Anna the big names discussing big challenges. Institutional investors are trying to deal with volatility using etfs and etfs and dts are actually sharpening volatility. You dont take people out of their walks of life and say i am going to turn you into a political operative. The window of opportunity is closing. We need the resources so we can protect american women. Data how chinas economic an and the anna how chinas economic a acceleration is driving a new car culture. 40 a year. Anna all straight ahead on bloomberg best. Hello and welcome. Im anna edwards. This is bloomberg best, your weekly review of the most important Business News, analysis and interviews from Bloomberg Television around the world. Lets begin with a day by day look at the top headlines. With markets closed monday in the u. S. And the u. K. , the biggest news to start the week came from asia. The singapore listed commodity Trader Noble Group is making headlines with the resignation of its ceo. What happened . It happened very quickly. Here is what we know from the statement today. It says he decided the time was right for him to move on. He has been ceo for four years. Noble says he will be replaced by two coceos. Renzel has been with noble two decades. An old hand in the company. Frayed joined noble since. Heres where we are with the company. Even with the recent rise in commodities prices, noble shares have continued to drop. Noble said Something Else today. It will stop the sale prices of sale process of some of its u. S. Operations. That will help prop up its balance sheet. The company has been under attack, allegations against its Accounting Practices coming from the life of iceberg research. Mark vw shares falling 17 earlier after quarterly profits at the vw brand declined 86 . Revenue slipped as well. The chief executive says the automaker achieved respectable results under difficult conditions. Why did shares fall as much as 4. 7 earlier . Was it just the decline in profit of the namesake brand . That is certainly a big reason for it. Like the headline figures rose slightly. Due to some one off charges, 309 million euros. They got some currency tailwinds from the 6. 2 billion euros they have set aside for the scandal. The volkswagen brand is critical. It is so core to the identity of the company. With the profits falling as 86 , and the profit margin is minimal 0. 3 . That is a big problem for them. In addition to that, they have suffered from a decline of profits in china. Thats not reflected in the operating profit results. China is their biggest market. If profitability starts to slim there, that is going to be a headwind for volkswagen. Tom the Prime Minister, this is a big deal. He will retract a National Sales tax. Much of this was foreshadowed when he was with the president and leaders in g7 and at hiroshima, where he made very clear he was playing to a domestic audience. Some of this is a delay of a National Sales tax. Quite an abrupt blow to the fiscal side of abenomics. How will japan respond . First of all, i would expect he will do pretty well in the election next month. We think he is going to call a double election, so that will be perfectly timed. Notice what he is saying here. A few months ago he was saying he would not postpone the sales tax hike, unless there was another lehman like event. Now he is blaming the world economy. He is saying the world is at risk. Not japan. Japan is doing fine but the external economies are at great risk, so he has to do this. Tom i do not need you to give me your opinion as an economist but when i look at the data, i have trouble saying that japan is doing fine. Which is it . You are right to not see it. This is clearly, the Virtuous Cycle that abe has been talking about where corporate profits rise and that leads to higher wages and that spurs more consumption, that is not happening. This is his attempt at kickstart that with a boost to consumer spending. Jonathan the refinancing rate staying unchanged at 0 . The deposit facility rate, the depot rate has gotten a lot of attention since it went negative. It remains unchanged at 40 basis points. And the marginal lending facility, the third rate hub of the ecb staying unchanged. The ecb to start a Corporate Bond Purchase Plan on june 8. We have got the date, june 8 will be the date. That news crossing the wires right now. Before today, all we knew is that it would be in june, 2016. We still have not got the color on the size, but we know it will start on june 8. The one thing opec ministers did agree on is a new secretarygeneral. That is a positive. They have been bickering about who should get that post for four years. They decided that was the nigerian front runner. He will be the new secretarygeneral come august. On the whole, you look at this. They kicked the can down the road when it comes to policy and intervening on the markets. They are still going to let the market as they put it fix itself. Yet, when they do convene later in the year, at least