expected. he is fearing what the banks have to pay in terms of excess reserve and lowering rates on

s especially if they , exceed the market lending. it seems like he's doing a lot, the question is if he is doing everything it takes indy answer from the markets of far is no. >> mario draghi overcoming an unprecedented revolt from dissenters. >> would you say some members of the council left thinking maybe we made a policy mistake today. we should not have done this. >> i'm sure this idea crossed the minds of some people. it definitely crossed my mind. my take is that things change and the policy may change not after tomorrow, but i would not think it is there for the next decades. david bloomberg reported : yesterday that the trump administration is considering a cease-fire in its trade war with china. >> it is something we would consider, but we are doing well. we are doing very well. david china announced it would : exempt pork and soybeans from additional tariffs. towardsf that points

better mood music as we go toward the expected talks in october, the higher level between both sides. there was a word of caution with this. when the news came out that said china has always been in the market, they need more pork in particular because of outbreaks of swine flu. on the one hand, there's certainly evidence of goodwill gestures going on, but no signs of a major sustainable breakthrough just yet. >> global bonds sell off, sovereign yields spike sending , the 10 year yield to the highest in six weeks. >> there was not a ton of new news today, except we have retail sales better than expected. we also got a sentiment number better than expected, plus not terrible news on the geopolitical trade front and that is causing a very intense selloff. nejra: still ahead as we review

best," ann "bloomberg exclusive conversation with morgan stanley chairman and ceo james baldwin. plus, one of the most influential voices in chinese media shares the latest developments for trade. >> the probability of achieving substantial progress is more than before. nejra: and coming up, more of the week's top headlines. john bolton becomes the latest to lose a position with the trump administration. >> there are some issues the two of them were never going to see eye to eye on. nejra: this is bloomberg. ♪

approval to buy quotas to buy chinese stocks and bonds. they have lifted the $300 billion cap on that. they have only used about 111 billion. analysts think that while this might have long-term significance, it does not really matter in the short run. francine saudi arabia's king : summoned has installed a royal family member in charge of oil policy for the first time. officialme ministry

takes over after the removal of -- over the weekend. >> the market is driven by negative sentiment, emanating from negative views. --on't believe demand has [inaudible] >> with the personality i know, he is very decisive and a strong personality when it comes to the market and he understands the benefits to all of the producers of that dealership for all of saudi arabia that it took to balance the market and i'm not , expecting changes. i think it will be a continuation of the good part. seese: the saudi manager demand pretty fine right now, but any discussion of further cuts will wait until december.

>> the takeaway no change , immediately in the opec policy. there is continuity there but , the real problem was revealed in a report that the next year they will have a mountain to climb. you have demand growth softening. you have a trade war going on, economic uncertainties all over the place. at the same time, output continues to expand outside the opec grouping so opec probably , going to have to come back in or make the right noises. scarlet president trump says he : did not agree strongly with many positions of john bolton. the announcement comes days after the president abandoned a plan to bring taliban leaders to camp david for peace talks. >> we don't know if there was a final straw between donald trump and john bolton. we know just broadly that john

bolton came into the white house with decades of very well-known, hawkish views about foreign policy issues whether it is iran, middle east peace process and north korea. , he was not the type of person viewsd to the president's or the white house consensus on those. he came in with certain opinions and stuck to those. he tried to influence the president there were some huge , issues that i think the two of them were never going to see eye to eye on. david: bloomberg has learned allegedlytrump discussed easing iran's sanctions. how likely is it likely that president trump may be changing his position on iran? >> the big question is what his position was in the first place. he has always wanted a meeting with the president because that

plays into his brand of personal diplomacy, inserting himself into the negotiations and looking a foreign leader in the eye can produce breakthroughs. i don't think what you will see will be a wholesale listing of the sanctions, because despite the talk, the u.s. underpinning of the approach is that this maximum pressure campaign engineered over the last year or so is exactly the thing that is going to persuade iran to come the negotiating table. alix: in germany, a finance minister, olaf scholz sticks to , the balanced budget, while providing insurance in case of a crisis. he said it is essential that we are in a position with the fundamentals we have two respond with many billions if indeed an economic crisis erupts in germany or europe. do you agree with him? >> the stimulus debate has not happened in germany yet. it is more international because

everybody wants germany to get the economy especially in europe , going. it is more the feeling of the economy doing well, until there is no domestic demand decline on a considerable scale. the german government is not willing to give up a balanced budget. scholz has said we have billions , and billions of euros ready, but at the moment, there is really no crisis and we are not doing anything. >> a double dose of good news for fannie and freddie in esther's. -- investors. won a big-- shell victory. seemingly, billions of dollars of company office currently go to the government could end up winding to be happy hedge funds. >> the policy that these hedge funds are litigating over is

