ritika: coming up on "bloomberg best," the stories that shaped the week in business around the world. >> order. >> parliament debates and the e.u. deliberates. a slurry of action and in action, still no resolution on brexit. >> getting anything through this place is harder than it might seem. >> they do not want to make a move until the u.k. moves first. >> it is hard to see how we get an election, hard to see how we get resolution without one. >> the ecb stands on policy as mario draghi steps down. >> in terms of monetary policy, there are no changes. >> the incoming data confirm our previous assessment of protracted weakness in e.u. area growth dynamics. >> softbank unveils a rescue

plan. >> the start of the problem. it means the problem will be handed to somebody else. >> russia and turkey cut a deal in syria. pres. trump: this was the result of us, the united states, and nobody else. >> market conditions the past few quarters have been challenging. >> low interest rate environment puts pressure on the bank and the interest margin. >> investors and policymakers share perspectives on the global economic slow down. >> whether this is bottoming out -- >> the headlines, the trade war, has basically put americans on their heels. >> we will have europe in recession next year. we are stall speed this year, we are recession next year in the euro zone. >> it is all straight ahead on "bloomberg best." ♪ ritika: hello and welcome. this is "bloomberg best," your weekly review of the most

important business news, analysis and interviews from bloomberg television around the world. let's start with a day by day look at the top headlines. after the u.k. parliament met and postponed a vote on boris johnson's brexit deal, a familiar sense of uncertainty for europe. >> boris johnson makes a renewed attempt to win parliament backing for his brexit deal. the british prime minister was forced to write to the eu seeking a three-month delay. does he have the vote to get this deal through? >> yes and no. yes, we have the secretary saying yes, the government does have the magic 320 number, for a so-called meaningful vote.

but that is not the end of the story. they need to also get the withdrawal agreement passed into law. there are many more hurdles to get through in order to get brexit done. getting anything through really is far harder than it might seem. >> u.k. parliament speaker has denied boris johnson a second meaningful vote on his brexit deal in the house of commons. >> this is not persuasive. >> it was published and there will be a vote known as a second reading tomorrow. that is tuesday. if the government wins, that

will be a big victory for boris johnson and the government. following on from that would be something that would be known as a program motion. that would allow them to accelerate the process by which this bill would become law, and hopefully the government can accelerate that process and get all of this relevant legislation passed before the october 31 deadline. >> progress seemingly on the trade deal. president trump saying at a cabinet meeting negotiations over trade deals are advancing. he was referring to chinese purchases of u.s. agriculture. >> optimism on trade, we are susceptible to that soundbite. suddenly things might be getting better in trade with china. there might be clarity. tariffs on december 15 being pushed out. all of that is moving the markets up today in optimism. >> wealthy clients at ubs added $15.7 billion in new money last quarter. lifting assets at the wealth management unit a record $2.5 trillion. >> profits are down.

they are restructuring. what does it look like? >> market conditions the last few quarters have been very challenging. for sure they are not the market conditions are figuring strategic choices. we are much more skewed toward europe and asia then we are into the u.s.. this is still a business in terms of calendar in business activity. client sentiment is better than outside the u.s.. >> i would say it is a minor win for ubs today. their wealth management unit did better than expected. the investment bank was once again a bit of a disappointment. ubs has started to cut jobs in the investment bank, and they will be a $100 million charge in the fourth quarter related to that. >> u.k. prime minister boris

johnson looking set to try for an election after parliament blocked his plan to rush the brexit deal into law. johnson warned defeat of the timetable leaves the u.k. in limbo. >> it does seem we are heading into an election. it depends on win, doesn't it? a question whether boris johnson pushes for a general election now, and he threatened to do so. or whether he waits and tries to work on a new timetable to get his withdrawal agreement through parliament. jeremy corbyn offer to work with him on that. either way, he will need some

sort of delay because on october 31 seems incredibly unlikely. that is only eight days away. we're just waiting for the e.u. side. those conversations between boris johnson in the eu to work out the length of that delay. that could have an impact. >> mario draghi closing out his tenure with downbeat analysis of the economy. this just weeks after releasing a new round of stimulus to counter the slow down. >> the incoming data in early september confirm our previous assessment over protracted weakness in the euro area growth dynamics. >> in terms of monetary policy, no changes were made at this meeting, but he did say he felt justified in making the controversial moves he made in september, after he saw some of the surveys unfortunately coming in on such weak levels.