they will have a new secretarygeneral, some fresh blood, and maybe we can get some more unity out of this organization. Less than three weeks away from that crucial brexit vote. Some very big names are speaking out about it. We have jamie dimon and the Prime Minister weighing in. What is the outlook this morning . Jamie dimon in the u. K. After being in new york yesterday flew in to talk to his employees with the chancellor of the treasury. It is my opinion it is a terrible deal for the british economy and jobs. He says they may have to cut thousands of jobs in the u. K. If the brexit happens and move those to the continent, both for business reasons and if other countries require it. Your jobs report now. 38,000 jobs. Thats the number created in the month of may. It was more than 120,000 below the median estimate in our survey of economists. And the lowest job growth in this country since september, 2010. Tom is this a report on enough of a shot to alter fed action . I think it is enough of a shock to delay june into july for sure. The fed has tried to convince us that one or two hikes this year is in the cards, and i think they want to renormalize the yield curve and normalized shortterm rates, but a number like this certainly cancels out in my way of thinking, june in combination with brexit. We will wait for another one and look for july. But the number is so low that they have got to take pause. It has been a week full of reports for economists, investors and policymakers to chew on. Later in the program we will review data from around the world, including more u. S. Numbers. Up next, carl icahns latest activist play. And the latest job cuts for Investment Banking. You are watching bloomberg best. Anna this is bloomberg best. I am anna edwards. We continue our global tour of the weeks top business stories with a frightening 60 seconds for traders in china. If you dont think much can happen in a minute, think again. It was a big morning for trading in china. What happened with the Options Market over there today . The chinese futures market, at the 10 00 hour the market plunged 10 in a minute and then it snapped right back up to where it had been. So, something of a bit of a flash crash. Does this raise basic questions about the markets and how they are functioning . It seems to be from what we are hearing, it was a fat finger trade rather than something more structural like the flash crash in the u. S. The market was up 3. 5 . The biggest gain in three months. There seems to be sentiment that the msci is going to include china in its emerging markets indexes. The flash crash was triggered by one single trader who put in an order for 398 contract for hedging. That brought the selloff we saw. It was the busiest minute of the session. 1500 contracts changing hands. A value of 280 million. Disney says it may take legal actions against chinas theme park after he claims that snow white and captain america lookalikes were seen at the opening of the complex. How did a conflict between wanda and disney start . Actually, the conflict started a week ago where a famous man in china went on a national tv program and among some topics, he talked about how disney should not have come to china, and he thought that disney liked innovation. These are the opening shots. And disney has stayed quiet till quiet until then. They did want to respond to what wong had to say. Over the weekend, when wong opened the first of 15 theme parks, there were characters there that simply put were dressed up as characters that are registered to disney. Wonder if disney is likely to take action against wanda. Is this a warning . Disney has made very clear in their statement that they have not gone so far as to take legal action. They have given themselves room. Its more like a warning shot, i think. Virgin shares are higher after chinas hna group says it is buying 13 with plans to improve the state to almost 20 . Hna runs more than a dozen carriers including hainan airlines. Singapore airlines is cutting its stake to 20 and response. Why specifically hna . I think they are a perfect partner. It opens up china for us. And china is of course, the biggest source of inbound tourists for australia. As you know, it is now over one million chinese visitors come to australia every year. And it is growing at a rate of about 18 as it has been for the last five years or so, so it is a very important market for us and very important and good partner. So then why is Singapore Airlines paring its stake . Singapore airlines is a very important partner as well, and we enjoy a very strong relationship with them. But their stake with the placement of the 15 , which is 13 of the total to hna, the singapore stake and other peoples stakes will drop a percent or two. It is just a byproduct of the mathematics. San miguel is selling its Telecom Business to two other Philippine Companies in a deal worth 1. 