Prince alwaleed i think he will have a focused strategy, a focused plan, a focused policy. David it is all straight ahead on bloomberg best. Hello and welcome. I am david gura. This is bloomberg best, your weekly review of the most important Business News, analysis, and interviews from Bloomberg Television around the world. Most Global Equity markets ended the week on a tear, which started last week, shortly after the election of donald trump. For global bond markets, the week began on a different note. David the global bond route deepened after a record 1. 2 trillion was wiped out of the market last week. 30year yields topped 30 for topped 3 for the First Time Since january. Jon i wonder how long yields can keep spiking without the risk rally taking a big hit. Matt there will be plenty of buyers for a higher yield. There is still a thirst for the yield in the market, and at some point, value in a treasury market will be there. I do not think we are that far away. I do not think inflation is going to get out of control. So, somewhere with a 10year around 3 , i think there is better value there. I am sure investors around the world, where rates are very low, say in japan and germany, those yields will be quite attractive. Alix as an investor over the last five days, what did they want to hear from donald trump . Richard so far, the Market Pricing reflects the view that this is going to be a change in the policy more fiscal stimulus, potentially tighter money. I think what they want to hear from president elect trump is some way that he will renegotiate and reevaluate these trade deals. The focus right now is there will be fiscal stimulus, infrastructure, tighter monetary policy, deregulation as well on the financial side as well, but i think the big wildcard is how the candidate and then president elect trump approaches what he says will be renegotiations of trade deals. David u. S. Consumers are continuing to spend. Sales at u. S. Retailers rose more than forecast, as we just learned, so what we make of these numbers, mike . Michael they are really good. Not only did the october numbers come in strong, september numbers revised significantly higher. Total retail sales went up to 1 from. 6 . The retail sales control group, which is what economists look at, is up, and in the month of october, the control group is up. We did take a pause in later summer, but consumers are now spending again. Jon how does it influence the headline figure . Michael economists take a look at what they call the core group, which strips out gasoline, food, and it also strips out Building Materials because they go in to gdp through a separate measure, so at this point, it looks like a. 8 rise for the month of october, and. 3 for september that we are starting to see the Consumer Spend more, which strengthens the case for the fed if they want to raise rates. David all of us continue to wait for decisions to come out of the trump transition headquarters about the team that will take the field come january 20. Yesterday, we reported that the team had recommended steve mnuchin, the former goldman banker, for treasury secretary, but there has not been a formal announcement yet. The president elect yesterday tweeted very organized process taking place as i decide on cabinet and many other positions. I am the only one who knows to the finalists are lets start with that treasury appointment. What do we know about the mnuchin is it troubled or is it just held up . What is going on . Steve this is trumps pick as far as we know, and trump is right with that exclamation point, he is the only one who knows. David if that is right, why is it taking that long . Steve there is definitely a power struggle in the Transition Team. Chaos may be overblown. I think people are making a little more drama than it is, but what we do know is it is delaying the process. There is more paperwork they have to do, there is a kind of a restart, a little hitch, and they are already behind. There is some concern in the Transition Team because there is a lot to do. David treasuries fell, oil advanced and a fed rate hike could come very soon. Yellen reiterated her previous statement that future rate increases will be gradual. The open question was what will she say, if anything, about stimulus under a donald Trump Presidency . What do we hear today . Carl she did not mention much about that in her prepared testimony. Probably the more interesting part of the whole episode was the q a, and she basically was saying, well, we needed stimulus earlier on in the Economic Cycle when the Unemployment Rate was 10 , 8 . Now that it is down to roughly 5 , it is much less critical, so she has warned that adding fiscal stimulus to an economy that is very close to full employment could actually generate an undesired pickup. Vonnie hang on a second, carl, they have been begging fiscal policymakers for years to add stimulus . Carl yes, that is the attorney. We needed it more five years, two years ago than we need it now. Right now, it is just icing on the cake. That being said, she was also bemoaning low productivity growth, and that Infrastructure Spending could help to move the needle on low productivity. Guy the dollar has been on a tear, surged more than 5 , reaching its highest level since 2003. You can see this outperformance we are seeing on the dollar index right now. It changes everything. If you had to tear up your models, the dollar is on a tear. Mouhammed yeah, this is really just a normalization of Interest Rates we have seen from the federal reserve. It has taken a long time. They get their first rate hike last year. The dollar obviously benefitted on the back of that, and now we are talking about the second rate hike. Guy it is the fed, it is not the presidency. Mouhammed obviously, the election has led Inflation Expectations to surge. The Interest Rate has supported the u. S. Dollar. David we have now had 10 Straight Days of the dollar rising in europe, josh. What is driving the dollar, and does it stop at some point . Josh a couple of things, one is the perspective of divergence of monetary policy. It is likely the fed will raise rates in december. More importantly, the path of looking forward, people are anticipating maybe further hikes ahead, while the ecb is looking to put its foot firmly on the accelerator, not likely to take it off. Then we have the election in the u. S. , right . Markets are focused on the prospect of pretty substantial fiscal stimulus coming in the u. S. So, you couple those two things, and they imply higher rates in the u. S. , better economic outlook, and a stronger dollar. David still ahead on bloomberg best, a weak surge of opinion on the impact of the donald Trump Presidency. Insights from investors ranging from a Saudi Arabian prince to bill gross to a bond king. More on the weeks top business stories another hot app is about to go public. Sarah their point is definitely going to be to emphasize growth. David this is bloomberg. David this is bloomberg best. I am david gura. Lets continue our global tour of the weeks top business stories. There was a lot of buzz around mergers on monday with samsung one of the major players. Alix several multibilliondollar deals struck the market this weekend. In asia, samsung agreeing to buy harman for 8 billion. In europe, novartis is reportedly in talks to acquire u. S. Drug maker Amneal Pharmaceuticals in a deal valued around 8 billion. And siemens has agreed to buy Software Company mentor for 4. 