>> coming up on "bloomberg best," the stories that shaped the week in business around the world. coronavirus worries infect an agile markets. stocks plummet, bond yields touched record lows, and lash their outlooks. of ae implied probability recession has gone basically through the roof. is possibly the worst thing i have seen in my career. meanat will today's crisis

for long-term global growth? >> there is going to be a financial impact. my guess is it is going to be worse than people think. with are confronted conditional supply and demand shocks. >> it is not like the world will end tomorrow. >> presidents trump and modi meet in india. onthey pledge closer ties maritime security. >> jp morgan lays out goals. >> they said u.s. wealth is going to be one place where they can sell growth. >> and disney names a new ceo. >> i intend to double down on the same strategies bob has established. >> it's all straight ahead on "bloomberg best." ♪ welcome.llo and this is "bloomberg best," your

weekly review of the most important business news and assets. let's start with a day by day look at the top headlines. the dominant story throughout the week was the global spread of the coronavirus, and on monday, as reported infections climbed, financial markets felt the pressure. coronavirus continues to spread beyond china and outside asia raising concerns about the prospects of a pandemic. south korea, which raised its infectious disease alert to the highest level over the weekend confirming 161 new cases and two more deaths and now seven deaths and over 250 new cases. >> we heard from the finance ministry. they will be announcing, they say, extraordinary measures for the economy. in italy.140 cases >> the milan stock market opened down 4% this morning.

threats are spiking this morning, and it he was -- italy was already in for a giant economic situation. it was preparing for a recession in the beginning of 20/20, and the government is fragile and under assault. thetocks plunging around world. president xi jinping has urged china to spare no efforts to stop the outbreak. >> northern italy grinding to a halt today. this as the governments impose a regional lockdown to contain an outbreak of coronavirus as it has already affected over 200 people. ,he country's financial hub milan, has seen schools, museums , all closed with many staying away from work. >> we estimate that the northern swaths of the country in an arc from here east toward the medical region where venice is probably accounts for something

like 1/3 of the economy. as you can imagine, just shutting that down for a number of days or even possibly a week or more would have a devastating effect on the economy. >> u.s. stocks having their worst day in more than a year, the dow and s&p erasing their gains. >> i don't think it was panicking. it did not feel like at any point we were about to just keep selling. nonetheless, the fundamental news out there is not great because people, i think, feel like they have no sense where this virus is. >> the spread of the coronavirus outside china including south korea, iran, and italy has seen the number of cases worldwide top 80,000, but for now, the world health organization calling the outbreak impending. orwe are seeing clusters chains of transmission where we do not know what the originating

factor was. we do not know, did someone travel and spread the virus? how has it arrived in that country? >> we have another sea of red. yesterday, we were down sharply. the madrid market where we have seen more cases of the coronavirus has been quarantined. madrid, the market down by 3.32%. >> the impact of the coronavirus is being felt worldwide. >> more than 300 companies in the s&p 500 have recorded downward revisions to their first quarter estimates, so we have gone from an anticipation of about 2%, 2.5% growth in q1 to negative growth expected. i think it will only get worse as long as the coronavirus continues to extend, the duration extends and it

continues to ramp up globally. >> u.s. centers for disease control and prevention is warning americans to prepare for a coronavirus outbreak here at home. >> we cannot hermetically seal off the united states to a virus and we need to be realistic about that. >> it is all eyes on the bond market is the 10-year treasury yield finally broke the record low it has been flirting with. 1.3155%.record is now >> there you have the closing bell. we are looking at losses for the dow and s&p. this is a four-day selloff of the major indexes. the dow, the s&p, and nasdaq have all erased their gains for the year. they are all negative 2020. >> the coronavirus wreaking havoc on markets despite trust her fire and the administration's best efforts. trump and president the admin's ration's best efforts -- and the

