>> coming up on "bloomberg best," the stories that shaped the week in business around the world. the u.s. and china sign a phase one trade deal with optimism reigns, but issue remain. >> it provides the baseline for a better world economy. >> how it will happen is the big question right now. >> these tariffs will stay in place until phase two. >> in taiwan, a powerful pro-democracy statement. >> a referendum against chinese interference in the election. >> blackrock is going green. the world's largest fund manager pledges to support sustainability. >> it has a lot of weight and is

-- these letters are going to set -- from wall street. >> turning season kicks off with the biggest banks in the spotlight. >> numbers we saw this morning in fixed income are staggering. >> top executives from health care and drug companies spot key issues facing their industry. >> bio similars are an important part of the health care system. >> technology is an enabler of innovation, accelerator of innovation. >> we are trying to bring down out-of-pocket costs for consumers. >> even as equities climb to all-time highs, howard marks thinks it is not a great moment to be in the market. >> the odds are not in my opinion in the investors' favor. >> it is all straight ahead on "bloomberg best." ♪ hello and welcome. i am juliette saly.

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 a day by day look at the top headlines. as the week began, tensions remained high in the middle east with iran's government feeling the heat from the u.s. and its allies, and its own citizens, as well. antigovernment protesters rallied in iran for a second night after tehran admitted its military shot down a ukrainian jetline after days of denying it had anything to do with the incident that killed 176 people. manus: we now have internal insurrection in iran. >> this comes on the back of demonstrations in iran a few months back, as well, which were put down violently. to show the pressure iran is under and this unhappiness with the way the government initially lied about what caused the

downing -- the crash of the airliner. it is kind of hard to tell how big these demonstrations are and it will be hard to tell whether the regime will manage in cracking down as it did previously. >> the u.s. is lifting its designation of china as a currency manipulator. >> the treasury, saying beijing has made enforceable commitments not to devalue the yuan and it removes another obstacle of the signing of the phase one trade deal. in a lot of respects, this seems to be the righting of a wrong, given that designating them last year was a political move. >> there was also opposition within the trump administration to the president making that move. that move came at a time when the rmb went through seven to the dollar. that symbolic level, but things

have changed since then in the currency and now, we have this phase one deal which includes a currency chapter. that is clearly a big, symbolic move. >> wall street's biggest banks are reporting the latest round of earnings and it was an especially big quarter for jp morgan, as profit jumped 21%, fueled by a rebound in fixed-income trading. earnings of $36.4 billion, the largest of any bank in u.s. history. >> the fixed-income trading revenue was a standout. it was a billion dollars above what analysts expected and citigroup was not far behind. about 600 million dollars above what analysts expected, but they were able to shake off a lot of the worries in fixed-income. fixedries about net interim -- net fixed income. i want to caveat that by saying the cfo of citigroup had mentioned they will take some sort of hit maybe this year. we don't know what that will look like really, but right now, it is not something investors

are overly concerned about by any means. >> existing tariffs on billions of dollars of chinese goods into the u.s. are likely to stay in place until after the november presidential election. any move to reduce them would hinge on beijing's compliance to with the terms of a phase one trade. >> i think it took a lot of people by surprise to see the headline the day before we get this thing signed maybe. >> maybe? >> and that did take the steam out of the stock, but we are drifting toward new highs. >> these tariffs will stay in place until there is a phase two. the president will consider releasing tariffs as part of phase two and if not, there will be no relief. it has nothing to do with the election or anything else. >> bank of america joins wall street's trading come back with revenue climbing 30% in q4. goldman sachs performance was

marred by a $100 million legal charge for goldman sachs over it settle over the 1mdb scandal. does it begin to get cleaner from here on out? >> that would be the hope for investors, right? the big news was the big charge. they took a $1.1 billion charge related to 1mdb. it is difficult because they can't necessarily say where they are versus the total potential cost. we will basically have to wait for the final settlement to know what the final costs are. for bank of america, the disappointment today is clearly they are guiding to flat expenses and less optimism on the revenue side. it is tough to say at this point who is being conservative or not, but bank of america less optimism than other banks. >> historic day. we are 30 minutes away from the signing of the phase one trade deal between the u.s. and china. significant tariffs in place,

but it will punish beijing if it fails to deliver on key pledges. >> china has made substantial and enforceable commitments regarding the protection of american ideas, trade secrets, patents, and trademarks. >> it provides a baseline of a better world economy, and i think you are seeing in the markets the business community globally telling you things are better now in terms of prospects than they were before this agreement was entered into. >> it did outline the specific purchases china is going to make, this $200 billion of american exports it has agreed to, things like manufactured goods, and that is over a two-year period. how it is going to happen is the big question right now. it is hard to imagine china forcing its companies or its importers to buy american goods and how that system will take place. that still raises a big question.

