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tv   Bloomberg Best  Bloomberg  September 2, 2018 4:00am-5:00am EDT

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♪ >> coming up on "bloomberg best," the stories that shaped the week in business around the world. north american trade talks moving forward, one partner at a time. president trump: we're going to call it the united states mexico trade agreement. >> canada cannot be seen catering to u.s. demands. >> can always make the trade deal stronger. >> president trump has plenty to say in an exclusive interview with bloomberg news. president trump: the european union is almost as bad as china, just smaller. >> tesla's plans to go private takes a u-turn. toyota makes a big bet on uber. >> it is saying uber is worth
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more than tesla and these big tech companies. >> in switzerland, leaders in finance speak on the news of the week. >> some countries in the past used currency manipulation to be more competitive. >> plus, if you are seeking insight, who better to listen to than warren buffett? >> we keep buying as long as we find something attractive to us. an attractive business at a reasonable price. >> it is all ahead on "bloomberg best." ♪ >> hello and welcome. this is "bloomberg best," your weekly review of the most important business news,
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analysis, and interviews from bloomberg television around the world. the week began with nafta negotiations as the u.s. and mexico laid the groundwork for a larger deal. >> president trump saying he will terminate nafta and sign a new trade accord with mexico. president trump: we're going to call it the united states mexico trade agreement. we will get rid of the name nafta. has a bad connotation. the u.s. was hurt very badly by nafta. >> nafta is not dead. this is a breakthrough in a general sense with mexico. they still have to get canada to sign onto it. there is a lot of progress that needs to be made in order to do that. administration officials have walked back toward the president said. the two agreements reached with mexico, 75% of auto content has
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to be made in the u.s. or mexico, presumably canada if they sign on. they are changing the ways they calculate that. it won't be this automatic change. then sunset agreement. instead of the administration demand to end it after five years, it is a 16 year agreement. they still have to deal with canada, a dispute resolution ,and dairy, two big issues. >> president trump is googling himself today after he said "only shows the viewing of fake news media." googled responded they do not bias results toward any political ideology.
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>> like the president's twitter attacks, we can't totally ignore them, because he is the president. there is a germ of truth and not truth. it is true google and facebook posts quarter results based on algorithms that are secret. those algorithms have bias, but not in the way the president says. in general, it is good there is more scrutiny on these companies. i don't think there is much to the idea that they are stifling conservative points of view. >> the u.s. is pressuring canada to join an updated nafta agreement friday. >> mexico has made some significant concessions, which will be really good for canadian workers. on that basis, we are optimistic about having very good productive conversations this
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week. >> canada cannot be seen to the ca -- to be caving to u.s. demands. there is a sense they are being bullied into this agreement, and they don't like the tension between trump and trudeau. i believe in order to get a political win, canada will need some concession from the u.s. what can they take back to canadians that is worth giving up on their side? >> president trump wants to impose additional tariffs on $200 billion worth of chinese imports as to busines -- as soon as next week. why next week maybe the d-day for these tariffs. >> we have been talking about this all summer.
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president trump has made it no secret he wants to put pressure on beijing. the big deadline next week is expiring of a public comment period on this list of 6000 products worth some $200 billion he would like to slap a 25% tariff on. word is he does not want to wait around. >> today the president of the united states conducted a wide-ranging oval office interview with bloomberg news. among the topics discussed, and capital gains tax break, the wto, tech and google and facebook, the president's feelings about fed chair jerome powell and his embattled attorney general jeff sessions.
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>> he is combative, confident. he he radiates a confidence not everyone agrees with, but he feels he is winning the biggest battles. he is not done thinking of new ideas. he wants to rewrite trade rules around the world. president trump: i would say the wto was the single worst trade deal ever made. if they don't shape up, i would withdraw from the wto. >> he was particularly bellicose on europe. the fact that he immediately rejected the offer from the europeans to go to zero tariffs on cars was interesting. he said that was not good enough, i want a much broader deal than that. president trump: the european union is almost as bad as china, just smaller. >> the overall impression of someone feels the world is going in his direction. for better or worse, that is the president america has at the
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moment. >> president trump says he is optimistic a deal will be reached by today's deadline. canadian officials are raising serious doubts. >> we are committed to speaking for canada to a good deal for canada, not just any deal. we are very good, as canadians, as finding win-win compromises. at the end of the day, we will only sign a deal that is good for canada. >> you have to read into the pessimism, the body line which in her statement, the idea that they keep having to stand up for canada's interests suggests they have reached a point they are not going to get any more ground on. if they can reach a deal today -- it looks a little bit darker right now. >> this is an artificial deadline.