hopefully christine lagarde can unite the governing committee and carryforward the accommodative stance mario draghi has been forced to go back to at the end of his tenure. >> e-commerce giant amazon missed analysts' estimates, posting a profit drop for the first time in two years. amazon's forecast for the holiday quarter gives investors more to worry about. they are still turning a profit, but growth was slower. >> why? >> there was a lot of angst around cost. we knew one day shipping would bring variability with it. variability played out. also they are spending a lot on content, the aws advertising division. there is a spending cycle going on. where it is paying off, we are clearly seeing a sales impact happen on the retail side because of one day shipping. it will pay off longer-term in terms of market share, revenue growth. as far as cost variability is concerned, we think that will continue for a few quarters. >> barclays warned low interest

rates and brexit will make it tougher to meet targets next year. even as bank traders outperformed most of wall street in the third quarter. >> in six of the last seven quarters we generate a return of capital over 9%. we feel good about the 9% target for 2019. i think what we are bringing up, as you look into 2020, you have the macro environment in the u.k., where economic growth is somewhat muted. if we continue with the uncertainty of brexit, one has to think you will continue to have soft growth in the u.k.. also we have lower interest rates. in the lower interest rate environment, it clearly puts pressure on the bank's interest margins and possibility of deposit base. we need caution against the 20% target for 2020. we are still going to maintain that target for now. >> with six days before the u.k. leaves the e.u., we have not seen a breakthrough on brexit. opposition leader jeremy corbyn says his backing depends on the length of a brexit delay granted by the european union. that puts brussels in an awkward position.

bloomberg understands that the eu is planning to delay a decision to avoid getting caught up in westminster politics. >> jeremy corbyn does not want to give boris johnson the election boris johnson desperately wants until boris johnson takes no deal off the table. if we do not have a longer extension, that is hard to do. it is a difficult situation. it is hard to see how we get an election, but hard to see how we get resolution without one. >> the e.u. was supposed to come up with a decision on the extension and the terms attached to the extension, but they do not want to make a move until the u.k. moves first. adding to the complications, which are plenty, he is really willing to fight this one. he said there is no point granting three more months. he believes time is not going to

fix this. the only way to fix deadlock is to put pressure on the u.k. parliament to get the deal done. there is division in the eu. they cannot agree to a decision, and we will have to wait until monday. it is something that has to be deliberated. we will see leaders back in brussels the end of next week. >> vice president mike pence gave a long anticipated speech in which he criticized china's actions against protesters in hong kong. beijing firing back, calling his speech lies. his speech comes at a crucial time as the countries remain in trade war. china said it will provide $20 billion of u.s. farm products in year one of a partial trade deal. >> they accused him of lying,

they accused him of arrogance. while they are exchanging barbs, it seems discussions over goods are continuing in parallel. >> we have gotten word from a u.s. trade representative's office, bob lighthizer and steven mnuchin got on the phone this morning with vice premier liu he in beijing, saying they made headway in areas and are close to finalizing sections of this deal. it is positive in that to lift hangover over global markets and the global economy, but the big question is, what comes next after? ritika: still ahead, as we review the week on "bloomberg best," more on the earnings front with earnings from boeing, caterpillar and tesla. plus, highlights tesla. plus highlights from the week's most interesting interviews. and more of the top business headlines. sweden's central bank boucks -- bucks the global trend and sticks with its plan to exit negative rates. >> the right thing is going slowly. ritika: this is bloomberg. ♪

ritika: this is "bloomberg best." let's continue our global tour of the week's top business stories. in canada, the prime minister keeps his seat, but loses parliamentary majority. >> canadian prime minister justin trudeau has won a second term among scandals. >> thank you for putting your trust in our team. thank you for having faith in us to move this country in the right direction. >> he will have to govern with the support of the left-leaning new democratic party,

