tv Bloomberg Best Bloomberg February 24, 2019 3:00pm-4:00pm EST
emma: coming up on "bloomberg best," the story that shaped the week in business around the world. political clashes continue to drive markets from the ups and downs of u.s. trade negotiations with china. >> the question becomes, when exactly will there be a final deal made? pres. trump: speaking for the united states, i would say it is probably more likely a deal does happen. that doesn't mean it is going to happen. emma: to the push and pull between the u.k. and the eu before brexit. >> the wording of a legally binding document. >> there is not enough time to complete the legislation needed to have that orderly exit on march 29. emma: investors play close
attention as central banks publish minutes of their latest meeting. >> we know the balance sheet unwind is going to stop. >> it sounds like the minutes were less dovish. emma: it is another big week for earnings with corporate leaders looking at the micro and macro picture. >> the economy and credit is in good shape. >> we are seeing credit softness. >> we are not seeing a slowdown in china. emma: plus south africa lays out a new budget. ups faces a big fine and samsung releases a groundbreaking phone. >> from a technological development standpoint it is a big step in the right direction. emma: that is all straight ahead on "bloomberg best." ♪ emma: hello and welcome.
i'm emma chandra. this is "bloomberg best." your weekly review of the most important business news analysis and interviews from bloomberg television around the world. let's start with a day by day look at the top headlines. tensions between parties in the u.k. parliament have been rising as the deadline for brexit approaches. on monday tensions within the labour party came dramatically to the surface. >> seven members of parliament have quit the u.k. labour party. they will sit as independent -- as independents after leaving over issues including brexit and anti-semitism. >> in all conscience, we can no longer knock on doors and support a government led by jeremy corbyn. >> could this be a beginning of a split of a labour party? >> we have heard rumors about a split of labor happening for a while. they disagree not only on brexit on a range of issues. you heard the talking this
morning, it is around things like our relationship with nato and the response to the russia situation. all the things they have disagreed with. they are recruiting people from across the spectrum to join with them. you would imagine more of the anti-brexit wing of the conservative party. time will tell. whether this is a small event or something with bigger legs. >> carmakers around the world are bracing for potential auto tariffs from president trump. this after the commerce department releasing a report on whether the u.s. should classify it as a threat to national security. what doing we know about the details of the report? >> we don't know much about this report. the commerce department told us in a three line statement that the report was in and it did not say anything about what was in the report are recommended. you saw the effect of this report hit the auto sector
broadly yesterday. european carmaker and supplier shares were down significantly. >> the president has 90 days to decide whether he wants to take those tariffs from 2.5% to 25%. this is such a headache for the european union. the european union has made it clear they would retaliate immediately if these tariffs or to be put in -- were to be put in place. >> wal-mart posting strong numbers. best holiday quarter in a decade. they beat out the top and bottom line. your biggest take away? >> the most important number was 43% growth in e-commerce. you may recall last year when walmart reported holiday results, its shares had their worst one-day dive since 1988. and it was all about this e-commerce number. they slowed last year because they struggled with operational difficulties. they were able to increase sales on traffic and ticket is a really well-rounded strong report for walmart.
>> the u.s. is asking china to keep the value of the yuan stable as part of the trade negotiations. between the world's two largest economies. how novel is this idea of using as a bargaining chip for trade negotiations. >> this is a long-standing concern for the u.s., how china manages the currency. the direction the u.s. has been pushing has been in the opposite direction. a push to play less of a role in intervening and currency markets. the trump administration is doing something fairly novel in urging the chinese to try and intervened to do what they want. that is something we are watching carefully. that is something the administration is keen to see in any final deal. >> this request strikes me like the austin powers request for a ransom of $1 million in terms of that it is completely
reasonable. overall this request seems very bizarre and easy to accommodate. i don't think it will complicate trade issues like the ip situation might. >> theresa may getting hit with defections from her conservative party, three tory mps quitting to join the new independent group. we have seen developments suggesting we are seeing a new text being hammered out in brussels. this was reporting generated out of spain. >> we had an interview with the spanish foreign minister where he told us that progress is being made towards hammering out an accord on brexit. >> it is all about the wording of a legally binding document. the shape it will take is not clear. convincing the attorney general geoffrey cox and the huge sway of the parliamentary party but particularly hardline brexiteers
who worry the irish backstop as it stands will trap the u.k. into eu rules forever. >> theresa may is inching closer to a fresh divorce deal with the european union. apparently the u.k. prime minister met with jean called juncker -- met with jean-claude juncker saying both sides are holding constructive discussions. facing objections over the irish backstop. may said she is seeking quote legally binding changes. >> it is really about the irish backstop. we know that one of the ideas they have floated around is that before the final deal gets put to a vote they would like to see if the u.k. parliament what -- would accept those tweaks. the one thing the eu hates and wants to avoid is a situation where something gets rejected by u.k. parliament and then you get prime minister may back in town asking for more concessions.