administration's best efforts. >> we have tightly contained this. it is an early success for our side. >> the cdc sounding less optimistic, telling reporters in washington and the last one of four hours it is not so much a question of if this will happen anymore but rather a question of exactly when it will happen and how many people in the country will become infected. president emphasizing the degree to which the disease is under control or contained, is correct, but the cdc is making the point that given how rapidly it is spreading across the world, given the characteristics of this virus, it is pretty unlikely it will stay that way for too long. >> because of all we've done, the risk to the american people remains very low. >> what we obviously saw was an attempt by president trump, the administration as well as health experts to try to align their messages, but there were pretty clear areas of disagreements. conference,he press

confirmation from the cdc that one person in the u.s. has been confirmed to have the virus with no known links of any areas of outbreak, suggesting that could be the first instance of person-to-person infection within the u.s. quick smoke coronavirus cases were reported in countries other than china for the first time, a significant highlight in the thead develop its from world. strategists from goldman sachs one against buying the dip in the s&p 500 and on the company front, microsoft and hp joined the ranks of other companies from apple to united airlines reporting a hit on the outbreak. >> this is the first time we have had more new confirmed cases on a daily basis outside of china than inside of china. saudi arabia does not have any confirmed cases, but they are taking the cautionary step to temporarily suspend pilgrimages to mecca. japan also has more than 200 cases now and we just heard from shinzo abe, the prime minister. he is going to cancel -- or at

least suspend, i should say, for about a month through mid april all schools in japan. >> markets down 3%, 3.5%. overts in europe all down 3%. >> this is possibly the worst thing i have ever seen in my career. and, you know, i have been through a lot. the stock market crash in 1987. i went through the financial crisis. this has the potential to real into something extremely serious. it is very hard to imagine a scenario where you can actually contain this thing. worse by theing second, more or less. nasdaq looking for declines of almost 4.5 percent. s&p a little better, 4.3%. the 10-year treasury yield 1.3%. this is off to the races. it just feels like they are not

slowing down at all. >> wipeout on wall street. global stocks had for their worst week since 2009. a painful day in asia. >> european stocks are tumbling. u.s. futures signal yet more pain to come. this comes as new cases of the coronavirus keep appearing outside china. new zealand and was the wienie you have reported their first infections. so has nigeria. >> banc of america said this could be the worst week since the global financial crisis. citi is expecting zero growth and they say even that is an optimistic view. as they move money out of equities, we see it going into treasuries. yield hitting fresh records. vent touching $50 a barrel today -- brent touching $50 a barrel today. >> financial markets basically through the roof.

this is not as bad as 2008, but i think it is worse, i think, than anything we have seen since then. >> pricing and a 100% chance of a 40%asis-point cut at chance we get the basis points. everyone in the market seems to .e telling me this is a shock policymaking on the monetary side will have very little impact upon. >> i would completely disagree with that assessment. abilityral bank has the to at least help deal with the crisis. my own team trimmed our first half economic forecast by 50 basis points based on the equity route alone, and it gets us to gdp growth of about 1.5% in this quarter, 1% next quarter. that is going to convince the fed that they do need to step into the picture sometime soon. powell issuing a statement on the coronavirus and the impact of the economy,

saying the fed is closely monitoring develop and sent applications for the economic outlook. "we will use our tools and act is appropriate to support the economy." >> the markets really wanted to hear something, anything, from the head of the fed. his statement was not at encouraging, i think, to markets. it since at least a little relief that there is a fed backstop in some capacity. >> it is hard to believe in a century spanning the great depression all the way up to the financial crisis, the current correction we are in, the fastest ever. the dow, s&p, and nasdaq all falling thisl week. >> still ahead as we review the week, much more on the impact of the coronavirus. the ubs chairman is among the experts who believe the long-term economic effects may be severe. >> likely in our estimate, this

is going to bring global growth of 3.5 percent. >> the shadow of the outbreak hangs over earnings season. up next, executives review their results and explain how their businesses will weather the epidemic. uncertainty for the moment is in which markets it will affect things. >> this is bloomberg. ♪

this is "bloomberg best." earnings were top of mind for investors this week as companies project the coronavirus impact on their outlook. thes begin our report with results from rio tinto. the world's second-largest miner is weighing the impact on the coronavirus -- the world's second largest minor is weighing the impact from the coronavirus.