progressive de facto coalition. nonetheless, a win for trudeau, who lost the popular vote. it was an outcome that will look familiar to donald trump. trudeau lost the vote, but it was spread out more evenly. he won significantly more seats. -- more seats in the conservative, the second-place party. for now trudeau is status quo, he is still the prime minister, has to name a cabinet. then things get tricky. he will not have a majority. they can look more into scandals that dropped his popularity in the first place. it will be a messy, rougher ride for justin trudeau, even though he is still in power. >> russia and turkey struck a deal to create a buffer zone in syria. president erdogan spoke to president putin for several hours before announcing the

agreement. it involves joint patrols to remove kurdish fighters. erdogan called it a historic deal. give us a little bit more detail of what it entails. >> the deal complements an earlier agreement with the u.s. what it basically did was allow vladimir putin and president erdogan to take back chunks of syrian territory that was, until recently, controlled by kurdish forces, once allied with the u.s. it allowed turkey to push back kurdish forces, who they consider their enemies, away from its borders without having to go through a lengthier military campaign inside syria. >> president trump taking credit for cease-fire in syria, painting it as a victory for his unconventional foreign policy. he removed all u.s. sanctions imposed after turkey launched its operation. pres. trump: this is an outcome created by us, the united

states, and nobody else. >> it is not quite landing with lawmakers on capitol hill. while he is lifting sanctions and saying that the cease-fire is permanent, lawmakers' reactions ranged from skeptical that this is a deal that -- that this is a deal that would hold to downright critical. some republicans said it appeared the deal benefited russia and turkey more than anyone else. >> sweden's central bank stunned the market looking for a rate increase in december.

they expect to keep rates unchanged at zero until mid-2022. >> we think growth will be slower, but we do not see a downturn around the corner. against that background in the extreme monetary policy, we think it is the right paying is going slowly to move up toward zero. >> continued slow growth driven by protective global policy led the imf to revise asia's growth downward. an extension of 5% this year and 5.1% next year. this represents the slowest pace of asian growth since global financial prices. -- since the global financial crisis. the risks are still on the downside, given all the uncertainties to do with geopolitics and the u.s.-china trade war. >> that is right. notwithstanding the downward revision of our growth forecast this year and next, we see risk weighted to the downside. they include a further slowdown in china, more accelerated trade tensions, a reduction in risk appetite in global financial markets, an acceleration in japan-korea trade tensions, higher oil prices, and so forth. a number of downside risks are in the offing.

>> in asia we are seeing signs of how the trade war is eroding the global economy. exports in china, korea, and japan are all extending declines. put it into perspective for us. >> this is the 10th straight month of decline. south korea exports down 19.5% year-over-year the first three -- the first 20 days of this month. we will probably see another decline. it is led by the u.s. and china, autos and machinery exports, specifically semiconductor components. until we see the shift from growth value we need to see manufacturing slowdown bottom. we need to see the trade story improve. >> china considering a plan to replace hong kong chief executive carrie lam.

an interim leader could be installed by march. >> this is not the first time there have been reports about carrie lam potentially stepping down or questioning whether she wants to stay in the position. there have been previous reports of her offering to resign. she said anyone in a difficult position like hers could take the easy road out and resign, but it is not something she said seriously. she said she would stick around until this unrest in the city is settled. beijing from the beginning has backed her, said they are backing her and the police. they are pushing this report away. >> violent protests extending to a fourth day in chile. thousands have taken to the streets to protest income inequality after clashes between demonstrators and police leave at least 11 people dead. chile becomes the second latin american country to declare a state of emergency this month, following ecuador. give us context. who is leading demonstrations and what is their grievance? >> we do not know who for sure is leading. there is no leader. it started as a protest from students due to the increase in metro prices. it has evolved into this massive scale manifestation from several people -- students, labor leaders, general people who feel they have been left behind.

what there is in, and this protest is people feel they have been mistreated. the attempted increase in prices sparked this. >> bloomberg news learned malaysia is privately discussing a penalty for goldman sachs for the bank's role in the 1mdb scandal which resulted in $7.5 billion. >> malaysia has been publicly asking for $7.5 billion. that is the money raised and $600 million in fines. we heard from forces they are negotiating closer to $2 billion to $3 billion. we are not sure why they are talking for less, but we do know they are looking to come to an agreement by the year's end. we are not too clear about what will happen to the charges if and when goldman sachs pays up. ♪ we are not sure why they are talking for less, but we do know they are looking to come to an agreement by the year's end.