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this is the president wanting to send congress a notice he will send the treaty before pena nato leaves office -- nieto leaves office september 1. the artificial deadline may be making this a little harder. >> the ongoing negotiations with canada are not complete, and we continue to negotiate with the united states. so that is why we are coming back next wednesday, and we are going to continue talking until we reach a good deal. >> the canadian minister does not want to look like they are being railroaded into a deal. they are coming back next wednesday. a source told me a deal this week was always a long shot. good news they are still coming back next week to talk. ramy: still ahead as we review the week on "bloomberg best," high-level trade talks from
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mexico's economy minister and u.s. commerce secretary wilbur ross. plus an exclusive interview with the head of thailand central bank. and a conversation with warren buffett. leaders in italy say they won't support the eu's next budget. >> the eu is a place where things are negotiated slowly, but they want action right now. ramy: this is bloomberg. ♪
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♪\ ramy: this is "bloomberg best." let's continue our global tour of the week's top business headlines with new twists in the online -- in the ongoing negotiations with brexit. >> the u.k. and european union pushing back the deadline for a brexit deal.
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both sides aim to finalize the divorce terms by mid-november the latest. another indication negotiators are struggling to make progress, despite the u.k.'s assurance to speed up talks. what are the reasons this deadline is being pushed back? >> the reason both sides are not able to agree on a divorce deal is northern ireland. they have a commitment between southern and northern ireland, and they can't seem to make it work. they were supposed to agree something at the june counsel, and now looks like they will not be able to agree the october counsel. they may need a special summit to make that work. >> what is being seen as a policy term, the chinese central bank strengthened the interest rate as pboc banks have resumed use of the countercyclical factor in the pricing of its yuan reference rate. talk about why this is the second. >> this is significant.
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>> the u.s. has been accusing china of deliberately pushing the currency down. the stories have already made it more difficult to short the yuan. now they have come out with is very technical measure. what it does it makes it harder for the u.s. to push currency down. the lost in the past three months seems to be the tolerance level. it may be no further from here. >> the u.s. department of agriculture announced u.s. farmers will receive $4.7 billion of initial farm aid. who is the biggest winner and loser in the agricultural sector? >> the agricultural sector would tell you there are no winners. you have $3.6 billion going to
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soybean producers. every statement i have seen so far is, you can give pork $290 million of direct aid and $559 million dollars of government purchases, you can give money to corn, wheat, dairy -- none of it matches the economic losses farmers are facing today. you would say, on paper, these are the winners of the package, but most of the commodities are feeling like losers as the trade war goes on. >> in the u.s., second quarterly gdp data coming up above estimates. >> a good news story on gdp this morning. we saw a revision upwards of 4.2% from the previously reported 4.1%. that is on the back of a really solid intellectual property investment. as you see companies investing
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in software, that could lead to productivity gains and make growth more sustainable. we got a first rate on corporate profits, which was the biggest gain since 2014. all good news in this gdp report. >> italy will start the process of opposing the eu's budget after the member state field to follow through on a deal in june. why are they trying to block this deal? >> at this point the italian government has been dealing with the migrant situation. they feel abandoned. this has been true for past governments as well. now we have this populist government trying to change things. they are reacting more violently. the eu is a place where things are negotiated slowly but they
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want action right now. they are saying things much stronger than in the past. >> argentina's economy growing right now. the president has asked the imf to speed up bailout payments as the country heads to the second recession in three years. is this good news for investors, or bad news because it raises uncertainty about the economy there? >> argentina is pulling out the stops to raise investment confidence. from an investment point of view, this is meant to clear up any doubts argentina could not cover its payments for this and next year. argentina says thousand of capital with the imf deal without issuing more debt. peso down 40% this year. that is the worst selloff in an emerging market. we have a recession coming this year.