the company says there could be a second half boost from china's efforts to combat the virus. >> the virus has primarily impacted the service sector, the construction sector, and manufacturing. this point in time, the impact on our part of the business has been very limited. however, the situation can evolve quickly, but we are confident the chinese are taking the right steps. we are monitoring very carefully in terms of traffic jams and shanghai, beijing. construction for the energy sector, and we start to see a small uptick. >> a previously flagged decline in steel spreads prompted a

decline for australia's largest producer. >> what we have said for our second half outlook is that we are expecting to h business for the second half. the second half of china is seasonably softer anyway. to put that into context from a year ago, we had earnings from our china business in the second half of 6.3 million dollars. we reported today a half earnings of $403 million, so that is the relative impact we are currently forecasting. >> standard chartered says the coronavirus outbreak will hurt this year's results. reported 2019 full-year underlying profit slightly behind analyst estimates. you have warned about the impact of coronavirus. can you give us more detail on where you see the biggest touch points for your business? >> we have seen for the first couple of months the businesses

performed very well. also clearly the impact of that will probably come through in march and beyond. i think the uncertainty at the moment is in which markets it will affect things. it appears. obviously outbreaks in other countries. we will have to see how long those go. this year may be a little bit more challenging. time will tell how challenging it is, but we will continue to do what we have been doing before. some things we can influence, others we cannot. >> the analyst call was dominated by coronavirus, which could hit the firm's operations in china. the ceo spoke exclusively to bloomberg about how much visibility he had regarding the virus' effect. >> china was pretty straightforward for a while. most of our activities were down between february and part of january as a consequence of industry regulations in

china. what we see is a request of restarting operations. mart ina very precise front of us and we were able to assess the impact on our accounts, a source of assuming the impact that things will go .ack to normal warning of a second annual profit drop due to the impact of an ongoing slumped in autos amid the coronavirus. carmaker's biggest said the outbreak will have a significant impact in the first half and it does not expect a be able to offset the second half. how bad is your visibility due to the coronavirus? >> what we expect is we will see

also the impact globally because there are global value chains so over time, thek logistics, the supply chain will transform the topic globally and i think we will see disruptions and see also a slowdown from the demand side. >> a grim scenario over losses over roundup weed killer. the company says it might have to sell assets, issue stock, or borrow money at unfavorable rates. bayer is working to settle claims it causes cancer. in the u.s., it faces more than 48,000 lawsuits. >> when will you need a cash call to deal with the round of issue? when do you have to go back to the markets to find new confidence to bring in money to pay for all of these legal issues? quotes where there is even dock -- >> where there is ebitda

court if yes, we have done quite well. we have a quite solid balance sheet, also for some of the challenges ahead -- >> are you saying you do not need to know for a cash call? >> i think it is way too early. we are working diligently with the tool path approach that you know about, and we first have to where we are going to end up specifically. >> china's top internet search sails grew 6%tal from last year, but are expected to decline due to virus-related shutdowns. is there a sense baidu is getting ahead of the concern over coronavirus, or is it just not possible at this point to be able to accurately model what kind of impact we are going to see? a generally, first quarter is

seasonably weak quarter anyway. they wait for after chinese new year to have a more clear idea of how much they will spend on online advertising. early andy it is premature to assess the impact. >> it was a happy holiday for last-minutes to a holiday surge. >> i think macy's is in a tough spot. just last week, it was cut to do notcause s&p analysts think that it's big turnaround plan that it also touted this month is really going to work. the company has already said it plans to cut about 2000 jobs. it is shutting its most underperforming stores, so the company has a really tough road ahead, and i don't think results really gave an indication as to if that strategy is succeeding