that billions of dollars of profits that fannie and freddie earn every quarter go to the u.s. treasury. this was basically their first legal victory for the hedge fund. up to this point, most courts have shot them down, so it is a win, but a lot of hurdles to get across because there are several court decisions out there that said it was perfectly legal for the federal government to take all their profits so now you , have an outlier and that is going to have to sort its way through the courts. it make it all the way over to may the supreme court. scarlet president trump is : taking aim at one of his favorite targets and that is the federal reserve. he urged the federal reserve to take rates down to zero or less. powelled fed chairman naive and he also referred to policymakers as boneheads. >> today, he had a new argument, which was lower the cost of the

federal government borrowing money which was the framework of , someone in the private sector that has borrowed a lot of money and that meets the description trump, the problem is what is right for the trump organization is not always right for a country like united states. the federal reserve and the treasury together are trying to set interest rates at a place that is healthy for the u.s. economy for businesses and consumers, which is different than trying to minimize the cost of the federal government. ♪

nejra: this is "bloomberg best." i am nejra cehic. this week, morgan stanley

chairman and ceo james gorman spoke effusively with bloomberg about the rate of the economy, that policy and the global trend towards negative interest rates. he joins on the council of columbia business school in new york. james it is a conundrum. : at one level, we have record low unemployment and we still have global growth. the u.s. economy is performing strongly. china is performing strongly. europe is obviously mixed, but has been mixed for two decades. on one level, the fundamentals are white strong. on the other hand, in the sense of confidence, there is a sense of inevitability we are at the end of a cycle. statistically, there is a recession every seven years, but it doesn't have to be. in australia, they have not had a recession for 28 years in a row. >> why then, so much pressure on

the federal reserve to continue cutting rates? does that make sense? james the economy is slowing and : the job of the fed is to balance monetary policy with economic outlook and fiscal policy. job whenld -- their the economy is getting hot, they should raise rates and the reverse. i supported the latest fed cut and i expect they will do one or two more, but then it is time for a pause and really absorb this because the problem with cutting, it is one of the few tools that you have got. if you give away too easily, what do you have when you have a real problem? >> when you think about this, to overstate a little bit, this negative yield world that we are living in, how does that change your view of the market? how does it change the way you deploy some assets and your teams around the world? james: personally, i have been very surprised where rates are.

i had expected the 10 year be around 3%. i was dead wrong. a negative yield curve has been historically highly -- position, but as former chairman janet yellen said, it is not necessarily so it is not necessarily lead to a recession. how does it change our business? it doesn't. we run our business on how we see it for the broader economy rather than any particular day. you have seen the 10-year recover about 10, 15 basis points, so we will see. nejra: we have more compelling conversations coming up. the editor-in-chief for china's most prominent state run newspaper offers exclusive insight into beijing's trade policy. explains whystor he is staying away from corporate bonds. steve eichmann sees the market clamoring for rate cuts but does

not know it will make a difference. >> lowering rates does not make things better all of a sudden. it does not work that way. nejra: this is bloomberg. ♪

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♪ >> at the end of it, nobody knows what's coming next. from dustansformation for the industry will be a challenge for many. >> flexibility is clearly one of the areas, particularly in production, we most focus on because we know from the past that markets are volatile. really, the market is in a recession but we prepared for that. we have transformation going on. >> it will be a weaning period for the industry. we are ready for it. nejra: those were comments from top european auto executives

speaking at the frankfurt auto show about the uncertainty and volatility currently shaking up the industry. uncertainty and volatility have certainly be set financial markets recently, and this week several prominent , investors discussed ways they are adjusting to the new normal in conversations with bloomberg television. we begin with the former president of guggenheim partners who now runs eldridge industries. he told erik schatzker why he thinks investment grade bonds are a bad deal. todd: one of the things i think we will continue to see is the american demographic will continue to age. as it continues to age it is , going to want more and more certainty with what to expect in the future. we believe that annuity companies are well-positioned for that. obviously we have to take that money and put it to work. we then sit back and say what

are the strategies that we can be employing to put that balance sheet to work? erik: most annuity providers would buy corporate bonds. todd and we believe that : investment-grade corporate bonds are an asset class that provides more risk than return. we don't think they are going to implode, and if you look at the top 10 triple b companies out in the world, there is approximately $1 trillion of equity value in the aggregate supporting their debt position. we think people are alarmist a bttle bit about the triple and we think that 3%, 3.5% isn't a rate of return we are happy with. therefore we have to go find other ways -- we think by originating and sourcing that with experienced management teams that are experts in what they do and ultimately have access to lots of market