that is the one thing the europeans will tell you they do not want to do. >> they did shed some light on the dovish light. officials widely favored ending the runoff up their balance sheet this year. they expressed uncertainty over whether they would raise rates again this year. what was the number one take a way you from these meeting minutes? >> the most important for me was the signaling about the balance sheet. the fact is that most think it is appropriate to end the balance sheet later this year. we don't know when that will be but we know the balance sheet unwind. . >> it sounds like these minutes were a little bit less dovish than the statements and recent communication from the fed officials. it sounds like there is some bias towards hiking. the timing of the next policy move is uncertain. >> china offering to ramp up
agricultural goods comes as the latest round of high-level talks kick off in washington this morning. we already knew that china was offering to buy more soybeans. this from the g20 in december. what is the latest offering from china? >> this is a report that china s the latest round of high-level talks kick off in washington this morning. we already knew that china was has offered to buy $30 billion more. what does that mean over one time period? in 2017 we sold them about $24 billion worth of soybeans. that was the last clean read on what their demand is. their demands will not go up $30 billion a year. what they might do is agreed to buy more from the u.s. and less from other places. we don't know. >> the european union expecting theresa may to request a three-month delay to brexit. discussions between the two sides suggest this would, if -- this would come if parliament
backs her deal. will we get a delay? >> this is an acknowledgment of how close things are getting. even if mrs. may get something through parliament there is not enough time to complete all the legislation needed to have that orderly exit on march 29. the european side is sort of expecting that now. it means mrs. mayne -- they are calling it a technical extension for a few months. we have an added complication that the european parliamentary election in may, we are seeing parliament flex its muscles. trying to exclude that possibility. we may see more moves from parliament next week. >> trade talks wrapping up in washington as the treasury secretary says the u.s. and china have reached a final agreement on currency. >> they are saying there is a deal on currency.
on agriculture, they are saying there is a deal. the president saying he might use an executive order to restrict the sale of huawei technology in the u.s. there was no finalization of any intellectual property transferred. extending his stay in washington dc by two additional days. the president has said that is a sign of positive talks. the question becomes when exactly will there be a final deal made? president trump and president xi could come face-to-face as early as next month. at president trump's mar-a-lago resort. pres. trump: speaking for the united states, i would say is probably more likely that a deal does happen. that doesn't mean it is going to happen. emma: still ahead as we review the week on "bloomberg best" more discussions of the biggest issues facing global investors including china's economic slowdown and the impact of brexit. with insights from barclays ceo
key markets in china and the u.k. made the prognosis for 2019 far less predictable. >> we will continue to be cautious until we see how the revenue environment plays out this year. it is a particularly volatile revenue outlook. as we look at the year. >> it is that nasty fourth-quarter that took the stuffing out of it. like a lot of banks in its field. the exposure to asia, we can expect more growth. they tried to strike an upbeat note in the call. they cited higher interest rates as raising lending revenue in certain markets. they said the first six weeks of the year have been quite promising in global markets. in the investment banking business. they are trying to raise expectations. bhp, the world's largest bank, coming up short in the first half of 2019. mr. earnings, spiking higher
raising profits for the full year. >> earnings missed a little bit of mines in australia where they had a train derailment and some problems -- there was not any new cash immediately for investors and dividends were the same. no more buybacks. people are optimistic about the rest of the year. irons in chile, whether prices are flying. they are one of the biggest iron ore producers. that is meaning bigger payout and special dividends and buybacks for investors later in the year. >> metals out with a 5% dip in half-year profits in $644 million. beating earning estimates. thanks to higher prices for its iron ore. shares managed to creep up to
two-year highs. how are you looking at pricing in the next few months or beyond? >> it is hard to predict but we do focus on delivering our strategy and being the lowest cost producer and optimizing our margins. we saw that come through in these results. a 24% increase. that was up to $21 per ton. we saw strong improvement in our results overall. >> the biggest commodity forever -- commodity trader is putting call output in response to investor effort on climate change. a significant shift on coal. i'm wondering if we might get a positive reaction from investors because of the buyback. >> yes. the buyback and large dividends. they did miss earnings. they are saying that they -- in a tight cover market that might be enormously bullish for copper prices.