or not. they were a bit of a bright spot in a lackluster year. ♪

finance ministers and central bank governors from the world's largest economies met this past weekend in saudi arabia for the first g20 summit of the year, and of course, the coronavirus outbreak was a major topic of discussion. ubs' chairman sat down with bloomberg on the sidelines of the summit. he believes the global economy will take a massive hit from the virus, and he says markets are underestimating the risk. has basically the view that the glass is half-full , the world will pass the stress test, it is a temporary

one-quarter impact. baked into our projections. >> the g20, the language being used is about a potential coordinated response to a slowdown in the world as a result of this new black swan. what is the coordinated g20 response? 2019 was great. what is 2020? >> just to get the numbers right, likely in our estimates, this will bring global growth to .5%, which is a massive drop. it will bring chinese growth from 6% two -1.5%. the first time in postwar history where china will post a negative number for the first quarter. that requires response. the global number tells you it is not just china but very strongly impacting neighboring

countries -- hong kong, singapore. the support that the rest of the world can give is to keep the door open for export and for trade. ,> when i look at markets equity markets are only just sort of slightly shaking. our equity markets underpricing those kind of numbers you just talked about? >> they definitely are underpricing downside risk. at the moment, they look at this as sharp decline, sharp reshape recovery -- sharp, v-shaped recovery, and we are done. that will not be the case. that was ubs' chairman speaking before the sharp downturn in global equities at the start of the trading week. next, more conversations about coronavirus as the outbreak el.eads and the markets re >> it seems like we have moved

from extreme confidence in the markets to extreme panic, all in the space of one week. nejra: this is bloomberg. ♪

benjamin: this is "bloomberg best." i'm nejra cehic. through this week, guests have shared insight and analysis on the coronavirus crisis. let's revisit some of the most interesting interviews about the most urgent international topic. >> there's a lot of panic at the moment. it's really not warranted. if you think about the fundamental health impacts, they are significant, but it's not like we have a real pandemic. it is like a strong flu. the issue is people do not know what to do, and we are behaving in a very disorganized way. a lot of societies have problems organizing themselves.

supplies,ave medical people fear when they show up at hospitals for testing, they cannot deal with them. >> is it having an impact on any parts of your business? are there parts of your business took asia, use you to a stake in a baking business. >> we took a halt for a certain period of time, but people are sort of normalizing their behavior. weeks,eve the next few you will see an increase in but overand problems, time, things will normal out. we are not here to increase panic, it's very important the public administration takes it very seriously and is organizing itself properly. what you can see in italy and other cases, there administration is not prepared, then people get panicked. that's what we need to avoid. >> you don't see a global

recession? >> short-term economic activity will contract. it will have an effect on global gdp. it is not like the world will end tomorrow. >> what do you think of the people that have hope about stimulus, federal reserve, chinese policymakers, what is your response? >> on the fiscal side, we will be behind the curve. we are not going to get much out of the u.s., germany, and the rest of europe. japan will have some stimulus, china will have some stimulus. it will be delayed by politics and so on. on the monetary side, we have eurozone and japan. how much can the ecb do? points -- 10is or 20 basis points? it will be peanuts. i think the fed will act in march, because they will realize it's becoming a global pandemic. points, 25 in march,

25 in june. how much given the negative supply short, -- shock. it reduces growth, cost of inflation. monetary policy can create demand shock. the impact will be impact positive. it will fizzle out over time. outbreak coronavirus the black swan you have been preparing for? >> there usually aren't monsters hiding under the bed, and sometimes, there are. i don't think we can really determine which is which until it is too late. human andis is a bad economic thing going on, and it has made the worst by far by the valuations we see in the market and the fragility. worse byng is made far this situation. >> no one can predict when a