5 billion. They hope it will improve their service. The chairman says that two will work together. This deal, what does it mean for san miguels plan to break into the telecom . What you have as a sellout of 1. 15 billion. What is does mean is they have been precluded themselves by selling this to get into the telco market. That money as the chairman talked about earlier in an interview was going to be focused on other infrastructure plays. As you know, san miguel is aggressively expanding. From roadway, tollways, ports and even power. That money may be used to pare down their debt or or expand their warchest into their sectors. Billionaire investor carl icahn has taken a large position in drugmaker allergan. Hes very supportive of the ceo. Icahn helped place him there. He of course has bet on a lot of big companies, whether it is apple or other names. And he pushes the one he thinks will raise shareholder value, what does he have in store for allergan . I think we may have to wait and see. He put out a statement and he does take pains to say that Brett Saunders is a great guy. These guys go way back. A bunch of years of icahn believing in this guy. Take a look at apple for example. He took a stake in apple. He said he likes tim cook. Then he came in and demanded they start using some of their cash to repay back to stakeholders. Icahn being in does not mean he is not going to want something or have a role that he thinks he can play in the companys future, especially since allergan is at a pivotal point. We should not assume it is a friendly situation. Friendly with some tension is always a possibility here. I think there is a Broad Spectrum on how active carl icahn can be and could get in a situation like this, even when he supports the direction the Company Might be going. Asias biggest Aircraft Leasing firm native hong kong listing debut. Shares of boc Aviation Trading more than 1 higher. Now this ipo raised over 1 billion, making it asias secondbiggest share sale this year. Robert, this is been a project years in the making. Because as you told me before, you really kind of created the regulatory landscape for this to actually happen. Yes. This is one of the first spin offs of a company like our own. Obviously, being owned by a highly regulated mainland chinese bank that is listed in shanghai and hong kong stock exchanges, weve a lot of approvals to go through. But with help from our advisors, we have successfully navigated those and are listed on the hong kong stock exchange. A lot of investors have been going to the bond market for liquidity to finance. How is that going to change or perhaps be more of an uphill, especially since the fed is looking to raise rates . We do not see that as an obstacle. As a company, we balance our books in a way that 60 of our leases are floating rates. Naturally hedged against increases. Where we do have fixed rate leases we will use the bond market to raise funding for the hedge bets. The largest investor in Alibaba Group saying they would sell 7. 9 billion in its stake in the chinese ecommerce giant to bolster its cash position. Alibaba falling in extended trade on that news. Softbank remains the largest shareholders with 28 after the sale. Softbank is divesting 5 billion in the companys adr. And selling some stock back to jack mas company. The rest of the members of the partnership as well as the sovereign wealth fund. Softbank the company has reported holding 8. 5 trillion yen of debt. That is according to some research services. That is shy of 77 billion. They are increasing this liquidity cushion for the company right now. Goldman sachs has cut dozens of Investment Banking jobs in the last few weeks, according to people familiar with the matter. Jobs were a limited across mergers and acquisition teams, the latest in a string of job cuts. We had news of hsbc cutting dozens of senior jobs and now youre talking about goldman doing the same. The thing to keep in mind is this is over and above the annual 5 cut of jobs every year. So this is over and above that. We saw them do something similar in the Trading Division where they cut up to 10 . We dont know what percentage of jobs this is but we do know that the job cuts were in the key cities globally, hong kong, london, new york and you know, we know its dozens, at the managing director level, the executive director, vp level. If you look at just how deal volumes are this year, that gives you a kind of indication of what the banks are going to going through, not just goldman, the banks across the street. Betty uber got a big vote of confidence from saudi arabia. The wealth Fund Investing 3. 5 billion in the start up and will get a seat on the board. This cash infusion will help the company fund its costly global expansion. This is a huge cash infusion for uber. Exactly how are they going to use this money to expand . It does seem like a massive amount, 3. 