it is a hodgepodge of strange stuff. the cold news in particular is the most surprising thing for me. anyone that has listened in the last few years knows they are bullish on coal. and rightly so. the number suggest people will keep burning it for decades to come. nonetheless, it shows investor pressure on even the biggest mining companies is quite fierce. they have to remain bullish are -- or we will not invest. >> anglo american, the company has put the 2015 commodity crisis behind it and cut its net debt for a fourth straight year. after a full year of earnings beating estimates. let me for ask you what you think is the signature piece of this turnaround you have engineered. >> the signature piece is the productivity improvements. every person in the business today is producing double the amount of product they were producing five years ago and that is a 43% real cost-cutting
process and 26 in normal terms. margins are up at 45%. even our margins are down 10% compared to numbers 10 years -- five years ago. >> intercontinental has full year earnings that beat estimates on adjusted operating profit level while more than 60% of their revenue comes from the u.s., the company has been eyeing expansion around the world including the middle east and asia. where is the strongest growth for you across the world? >> we had a solid set of results last year. our net system science growth is up 4.8% which is our best results in a decade effectively. we were signing and opening more hotels than in a decade. we are seeing great growth across the world. growing our existing brand and launching and acquiring new brands.
>> the world's biggest shipping line has announced a spinoff of its drilling unit. the stock is among the biggest losers in europe today. probably not because of that spinoff, but more likely the forecast for profit missing analyst estimates. why did the analysts overestimate your profitability so much for 2019? >> we see a world economy that is growing less this year than last year. we see a lot of trade tensions and negotiations ongoing between the u.s. and china. seems like they have positive momentum but i don't believe that is the last of trade tensions. even if a deal is made. because the u.s. also wants to have a discussion with europe. we see an oil price that is creeping up which affects our input costs. >> telecom forecast for 2019 earnings fell short of estimates.
facing rising regional competition, the phone carrier is prepared to invest billions in 5g. the chief executive says he is confident that the t-mobile and sprint merger will be approved. talk to me about this merger. you say it will go through. i believe you are in the u.s. the last couple of weeks. who did you speak to and what makes you think it will be approved? >> i was just in the u.s. and we have one year of approval process for the thousands of contacts we have had in washington. trying to convince customers and politicians about this 5g network we want to build in the u.s. and thinking about the competitiveness we have created over the years. which we want to strengthen with a merger. in 2019 we are waiting to get it approved for this transaction. we have the approval from authorities. on this transaction. now we are looking for the doj
and fcc. >> shares of kraft heinz plunging after hours as the food and beverage conglomerate brought down the value of its well-known brands by a total of $15.4 billion. what is this telling us about the state of their business? >> it is not good. a lot of bad news in this report. that is a big number to be writing down the value of the craft brand. that is one of their most well-known brands. they missed on ebs. if you know anything about kraft heinz they keep profits strong. they cut costs. sales growth has been elusive. to miss on profit, they are saying costs were higher than they expected. there is an sec subpoena in these results. saying they got questions from the sec about procurement. this is a bad news report for kraft heinz. ♪
emma: welcome back to "bloomberg best." i'm emma chandra. barclays reported earnings. its trade has outperformed their wall street and european peers. ceo jeff state promised more dividends as well as the bank's first share buybacks since he became -- began his tenure in 2015. we spoke with bloomberg about the global economy, starting with a profit -- prospect of brexit and how it is affecting the financial sector. whether it is consumer or small business or corporate, we are not seeing yet any signs of stress in terms of credit quality. provision of 150 million in the fourth quarter just to be cautious and be prudent. what we are seeing now are increases in cash levels.
