tv Bloomberg Best Bloomberg October 23, 2016 6:00am-7:01am EDT
>> coming up, the stories that shaped the week in business around the world. big banks headline a week for corporate earnings, but do their big beats add up to a turnaround? >> i think we will have to get another quarter of data before we call it a rebound. >> from saudi bonds to russian oil to italian banks. to the latest data from china. we will move through all the news moving the markets. >> what that number does is that , gives policymakers a bit of wiggle room. >> plus, conversations with barclays' jeff daly, bank of america's brian moynahan, and michael dell.
>> let's not regulate the banks and create barriers to the free flow of capital. >> consumers are spending and we feel good about the u.s. >> we've see plenty of opportunity organically to consolidate. >> it's all straight ahead on "bloomberg best." ♪ >> hello and welcome. this is "bloomberg best," your weekly review of the most important business news and analysis from around the world. several investment banks released earnings this week and with the sector coming off a string of lackluster quarters, investors watched anxiously as bank of america reported on monday. >> bank of america in the spotlight reporting earnings that beat estimates.
profit rising over 7% and revenue from their fixed income trading business was also better than expected, up by 39% year on year. >> you saw them post better-than-expected bond trading revenue similar to , what you saw at jpm and citi, but it is a good news story for bank of america given that they , are not as big in the macro did not have such a good quarter this was may be a , surprise to the upside given the results. >> is this a turnaround for banks? we are seeing a pattern. they were out of the business and they seem to be surging back. >> i think we will need to get another quarter of data. it has been good for one or two months. certainly, this is more than that. this is the best it has been in a while, but i think investors will want to see a couple quarters of sustainability on this front.
alix: goldman sachs reporting a 47% rise in profit from bond trading. -- net income rose to $2.9 billion. >> -- increase from their fixed trading unit. put into context how important fixed income is to goldman. >> it has been known for a long time is a bond trading shop. they have a lot of money they take from equities as well. it is something where they really need that kind of revenue, and you really cannot discount anything where they have a bad quarter for bond trading and a bad quarter overall. this quarter, we saw an amazing rise in fixed income trading 49%, which is huge for them. , better-than-expected and's, -- better-than-expected and better than all their competitors. >> what you saw a glimpse of this quarter was a little more
client activity, people positioning around their views on rates, credit, and you had better quarter mortgage, better quarter on credit, better quarter on rates. that could go a long way for goldman. alix: china's economy remains stable in the third quarter, putting the full-year gdp target within tar -- within reach and paving the way for policies which could rain and on excess credit. give us the headlines. >> matching up only got in the first quarter and a second quarter, in line with those forecasts and in the middle of the target range for the end of the year. what that number does is he gives policymakers a bit of wiggle room, space to tackle those debt problems and rain in -- reign in some of the credit that has been pumped into the system over the past few months to shore up growth. >> china's policymakers have a little bit of time in which they can start making some of the
painful changes which are needed to prop up stability in the financial sector and to rebalance the economy away from the state and enterprises and towards a larger role for the private sector. the question heading into the fourth quarter is how much progress they will be able to make on those needed painful reforms. >> morgan stanley reporting third-quarter earnings that beat estimates as fixed income trading revenue almost tripled. >> morgan stanley, if i look across the board, great things all around. fixed trading, equities trading, everything to do with revenue. all the things looking really good. investment banking, too, which is a really important business as well as wealth management which is a good beat overall, but if you delve into numbers a little bit further, i was looking earlier, and the bank is not at the target it wants to be
in return on equity. 9% to 11% as the target, and they came in at 8.7%. a little bit better than last quarter but still something they , need to do better on. >> as we await this rate decision, the immediate estimate is for rates to remain unchanged and they come through right now unchanged. the deposit rate stays at -40. a marginal lending facility at 0.25%, so no big surprise. no change to qe. scheduled to go to march 2017 or in the word of president draghi, beyond. the take away from this is what they did not discuss. they did not discuss a extension of qe beyond march. they did not discuss tapering of quantitative easing and the market wondering what they actually did discuss. >> i think they discussed where
we are progress, a couple of , interesting points in the statement. growth, you still see downside risk. i think that's what they discussed. and inflation, very important as a reminder to put the discussion into context. what did they say? despite inflation picking up because of the content from energy prices there's no , convincing evidence that underlying inflation is on an upswing. that is the bottom line. go back to the mission. my main take away is nothing at this stage will wait for the -- nothing at this stage, we will wait for the forecast, for the projections. december is when we are going to have to discuss. >> the eu summit is wrapping in brussels, divisions clearly taking shape among eu leaders. canadian trade minister christian freeman said it looked like the trade agreement with the eu has collapsed, calling it impossible. let's start with canada. what is going on?