everyone agrees this deal reduces tensions between the two countries but doesn't achieve a lot of what the trump administration said it would do from the beginning, which is crackdown on ip theft and forced technology transfers. >> even if the deal goes smoothly, be it after the election, i don't think anyone is expecting any near-term breakthrough there because you are getting at issues that go to the core of china's own economic and industrial strategy and ambitions, further owned national champions, state ownership, and their ambitions to develop china into a leading world-class technology driven economy. all those issues, all those matters pose redlines that will be tougher for the u.s. and china to reach a deal on. >> shares of morgan stanley, opening with the biggest rally in three years after the rivals boosted profit target for the

next two years. they are saying institutional securities revenue is the best it has been in a decade, so the numbers we saw this morning in fixed income were staggering. at one point, $3 billion. they are right behind goldman at $1.8 billion and they have risen at a higher pace. last year at the same time, they had the worst performance on wall street, so the street is asking whether the performance is sustainable. they are investing in that business and overall investment banking figures beat estimates. >> it has been a massive week for trade in washington. yesterday, it was the phase one china deal. today, usmca. >> the bill is passed. >> clearing the senate, it will replace nafta. >> this was an overwhelming bipartisan vote in the senate, much like the house. a big bipartisan vote to pass it.

it was a major campaign promise for president trump. it is not a radical departure from nafta. a few things are tweaked, but he promised it would do some things and now he can say he has done it. >> china's economy last quarter after slowing to the weakest pace in almost three decades. fourth-quarter gdp rose 6% from a year earlier, matching estimates. meanwhile, industrial output retail sales and fixed asset investment figures all beat estimates. key takeaways? >> the data was better than expected, but what we really care about here is industrial production and fixed asset investment, this number will keep slowing down. every six months, every year, we are going slowest since the 1990's. who cares? the last time the u.s. saw growth like this was 30 years ago. this is a high level of growth for an economy that is exceptionally large and sends a message the pboc is doing a good job of managing the growth slowdown.

it is a very slow slowdown in terms of the rate of deceleration very moderate and overall this is a positive story for risk assets. [bell] >> ending the week on a high note here. the dow, s&p, and nasdaq at record highs. the dow firmly above that 29,000 mark. now a five day winning streak for the dow. juliette: still ahead as we review the week on "bloomberg best," conversations from the jpmorgan health care conference. plus, an exclusive interview with dallas fed president robert kaplan. he thinks the central bank should rein in its asset purchases. >> the balance sheet is not free. there is a cost to it. juliette: next, more of the week's top headlines. >> u.k. inflation data at a three-year low in december. juliette: this is bloomberg. ♪

juliette: this is "bloomberg best." i'm juliette saly. let's continue our global tour of the top stories. taiwan reelected their pro-democratic president in a -- pro-independence president in a landslide. >> taiwan's president has won a landslide victory to clinch a second term. the win is being seen as extending the fourth quarter market rally we have been

witnessing. >> what most have been saying over the weekend is this is pretty much a referendum against what they saw as chinese interference in the selection or -- and this election or attempts to interview in that interfere in the selection as well as a rebuke for the desire for more -- closer ties with the mainland. those strategies pretty much backfired, so the kmt did pick up a seven-seat gain in the legislative, but the party keeps the majority in the legislature. >> the pound dropped, following another member of the pboc monetary policy committee citing a potential vote for an interest rate cuts this year. what should we expect when the boe meets? >> mark carney's last meeting at the end of this month, it had been considered previously a pretty dead meeting, but now we have various policy makers coming out.