our deposit base is growing more than one might expect. i think right now, the economy itself is not directing for -- not correcting for troubles in the market, but you get a sense with cash levels that people are clearly being increasingly cautious as we come to the final weeks and hopefully not much longer of uncertainty around brexit. the economy and credit is in reasonably good shape. it is wise for the banking industry to be prudent in extending credit and how we manage credit given the uncertainty of brexit. emma: brexit is one of the uncertainties markets are grappling with. not least trade war and the fed yesterday. -- fed minutes yesterday. we are seeing equities rally today, questions about whether the rally has further to run. what is your view? >> we are clearly seeing growth
slow in the global economy. very much in europe, we have a possible recession. in italy, clear signs of weakness. issues in germany and asia as well. the challenge the market is wrestling with is very low interest rates. on one level that supports asset valuations that are higher. the flipside is if you go into a recession, the bullets that central banks around the world have to use to try to support a stronger economy are very, limited. emma: that was the ceo of barclays. later, we will have more news from the banking sector with several european lenders in the spotlight for all the wrong reasons. but come upon it -- but, coming up, back to brexit. amid all the uncertainty there was one piece of news that that the city of london side of -- heaving a sigh of relief. >> both sides of the channel that worked to put in measures
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emma: you are watching "bloomberg best." i'm emma chandra. top executives from companies reporting earnings spoke with bloomberg throughout the week, and the conversation took a macro turn discussions of -- toward discussions of economic headwinds and political uncertainty and cloudy forecast for global growth in the eu and china. let's start with the hsbc chief financial officer, who talked about the bank's overall outlook with manus cranny. >> how did the china slowdown manifest itself in your numbers? >> it was surprising to see that at all in 2018 numbers. we had revenue growth in hong
kong, 14% in mainland china, and international customer revenues were up 7% for the year. i think we are seeing some credit softness is in the u.k., and the u.k. is the market i would be more concerned about at the moment than hong kong. >> you have capital to deploy in the u.k. i am told you are rapidly trying to grow market share. is that proving hard in the current environment? how is it stacking up in the u.k.? >> no, the team did a great job last year. revenues were up 7% in the u.k., we had mortgage growth at 10%. we took another 50 basis points of market share so we are certainly able to take the share we want to take at the moment, and are able to grow the u.k. business. i think we are cautious on the outlook for credit, given the lack of certainty on the direction of the u.k. economy. >> let's talk a little bit about what's happening in china, and the slowdown.
do you have any material impact on your business as a result? are you seeing any slowdown in terms of exports? >> no, we are not seeing a slowdown in china. just recently, china released the official statistics for crude steel production for the calendar year, that was up 12% to 928 million pounds, a record year of crude steel production. we have seen those trends continue. that is driving strong demand for iron ore. and let's not forget that the chinese government is investing in infrastructure, whether it is rail or airports, there is significant investment continuing, driving demand for steel and iron ore. we are not seeing a slowdown in demand. >> we have been planning for a no deal brexit for the last four or five months. it is a prudent thing to do. to make sure that we are not in a stick his situation.