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this is meant to help alleviate the pain, economically and from an investment perspective. >> the peso fell to a record low, argentine lawmakers raising the interest rate. still we are not seeing the argentine peso react that much. we were expecting rates to hold steady at 45%, but they had to move. tell us what investors are thinking about the central bank situation. >> there is a crisis of confidence in argentina. the public wants to see a clearer strategy of how they plan to reach their fiscal deficit target. today was an emergency measure to defend the peso. so far, it is not working. >> legal woes in nigeria are costing its wireless carrier dearly. it is ordered to return $8.1 billion that the bank says was
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improperly repatriated. mtm reacted to that decision. does that have an impact? >> mtn's reaction so far has been one of confusion. the group's ceo in south africa said this morning on an investor call that it was very strange that mtn was being penalized for this. all of the people affected by it, not just mtn, but the banks who helped them repatriate funds are also affected. they are figuring out what is going on. >> president trump on steel and aluminum tariffs, saying it is necessary and appropriate for u.s. national security. he also drafted waivers for
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south korea, argentina. >> the statement are these tariffs imposed on steel and aluminum earlier this year, the beginning of a hawkish period in trade policy. it is said these are needed to protect u.s. industry, but on the other hand there are some exceptions granted. in the case of steel, these are not small exemptions. you have brazil, argentina, and south korea excluded. together they contributed about 1/4 of u.s. steel imports last year before the tariffs came into force. i want to say this is a material easing of import restrictions. >> europe says it is willing to include cars among u.s. goods that could be imported duty free. >> the eu would be willing to go to zero on automobile tariffs
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with the u.s. this is something that began under the obama administration. ttip was being negotiated between the two sides, up until donald trump killed it when he came to office. it would have had the tariffs on cars go to zero on both sides. we are willing to bring car tariffs down to zero if the u.s. does the same." the u.s. has 25% tariffs on light trucks and suvs. automakers in the u.s. may not be interested in doing that. however it has given shares of european automakers a pop. it doesn't appear to be
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something new, and does not appear to be something the administration is embracing. president trump: it is not just tariffs, it is barriers. it is not good enough, because they will always sell more cars. their consumer habits are buying their cars, not buying our cars. ♪
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♪ ramy: welcome back to "bloomberg best." this week we have the opportunity to sit down for a conversation with warren buffett. as usual, the legendary investor has plenty of insights to share. >> the stock market is really on a record tear, i think it is
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fair to say. you have always drawn the distinction between price and value. are we seeing a run-up in price or value? >> if you own a business and you fall back a good portion of your earnings into the business, you will have something more valuable on average year after year. sometimes the market is crashing for whatever other reason. but the stock market builds underlying value year after year. i bought my first stock one the dow was under 100, at 11 years old. >> look at where it is now. one thing you take to measure it is the total value of the stock market compared to gdp. when you look at that graph, it is the highest since the tech crash in the late 1990's. does that mean we are overextended?
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is this a time to be fearful rather than greedy? >> i am buying stocks, not because i think they are going to go up next year, but because they will be worth more in 10 or 20 years. i do know they are good businesses. in relation, you have to measure investments in relation to each other. your alternative for most people is fixed income. you get 3.0% for 30 years. what you rather invest in a company earning 20% on their investing capital? >> at the same time, there are stocks that are good bargains from your point of view. you are sitting on a lot of cash, hundred $10 billion. don't we have to have more fear in the marketplace before you are deploying that cash? >> i don't love it for the country as a whole. we have been shoveling out money anyway.
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it is not as attractive as when i was buying in 2008 and 2009. 1974 was the best year for buying securities in my lifetime. that will happen from time to time. you can't sit around and wait for it. we keep buying as long as we find them attractive to us. an attractive business at a reasonable price. i would love if it is a really juicy price, but i still keep buying. ramy: we dive into the business news with earnings on china's biggest banks, and a sneak peek at the iphones apple will be launching in the fall. plus, more compelling conversations.
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this is bloomberg. ♪
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♪ >> this is "bloomberg best." i'm ramy inocencio. this week saw progress toward renegotiation of the trade relationship between the u.s., mexico, and canada. let's revisit some of bloomberg television's interviews with officials from the nafta countries, starting with wilbur ross. he spoke about new rules that would affect the auto industry. ♪ >> one of the most important economic issues that was solved in the deal with mexico is increasing both the nafta content and hopefully the american content of the automobile industry.
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autos are, by far, the largest single source of our trade deficit with mexico. so we think that will help mexico get more business back from southeast asia, and we hope that it will help the u.s. to do the same, because now somewhere between 40% and 45% of the content of key components has to be from countries where the wages are $16 an hour or more. obviously, mexico wages are nothing like that, nor are they in southeast asia. but that is a provision that directly benefits the u.s., and if canada comes in, would help canada, because their wages are quite similar to ours. >> the president said just 24 hours ago that now was not the time to negotiate trade relations with china. you reiterated that since. why is this not the time, and when will be the time?