>> this is the elephant in the room, this is a small vision of belgium. 3.5 million people, smaller than even new jersey, and that is blocking the canadian trade deal with the eu. a few minutes ago, we learned the canadian trade minister has decided to walk out, calling the trade deal impossible, saying that it is clear that the eu at the moment is not capable of negotiating agreement with a country that actually has european values such as canada. >> what about brexit and theresa may? did she sound optimistic that a deal could get done? >> obviously, the fail of the canadian trade deal at the moment is a bit of a warning for theresa may because that puts a question mark on what kind of
trade deal she will be able to negotiate. >> i optimistic that we can am achieve a trade deal. i think a deal that is right for the u.k. could also be right for the european union. alix: later in the show, we run through more of the week's earnings reports for a number of key tech companies in the spotlight. we also sat down this week with two of the world's most powerful ceo's. bank of america's brian moynihan and tech titan michael dell. straight ahead, we have more top business headlines, including a bloomberg scoop apple is putting , the brakes on its project to develop a self driving car. this is bloomberg. ♪
alix: this is "bloomberg best." i'm alix steel. let's continue our global tour of the week's top business stories in italy, banks have been calling for consolidation and on monday, a long-awaited merger finally went through. >> let's talk about italy, now the shareholders and italian lenders have backed the merger. the deal marks the nation's biggest tie up in almost a decade and lands a big win for
the prime minister, matteo renzi. >> this is a pretty important merger, right? >> it was the first merger in almost a decade. if the deal had not gone through, it would not have been a vote of confidence in italy's banking industry, which is already suffering under the weight of more than 300 billion euros of bad loans. i think it was the bare minimum needed to restore some confidence in this industry right now. >> how frail are italy's banks? and if we do not have resolution for the other banks, do you think your share price will suffer as a result of investors also discounting you guys? >> yes, i think our approval last saturday was very important, not only for our banks, but for our shareholders, to show a signal to foreign investors that it is possible to have consolidation and growth in
italy, also without having resolution, soldiers opened the transaction will go ahead with a bit more confidence, and if this can be sold in the next few months, i'm sure investors will come back to italy and try to invest in a sector which now has really a tangible book value which is very, very low. >> russia's biggest listed refinery expanding into india. they are buying sro oil for $13 billion. >> it is the single biggest foreign investment in the sector. >> $13 billion is the transaction that russia's largest listed oil producer along with a consortium of investors is investing in.
it is a big one for them. they are deleveraging their books by nearly $10 billion. india is, of course, emerging as an important oil producer and consumer in this region. it is expected to surpass japan as the third largest oil consumer in the region. alix: now to a bloomberg exclusive. apple is dramatically scaling back its ambitions to take on detroit. >> the apple ceo gave the team of engineers approval to build a car going straight after detroit , and tesla and other carmakers. after some struggles internally, there has been a change of direction. apple has put on hold plans to build a car and is focusing on an underlying self driving system that it could potentially market to other producers. >> where do you think they would put this technology?