5 billion, the biggest single investment coming into uber, and bringing their cash pile to about 11 billion. They do seem to be sitting on a lot of cash today, but they are going to need probably at least that to be able to realize their plans for international expansion. Uber, the world leader in car hailing applications but if you look around the globe, you will notice they have very strong competitors emerging in countries like china and countries like india and across europe as well as in the u. S. Uber is going to need that money. They do not have factories or direct employees as much as they do need that money for marketing purposes. But i do think that china is the key piece, especially when you look at the investment that apple made just last month in ubers rival didi in china. 1 billion coming in from apple as part of a broader fundraiser. That is going to be a key market for uber. Where a lot of funds will be needed for expansion. Anna you are watching bloomberg best. I am anna edwards. Investors had a feast of Economic Data to digest this week and with the backdrop of thursdays ecb rate announcement, plus the feds upcoming policy meeting and the u. K. Brexit referendum, these reports took on extra importance. Heres a look back at the week in data. Japanese retail sales growth has stalled adding to the case for Prime Minister abe to delay a sales tax increase planned for next year. Hell also be proposing a new similar package to give the economy a shot in the arm, a shot in the arm that it needs. As we were talking about when the numbers broke, flat growth still considered a beat for japan. It goes to show how low expectations are and how weak private consumption remains in the country. Those sales unchanged in the month of april still a b. Economists were expecting a. 6 drop for the month. More downside when it comes to the on year figures falling. 8 . Still better than forecast after march figures were revised upward slightly. We came out of g7 with the Prime Minister sounding some dire crisis. This lehman crisis he warned about, this may add the case for further boj stimulus. Jonathan paul gordon joins us live with the latest on inflation and jobless numbers. In line, but still not great for president draghi. Inflation just below zero, unemployment just above 10 . A slight improvement for sure and reason for the ecb to say its stimulus is starting to work. But a very long way to go. A big question is where does the inflation come from . It has never come from industrial goods. It used to come from energy. That may be returning briefly now but it is hard to see that sustained. Services inflation is where the ecb needs to see prices increasing. That also is a hard stretch in this climate. Jonathan april was a strong month for the u. S. Consumer. Spending in april climbed by the most in seven years. Will it impact the fed debate . That is a great number but not quite so great if we take three factors into consideration. First of all, spending was flat in the prior month. There was a little bit of a catapult or snapback effect there. Number two, gas prices increased significantly in the month. Part of that spending increase was just households paying more for gasoline. And three was the savings rate coming down, which is good news. Consumers became a bit more optimistic in the economic outlook, so they loosened the purse strings. Those three factors are unlikely to be repeated on a sustained basis going forward. So yes, income looked decent. Households are spending at a decent clip, which means that the Current Quarter of growth is going to bounce back from that lousy number we saw in q1. Lets not get too out over our skis, too excited based on this number. The fed likes this number. Yellen and company are going to go into that june 15 meeting saying one month does not necessarily establish a trend. Home prices in 20 American Cities climbing more than forecast in march as the busy spring selling season began. The s p case schiller index of up 5. 4 in march, at into signs of healthy demand. Housing data showed purchases of existing and new homes based, new homes, they strengthened more than expected in april. We may be at the peak point in the housing recovery. Are we seeing the second breath, the second life in housing . I think the economy has been recovering. Employment growth has been solid enough. People are needing houses. They are buying them. There are not enough houses out there. The inventory is low. So they push the price up. It is a modest price increase. Nothing scary or exciting. This could go on for some time. Chinas official factory gauge, we have mentioned it a few times, has signaled improving conditions in the countrys Manufacturing Sector for a third month. Pmi stood at 50. 