we are not too clear about what will happen to the charges if and when goldman sachs pays up. ♪

>> you are watching bloomberg

best. remain on tensions the risk of recession. we have a perspective on what is ahead in a conversation with jonathan ferro. we have seen the bottom in yields. at one point we had negative yields. we have drifted away over the last couple of months. are you confident we have seen the bottom in global bond yields? >> i am not confident. i would not bought -- not bet on them going low again. there is the policy side pushing rates down and the other is the economic side. i am confident central banks understand that they shouldn't into negatives. i can't move forward and i can't move back and i don't like where i have been. that is not a great place to be.

so policy affect is done for now and on the other side, i am not sure the global economy is bottoming out. if anything, i think we will have another round of downward revisions in imf forecasts. we will have europe in recession year. think 20/20 is a recession? mohammed: recession next year for the euro. fiscaln: don't get on and is 2020 just a muddle through? it will: yes because have difficulty responding. >> coming up, more compelling conversations. the man is seeing -- managing director of the singapore banks speaks exclusively about monetary policy. and we bring together leading

executive discussing green themes. >> we have reduced our carbon emissions close to 40%. this is bloomberg. ♪

everyone uses their phone differently. that's why xfinity mobile lets you design your own data. you can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. all with millions of secure wifi hotspots and the best lte everywhere else. it's a different kind of wireless network, designed to save you money. switch and save up to $400 a year on your wireless bill. plus, get $250 back when you buy an eligible phone. that's simple. easy. awesome. call, click, or visit a store today.

ritika: this is "bloomberg best." i'm ritika gupta. trade uncertainty continues to weigh on global economic growth and in hong kong, unrest advocate investment picture. the world's second-largest fixed income etf provider after pimco plans to expand in china even as the trump administration considers curving fund flows to chinese equities. bloomberg's tom mackenzie spoke to the ceo in beijing. tom what i focus on, the larger : narrative, which has been happening for over a decade is the opening of the agenda of the china renminbi and local capital

markets to the rest of the world and i think if you want to call that making hong kong less important as an entryway in and out of china, our offices are in shanghai and we do that because i think going forward, shenzhen and shanghai and beijing are important cities in their own right for the capital markets in china. tom: are you still seeing demand in terms of inflows into your china etf from u.s. investors? >> >> let me say no. let me be very clear. the headlines, the trade war, everything going on has basically put americans on their heels as far as investing in china. the investors have been allocated for a while but there is a lot of wait and see. frankly, given the u.s. equity market, performance is a lot like why bother with that risk? i do think in the long term, it is an interesting opportunity,

but sentiment is horrible and interest is low. ritika: staying in asia, singapore narrowly doster -- narrowly dodged recession in the latest quarter. the monetary authorities eased for the first time in three years. the move was smaller than expected. in an exclusive interview, the managing director told bloomberg's haslinda amin it is unfair for central banks to shoulder the growth burden alone. >> because of what they fabulously did in the financial crisis and subsequently in holding up the global economy and global financial system, there is tremendous unrealistic expectations placed on central banks that every rough patch we run into, monetary policy will get us out of it. i think that is wrong, and it is also wrong for central banks to feed that expectation. it can't be that every risk or threat on the horizon has to be

addressed by a loosening of monetary policy. i think fiscal policy has a strong role to play and that has not been sufficiently addressed, partly because too much of the weight has been placed on monetary policy. i think we need a better balance between the two, otherwise it is exceedingly unfair on the central banking community. haslinda: speaking of the global economy, there is talk of a looming global recession. singapore escaped a technical recession and the central bank eased policy, but not the expense some expected. what is driving some of the optimism you see in 2020? ravi: you always want to keep some powder dry and not deplete all your policy buffers. singapore is fortunate. we have both monetary and fiscal policy buffers, quite good. let's see how the data comes out over the next two quarters. a key assessment to be made is