could they work with ford, for example? >> it is possible. the end of next year around fall 2017, apple is going to decide what to do, evaluate the progress of the self driving platform and i think over the , next few years, we will see which carmakers apple is choosing to partner with, if any. >> u.k. inflation came in for the month of september delivering an upside surprise, surging to the highest level in -- almost two years and field by -- fueled by a plunging pound. does it change the calculus for the bank of england? >> i don't think it should. you have seen two chunks here. a based effect from lower oil costs, but you have also seen a pickup in closing costs. that is a temporary timing effect. we have had some weird weather,
so that could bounce out, next month so there's not an enormous , amount of news for the bank of england. inflation set to rise and the exchange rate is likely to push up for months to come. >> saudi arabia is going on a sale's spree. the kingdom planning to raise $17.5 billion as it tries to shore up its battered finances. this is according to people with knowledge of the offering. saudi arabia receiving bids for as much as $67 billion, beating argentina's $16.5 billion sale in april. a large portion of these orders have come from the united states. >> i think important to know that during the roadshow phase of this sale, saudi arabia went to the u.s. and london. it didn't actually go to asia, not because it is not want asian money, but it is how confident the kingdom was when securing a sizable backstop for this issue in the asian market. >> here is what a saudi arabia,
and abu dhabi had to play -- pay. abu dhabi only issued 10 year, but the saudi arabia for 30 years, 235 basis points over benchmark. >> this bond issuance is very much like an ipo because the economy itself is based on oil. this is a first step in a very aggressive step into diversifying outside of the oil space, and bonds themselves are really just sort of a feint for the ipo that the saudi's will ultimately go to to increase their capitalization or recapitalization of their oil assets. >> we are getting yahoo! earnings right now popping across the bloomberg here. third-quarter adjusted eps was $.20. we were looking for $.14. it looks like the eps number, the bottom line figure beating analyst estimates. this is all very interesting, yahoo! earnings, but do not really matter that much.
the only thing that matters is if yahoo! still wants to pay for -- if verizon still wants to pay $4.3 billion for the company's web assets. they recently came out with a bombshell that 500 million customers' databases were hacked -- or a database was hacked with 500 million customers' information. does verizon still want everything? >> i think verizon still wants once -- wants to buy this company, but they want to know what they are buying and the question is is this hacking a , material adverse change to the company such that it would require them to walk away from the deal or give them the action -- the option to renegotiate the terms of the deal. lawyers are hashing it out. >> does the hacking incident provide verizon with a pretext to walk away? >> the real question when the lawyers get together, is this hacking issue and the disclosure of it, is that a material
adverse change to the business such that it would affect the value of the transaction? >> elon musk is on the road to autonomy, at least he says he is. he announced last night he plans to equip all new tesla cars with the hardware needed for full self driving capacity, so he will put a lot of cameras in these cars, as i understand it. >> that's right, going from one camera per car facing out to now eight of them. including three facing forward and 360 degree view. he says basically every car is going to have a supercomputer on board able to make whatever it is -- 40 trillion decisions is -- per second. he is adding all this cost, all this hardware and software and development expense into these cars that you cannot use. most of us are not allowed to let our car do the driving for us in most of america or most of the world. >> how does he pay for that? does he raise prices on the cars , -- does he raise equity does
, he raise prices on the cars he is trying to cut prices on? >> we'll see. when he says they might not need more capital this quarter, presumably he already knew that he was undertaking this and adding these expenses, so again, possibly a positive sign. >> bloomberg news is reporting that senior executives at at&t presumably he already knew that and time warner have in meeting in recent weeks discussing various strategies including a possible merger. this is according to people familiar with the matter who declined to be named. >> how far along are we in these talks? >> pretty early. no banks have been hired yet. chalk this up to senior executive talk, kind of figuring out the art of the possible here. a full acquisition would be a very large deal, although for at&t standards, certainly not something that would be seen as too large. they bought directv not too long ago and this is in the same general ballpark, but i think
the u.s. shaving industry has $3 billion undergone plenty of disruption in the past few years. gillette still dominates in retail sales, but online sales now account for about 10% of the market. that's one reason unilever bought dollar shave club for $1 billion a few months ago. other young companies are growing fast as the landscape shifts. one of them is the subject of this week's small to big. >> we felt like the big brand shaving had forgotten about the customer. >> we had this vision around really changing the experience of shaving for guys everywhere. we make our own products, razors, razor blades, shave gel, and we deliver them to people at amazing value.
>> when we started harry's, the first thing we realized was we had to make amazing razor blades. we thought how hard could it be? metal and plastic, together. we could not have been more wrong, so we spent the next six months trying to figure out everything about razors, how they are made, where they are made and what the magic is in a great blade. we found a factory in germany and we launched in a partnership with them and right after we launched, we realized two things -- one is we had ideas to make them even better in the second -- and the second was we were going to have to make even more. at that point, we put together a vision to buy the factory. in doing so, we created the only truly integrated -- only truly vertically integrated company in shaving. while it has been really complicated, we count our lucky stars every day that we get to be a company that takes feedback and drives it into making better
products for them. when we were learning everything, we went and learned from barbers, so we launched a barbershop in new york. it is only two chairs, small, intimate, and we have amazing barbers. we believe we should innovate the way that our customers want. you get to know somebody really well when they are sitting in your barber chair for 30 minutes and you are talking to them. in shaving, there's one large company. it is gillette. they essentially control the entire market. we do not know if we are going to be the biggest shaving company in the market someday or not. we are only a three-year-old company. we are still a baby. we want to build a brand that is around for a long time. if that is a stand-alone public company or private company, we do not know. what we are committed to doing is find a structure that helps us achieve our vision for the long-term.