passengers can be confident they can still fly, still book ahead, even with the no deal brexit. the plans are in place to achieve that. the u.k. government and the e.u. have done a good job of listening to the concerns about the business to make sure trade and passengers keep on flowing, even in a no deal brexit. >> how is air cargo holding up? is it increasing as people prepare for brexit? do they want to get the goods out of the country quicker than they would normally? >> so cargo is very stabilized at the moment. most of the big trading routes out of heathrow for cargo are quite full. routes like heathrow-los angeles is full anyway. but we are preparing for the possibility that there will be more cargo between the u.k. and the e.u. traveling by air, just, in case there is any congestion. we'll have extra facilities the -- facilities available for that
and we will manage that smoothly, to make sure business can keep on flowing between the u.k. and the e.u. >> as negotiators put together a brexit deal, one headache was officially solved this week. e.u. derivatives traders will still be able to use london clearinghouses, even if the u.k. leaves the bloc with no deal in place. the mayor of london praised the decision in an interview with bloomberg television. >> the regulators on both sides of the channel have really worked to put in measures to ensure stability. it is something the city has argued for. it's been highly responsive on both sides, a very good outcome. >> we also had officials from the ecb saying the majority of brexit-related authorization procedures for banks have been completed. they say they want banks to invest under that supervision. what's your take on that?
>> both sides, the fca and ecb have really sought to ensure continuity of business. there are still, i think, some fine-tuning required, but either way, whether it is in no deal or deal, we'll get financial stability. >> when you talk about continuity of investment, how difficult is it in your role, outward looking, to sell investment in london, to strengthen the investment trade ties, when there is no certainty when it comes to policy? you look at the various outcomes, and it is not even very binary as to what we are expecting. >> so you are right. in terms of the uncertainty, it has been very frustrating. in many ways, what brexit is masking is huge levels of innovation that have taken place in the city and across the u.k. last year, we had another growth of 18% in venture capital gain in fintech, innovation in cyber,
life-sciences. in many ways, i'm very confident that as we look beyond brexit we are going to enjoy a period of growth associated with the fourth industrial revolution. that's where the u.k.'s strengths are. >> also this week, south africa put forward its 2019 budget. the government projects the widest deficit in a decade, and announced it will spend almost $5 billion over the next three years to bailout escon, the nation's struggling power company. that reorganization plan has drawn opposition from labor unions. bloomberg spoke with the chairman of escon and south africa's public enterprises minister about the controversial proposal. >> $23 billion -- it's not all we needed.
it will go somewhere. there's been a lot of pressure put on them. >> if the unions block the government's plan, what approach will you take then? >> we are optimistic. everyone recognizes that this is an essential entity for the future of our economy, and secondly that we do have a serious crisis. thirdly, all of this is in the national interest because there will be more job losses if this is not delivered by all that is required by our economy. i think we will have intense discussions, and we will begin to envision a different future.
there are possibilities, and there are deficits in terms of engineers. and other technical stuff. there are other possibilities in terms of staying within the escon environment itself. it's all of these possibilities we need to explore. even on the financial side, as the minister announced yesterday in the budget speech, is the beginning of what the states can do and what escon can do, and there are other mechanisms being considered. beginning of what the states can once we have the details we will announce those as well. escon is receiving intense attention from government and we intend -- from government itself, and we intend to bring all stakeholders together to jointly solve the problem. ♪
emma: this is "bloomberg best." i'm emma chandra. let's continue our global talk of the week's top business stories with a bloomberg scoop probing the business relationship between the president of the united states and a major european bank. >> a top executive at deutsche bank was concerned after donald trump won the u.s. election in 2016. bloomberg learned that the german lender was afraid that donald trump was about to default on $340 million of loans while serving as president. the president son and vice president of the trump organization said it was nonsense. what does this go to the heart of? is it the relationship between