we already had two of the nine voting for rate cuts. now we've had two more saying if the data doesn't improve, they will vote for a rate cut. one as soon as this month potentially and we had mark carney himself saying they have the space to cut if they need to and he hears that argument. this morning, we heard gdp data that was unexpectedly worse than any of us expected. it was a contraction in november. there will be a lot to look at before we get to the january 30 meeting. >> u.k. inflation data slowed to a three-year low in december, clearing the path for a potential bank of england interest rate cut at the end of the month. >> inflation came in at 1.3 percent, well below analyst forecasts of 1.5% and below the boe's 2% target. today we heard from michael saunders, the leader in charge for lowering and he says there needs aggressive stimulus to -- says the bank needs aggressive stimulus to take the cut have the risk inconsistently

low-inflation. >> in the last few minutes, gdp data from germany confirmed the extent of 2019's slowdown. gdp grew at 0.6% last year, the weakest in six years. despite the sluggish data, the governor says the risk can almost be ruled out. >> the german economy had a horrific year last year. it is heavily dependent on exports, especially manufacturing, cars. exports have grown only slightly. on the other hand, we are seeing quite robust demand domestically. both private and government consumption has grown. also, we are seeing construction growing, so it all speaks about domestic economy still going strong. >> the inflation rate hitting a five-year high in december, far above the rbis target and

prompting expectations of a further pause, even as the economy loses momentum. what is driving prices up? >> vegetable prices and within the vegetable prices, onion prices. i watering 60% jump in vegetable -- 60% jump in vegetable prices if you look at the cpi index. that will take time to ease. economists, which means we are in to april and we will see the cpi headline inflation easing, and that doesn't end there because you've got volatile oil prices feeding in. the telecom price hike we saw in december was also play out in -- will also play out in the next few months, so what you are seeing is a very sticky headline inflation and risk is very -- -- and gives very little room for the bank reserve of india to cut rates because unless it falls below the 4% mark, the target, there is not much they can do about interest rates. >> the ecb, releasing its

meeting with christine lagarde at the helm. seeing initial signs of stabilization through the slowdown. are we seeing any subtle signs of pushback from the governing council about where monetary policy setting is now? >> what stood out was vigilance. -- was this point made on vigilance. it seems several members are arguing you need to monitor the potential negative side effects that could come from this current policy stance, even though they have agreed to keep it what it is at the moment. going forward, there might be more reluctance to take interest rates lower than where they currently are. in a way, what it also shows is the ecb will be taking the -- taking it soul-searching mission in the context of its proposed strategy review very seriously. >> the trump administration is planning to change how economic data is released in a move that could affect access to figures like a monthly jobs report.

>> the trump administration is looking at changes to the way it releases economic data out of the labor department, including taking away computers that reporters for decades have used to get the data on embargo ahead of the release, digest it, make sure it is accurate in terms of what they are releasing and report it out. we don't know yet what their plans are for how they would release it. what is go straight out to the internet at a prescribed time when everyone can get it at the same time? that opens up other questions as to whether there could be a logjam with the servers at the labor department being hit at the same time at once when things like the jobs report released on the first friday of every month. >> treasuries will issue a 20 year bonds for the first half of 2020, looking at different ways to fund the ballooning deficit. steve mnuchin said the government will look into other

products the finance debt at >> -- finance debt at the lowest cost over time. >> it will be interesting to see who steps up to buy these 20 year bonds. typically when you look at the 30 year treasury, your pension funds, your insurance companies, so it will be interesting to see if those are the natural buyers of 20 year debt. with that said, europe and japan have 20 year bonds, so it makes sense the treasury went within the existing market structure and we could see domestic funds really interested in these bonds, as well as. -- as well. vladimir putin's rip on -- grip on power continue beyond 2020 for? he has replaced his prime minister and called for sweeping constitutional changes which could reign in his successor. putin is due to step down in over four years, but the shakeup could see him take another powerful post to ensure his influence. how much of a political earthquake was that? >> it was completely unexpected. putin was giving his annual address and there were no signs

of the changes until the end of the speech when he outlined a -- the constitutional changes which he said at the time were , very important. it was only after that the bombshell news arrived of dmitry medvedev's departure and putin's decision. -- to have a new government. 'se incoming prime minister appointment was pretty much a formality. >> the impeachment trial of president trump kicks off in the senate next week. the most controversial issues will be tackled behind closed doors. chief justice john roberts will preside over the proceedings. >> i spoke with top republicans about a timetable for how long it will last. they say anything from a couple of weeks, so the anticipation, at least from the white house's perspective, is they will be up -- they will be able to get the trial completed before the president's state of the union address on february 4.