opportunity and a very diverse way it is the best way to be , building a diversified asset base for security benefits. vonnie: we asked a set of policy announcements and the idea is that we are still only looking at a modicum of inflation by 2021 even with all these measures. >> it is actually pretty sad to see for a few reasons. number one, all this is doing is putting treasuries in europe and around the globe at further negative rates. you have 17 trillion in treasuries trading at negative yields, which is crazy town. number two, doing nothing to stimulate aggregate demand. germany slipping into a recession, or at least zero growth. the u.k. slipping as well, and much of europe mired in what is a very slow economic environment.

number three, the equity markets in terms of average demand and what it does to earnings is not responding either. look at the debt trading at 13 multiple. we think this is nothing more than further financial repression, a way of governments around the world able to borrow at very negative rate to finance it be a taxcits and on saving. vonnie how do you think about : corporate europe in that environment? is it investable with these companies getting more and more money for less and less interest? >> all this does is create more of a debt bubble. it allows companies to borrow at and it doesate, nothing to stimulate aggregate manned. -- demand. we think of monetary trap has been created and it's actually a very unhealthy environment. for the time being, the markets are stable and will do well, but at some point, it creates a

hunger games, where they go to earn an attractive rate of return when you have trillions and trillions of treasuries, trading more negative returns. >> bonds are kind of complicated fact that they have these crosscurrents going on. when rates are low they raise the value of things like stocks but at the same time there is , this historic flight to quality. there are these crosscurrents, and it's not clear what we will see but with the negative rates we are seeing throughout the world, an abomination. i think it is plain to see that bonds are not a safe place to be, certainly not a good risk mitigation strategy. erik: from an investor point of view there are number of ways of , looking at this. you should be concerned about the risk you are taking relative

to the reward you might get but some people are just looking for returns and they said a year ago that 10 year treasury was yielding 3%. some people think it is headed negative. if that is the case, i just need to hold and i will make a lot of money. >> that is a great point and i cannot argue with that you make a great point. we need to think about bond investing as more of a tactical allocation as opposed to a strategic one. tactical would be you have to make this macro call and this call on rate and you , better be right. strategic would be more about structuring your portfolio, how you will raise your creative -- rate of compounding based on how all these pieces move together. it is important that people understand when they are putting all this money in bonds, it is no longer a very good strategic allocation, but it might be a good technical one, i don't

know. know.tical one, i don't nejra: neuberger berman brought another perspective to wall street, like many analysts cc a global slowdow he discussed his outlook on "bloomberg surveillance." francine: does a recession happen even if the u.s.-china trade concern is dealt with? if we have a deal, could we still look at a possible recession? >> the industrial slowdown was taking place before the trade war really heated up. there are two major issues. one, will there be a deal between china and the u.s.? doubts, but i don't have any more insight than anybody else the more interesting thing to talk about is what the global central banks are doing, and how long that will take to work and whether it will work. the fed started lowering rates in june. any economist will tell you that the transmission mechanism takes at least a year. the earliest that the u.s.

economy should start to pick up is next summer. that seems to be missing from people's analysis. they seem to think the fed lowers rate everything gets , better all of a sudden but it doesn't work that way. the more interesting thing to ask is does the normal , transmission mechanism of the fed lowering rates work at this low level of rates? i'm starting to have my doubts about that. the problem is, and this isn't discussed much, at this low level of rates, money has become free. every deal has been done, every project has been funded, every stock has been bought back, every vc deal has been done, every private equity deal has been done, every startup has been funded. what free money has done is create global overcapacity. why lowering rates should solve that -- i have my doubts. i really do. nejra: finally, to another

bloomberg exclusive. the editor-in-chief of "global times," china's most prominent state-run newspaper, sat down in beijing with tom mackenzie and shared his thoughts on the state of play the u.s.-china trade dispute. >> i think the possibility of achieving substantial progress is greater than before. why is that? i sense that the u.s. side is also anxious, because the trade war has caused adverse effects on the u.s. economy. i can't see a substantial reason why the united states would continue to fight the trade war with china for a long time. tom china has announced it will : make some exceptions to the tariffs it imposes on u.s. goods. should we see that as a concession from the chinese side ahead of those talks in october? >> let's not think of it as a concession. it is a goodwill gesture. showsopinion, goodwill

psychological strength and self-confidence. it is different from a concession. tom is there an argument going : on within the government about trying to wait out president trump beyond 2020? is that part of the discussion? >> someone may say this on a certain occasion but this is not a serious route or strategy. china has always hoped to make an agreement sooner, which would be best. if the united states continues to apply maximum pressure with a bullying attitude, trying to force china to accept conditions at cannot accept then , whoever will be elected is not chinaortant fact, and will continue to hold its ground for a long time. ♪