alix: still to come, companies around the world reporting earnings this week. we sort through the numbers and dig into what they mean for the market. next, some of the week's best interviews, featuring exclusive conversations with brian moynahan and michael dell. >> as a privately controlled company your time horizon is , very different. >> this is bloomberg. ♪
♪ >> let's talk about brexit. are you hopeful that banks like yourself will have access to the single e.u. market? >> the g-20 recognized it needed to re-regulate the banking industry globally, and it has done a lot of that, and it has been a heavy lift by everyone since the financial crisis, but the other important thing they said was let's not re-regulate the banks and create barriers to the free flow of capital, if it's the flow of capital from singapore to china or paris to london or vice versa. i think the european union, the u.k., and the rest of the major financial centers will stay
connected to this. let's let capital flow freely and not put protectionist barriers. there will be some changes that we will have to adapt to, but the fundamental global financial market including the u.k. and the european union i think will be preserved. >> speaking of the u.k. economy, we saw inflation double last month. what do you expect the bank of england to do in the coming months and into 2017? >> our credit card and debit card picks up about 50% to 60% of payment flows during the day. september and was consumer spending has grown 4% plus during the last year, which is a pretty robust number. i think the reduction by the bank of england was the right thing.
alix: that was barclays' ceo in singapore. barclays is expected to report third-quarter earnings next week, but this week, bank of america chairman and ceo brian moynihan saw his bank beat expectations on third-quarter profit, but the environment for large financial institutions remains challenging. he discussed the state of banking in an exclusive interview with our erik schatzker. >> revenue has been dropping. the only way to boost profit is by cutting costs. where are we now? have we bottomed, or is there still further to drop? >> if you think about us coming off the highs of the revenue basis and the highs and activity, we have probably bottomed. it is really driving incremental revenue growth. you can only grow so fast.
and then really maintaining cost carefully. taking a paper process, replace you with digital, and that can go on for a long time. the 20 billion a year we took out was really driven by a need to move the cost structure. now it is very incremental, but still. >> the economy does remain a question mark. client behavior, particularly loan demand, can be a leading indicator. what is it telling you about the outlook right now? >> the u.s. economy is driven by consumers. other countries are trying to get to it, and our consumers and customer base are spending 5% more than they spent this year to date than last year. >> does that tell you the economic growth environment we have been stuck in is going to accelerate?
>> the other question is what is going on with companies and things like that. our experts fueled this great platform out here. last year, they were higher. the estimate is pretty much on par to how we are growing now. we do not see disruption in that, but you do not see the catalysts yet that will drive growth rates. it is just taking time, and that's fine. the economy is growing, consumers are spending, and we feel good about the u.s. alix: erik schatzker also traveled to austin, texas, this week for an exclusive interview with the dell technology's ceo, asking michael dell if he had
more acquisitions in mind, and he framed his answer in dramatic terms. >> if you think about this as a play, act i was to go private in 2013, right? act two is the combination of dell and bmc's vmware. and so you are acting about act three but you will have to wait and see. waitw long will we have to and see? i am sure you have your work cut out for you. >> we have a few ideas. we are focused on dell, emc, and vmware. all the great things for customers. but look, we see plenty of opportunity organically to consolidate. we're going to continue to make acquisitions, and alliances and partnerships are also important. we also have our program where we are investing in hundreds of the companies that are 24, 36,
48 months out in terms of the future. >> you have the desire, clearly, but also the financial flexibility and capacity to do these things? >> we do, yes. >> you have been so outspoken about the benefits of being private, right? not having a publicly traded stock? to take risk. >> we love being private. we do have two public companies, though. >> that is right. buying emc is a risk that few public companies could have taken. i am wondering, what about now? now that you emc and most of vmware, what kind of risks can you afford to take that your competitors cannot? >> you know, as a privately controlled company, your time horizon is very different. and so you start -- you reimagine your business and think about your business in years and decades.