1 in may. The data adds to recent evidence of stabilization in the worlds secondlargest economy. What does this reading tell us . Help us work out where we are in the china story . It is a very at the least, adding to the narrative that the economy may be stabilizing. We had decent figures out of march and a few wobbles in april. Seems things are finding a footing. No real evidence the economy is getting momentum either. That is what is coming out of these numbers today. Sure, its hobbling along, not getting any worse. But when you consider all the money the government has spent, the channels they have opened to get credit into the economy, we know there was a record level of credit. All the actions the central bank is taken, throw it all together and we still have a picture where sure, conditions are not getting worse per se, but they are not taking off, either. Not much to write home about. The beige book contains information about the current Economic Conditions in each of the 12 federal reserves. The book is published two weeks before the next fomc meeting. Erik schatzker is live in washington with breaking news. Erik in a word, meh. Thats how you might described the latest beige book. The latest reports from the 12 regional fed banks. Yes, the economy is still growing but at only a modest pace. That is the word the fed chose to years. The fed use that same word modest to describe wage increases and job growth since the last beige book. In other words, this is not the kind of assessment that turns hawks into doves. There is little that suggest an urgent need to raise rates at the next fed meeting on june 15. The one area that stands out is labor markets, which the fed described as tight. Difficulty hiring should translate into inflation pressures in the months ahead. As of now, the fed reported only slight growth in price pressures. Anna next, we will take a step beyond the numbers. To the weeks most compelling conversations. Topics ranging from apples efforts in india to the case in supporting donald trump. Our best interviews are coming up on bloomberg best. Anna this is bloomberg best. It is time to replay some of the weeks most interesting interviews. We will start with erik schatzker, the exclusive sitdown with mark who reflected on crucial changes in the banking system. In the good old days, the banks would have access to deposits and capital from the fed and earn a spread and make a loan. With all the regulations, the banks no longer make loans. They do not hold inventory or make loans anymore. Im making a point by speaking broadly. Obviously banks make loans to some extent but they are tightly regulated. So, the market no longer look to banks to make markets. And so, you have to have a match of a buyer and seller. In both directions, if you want to sell, there is nobody there to sell to. What do institutions do . They turned to etfs. An easy way to add data. Or take risk off. So, paradoxically, and etfs, markets at 1. 4 trillion. If you wanted to look at the size of those etfs, they are 3 of the market. We do not have as far as i know any evidence at how much trading activity they provide in the market, but say its 10 , what we are hearing. And etf flows on a daily basis do move the market notably one direction. You have the advent of Institutional Investors trying to deal with market volatility using etfs and etfs are sharpening volatility somewhat. So, what i think thats a lot of detailed, but what erik where does it leave you . Mark you need more and more Portfolio Managers have to set their course and stay on their course. Lets take an example, apple. 30 of their phones should be made in india if they are allowed to open their own stores there. Now do you agree with that . Doesnt that raise the barrier very high for a company like that . This is a preexisting policy that already exists for the last several years. The policy has been if you have Single Brand Stores you must have some local sourcing. The rational behind this has been that every person who looks at the indian market must also invest in the direction of creating some Employment Opportunities in india. Now, logically, it is a rational policy. In case of a stray products there, it must seem a little odd, but its a sound rationale, when you are looking to capture 1 6 of the worlds population, a larger market, and a very large middle class, which is liquid in these areas, and products are going to be purchased on a massive scale, then please help us in creating Job Opportunities in those countries as far as manufacturing is concerned. Would you change this . We will examine the matter in cases because cases where there is High Technology involved, weve carved out an exception. We will always be open to look at these areas. Erik why do you think that the Republican Leadership is having a hard time getting behind donald trump . Tom i think rightly so. Theyre unsure. They are uncertain and it is threatening. So, if you think of politics, i do not think there has been a president whos made a payroll or received a payroll since herbert hoover. I mean, president bush owned on a baseball team. And in real times, the organizations of politics are political. So, you dont take people out of their walks of life and say im going to turn youinto a political operative. You are a political operative. It is what you are. So, by nature, these organizations have bred over