♪ nejra: this is "bloomberg best."

i a.m. nejra cehic. -- i am nara jh. ehic.jra c let's resume a roundup of the week's top stories in business and finance with a potential megadeal involving stock exchange operations on two continents. vonnie hong kong stock exchange : has made a surprise $36.6 billion offer for the london stock exchange group. any deal would upend the acquisition. the lse board say they remain committed to the deal but that they will consider the unsolicited proposal. but this deal into context -- it would be a massive deal on the part of an exchange operator in business for decades. >> to call it a politically sensitive situation would be an understatement given what's , going on in hong kong. the hong kong exchange has interestingly positioned itself as a more global player rather than a hong kong or chinese one. lse reallyething the

need to consider. it could really stop the roof a deal in hong kong. this deal with hong kong would be contingent on the deal not going through. vonnie: bloomberg competes to provide financial news, data, and information. >> the board of the london stock exchange group has unanimously rejected the takeover bid with -- bid by hong kong exchanges, and in rejecting the bid the exchange says they have fundamental flaws . in rejected claims it could be rejected swiftly. they also waived regulatory concerns and concerns about the uncertain political environment ian hong kong, and how that would impact the share portion of the bid. a number of market watchers say they expect hong kong to bid -- lse.in for the l sc

>> concerns of a stalled wework ipo are continuing. the office rental company is apparently pushing the company to postpone its offering amid concerns of a drop in valuations. >> the problem is that once other investors got a look at itsils behind wework in prospectus, they just didn't like what they saw. they saw huge losses, $690 million in the first six months of the year alone. they saw a complicated corporate structures. they saw all kinds of potential conflicts between the ceo of the company and investors just didn't like it. vonnie: wework has picked the nasdaq as the venue for its embattled listing. they are also making changes to the corporate governance. are there enough changes to be made to satisfy investors? >> that's the main question. there's clearly a bounty of changes. one thing they wanted to see was a shrinking of the multi-class

structure. we haven't seen that. they added the lead independent director. the board will have the ability to remove adam newman if it so wishes and the successor will be chosen by the entire board, not just what was previously construed as to directors and his wife. alix: saudi aramco is said to pick as many as nine banks for lead ipo rules. among them, bank of america, j.p. morgan, goldman sachs, and credit suisse. do you have an idea of timing for the saudi aramco ipo? >> they have tried to accelerate this process but it is important to know that there will be a listing in riyadh only. the international part of the ipo, it isn't clear when that will happen, but it seems that the saudi government are determined to get the local part done this year or early next year. shares debuting in amsterdam.

the new creative group includes assets from south africa, 31% stake in tencent. the firm is the netherlands' third largest listed company. >> the main focus of the process is the next wave of growth. we have become a really substantial part of the original exchange, the johannesburg stock exchange where we are close to exchange.he as a company, we are still growing fast the organic growth rate is in the 30% range which means we will keep growing and we need the right place to keep growing. >> the ipo of ab invev's asia unit is back on just two months after it was shelved. bloomberg has learned the company is aiming to raise about $500 billion in hong kong at the end of september. what do we know about the deal so far? >> the company is now looking to raise five billion u.s. dollars

instead of 10 billion u.s. dollars it was thinking two months ago. i would say it would be a boost for the market and hong kong. the market has been subdued for a while after the u.s. trade war protest against the government for a while. investors in the markets have been really exciting about the deal coming through. >> smile direct club. shares fell from their initial public offering in its debut. you can't find a company of this size having this type of one-day drop. >> day initially had gone very well. they're offering was many thes oversubscribed into teens, which is why they were able to price -- and you need to be confident that you can trade off. it is a bad look for them, a bad look for j.p. morgan, the underwriters of the deal. it's a good lesson for ipos to