air and, it allows you to reconceptualize how you are investing and what the real priorities are. and as we did that in 2013 as , dell, we had pretty outstanding results. you know, and i'm talking about cash flow by the way in terms of results. but, from a market share standpoint, you know, we grew our share in all of our seed markets even if the markets were shrinking. we were growing our shares and generating strong cash flows. now you reimagine emc plus dell as a privately controlled company with a long-term time horizon, it frees up a lot of time and allows us to have a much different respective on our business. ♪
♪ alix: you are watching "bloomberg best." let's get back to earnings. quarterly reports came fast and furious starting monday when and ibm released results after the bell. >> netflix shares surging 20% on better-than-expected scriber growth. they reported adding requests 6 million subscribers in the third quarter with new series credited for gaining new subscribers. they say they will produce 1000 hours of original programming next year, up from 600 hours this year.
at what point does at what point does this just get too expensive? >> if i were an investor, it is already too expensive. the fact is it is a good media company that happens to distribute content over the internet. i don't believe it is a go to the moon company. it is a fortunate company that has grouped itself along with the internet community that has gained value for being grouped with these internet companies that really it is not that much like. >> how do you respond to that? >> the question is how do they spend the money. if they just go for more hours, that will fall apart. because we don't need more clutter in a video environment. christ is in seem like that is what they have been doing? well, -- >> does it seem like that is what they have been doing? >> well, that is the risk.
>> ibm beating analyst estimates, beating $19.3 billion revenue. ibm is seeing double-digit growth and its strategic imperatives, in other words revenue coming from artificial intelligence, cloud computing, and security. tell us the good and the bad here? >> you have to get this company credit. this company has been on a long-term multiyear transformation. we are now seeing really good progress of that. would people like to have seen a little more revenue growth, absolutely. margins took a hit. 40% of the company's revenue is now associated with strategic imperatives. they are making progress. you can see that in the numbers. particularly sustained 15% growth, in a nutshell, that is progress. they deserve to be commended. >> we are getting numbers coming through. hayes says down by 10%, net cash at the end of the third quarter at 20 million pounds. group consultant headcount was
up 2% year on year. >> i think outside the u.k. everything continues to be strong. we had an all-time record in germany, hours second-largest business and france, our all-time record business. europe on the back of not a lot of economic growth is a combination of businesses and people getting on with their lives. we have always said there is a lot of structural growth opportunity. on the other end of the world, our third large business in australia has wrote positives there. america is looking good. going back to the u.k. -- in this quarter, the day after brexit -- not so bad for the handoff. >> johnson & johnson raise profit forecasts after beating estimates on strong drug sales. >> we did have very strong sales growth of 4%, and 5.9% growth as products continue. that is very strong.
very strong earnings growth at 12.8%. that is primarily driven by our pharmaceutical business. the breadth of the business gave us these positive results and confidence that we will end the year and a nice place. >> intel shares are slipping in after-hours trading. they beat on revenue, but they missed estimates. it may indicate slower pc demand and that manufacturers will again sit on a stockpile of chips. crimes where drop almost a billion dollars in revenue and --
>> the pc segment is the largest piece of our revenue. what we're seeing is market strength particularly in business pcs and customers starting to put a little more inventory in places anticipate sales in the fourth quarter. in the fourth quarter, we are expecting a kind of normal market. we think some of that inventory gets consumed so we have a little below seasonable q4 and a much stronger second half than what we thought. >> dropping more than 80% in the first nine months of the year due to rising costs. >> keeping up with its local rivals. >> why are these costs climbing so fast? >> well, as you just mentioned, they have to keep up with china mobile. they need to upgrade their 4g network to keep subscribers from moving away. they have been successful in getting new subscribers which pushes up the cost for handset subsidies. every time a new subscriber gets pushes their, that cost.