whether this is bottoming out and whether we will see a modest recovery next year. if that is the case, we are in pretty good shape but if things were to take a turn for the worse, i think you need some buffer, you need some ammunition, so we are keeping some powder dry and if necessary, we are prepared to use it. there is still space. ritika: bloomberg's sustainable business summit was held this week at the global headquarters in new york. the conference brought together corporate leaders and investors to discuss innovation and best practices sustainable business and finance. several attendees stopped by for conversations with bloomberg television, starting with mauricio gutierrez. mauricio: we just conform our cover reduction to a new science imperative to make sure we avoid the worst impact of global

warming to a 1.5 degrees trajectory. this will put us at 50% reduction by 2025 and net zero by 2050. so far, our progress has been great. since 2014, we have reduced our carbon emissions close to 40% today. we are on track to reaching this milestone. >> this ambition agenda comes at a time when you are shoring up your balance sheet with significant cost-cutting, debt repayment in focus. what do you tell investors about how you are positioning the company to clean up some debt? mauricio: as you mentioned, we are now on a path to get investment grade credit cycle, we are already here but first and foremost, it was to ensure that we had the most competitive

-- cost efficient structure for our company. second is to take care of our balance sheet and then have a balance capital policy between growth and returning capital to shareholders. we are pleased with where we are today and haven't been as strong as we are today on our balance sheet. >> this is a critical time for agriculture with climate change. not only are farmers dealing with the worst weather extremes ever, but we also need agriculture to be part of the solution to climate change. so we announced today a $2 billion investment going to breakthrough technologies both to help farmers deal with climate change, so products that help them deal with high heat, drought, flooding that we are seeing today, but also helping farmers reduce the impact of farming on the climate, so reduce the amount of co2 emissions from farming, go to carbon neutral farming, kick the -- keep the carbon in the soil,

higher yields so we can farm unless land stop deforestation and start before resting in the e-forresting in the world. >> how close is syngenta to an ipo? >> we will ipo in the next two years. -- 2.5 years. >> >> what about better competing with rivals? >> we made an acquisition in brazil and argentina last year, very important markets. we have been investing in our base business, adding more research capability, commercial capability, digital tool capability, which is important and now we are focused on significantly expanding our capability in china. we want to be leaders in china ahead of our ipo. >> integration is all about -- i was talking to a quantitative investor this morning who says

these the same testing for anything else. >> talk about costs. you mentioned passive investments, does sustainable investing aligned and necessarily cost more? does it need to be its own thing or do you not have to pay a premium for it and get it? in a vanilla fund? >> this is another area the market has evolved a lot. people talk about a greenium, i have to pay up, but i feel it is the right thing to do. it is becoming table stakes. this is what everyone needs to do to manage portfolios in a changing marketplace, and as such you shouldn't have to pay , up for it. in terms of pricing with clients, the things we do ourselves, and as we work with other investors, that gap is narrowed to where it is almost indistinguishable. ♪

ritika: this is "bloomberg best." i'm ritika gupta. let's resume our roundup of the top news of the week. one of the more dramatic debacles in recent memory took a fresh turn this week as softbank provided a lifeline to troubled office sharing startup wework. >> wework has accepted a $9.5 billion rescue package from softbank, giving in 80% stake in -- giving the japanese investor 80% stake in the company at the valuation of less than a billion dollars and sees founder adam neumann give up his board seat and walk away with a package including $1.2 billion in stock. it seems to be the end of an era for wework, but is it the end of its troubles? >> it is the end of the adam neumann era at wework. he's basically getting a buyout package. more than $1 billion to buy out his shares, but it is the start

of problems. it means the problems get handed to somebody else, which is softbank. they get 80% of the company but on accounting terms, they say they don't control it even though they hold 80% because , they don't have control of voting rights or the board. what is left behind is a company with a lot of debt, cash needs, more than $40 billion of lease obligations over the next four years and softbank will have to deal with that. >> softbank to be planning to take a write-down of at least $5 billion to reflect a plunge in the value of some of the biggest holdings, including wework and uber. that is a lot to write down. that is a surprising number. >> that is $5 billion for the starters. they could be as much as $7 billion. if you brave -- a few brave analysts have estimated losses

for the quarter and that is the ballpark. i guess the real wildcard here is wework. there are questions about how much the company is worth. they can book positive returns from oil to balance it out, but it is not going to be a good quarter for some. >> boeing shares were on the rise after mapping out a sharp boost output of the 737 max, saying it remained confident the beleaguered plane would be cleared to fly this year. we also saw management reshuffle less than 24 hours before the earnings results. >> boeing is replacing the head of its commercial airplanes division, kevin mcallister, who joined in from general electric 2016 is out. they are putting the head of their services division in that role. it is a quick change, 24 hours before the earnings release. that is not the typical way you see companies make these types of changes, which says it has something to do with the 737 max 8 crisis.