meanwhile, democrats are doubling down trying to push for there to be what they say more transparency. they would also like to see some key witnesses. however, if you look at the math in the senate and i'm not sure the democrats are going to be successful based upon my reporting in their efforts. ♪

juliette: you are watching "bloomberg best." at its meeting in early december, the fomc signaled it does not expect to raise rates in 2020. since the announcement, the s&p 500 has gained 5%. this week, dallas fed president robert kaplan spoke exclusively with bloomberg's michael mckee. kaplan says he worries the fed's position is helping push cap asset prices. >> i do, and i think there are three aspects.

rates are lower and we lowered rates last year and i was a , supporter of those rate reductions because i was worried about weakness in the economy. then there is a perception that the bar is higher for future rate increases. i don't know if i completely agree with that, but that's part of our communication, and the third issue is in order to address this repo issue, we've grown the balance sheet. i think we've done what we had to do, but i'm very sensitive from here that we need to be finding ways to limit and temper the growth in the fed balance sheet. i'm conscious all three of those, all three of those actions are contributing to elevated risk asset valuations, and i think we ought to be sensitive to that at the fomc and i certainly him. -- i certainly am. >> you say it is not qe. a lot of our guests on the market say it is qe. because theyqe believe it is? >> it is not qe because we are

not buying along the curve. my own view is it is having some effect on risk assets. it is derivative of qe in that we buy bills and we inject liquidity, it affects all risk assets and i'm of that view. for me, this is why i say growth in the balance sheet is not free. there is a cost to it, and we ought to be very disciplined about it and sensitive to it. i think we've done what we needed to do up until now. i think it is very important that we come up with a plan and communicate a plan for winding this down and tempering balance sheet growth and i'm very hopeful we will do that. juliette: coming up on "bloomberg best," more perspective on markets from oaktree capital's howard marks. his message, this might not be the best time to invest. plus, conversations about health topics in health care. there is support for a single-payer system in the u.s. >> the only way single-payer

controls costs is by withholding services. juliette: this is bloomberg. ♪

juliette: welcome back to bloomberg best. poised for larger returns in 2020. at least one leading figure on wall street is urging caution. an exclusive conversation, with bloomberg's erik schatzker, howard marks explained why he thinks the present moment is not a good time to be investing. has been up for 11 years. we are in the longest bull market, longest expansion and history. profits are not rising, stock prices are. it is a liquidity-driven rally. it comes from people having a

lot of money to spend. if you put those factors together, it does not mean the market will go down tomorrow. it does mean the odds are not, in my opinion, in the investors favor. isis that to say that now the time to be a contrarian? the economy is growing at a reasonable clip. forecasters say the odds of a recession in 2020 have declined. stocks brushed off the threat of iranian hostilities in surged to a new record. high-yield spreads keep edging closer and closer to a new postcrisis low. way i would phrase it, this is a time to have less risk than you did three or five years ago. juliette: this week, global leaders in the health care and

pharmaceutical sectors gathered in san francisco for the j.p. morgan health care conference. bloomberg spoke with several top executives about the most important issues facing industry . let's start with bill anderson, who told taylor riggs his company is not concerned about competition. >> we don't worry about bio similars. they are an important part of the health care system. they bring lower cost and choices for patients. our real focuses on innovation and we will continue to be successful there. >> there has been a lot of talk about drug pricing and transparency. what are your thoughts on potential changes this year or the next four years for new drug pricing transparencies and how you make sure you are clear about the pricing? >> one of the issues we have as an industry, almost half of the cost of medicine is borne by s.tient

it does not go to the innovative pharmaceutical companies. it goes to the middlemen. rebate reform and transparencies are ways of ensuring that people understand where the money is going. see the do you intersection in technology in health care? >> at gsk, innovation is the first of our three priorities. with -- what we hope will be at least six new approvals in 2020. technology, for us, is in enabler of innovation, accelerator of innovation. it is so exciting to see the advances coming in biology, but also in technology. beenis why we have building some exciting new

partnerships, whether that be this is ad me, fantastic ecosystem. opportunity of fundamentally to improve through genetically validated targets the probability of success of our medicines. >> mid-2019, you introduced a half priced insulin. why has that not been as successful in the retail marketplace? >> it is a case study in how the drug distribution and reimbursement system works and why this is not just a matter of manufacturers changing their list prices. we launched a half-price version insulin. we are launching two more today

part for a patient to get it, they need to buy it in pharmacy and wholesalers and pharmacies need to carry it. insurance need to reimburse it. less so, that is happening. we would like to see more progress on that front. >> i guess it does not work if it is just you. the conversation needs to include the whole supply chain. >> the system today has not been oriented toward consumer level pricing. everyone hears loud include the message, we want to address that. orchestrating that and getting that together is taking our time that we all want. we are trying to bring down out-of-pocket costs for consumers. i think the other actors, r2, but we need to accelerate our progress together. you run a business? how do you plan for what could be a very different environment one year from now?