>> will that pay off? >> it will. one reason they are subsidizing handsets and upgrading their network is so that when users have the new smartphones, they tend to consume more data. this allows them to push up revenue per user. that eventually flows through profits. right now they are in the investment states. that will pay off. analysts have the profit ready to double next year over what the previous estimate was. it looks like it will pay off in the future. >> nestle, slowing growth in emerging markets, pressure in europe. now, the world's egotist food -- the world's for revenue company will rise about 3.5% on an organic basis. sales growth for the first nine months of the year came in below analyst estimates. are you concerned about the health of growth now than you
were six months ago? >> it is a low growth deflationary environment low material prices that stay longer low. that is what is reflected in our figures. what is behind this is that we are growing in volume. that is what we have privileged and this low pricing environment. since we are at the higher end of the industry, that is what matters. the global environment is slow growth for quite a while. pricing is going to pick up very slowly. hence our projection for the year. >> microsoft shares going over 6% in extended trading. the windows company better-than-expected results buoyed by demand for software and services. they have been investing in data centers and striking partnerships to bolster sales of their main margaret products like office 365. how is the turnaround plan going?
>> it looks good. we have seen increasingly improving results on the top line. the company continues to be a prophet and free cash flow machine. we see revenue growth, and revenue is growing at a faster and faster rate. that is exactly where they want it to be. making big changes while continuing to have some success with windows and office. >> we are looking at numbers from erickson. loss of 233 swedish million krona. that looks to be a little worse than expected. erickson's biggest shareholder joining the throng of those calling for a new ceo to be found quickly for the swedish network equipment maker. >> is the company for sale? >> as far as i know, the company is not for sale.
the company is strongly supported by long-term owners. we are present in 181 countries. we have lots of great customers. we had a challenging quarter, and we will have to manage that in a good way. and do the things we can control which is efficiency and cost. >> earnings this morning, ge cutting 2016 forecast and honeywell posting its first profit drop since 2011. were there surprises in the ge numbers for you? >> i don't think there was a big surprise. they lowered organic growth. given the decline of the first half, they were not going to make it. and makes a lot more sense. army order front, it was a little bit better. declines were less worse in oil and gas.
there were not a lot of favorable news. >> the honeywell earnings. they gave us a preview recently. they did not surprise us much in the third quarter because they told us what was going to happen. what did we learn? >> we learned they are not getting the volume. they have already done a lot of the restructuring. and they just, you know, they have got to have some organic growth to get some bottom-line growth. and it is not happening with most of these companies. ♪
>> let's dive into the terminal real quick. we actually have a great function. this is really cool. you can actually see what companies have been issuing for guidance. this is a great way to summarize where those corporate executives are giving projections. they're keeping cards close to the chest. >> a quick plug for the bloomberg terminal. ilbe, gives you a great look at breaking rates around the world. i have the u.s. here. we are seeing exactly what you're seeing. all of these breakeven rates are below the fed target of 2%. alix: there are about 30,000 functions on the bloomberg. 800 we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites. here's another function you will find useful. quicgo. you can get insight into timely topics. here is a quick take from this week.
>> the new president of the philippines is not afraid to insult public leaders. [laughter] >> mr. obama, you're going to go to hell. >> he has made international headlines for his deadly war on crime. and drugs in particular. >> we will eliminate the druglords once and for all. >> his alleged extrajudicial methods have instilled the outrage. the philippines' major military ally for decades, the u.s., relations are strange. >> the philippines is made up of more than 7000 islands and 100 million people. their economy has grown faster than their major southeast asian neighbors. the country has high levels of corruption, poverty, and crime. and it was duterte's promise to take on the criminals that want -- that helped him win a
landslide in the election. >> i will take on the criminals, no doubt about it. but only against the forces of the evil. criminality, drugs, and corruption in government. >> known as the punisher for his vigilante style of approach them woulded to -- he vowed he stamp out crime within one year of being elected as president. 3000 suspected drug dealers were reported killed in his first three months in office. when others objected, he threatened to withdraw the from the u.n. >> maybe we will have to decide to separate from the united nations. >> president obama was pushed to stop a meeting with duterte. pres. obama: so clearly, he is a colorful guy. >> his critics see him as the biggest dictator in the
philippines since ferdinand marco. >> nobody but nobody. >> a more conciliatory approach to china and russia. he has even discussed the possibility of direct talks with china over territory claims in the south china sea. restraint and sobriety after the philippines won a tribunal ruling against china. what remains to be seen is how much trash talk the relationship with the u.s. can withstand. ♪ alix: that was just one of the many quick takes you can find on the bloomberg. you can also find them at bloomberg.com along with all the latest business news and analysis 24 hours a day. that is all for "bloomberg best" this week. thank you so much for watching. i am alix steele.
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