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>> well, we don't have an exact date as to when will be the time, but you're aware of the two delegations met last week. there was no substantial breakthrough that came from that session at all. we don't have an exact date as to when will be the time, the two delegations met last week. there was no substantial breakthrough that came from that session so that's one indicator that it's not necessarily the right time. secondly, as you know, the united states imposed tariffs on quite a lot more product from china coming in here, and i think the president is interested to see the impacts that those moves have on the potential negotiations. >> the new proposition is that 40% of the contents is made in high wage, about $16 an hour. obviously, that refers to canada
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and the u.s., but 60% is made -- that means, for the case of mexico, 70% of the car exports today can't meet that new rule, with some effort from here to the first of january. the percent remaining, what we have done is give certainty that in the time they adjust, they will basically never pay more than 2.5%. so that is obviously something that will protect the production capacities, consider expansions of what's happening in mexico, and create states of growth ahead of us. i can tell you that we keep the new rules and we keep exports and growing in the mexican economy.
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>> what did secretary mnuchin mean today when he said there is a strong currency protection chapter? >> remember, this is the first time in an agreement where we -- the idea is it's not exactly something that happens in north america. some countries in the past used currency manipulating was to make it more competitive. the understandings is that we should send a signal to other regions of the world that north america will not tolerate currency manipulation. >> we're looking at the long-term. this trade deal and other trade deals we are negotiating are about a generation from now. we are setting a table for the next generation. we're free traders, we believe it is in our interest to establish these relationships,
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and you're not doing it for today but a long time in the future. >> you have suggested that some progress can still be made. realistically, what progress can be made? >> well, we know what the issues are. we've been clear with the canadian people about what's most important for us. we need stability, we need predictability. we want investors to know that when they are making a deal with canada under these rules, that those rules will be around for a while. you can always make a trade deal better, you can always make it stronger, you can always modernize it. we came into this discussion with these objectives in mind. we are working through it and i am hopeful that we will end with a stronger deal for all three countries. >> thailand is one of many countries watching global trade developments closely. in an exclusive interview, the governor of the thai central bank told haslinda amin that protectionism is a growth risk for his country. he also said he's not feeling immediate pressure to hike
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rates. >> you're saying that a september 19 rate hike isn't likely to happen because it is too early? >> we have to evaluate a number of factors to decide. >> what's the biggest concern for you right now? is it the strength of the thai -- is it a hindrance for exporters? >> that is also a concern that we appreciate. if you look at the nominal effective exchange rate, that has appreciated quite significantly. normally, it would move in line with peer currencies because of our strong positions. that has lead to some investors considering it as a safe haven among emerging-market currencies, and if you look at that, it has restored the tightening of the domestic liquidity condition.
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but we also confirm with other risk factors that we have to keep our eyes on the recovery of the tourism sector from the incident in the south that resulted in a decline in confidence among a number of chinese investors. we saw a drop in tourist activity during the past month or so. but trade protectionism is something we have to keep our eyes on, without strong positions the need for thailand to increase the policy rate --
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>> now to another bloomberg exclusive, credit suisse ceo tidjane thiam was in china this week, and sat down with bloomberg's tom mackenzie. >> well-managed economies are safe. there's no -- let's forget emerging markets. economies that have a current account surplus, that run the fiscal deficit, that have significant reserves, are safe. the market, when people fear contagion, there's no contagion for poorly managed economies to managed economies. the countries under pressure, it is easy to see why, because they have a significant current account. that makes them vulnerable. it's not because they are emerging markets. it's important to handle the fiscal situation responsibly, and it's important to have
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reserves. you will find that a lot of emerging economies are in that session. the ones that have come under pressure are more fundamental. i was in argentina two months ago, and it's clear that argentina has some real challenges to deal with, but to extend that to emerging economies -- >> so in terms of the contagion from turkey, in particular, you think that is overplayed? >> i don't believe there will be material problems over time. in the short term, there's always strong, spontaneous reaction. but it's not justified. >> and the impact on european banks? >> banks are in a much different situation than they were. back then, you look at the size of the turkish economy, very good traction in turkey. ♪ a >> this is "bloomberg best."