>> we make decisions based on the facts as they are today. that is what we do. all, i said to this -- the postal service does a good job. >> do you expect medicare for all to be implement it? >> know, we cannot afford it. it is a soundbite. of the candidate say, we will do it in our third or fourth year of office. the only way single-payer controls costs is by withholding services. m.r.i.'s in the city of philadelphia than the

entire country. commissioner was in washington for talks with the trump administration officials. we caught up with hogan to discuss the state of trade relations with the u.s.. >> trying to reset the relationship, trying to understand each other. find common ground with the united states. we started on a positive note on tuesday, where the united states and european union and jpeg -- anan said we wish to have issue around industrial atsidies and dealt with this the basis of a level playing field. this was a positive agenda. >> you did have another

bilateral meeting today. did you receive any assurances there will not be new tariffs? we did not get any rate -- assurances and we did not expect any assurances. he has a very big trade week. the european union and japan, the deal that was done between the united states and china, and the passing of usmca in the senate. it is a very big week for him. we expect to be in davos together next week to continue the discussions. ♪

juliette: this is bloomberg best. let's resume our roundup of the week's top news in business, finance, and politics. several stories this week on sensitivity to climate change is playing a larger role in corporate and investment strategies, starting with a major announcement on the world's largest fund manager. wrote in his annual letter that climate change has become a defining factor in the company's long-term prospect and he believes we are on the edge of a fundamental reshaping of finance as result. when do we actually see them into action? where is blackrock now? moment.is a great pr as was it joining the climate

action 100 group, pushing for corporate governance around social and environmental issues. larry fink has a lot of weight and these annual letters are agenda setting for wall street. blackrock is talking about embedding sustainability into talking about a comprehensive embedding of sustainability into its business model. that, in theory, sounds like a pretty big deal. >> seaman says it will go ahead with a contract to supply an australian coal mine. environmental protesters in germany had called on the company to abandon the project. bushfires linked to climate change ravage the continent. why is siemens pushing ahead

with this plan to help burn coal? >> they have a contract and they have an obligation to fulfill for the customers. siemens is not to building a thermal coal power plant. they are merely supplying technology for rail line that is supposed to connect the future coal mine with the coal so the quantity can be moved. what is happening in munich at the headquarters, people camping there protesting for 24 hours, putting pressure on the ceo. >> creating one of the world's biggest aerospace and defense suppliers. why the merger now? >> they say this does not have to do with the 737 max. of course, that is on everybody's minds.

they say they are more focused on the engine of the future. there is a big push toward greener engines and reducing emissions and they want to be at the forefront of that technology . this, of course, is the latest in a long line of consolidations with aerospace and defense suppliers. this will give them some pricing power down the road. i would expect to see more consolidation in this space. >> goldman sachs plans to double its headcount in china for the next five years as china continues to open its $45 trillion financial market. what do we know about this plan? >> are sources say goldman is planning in the next five years. that is contingent if china continues on this path. veryof goldman strategy is important in are sources say when david solomon took that top

job, one of the first things he asked for was a five-year plan to sketch out their plans in china. a plan to increase its stake to more than 50% and plans to take full control of that union by the year and if they are permitted -- unit the year end if they are permitted. management is important. >> ubs is slashing jobs at its global wealth management unit in asia and europe. china, though, is the rare exception. the bank says it is on track for double its -- double in the mainland over the next 3-5 years. looking at some teams

in europe, 20% cuts. -- it ismanagement happening in asia first, that clearing out of some of the management and then it will shift to europe and the middle east and africa as well. we are looking at job cuts at around 500 personnel ranging from managing directors all the way down to systems as well. we have seen thousands of cuts in terms of jobs at the bank. >> barclays is planning to cut about 100 senior jobs. this across its corporate and investment bank. 100 people does not sound like a like -- does not sound like a lot, why should i care? theseclays, we had all of u.s. banks report earnings. the return at these u.s. banks are quite high. barclays, with that 10% return,

they need to improve. this is better for investors for them to manage those costs. hopefully, they can do more with less. >> boeing has lost its title as the world's top playmaker at the 737 max grounding has the company -- hence the company its biggest defeat in 45 year dual with competitor airbus. at this point, it seems like one thing after another. is there -- is there any silver lining? front, airbusvery has twice as many deliveries. signs of improvement in the fourth quarter, they delivered 45 dreamliner's and that is more than expected and that should bring in some more revenue next year. it is definitely not great. but it is ok.