deutsche bank and the trump plc? do they still have that relationship? >> it does shine a light on what the election of donald trump, what it meant for deutsche bank, because they do have a strong business relationship with donald trump. it shows how much it surprised people at the bank, who are struggling to come to terms with it. of? is it the relationship between thinking what can we do? it was obvious that donald trump or his organization would default on loans maturing in 2023 and 2024, and it shows how much was going on. it is still going on. it is still an issue, of course. >> ubs has been ordered to pay $5.1 million after the bank was found guilty of assisting wealthy french clients to stash undeclared funds in swiss accounts. ubs has been dealing with the french probe for more than eight years. how big of a problem is this for ubs, given that it has been going on forever? is this almost a relief? >> it's eight years and they still want to appeal it. you can expect more of this to
keep going. the fine is large, probably the largest ever that a bank has had to pay france, if it is confirmed. the benefit of appeal is that they can keep being dragged on. kick the can down the road. they have another fine they have to tend to with the u.s. justice department as well, regarding mortgage backed securities, that could be another $2 billion. we will see how much they are earmarking for all of these fines. >> socgen is drawing up plans to cut jobs in the investment bank. bloomberg sources say the bank could cut hundreds or even thousands of jobs, including roles in support functions in the investor solutions unit. give us what we know here so far and when we expect it to happen. >> it's difficult times for european banks. the revenues have been under pressure in trading at the end of last year, and banks still
need to make efforts. socgen announced a couple weeks ago very deep cuts, and now the understanding is that in terms of the jobs effort, it's going to be pretty massive. it's early stage, but it is something that will be quite important. significant, in terms of magnitude. >> ecb officials are setting up their meeting in two weeks as a key, key meeting to decide if the euro area slowdown is bad enough to warrant some sort of attention. we are hearing that a lot of action is being taken to ready the research around it, but the ecb is taking a very calm approach. >> we today, got the count of the january meeting, and the conclusion was we need analysis, but we shouldn't rush with a decision.
it's quite a hefty sum, more than 700 billion euros, and the question for the ecb right now, the question to answer during that analysis, is to what extent this will impact the liquidity of the banking sector, and to what extent this could hurt credit growth in the future? i think that is where the discussions will focus. >> nigeria's president says the election commission is incompetent, this after a vote scheduled for this past weekend, a general election, was postponed hours before polling was meant to start. do we know why it was pulled? >> the election commission said it was down to logistics. this is a massive exercise which includes all the elections, including local and state elections, something that involves 90 parties and 23,000 candidates and 84 million registered voters. they say it has nothing to do with security or political
interference, but both the main parties are saying accusations against each other. one party said the election commission was working in cahoots with the opposition, and the election commission is standing by what it said from the start, that this is logistics, nothing else. >> the indian government has won $4 billion ahead of the upcoming elections. narendra modi seeks funds for populist measures. how did the r.b.i. come to this decision? how big a role did the governor play in this decision? >> this is a process the r.b.i. generated in the first half of the financial year. now, the r.b.i. holds domestic and foreign currency assets of about $400 billion, profit
generated from treasury operations. that is the production cost in the value of the currency. to your second question, yes and no, but one gets the feeling that last year, the government made a demand and there was a bit of pushback from the governor. this time around, we didn't see that kind of pushback, and the demand was met immediately. >> in a bid to rival silicon valley, china's policymakers are aiming to tie hong kong and macau closer to the mainland, as they build a high-tech metropolis with global aspirations. what is china driving at with this enormous plan? >> if you think about this whole region, 67 million people, if you put it all together, it would be a $1 trillion economy. it's a massive economic fear.
yet, hong kong and macau are separated with different legal systems, different political systems, different monetary policy. they should all be the same, according to beijing. they are already plugged in. the idea is that if you can somehow integrate them, you will be able to drive regional development and economic growth. >> new zealand's prime minister says things are still rosy with china as she faces pressure from opposition lawmakers after the government said it has major security concerns about letting chinese mobile provider huawei enter new zealand's five g networks. are there any signs that china might be retaliating against new zealand over huawei? >> all the staff earlier this month was down for shanghai, forced to turn around midflight because they didn't have the right paperwork to land.