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i'm ramy inocencio. let's resume our round up of the weekend business, with a focus on company news. tesla resolved the question of whether it would follow through on a plan to go private. the answer, at least for now, is no. >> elon musk has made a dramatic u-turn on his controversial attempt to take tesla private. after almost three weeks of excitement, a blog post late friday that the electric carmaker will remain public. "i knew the process of going private would be challenging, but it is clear it would be even more time-consuming and distracting than initially
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anticipated. after considering all these factors, i met with the board of directors yesterday and let them know i believe the better path is for tesla to remain public." is this something investors and analysts can easily forget, or is tesla going to be plagued by uncertainty for the foreseeable future? >> i think there will be some issues surrounding musk and that tweet. in the end, i don't think it will be a bad punishment, but i believe he will be fined. i think he will be able to keep his ceo role. but this was just an issue of bad process and bad governance and was motivated by elon's own frustrations with production issues and market issues and short-sellers that motivated him to send the tweet in the first place. >> apple, the world's most valuable company, plans to triple down on the iphone x, offering new models this fall. tell us about these new models. what can we expect?
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>> there will be three new models, an update to the existing iphone x, the xs, plus the larger model with a six and a half inch screen, plus another phone that's going to be lower cost, with aluminum instead of stainless steel, which will help. it's going to be about the same price as an entry-level iphone, $700 to $750. many of the higher-end features -- it will be a big boon for apple. it is coming in multiple colors, a blue, yellow, stuff that i'm anticipating will be a big deal. >> toyota is making a $500 million bet on uber. it gives them a $72 billion valuation. >> it's not surprising from toyota, because they had a small investment in ride-hailing because they wanted to stick their toe in the water.
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all the auto companies want to get in the space, they want to experiment and learn. what is surprising is it's saying that uber is worth way more than tesla and most major car companies. when you have subscription revenue like that, you can print money on a business like that, that is where they think it is going. >> it's a car, it's an icon, it's a roller coaster, it's james bond's car brand, and it is coming through london's financial district. aston martin has announced it will list on the london stock exchange. valuation will be key, and i know anna wants to know. >> well, if you look south to ferrari, the race is on to find something exciting. we'll get some details on september 20. but they came out with a fairly chunky statement this morning, saying, yes, we want to float revenue, unit sales are up.
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all those things combined, they feel the time to do it, looking at ferrari, who had an incredible run on the stock market, if they can do it, why can't we? >> sinopec has raised its dividend payout after last year's earnings jumped, fueled by improving refining profits and the rebound in crude prices that bought its oil exploration unit close to breaking even. >> i think the numbers are there. the refining number equates 33% in the first half, that's the base of a much higher oil price. oil price works as a raw material. traditionally, when average oil prices get higher, the margin will get squeezed. but sinopec did a good job in terms of cost control, in terms of upgrades. i think investors have already
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warmed in their response to the performance in the first half. >> big box bust. best buy taking a tumble today after its third-quarter forecast missed consensus, even as the second quarter beat. >> it is fascinating, this is kind of a ritual now on best buy earnings day, where they post strong results, beyond comparable sales, but the guidance doesn't go where investors are hoping, and they get the jitters about how well it will hold up against amazon. >> tiffany is shining bright. the company reported sales that exceeded estimates and raised its forecast. the renaissance continues. >> it does. they have been doing very well, they have seen a resurgence in sales, particularly with the local consumer and market.
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that's been great, it gives them confidence in their new marketing mission and product initiatives. >> over to china now, and despite a deleveraging push and a record nationwide surge, the biggest banks have posted stable earnings growth. what sets the big names apart here? >> well, the big, state owned lenders have been doing well despite this deleveraging push. the smaller, rural lenders have not. basically, we have results from four of the big five. these aren't blowout numbers, rather stable, and that is pretty good, given the beating him these bank stocks have taken over the last few years. it's a crackdown on risky debt that has pushed business to these larger, state owned banks. >> at the expense of the smaller, rural lenders. >> noble group is starting the first day of the rest of its life, after shareholders controversial rescue plan.
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the council hands control to creditors. the investors are ready to say, hey, we want to come out of this with something, we will go along with everything, and did they get a good deal? >> what they got is hope. it was a choice between hope and nothing, i guess they went for hope. but whether that plays out remains to be seen. >> this is a company that has gone from a $12 billion market cap down to $100 million. i really look at this as a financial collapse of every participant in the financial system, and i think singapore regulators really need to step up and do something about it. >> gam says it will start paying back investors early next month. they stunned investors last month by suspending bond managers and haywood.