time, it is like we are talking about grapes. They bred political candidates up through the ranks for years and years and years, and everybody is invested in that. So, when something from the outside comes and challenges that, its frightening. In the end, congress did the right thing with ebola. They funded it to stop it. Im hopeful they will do the right thing with zika but the window of opportunity is closing. We need the resources so we can protect american women, protect people from zika. That can only be done with a longterm commitment that start soon. What is being delayed at this point, research on a vaccine, spraying against mosquitoes . What is not happening because commerce has not taken action . We borrowed money from one part of fighting emergency to fight zika. We have to start longterm activities to understand the impact of zika on, infants and families to better stop mosquitoes. This is a difficult mosquito to control. We dont have good ways to do it. The sooner we start on them the better we can do it. To better develop tests to diagnose his infection and vaccinate against it. How much longer can you shuffle funding . Every day that goes by we are not starting programs that can protect americans. The sooner Congress Acts with an emergency funding bill that restores the money we borrowed and allows us to move forward with multiyear plans to protect american women, the better. Are you optimistic about the risks at the moment threatening the global economy, or are you more risk to the downside . Frankly, it is going to be flat growth at 3 , visavis last year. 3 2015. 3 2016. A little bit of an improvement in 2017 but very moderate. Overall, a rather mediocre, a rather dismal outlook because no surprises. The engines of growth, trade is it should beto 2 , growing at 7 . Only five times in the last 50 years has trade been growing below the rate of growth of the gdp of the world. Those five occasions there has been a very serious deceleration, even a recession. I am not saying there is going to be recession. Conditions are very difficult on that score of trade. Investment. Investment today, growth tomorrow. That is growing at about 3 . Should be growing at 7 . Credit is not flowing. The banks are saying there is no demand. The small and Medium Enterprises saying conditions have tightened very much. So, they are not getting it. And last but not least, engines of growth in the last 10 years china, india, south africa, indonesia, brazil, russia right now second year in recession for brazil. Secondyear recession for russia. And very flat growth for, in indonesia or lets say less growth in indonesia. Less growth in south africa. And then about half the growth of a few years ago in the case of china. So, basically, that fourth leg of the growth engine, the fourth cylinder of the growth engine, is also at tough speed. Anna now lets shift gears and look at a recent phenomena in china. The countrys fast and furious Economic Development has fueled a rising car culture. Bloombergs Stephen Engle took a ride at a beijing auto racing circuit. [tires screeching] stephen at track day, anyone can spend 1200 renminbi, 185, to have fun at the track. Beijings goldenport is trying to put chinas emerging car culture on a new track, offering an alternative to drag racing on the streets. Bloomberg obtained this video of teens being busted after illegal Midnight Racing in an underground parking lot. The Consumer Market basically, we are giving them what they want. It is their needs. They want to go somewhere to drive fast. Limit. Their cars to the this is a safe environment for them to do it. Stephen goldenport is planning an ipo as it accelerates into a more assetlight licensing model. They are franchising racetracks nationwide. 7 are built with more on the drawing board, including chinas first nascar track. This market is growing at 40 or 50 a year. With so many cars being sold in china, with the young kids, as you can see today. They spend money on cars, on the track, and girls. Stephen not all girls are along for the ride. She estimates she has spent 30,000 on gas, tires and tricking out her nissan skyline. Here we go. [engines revving] its pretty rare to have a girl here in china. Its cool. The smoke. Its just like a big show for everyone. Stephen never mind she studied financing in college. She wants to be a professional. You are racing against guys . 