it seemed relatively innocuous at the time, but there were signs that china was growing unhappy with new zealand. the prime minister's visit to beijing, which has been on the table for quite some time, remains in limbo because of scheduling issues. when you put it all together, it does look a bit like china is trying to send new zealand the message, and the opposition is quick to jump on that. and claim that the government was mishandling this relationship. >> samsung has unveiled a new lineup of handsets in simultaneous launch events in san francisco and london. the tech giant initiated new phones with a price tag of more than $2000 for a folding phone. at that price point, will it galvanize anyone to renew their phone? >> no, i don't think so. [laughter] i have a feeling it is going to be a bit of a novelty. but, honestly, from a
technological development standpoint, it really is a big step in the right direction. i think foldable technology will get integrated across product lines with all vendors overtime, and samsung is the innovator and the first to do it. in that sense, it is an important launch. will it sell? we will see. tesla's general counsel left after just two months in the wake of elon musk's run-in with fec regulators. the ceo hit send it too soon on a tweet on teslas forecast, revising it hours later. we did see musk tweet on production numbers. he had to retract that. just hours later, this announcement of the general counsel leaving. did the two, were they linked at all? >> no, i don't think so. i think the departure was going to be announced, and it was just unfortunate timing that it came after the tweet.
he then revised it four hours later. it brings up the whole question of elon and social media, and if there is anyone in the legal department monitoring the tweets before they go out. >> bernie sanders is giving it another go. the vermont senator has announced he will run for the democratic presidential nomination in 2020. have any of his policies changed, or is it just a more favorable environment for a self-described socialist to come back and hit the campaign trail? >> well, one of the policies he promoted in 2016 he is promoting again, but it has shifted. he lit a lot of fires under progressives, young people, and energizing them for 2016. there's now a lot of candidates in the democratic race, being warmed by those same fires, most notably elizabeth warren. so, he has a real challenge here in trying to set himself out
from the rest of the pack. he's not quite got the unique position he did before. >> one of the most influential fashion designers of the late 20th century has died. karl lagerfeld, the longtime artistic director at chanel among many other names, he dressed celebrities from princess diana to keira knightley to almost anyone you could name. he turned out collections for fendi and his own label. he was 85. and reportedly had been ill for several weeks. how did he manage to keep chanel at the very top all those decades? >> although he was 85 years old, he was young at heart. he would take coco chanel's ideas and reinterpret them for a modern age. you have the quilted handbags, and tweed suits and the black little dresses, he modernized things and had a young following. even despite the fact that he was 85 years old. vonnie: karl lagerfeld, in
emma: bloomberg television launches a new, one-hour program on monday, february 25, showcasing the global reach of bloomberg news and the power and intelligence of the bloomberg terminal. it will be anchored by tom mackenzie in beijing, and yvonne man and david in hong kong. markets china" will bring you all the market moves as they happen, sharp analysis of the economic and policies that matter. we will be speaking with big names, u.s. china business council, china asset management, and a china chairman. that is weekdays from 8:00 p.m. new york time, 1:00 a.m. london
time, and 9:00 a.m. hong kong time on bloomberg television. now, as we come to the end of another week, the clock continues to tick toward march 29, when britain is scheduled to leave the e.u. under the terms of article 50. it is unclear what kind of brexit the u.k. is heading towards. so, how can investors play sterling? here is what we have been hearing. >> as brexit uncertainty continues to swirl, some analysts are trying to forecast events that many of their peers have said is untradable. naraj patel says that in the event of the shift toward a softer brexit, cable will strength between 1.38 and 1.40, and that a hard brexit could still boost the pound. leaving it to settle between 1.34 and 1.35. but extending article 50, and putting the u.k. in political
limbo would be the worst of all, sinking the pound to 1.30. david bloom of hsbc says staying in the eu could give sterling a surge, up to 1.55, a level not seen since 2015. but an exit from the bloc without a trade deal could be disastrous, bringing cable down to 1.10, a level it hasn't fallen to since the 80's. none of these forecasts are the -- are as pessimistic as the bank of england's worst-case scenario. they warn a disorderly brexit could see the pound dropped to below parity with the dollar. with time running out, with or without a deal, who knows where sterling will end up trading? emma: stay tuned to bloomberg television for all the latest developments on brexit and all related business news and analysis, available on bloomberg.com as well, 24 hours a day. that will be all for "bloomberg best" this week. thanks for watching. i'm emma chandra. this is bloomberg. ♪
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