>> what happened? >> target reported their holiday sales for november and december and it was well below expectations from a target perspective and the investment community. 1.4% same-store sales is up against the 5.7% from last year. it is a worrying type of result. fourth quarter sales expectations have been slashed although the company did hold firm to its eps expectations. it was a disappointing quarter. going into 2020, what is target going to do with regards to its strategy? is there a pivot that needs to happen? >> taiwan semi conductor beat out earnings well above estimates. the results show how it is investing in the future.

this is their net cash flow from investing. why is this company so important for read on the space? >> it is a manufacturer of semi conductors. when apple releases a new iphone and brags about the latest chip, that is a chip that is made in taiwan. it includes one of its biggest customers, huawei. bere was concern it would caught up in some of the crossfire. --y are saying they not only not only was the most recent quarter was better than expected but the outlook was better-than-expected. they expect to take orders from others building out the 5g network to offset any potential decline from huawei. it connects popular apps like

venmo to customer data in the banking system. is plaid do for visa? >> plaid has 2600 fintech customers. venmo, acorn. it gives visa these customers. plaid has been a u.s. based company. visa is in a great position to add fintech customers internationally. a little bit longer term, visa sees an opportunity to sell payment services, capability, and to fintech. that will mean more payment transactions go across visas global networks. >> the british royal family spinoff is taking another turn today. senior members of the family met today to discuss the duke and

duchess's decision to step back from royal duties. we do have a letter from the queen saying, we had constructive discussions we respect the fact they want to step back even though we wish they would not. >> the queen statement is kicking the can down the road for a few more days. it seems likely prince harry and the duchess of sussex will be spending a lot more time in canada, even in this transition period. timespretty extraordinary . ♪

juliette: we are getting for the remarks on the secretary of state mike pompeo speaking in san francisco at the commonwealth club. the u.s. is increasingly at risk from china's actions. he spoke earlier at stanford. leaving that there. in key events you might have missed -- any key events you might have missed part there are 30,000 functions on the bloomberg and we enjoy showing you are favorites. maybe they will become your favorite. to importantyou context and fast insight into timely topics. here is a quick take from this week. 5g, or fifth-generation

mobile service, promises a lot. nothing short of a revolution in the way we connect to the real an online world. it is the first big upgrade to the global mobile phone network in a decade. it is not smooth sailing. debates about security have put the u.s. in some of its allies at odds with china. this is your bloombergquint take on 5g. 5g should be light years ahead of 4g. the current top-of-the-line network first introduced in 2009. it is designed to be 100 times faster than its predecessor with data speeds reaching 10 gigabytes per second. that would allow you to download a home length movie in a matter of seconds. south korea switched on nationwide 5g. japan and parts of china are not far behind. in the u.s., some cities already have the service. u.k. providers routing for

limited 5g service in 2020. when will 5g be the new normal? don't hold your breath. even if you live in one of the countries where carriers are already rolling out 5g, it will be a couple of years before the geographic reach will let you use your 5g phone without relying on 4g. furthermore, you will need a 5g phone. while weight and lenovo -- while weight and lenovo are releasing 5g phones soon. apple will not market a 5g phone until 2020 at the earliest. what are the security worries? 5g will connect more devices to more critical parts of our lives, meaning that if it is hacked, it we have more to lose. the current conflict focuses on the chinese company huawei. they worry that chinese 5g

equipment could be used to spy on them, a kind of trojan horse. that is not been proven but concerns are serious. the u.s. wants to keep the company away from what it sees as critical national infrastructure. theident trump has curbed presidents of -- the company's ability to sell a quitman in the states. state --eant in the equipment in the state. 5g networks are expected to cover more than 40% of the population. the question is not if you will get 5g, but when paired this get ready for a lot of controversy along the way. of the manyone takes 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 all for bloomberg best.

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♪ hyundai motor, connecting art and technology. >> [indiscernible] ♪ narrator: the relationship between art and technology has been somewhat of an uneasy one, wavering between tension and collaboration. traditional fine arts fans have been wary to the use and abuse of technolo