there have been reports that mcallister was not proactive enough in reaching out to customers who were frustrated with the fact that the plane was still grounded and they had to pull it out of the schedule for 2020. >> caterpillar, its first decline in quarterly profit since 2016 and lowering the forecast for the year, blaming economic uncertainty for slowing purchases. >> a lot of people anticipated a guidance cuts, production cut, order of magnitude is larger than expected. they missed by a fair amount for the quarter but cut by a lot. >> across the board, it has been slowing worldwide. every region, very negative in asia but north america has been the strongest. that has been decelerating. construction is worse than mining, but with the global economy slowing, that will turn down too. >> tesla shares up more than 20%

in light u.s. trading after it reported a surprise rocket, exceeding the most positive by a wide margin. elon musk said the new plant in china has already started production and the model why crossover will start earlier than planned. is he now back on track? >> for this quarter, yeah. that is the question at this stage. is this profitability sustainable? ultimately, at the moment, tesla is valued because of the expectations for a growth story. on the top line, the numbers were disappointing and investors are hoping this signals that the revenue will continue to grow or recover again and they will deliver sustainable profits, which is something he is not been able to do in the past. they have be profits and frankly this is something like a $250 million swing in profit from expectations to reality, which all told, is that enough to justify $9 billion jump in valuation?

>> ford has cut its full-year profit outlook after a rocky quarter that saw sluggish sales in china and higher costs in the north american market. why was it such a terrible period for ford? >> basically the third quarter was difficult for many automakers, but ford had a particularly troubling quarter due to a large part to the problem launch of the explorer suv, a major breadwinner for them. it is important they get their product out there and get it right and the ramp-up of their production has been nothing short of disastrous. that is what tripped them up in the most recent quarter. >> shares of texas instruments tumbled after the chipmaker's fourth-quarter revenue forecast trailed estimates. the report said it was weak across the board. what is going on? >> texas instruments is a broad barometer of the health in the chipmaker market.

the fact they make analog chips, which are ubiquitous in all electronic instruments, and the fact they gave weak guidance is a testament to the fact things aren't as rosy as we thought they were. >> akzonobel saying it found pockets of growth in aerospace, packaging, and household paint to keep it on track to meet margin goals. they also an announcement of a new 500 million euros share buyback program as it reported earnings in line with estimates. you have reiterated that 2020 adjusted operating margin guidance. how are you going to get there? >> we have been getting there methodically. this was two years ago we announced this journey. we were at 10% then. we are at 13.8% business return on sales. the goal is to go to 15% so we have done it and we will continue to do it by looking at good margin management, cost savings, but also there is a lot

of work the team is doing to get this dutch icon into the modern age of computer systems, procedures, processes etc. , we have pretty good confidence we will get this ambitious target we set for ourselves two years ago. >> facebook ceo mark zuckerberg testified before the house financial services committee today, fielding inquiry into facebook's cryptocurrency and data privacy. he is trying to convince lawmakers facebook can go ahead and is responsible enough to do it but he is playing the china card, that if facebook doesn't come in with libra, the chinese could be the united states when it comes to this rocket. >> it was a lofty pitch for that libra was the solution to u.s. dominance versus china and not just that,

but the solution to inequality, that libra would help get access -- help the underserved get access to financial markets. there are so many holes to poke in that argument because libra is not just based on the dollar, it is based on a basket of currencies. second of all, it is based in switzerland. he came in with this argument he thought would fit into the current rhetoric with the tariff war in china and all the issues we are having with the country, and they are poking holes in it over and over. >> shares of biogen surging today, up 30% on renewed hopes for an alzheimer's treatment a lot thought were dead. the drugmaker will ask approval of the experimental therapy after a new analysis of clinical trials. take me back to march, the stock sold off by 30% when there was apparently data that showed the drug didn't meet some efficacy requirement and was pulled. explain that to me. >> sure, what happened in march