pandemic will start. because of the complexity and inconsistency of the health system, no one can really predict how far it will spread. >> certainly not, a prediction and forecast should not be part of your investment thesis, your risk mitigation strategy. if it is, you've got a problem. >> but why do so many investors spend considerable sums of money, devote time, and energy, and effort trying to predict the unpredictable? go aboutw they protecting themselves from the unpredictable, that's the problem. they go through it by diversification. it is sort of the kool-aid we're are drinking from. diversification, lowering the volatility of our portfolio will somehow protect us from these things, but it doesn't. it is just making us poor at the end of the day. it doesn't provide enough

protection, so we need to invest so much in this strategy that it costs more. shorter-term, there is going to be a financial impact. my guess is it is going to be worse than people think. we are really dealing with a bit of the unknown. as this evolves and continues to evolve, people will understand traffic goese when down, when the logistics and supply chains get terribly affected. 60,000 containers are in the wrong ports, the wrong cities, because the supply chains have been disrupted. it will take time for that to get back and going in the right fashion. my guess, and i would be remiss if i didn't say this, i'm not an expert, we are doing our best to care for people.

the short-term impact israel, but i'm hopeful that over the longer-term, we will navigate through it. from seems we have moved extreme confidence in markets to extreme panic in the space of one week. it would seem people want to have a sense that there is a limit to the spread of this virus. perhaps because of the containment measures, or because there is some hope that some kind of antiviral solution can be found. >> will there be a lasting legacy from this coronavirus when it comes to the global economy? >> there certainly will be a legacy in the sense of businesses rethinking their long supply chains. coming on the back of the trade disruption, now we have this. i think globalization in production is going to be hit quite badly.

>> i would expect we will have to press slightly with our forecast. the most likely assumption is this is an effect, it will have an effect, but once contained, the recovery, the normalization, will happen quite quickly. >> do you have to act now with some sort of monetary support? thatargued you need to do kind of thing preemptively, and the markets have priced in cuts. >> we had to carefully assess the situation. at the same time, acknowledge we have supply shock and demand shock. the negative supply shock could lead to a hike in prices. the other question is how effective are our instruments to counter any possible demand

effects we are observing? press asked in the conference was are you more likely to go out in a restaurant with negative interest rates in the case your restraining consumption? >> how likely is a global recession, before you answer that, how do you quantify global recession? answer, weo that have to make sure the chinese aren't lying about their output numbers. i went on record two weeks ago saying that i thought the gdp in the first quarter for china would contract by 6%. yvonne straszheim, who is much more familiar with it then i, is saying -14%. i don't think the chinese government will actually put up that kind of number. if that is the substance of the

number, we are in global recession. >> right now? >> yes, at this point. i think europe would easily lose would 1% of output, which put most european countries into recession. for the u.s., it's different. i think that for the moment, where we are, we should expect about .5% drag on gdp. others have said 1%. that is certainly not a u.s. recession, but over time, it has potential to cascade into that. ♪

nejra: this is "bloomberg best." i'm nejra che pitch. let's resume our global tour of the top stories in business, finance, and politics, starting

with an unexpected transition at the top for disney. chapek asnamed bob its new ceo. he led the company's theme park and consumer products, businesses, and will take over the role immediately. iger becomes pair. what do we know why they chose this route? >> iger's contract was up at the end of 2021. we were expecting to hear somebody about who would succeed him at disney, just not today. now he is officially ceo. the way they say they are going igerlit this up is bob will handle the creative responsibilities while chapek gets up to speed on the tv side of the business. someone that not only knows the company very well, having run a few of our important businesses, including parks and resorts, but he's also

someone we know very well. couldn't think of a better candidate to take over the company. >> i intend to double down on the same strategies bob established 15 years ago that have served us so well. fromhing i have taken away bob iger's legacy is get the content right, and everything follows suit. a 120 billion hong kong dollar release package announced with tax cuts and a cash handout to ensure economic confidence in a city battered by political unrest and coronavirus. >> although the cash payout is a huge sum of money, in light of the current situation, it will not impose a burden on the long-term fiscal position. isi think the expectation they are going to go into the economy and spend the money, and not sit on it. the overall relief package for the hong kong budget today is about 120 billion hong kong, $15