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that triggered a flood of redemption requests and forced gam to freeze funds. >> what they have done is said, ok, we will pay out money from the funds which had been liquidated. but looking at it more closely, and different people will get their money back at different times about $3 billion of that cash is in cayman-domiciled hedge funds. that stuff is a little less liquid, and people will get their money back less quickly. obviously, clients will be effected, but i'm sure there will also be vultures looking out for opportunities, thinking, what is in those less liquid came in funds, and -- cayman funds? >> tpg telecom and vodafone teaming up in a plan to strengthen their position in australia telecoms. vodafone hasn't had an easy time in australia. it has been quite complicated for the whole sector.
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does this improve the outlook? >> the problem for vodafone is they have had coverage issues. what this deal does is attaches tpg's strong presence with vodafone's relative strength in the mobile space, and it can propel them to another level. >> is this a bit like vodafone raising the white flag? you have struggles with coverage, with trying to get market share. >> if anyone thinks anyone is worth waving the white flag or keeping away from the market, good luck. this is bringing together the best of both worlds. >> the u.k. listed stock is surging the most in almost nine years after it agreed to sell its coffee chain to coca-cola. this is a way of doing the spinoff. >> it is quite interesting. there were calls with other journalists who were mentioning
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coca-cola has approached them in recent months, a very quick transaction. that is part of the reason we have seen the share price reaction we have. it has also been a higher sale than what others were expecting. it's an interesting deal, and it's with the expectation that it will generate more cash for shareholders as well. ♪ >> i want to show you this
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function on the bloomberg. it's all about trade flows. it shows you the u.s. relationship with china, the biggest trading relationship the u.s. has, in second place is canada, then mexico, underlying the importance of nafta, or a replacement for nafta. >> there are about 30,000 functions on the bloomberg, and we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites, too. here's another function you'll find useful, quic . it will lead you to our quick takes, where you can get important context and fast insight into timely topics. here's a quick take from this week. >> traditionally, investing is always carrying one objective, profit. now, the goal remains the same, but a growing number of investors want to know their companyie advance social and environmental outcomes. it's called sustainable investing, and it is getting popular. using a broad definition of the approach, reaching $20 million in 2016, a 73% increase from 2012. >> they use a lot of different methods to try to reach environmental and social goals. some of them are investing in low carbon, renewables, some are
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even trying to invest in water. >> while profits can't be measured precisely, employee diversity or environmental impact are easy to quantify. >> they can report whatever they want about sustainability or diversity. it doesn't have to be comparable with other companies. >> some take that latitude a bit too far. >> there a phenomenon called greenwashing, where companies or investment management is to use something green that may not be as green as you want it to be, but there's not a lot of regulation around the terms. in a famous example is volkswagen, which was at the top of the sustainable index, and then they were kicked out a few days later because of the emissions scandal. >> the earliest attempts at ethics space invested focused on screening out certain enterprises. south africa's apartheid policies sparked when the first global divestment movements.
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rather than opting out, today's civic minded investors are as likely to opt in to countries that support values, and have unique advantages. companies with strong environmental, social, and governance records have minimized exposure to vulnerability. >> they had a spike in safety reported issues, and if you listen to safety ratings, they think, that was a sign that something could have happened. they really pay attention to safety issues. >> sustainable investing has its skeptics. they say it forces business executives to weigh a confusing array of choices. >> i set up a business as well as i can. give them two different goals, and it is tough. him >> that was just one of the many quick takes you can find on the bloomberg. you can also find them at, along with all the latest business news and analysis 24 hours a day. that will be all for "bloomberg best" this week.
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thanks for watching. i'm ramy inocencio, and this is bloomberg. ♪
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lisa: from new york city for viewers worldwide, i'm lisa abramowicz in for jonathan ferro. with 30 minutes dedicated to fixed income. this is "bloomberg real yield." ♪ coming up, the selloff in emerging markets is roiling debt investors. how far will it go? plus, the flattening treasury yield curve is raising alarm bells. is the u.s. economy vulnerable? and italian bond investors run for cover ahead of what is potentially another month of political turmoil. we start with the big issue, pain in emerging markets. >> emerging markets has b


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