40 guys. Stephen girl power. The giants like amazon and ebay dominated. Slim hope for any start up to beat them. It can be profitable to join them then becoming a seller in the online marketplace is run by larger companies. That approach has paid off for pharmapacks, a company that sells health and Beauty Products. The ceo explains how it has grown from small to big. We actually started out as a branch of a Retail Pharmacy in the bronx. Had access to different merchandise, health and Beauty Products from our distribution. We wanted to sell the merchandise online. We raised 750,000 from friends and family, relatives. At that point we did see that retail was on the decline and ecommerce was on the rise. Another vision we had that many people did not see is that marketplaces would be the malls of the future. We thought that amazon would lead that charge. Our goal was to become one of their largest retailers and build a brand within a brand. We were burning through cash the first couple of. Years and trying to build our Technology One of the things we did not want to do was use outside software, because that would create a level Playing Field and we know we needed an edge. We built our own software and we also built warehouse fulfillment and logistics software. One of the keying factors was building out software that allows us to dynamically price. We use shopping pattern characteristics, rankings, weight, dimensions that allows us to change our prices across the board every 45 minutes. We let the metric speed for themselves to at least a have an 89 rating and now we are at 99 . Amazon is happy. Other partners are happy. Were shipping out 130,000 140,000 packages a week. A few years ago, we were shipping out 150. We went from a 3000 square foot facility to a 32,000 square foot facility. We are moving to 142,000 square feet. Our first year we did 1 million in revenue. We will finish off 2016 somewhere between 140 million and 160 million. We created a model. Within three to five years i believe we can be a 500 million company. It is very, very busy. We just talked about the Inflation Numbers are trading 6 . Exports, simple function. Asiapacific. That is today, june 1. Have a look at everything coming out today. Take a look at the bloomberg. This is seag. It looks at the seasonal moves underlying security. This is the average over the past five years. Then heres 2016. Three blocks are green. Three up months. Anna there are 30,000 functions on the bloomberg. We enjoy showing our favorites on Bloomberg Television. Maybe they will become your favorites, too. Quic go will take you to our quicktakes where you can get fast insight into timely topics. Brazil is the focus of the quick take this week. In recent years, brazil has gone through a roller coaster of turmoil. Between economic woes, Corruption Scandals and impeachment proceedings, brazil is in a deep crisis. Many blaming fingers pointed at president dilma rousseff. But this has been a slow unraveling for the worlds fifth most populous country. Heres the situation. In order to understand rousseff you need to start with president lula da silva, aka lula. A rags to riches story, he was wildly popular and became the symbol for brazils economic ascent as one of the top exporters in the world of commodities such as oil, soybeans, corn and iron ore. Dilma rousseff was his protege and became the first woman elected president. During her presidency, prices for raw material dropped and a Corruption Scandal delayed infrastructure projects. How bad did it get . The economy shrank 3. 8 , the most in a quartercentury. The Credit Rating was downgraded to junk, and business and Consumer Confidence levels fell to their lowest on record. Her presidency has been strained by the massive scandal involving petrobras. An investigation dubbed carwash revealed a corrupt organization and unearthed the scheme starting a decade ago and involving collusion and kickbacks indicating petrobras officials. Rousseff has not been named. There are claims that she doctored accounts to cover up the governments deficit woes. In march, more than 3 million brazilians took to the streets calling for her ouster. On may 12, the senate voted to put her on trial. Found guilty, she would be removed from office permanently. Rousseff denies wrongdoing. Those in the antirousseff camp say her time is over. Even if she survives her trial, a fragmented government will prevent her from accomplishing anything. The prorousseff camp says that temer isnt much better. Last year, he tweeted that impeachment is unthinkable. Since then rousseff has accused him of attempting a coup. 352 of brazils 594 members of congress are currently under investigation for corruption. Brazils future is uncertain right now, but whoever rises to power faces a tough task of stitching the country back together. Anna you can find many more quick takes on a range of subjects at bloomberg. Com, along with all the latest Business News and analysis 24 hours a day. That will be all for bloomberg best this week. Im anna edwards. Thanks for watching Bloomberg Television. Announcer from our studios in new york, this is charlie rose. Charlie we begin with politics. Hillary clinton delivered a highly anticipated speech on foreign policy. She went on the offensive against donald trump, portraying him as unfit for the presidency. Mrs. Clinton Donald Trumps ideas are just different, they are dangerously incoherent. They are not even really ideas. Just a series of bizarre rants, personal feuds and outright lies. [cheering]
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