billion u.s. everything from the recurring year,eaks we get each also some money earmarked for the technology industry, talking about potential expansion of the growing research clusters. there's also money earmarked for the tourism board, 700 million hong kong, to promote hong kong if and when the virus outbreak dissipates. the impact of the coronavirus forcing the bank of korea to downgrade its growth forecast, but surprisingly, it didn't cut benchmark rates. was it the right decision? >> the first thing that has to be said is it is not so much whether it was an unexpected decision, it is the note that it strikes with the rest of public policy in korea and how that is responding to the virus. president moon called this an

emergency, and instructed his officials to draft a new stimulus package. okay, if it is an emergency, let's have monetary policy also respond. instead, what do we get? not only do we get no response, we get a jarring response from the market perspective. the opposition leader accuses the prime minister of underestimating the threat of the coronavirus. >> the entire economy was already the weakest in europe, in terms of growth. 27 out of 27. after the virus, which will eventually slide us into a recession, a government disagreeing on everything the past six months cannot be the one to give answers. >> we've already heard from the italian central bank that there will be a significant impact on the italian economy. there will be damage to gdp. they are working on a plan, but

we don't have the details. have been many reports of looking at a moratorium of payments, perhaps tax relief, but they really want to get to the bottom of just how much the impact of the coronavirus is, and the extent. >> a trade deal with india could happen at the end of the year. in new delhi, the president said he's urging the prime minister to lower tariffs on american products. he said the leaders understand each other on the issue. >> the president has chanted tremendous progress on the deal with india. it's clear he wants to strengthen ties with the country he sees as key to america's efforts to block china's influence in asia. while officials have tried to hammer out trade deals between india and the u.s. before the visit of the president, it is yet to materialize. while trump is optimistic a deal can be reached, it may not happen until the u.s. elections. still, the countries did sign deals for $3 billion and pledged

ties on maritime security in order to deal with china's growing power in the indo pacific. the u.s. president was lavish in his praise of prime minister modi, even as the indian capital erupted in deadly protest over the new religion based citizenship law. those protests happening kilometers from where they were meeting. a long power struggle in malaysia rolled over on monday with the prime minister kicking off a leadership race that can finally determine his successor. resignation and exited. move? the most strategic what could have led to him doing this? >> it's not clear, but what is clear is who's in the driving us -- driver's seat. basically the whole government right now. parties all the behind-the-scenes and that

spilled out yesterday, all of them have backed him publicly. the real question is how does that stake out? does he stay on, does anwar take over? mahathir is definitely in the driver's seat. >> crisis meeting with top security officials after an airstrike left 33 turkish troops dead in syria. the deadliest yet. tensions between russia and turkey at an all-time high. turkey is now turning towards nato and the eu looking for support, because they are not keen to jump into such a hot conflict in syria. we also have a refugee crisis. hundreds of thousands of syrians now trying to flee idlib and heading towards turkey. now the turkish president is

saying he may have to open its borders with europe unless the refugees. it would be an absolute political crisis for european leaders. 33 turkish troops killed in syria, and the crisis is nowhere nearing an end. >> let's take a look at what's going on with jp morgan. it had its annual investor day, with pitching to investors. >> it was a long day of granularity in the businesses. some are not going to see skyhigh margins as the management wants to be investing, but they highlighted growth areas. they said u.s. wealth was going to be big. the investment bank is another place they think and gain more shares. you are starting to see the branch. john penn is said to have