come about where to price. even if you feel like you have strong demand, maybe it is better to be conservative rather than going for gold. trying to get the money off the table, perhaps it is better to leave some on the table for investors. >> less than a year after the , nissan islos ghosn losing another leader. they are asking the ceo to step down after a scandal about his pay. how big of a setback is this? >> this is really big. from the beginning of this scandal, you had questions raised about him and how long he would be able to stay at the top of the company. they are now in a process where they have to select new leadership. that slows down all the reforms they had been planning to make at the company and implement changes, including the partnership with renault and mitsubishi motors, getting that straight, and possibly forming other alliances, which is the big issue in the car industry in general, boosting up the capacity by forming these alliances that are necessary to

compete in today's automotive world. vonnie shares of at&t higher : today, this after elliott management got a new $3.2 billion position in the company. they outlined a plan that includes devasting asset including by directv. >> the plan is to boost the stock by 50% by divesting assets and crosscutting. there is really a multi-part plan, and we have an outline of that part of it is to explore devasting with direct tv. some of the landline businesses that aren't helping them out, running a more efficient operation by making some of those big m&a purchases. they could recommend some candidates for the board, but overall, the case is that this stock is undervalued relative to the s&p 500. if they can boost the stock

hired to perform in a better manner. scarlet there's a growing risk : of a strike at gm. union leaders from across the u.s. wanting to debate the latest contract. they have to decide whether to submit the deal to their members for a vote or go on strike. what does the uaw want, and what is gm prepared to offer? >> that is what's going to really get down to brass tacks, because they have a deadline of saturday night, and there are a lot of problems with this contract. and once there is a union that has seen four years of prosperity that we didn't get to participate in fully because the old contract , was done before it and gm is saying not so fast, we had to cut. the big issue will be jobs. as we know, gm has four plants, that they put on unallocated status, which means they are probably going to close , and the union wants products that guarantee jobs, and that is

what will be the big fight over the next few days. vonnie: t boone pickens had enough careers for a half dozen people, the reputation as a corporate raider, billionaire energy investor for wind and natural gas power. yesterday he died in texas at the age of 91. >> i am sorry for your loss. i know you were close friends. what will be the biggest thing you remember about your relationship? >> well, we are going to miss boone. it makes me very sad he had a life to celebrate. he exemplifies the very thing that i got involved in this industry for, and that was a legacy of giving and generosity by so many very highly successful people. he's going to be remembered for that, what he's done, particularly with the school he loved, oklahoma state

university. ♪

♪ >> don't forget, our tv function, tv . you can watch us live, catch up on interviews, and dive into any of the securities or bloomberg functions we talk about. you can also become part of the conversation by sending us instant messages during our shows, to tell us whether or not you agree with trump's sentiment about the fed being a bunch of bonehead. nejra: there are about 30,000 functions on the bloomberg, and rio is enjoy showing you our favorite on bloomberg television. maybe they will become your favorites. the function are ich go will take you to the bloomberg index, where you will find jack ma

close to the top. china's wealthiest man stepped down as executive chairman of alibaba, handing the job over to ceo, daniel zhang. the company has revenue of more than $56 billion in the last financial year and has given its founder net worth of more than $40 billion. we took a closer look at his remarkable life and career. >> jack ma started out teaching english more than 20 years ago for just $15 a month. in 1999, he jumped on the internet train, setting up a platform for business-to-business selling. that was alibaba. after that, he took aim at ebay with taupo, which lets individual sellers trade with each other. 2007 was a milestone is alibaba listed its business division in kong, only to delist five years later in performance sagged. however, the company made a big comeback in 2014, raising $25 billion in new york with the world's biggest ever ipo. >> everybody should have a

dream. what if that dream comes true? >> asset markets aside, he leaves an empire that expands aggressively to retail, cloud computing, health care, sports, fintech, and news media, to name but a few. the challenge ahead, in the face of growing competition and a slowing chinese economy could be sustaining the growth. he has warned about the u.s.-china trade war, saying the impact could last decades into the future and also urges chinese businesses to find opportunities from it. jack ma -- september 10 is teachers day in china. nejra: that was just one of the many explanatory videos you can find on the bloomberg. you can also find them at bloomberg.com, along with the latest business news and analysis 24 hours a day. that will be it for "bloomberg best" this week. thanks for watching. i'm nejra cehic. this is bloomberg. ♪

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♪ alix: mexico, venezuela -- these were the powerhouses of latin american oil production. a source of wealth, prosperity, and competition. now, venezuela is in crisis. >> it is a failed state, as you can see from the oil production numbers. alix: and mexico is too hard to invest in. >> you started to see a lot of these steep declines starting to take form in mexico. alix: now it is up to the next generation of oil countries -- colombia, guyana, brazil, and argentina -- to transform latin america into a production powerhouse. >> the most rapid growth is going to be in brazil. >> we have been in colombia