was the trial had a futility analysis. most trials have these things. you don't necessarily know when they are, but when the company did the analysis on the 1700 odd number of patients that had reached the required status in the trial, they said it doesn't seem it is going to work, so what happened today is they said we have had more patience, 300 more patients, so around 2000 and they say now we think the trial works. there are some key nuances in there. >> a change in leadership, but not a strategy at under armour. from the start of 2020, the ceo is stepping down at the company he started in 1995 and will stay on as executive chairman. under armour's president and coo will step in as the new ceo january 1. >> this is completely my decision, of course in concert with the board of directors,

since patrick joined 2.5 years ago and that was part of the process of getting to know each other and work with each other and understand what the vision is. we've been talking about this idea of moving from defense to -- from office to office when you've seen us in transformation the last few years. it is the perfect opportunity for the business to do that. >> what you will see is a lot of brand. we turning from defense to offense, which was planned all along. we believe the transition now really sets us up to have continuity in leadership, consistency, and enables us to win in the long-term. >> the longest commercial flight in the world took place over the weekend. qantas operated the route from new york to sydney, marking the -- taking almost 20 hours and marking the first step for new long routes. our reporter is here now. he survived the first flight of

project sunrise. how are you feeling? >> i'm feeling pretty good. i'm surprised at how good i feel. i have done that route with a stop. i generally felt worse. i am surprised i am not more be -- not more beaten up. it was a fascinating experiment because this was a research flight, a test. >> will it happen commercially? >> it is not a certain thing. qantas needs new aircraft from either boeing or airbus, a new deal with pilots and crew because they have to work longer than 20 hours for this route. a few things have to come together but this is one of the building blocks to show it is beneficial. ♪

>> i have the ddif function on the bloomberg, showing you debt here, almost 11 billion in corporates, 10.2 billion in corporates, a credit line for 2.5 billion. >> 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. this week marks the end of the era at the european central bank. president mario draghi presided over his final policy decision. he will hand the reins to his christine lagarde, on november 1. here is a look back at his eventful eight-year tenure, full of accomplishments and controversies. >> the ecb is ready to do whatever it takes to preserve

the euro. believe me, it will be enough. >> with these words, president mario draghi is credited by many with saving the euro with these words but he had proved willing to take decisive action. in his first two meetings, he undid the rate hike enacted by his predecessor and later took the key deposit rate to an unprecedented 0% to battle the greek, then european debt crisis and that was just the beginning. >> truly historic. the deposit rate has gone negative. that is historic for any major central bank. for allld say that practical purposes, we have reached the lower bound. >> as the european economy continued to deteriorate and bond yields surged, the ecb introduced quantitative easing in early 2015. not everyone supported it and opposition to the ecb was growing.

>> [indiscernible] >> despite signs of recovery in growth and jobs, it became clear europe still needed support. >> additional stimulus will be required. this outlook is getting worse and worse. >> maintaining calls for fiscal stimulus, draghi cut rates again and controversially resumed qe, reminding investors of his famous mantra. >> the ecb is ready to do whatever it takes. >>, so what next? for one thing, christine lagarde hopes to avoid his motto. >> i hope i never have to say something like that. rikita: you can find more coverage of the ecb and mario draghi on the bloomberg and on bloomberg.com along with the latest business news and analysis 24 hours a day.

that will be all for "bloomberg best this week. thanks for watching. i'm ritika gupta. this is bloomberg. ♪ ♪

hey. hey. you must be steven's phone. now you can take control of your home wifi and get a notification the instant someone new joins your network... only with xfinity xfi. download the xfi app today.

♪ carol: welcome to "bloomberg businessweek." i am carol massar. >> i am kailey leinz. we are inside bloomberg headquarters in new york. carol: this week, a special look at the year ahead. this is the issue with everything you need to know for 2020. from politics, power, to the global economy to technology and trends in the luxury space. kaylee coming up, we hear that :re