voted himself out of the running for the top position. he emerged as the main external contender for the role against an interim ceo. >> it looks like he is not interested in the job. he informed the board on sunday, thanks but no thanks. uncertainty around hsbc and prolongs the search. he must seem like an ideal candidate. he turned things around at unicredit, cut a lot of jobs, cleaned up the balance sheet, and had some of the best returns in europe last year among other banks. he also has a lot of agent experience. hsbc wants to pave more towards asia. he ticked a lot of boxes for them, but he's not interested, so the search continues. behindsoftware giant turbotax says it is buying

credit cards of about $7.1 billion in cash stock. are you worried about antitrust concerns? >> we are not concerned, because it is good for consumers. creates for consumers, an environment and platform for more competition, more financial institutions will want to compete for the business. the consumers will have the power to understand what is right for them. better savings accounts, better loans, better credit cards, and ultimately to improve credit history and credit score. the upside is all on for consumers and creates more competition. bloomberg sources say saudi aramco is starting early separations for internationalists months after the oil giant turned its record ipo into a domestic affair. towe are looking into it have more offerings. these offerings continue to be.

if we have any good stock somenge we think can bring value investors to us, we will definitely consider it. >> they might need the international banks. >> all of those banks were involved in the ipo. they decided in the beginning not to go for the international listing because of many issues. legal issues, compliance issues, -- >> what's in it down to the fact that they didn't hear the valuations? >> that is the big thing. there are those roadblocks. the big thing was the valuation. ,hose banks did the groundwork they will have to do more groundwork, but they have to be ready in case the saudi crown prince decides not to do it.

benjamin: don't forget, bloomberg subscribers can run the function on their terminal. theour landing page for coronavirus outbreak. you can see eesrom the bloomberg news room, numbers from the cdc, and analysis on the companies affected. about 30,000 functions on the bloomberg. we enjoyed showing you are favorites on bloomberg television. maybe they will become your favorites. here's another function you will find useful. quic go, it will lead you to our quick take for fast insights into timely topics. here are the quick takes from this week. era inre entering an which our enemies can make it look like anyone is saying anything at any point in time. >> jordan peel created this fake video of president obama to show how easy it is to put words in someone else's mouth. >> moving forward, we need to be vigilant with what we trust from

the internet. >> not everybody bought it, but it is rapidly improving, even as words increase about the potential for harm. this is your bloombergquint take . . deepfakes are audio gaining popularity as a means of adding famous people into quarantines. they are easy to make and find. there are names for the deep learning artificial algorithms that make them possible. input audio or video of the person, the more, the better, and the software tries to recognize patterns in speech and movement. introduce someone else's face or voice, and it is born. the most popular and widely available for making deepfakes means dozens of hours of human assistance to create a video that looks like this rather than this. in august, researchers revealed software accurately rendered not just facial features, but changing weather patterns, and flowers in bloom. this advance is not yet

available to the public. with increasing capability comes increasing concern. easyworld where fakes are to create, authenticity also becomes easier to deny. people cut doing genuinely objectionable things say it is bogus. fake videos can also be difficult to detect. researchers around the world and the u.s. department of defense said they are working on ways to counter them. deepfakes have some positive uses. take a firm that creates digital voices for people whose bears from disease. is the artificial product of human speech. >> there are also products that can be considered good or bad, like the many deepfakes that exist solely to turn as many movies as possible into nicolas cage movies. benjamin: that was just one of -- in light nejra: that was one of the many quick takes you can find on the bloomberg. you can find the latest business, news, and analysis 24 hours a day. that will be all for "bloomberg

best." thanks for watching, i'm nejra cehic. this is bloomberg. ♪ good morning!

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alix: clogged arteries. the way the world moves is contributing to rapid climate change. how bad is it? the united nations says nearly 25% of emissions comes from cars, buses, and trucks. plus, oil factor. u.s. oil growth already showing signs of peaking, and with geopolitical risk uncertain, oil volatility may be too much to stomach. it all has the feeling of less oil reliance and more self-reliance. and if necessity is the mother of invention, electric vehicles are the answer to many of the world's woes. elon: i think it is financially insane to buy anything except an electr