5 billion. That is a 21 premium on fridays closing price. I want to start with samsung. This is about smart cars. Overall, the smartphone industry seems like it is slowing down. This is an 8 billion allcash gamble to get into the car space. The cars will not go away. Harman produces most of the stereo systems and has moved into other elements of the car, so basically, samsung will become an auto supplier. They will be selling parts to ford, gm, toyota, chrysler, etc. Scarlet more than 25 billion of acquisitions were announced in health care, tech, and financial services. I want to start with Perella Weinberg agreeing to buy tudor, pickering, holt. The two will force an Investment Bank with more than 12 billion in assets. Is bigger better in a lesstightlyregulated financial industry . Jeff perella was not that strong in the oil and gas space, and Tudor Pickering is very strong in that area. And we have not had a lot of energy deals. In fact i cannot think of , anything maybe other than the gebaker hughes deal that happened two weeks ago. That is the only big deal this year. Scarlet we have had plenty of deals that fell apart. Jeff exactly. Oil will settle in at 40, 50, or 80, whatever, and it is a good time to buy somebody who will give you expertise, give you some names in that space, because there are a lot of deals to come out of that space if and when it picks up. Guy reynolds is taking a higher buyout price from rival cigarette manufacturer b. A. T. This is according to people familiar with the matter. They say the second largest cigarette seller in the u. S. , b. A. T. s 47 million offer is too low. 47 billion offer is too low. What is the market saying about how much more money we may have to pony up here . Ruth the market also seems like they are not going to bump too much more, up to 10 , but no more than that. Prices trading below the original offer price, which i think goes to the fact that people are saying who else can reynolds go to . B. A. T. Has a 42 stake in the company. Guy they are locked in really. Ruth yes. It feels like b. A. T. Has a bit of an advantage in this negotiation. Cory snapchat begins the process of going public. The parent company, snap, filed confidentially for an ipo under the jobs act. The company is seeking anywhere from 25 billion to 45 billion. 4025 billion to 45 billion. Again, they do less than 1 billion in revenue. If we are talking about a 25 billion ipo, that would be 25 times revenues at best. Facebook went out at 12x revenue and collapsed afterwards. This is very aggressive pricing. Sarah this is absolutely aggressive. What they will try to emphasize, though, is their growth potential. Snapchat is very early on their path for revenue, and they already have about 1 3 of facebook users in the u. S. They are definitely not making as much money off of every user as twitter or facebook do. Twitter has fewer daily active users and is expected to have 2. 55 billion in revenue this year. Snapchat will probably have 350 million, which is definitely a fraction, so their point is definitely going to be to emphasize growth. Rishaad we have got this boardroom battle intensifying with Tata Global Beverages division becoming the first in the conglomerate to remove cyrus mistry as chairman. Haidi what is the latest that we have . Rosalind Tata Global Beverages is a partner for starbucks, and it is the first tata unit to push out mistry as chairman. Seven of its 10 directors at Tata Global Beverages voted to replace him, and harish bhat will take over for chairman. A statement said there was nothing on the agenda about replacing the chairman, and the ousting is a repeat of the illegalities tata did when he was removed as chairman of the group. Tata sun holds the majority of the units, so that makes evicting the chairman much more difficult. All of the uncertainty surrounding this has pushed tatas shares lower, as you can see. Mark crude reversing after a surge in demand from u. S. Refiners, and at the same time, the oil minister expressing that opec would reach a deal. A deal will be reached. Will we saw a massive run off in prices yesterday. It suggested that opec countries are pulling out all the stops diplomatically to lay the foundations for a deal on november 30. There is clearly a lot of work to do yet. Mark doha is the next point of call. The saudi minister will join others there in doha. With russia, what is the top of the agenda . Iran, iraq . Will i think that is right. Interesting that the iranian and iraqi ministers will not be there. It will be a chance for saudi arabia and russia to exchange views. Saudi arabia has been pretty adamant all along that for this to work, he wants participation from russia. Iran and iraq are clearly the stopping points. Saudi arabia has put some red lines. We will see if iran and iraq and a way to compromise. Haidi Japan Central Bank announcing on purchases. News reporter Kevin Buckland is with us. We knew this was going to happen, and it is a better time now than ever. Kevin it is the fastest pace of yield appreciation since august when they were coming off of record lows, and he has responded to that with unleashing this tool, but they have not used yet that they announced in september as part of a yield curve control, unlimited purchases, a fixed rate. What they do with a sort of verbal installation is to set a line in the sand for yields in the two year to five eurozone. Two to five year zone. It also kind of goes some ways to answer a question, at least according to the current Economic Conditions of what shape of the yield curve the boj is after. The 10year is set at 0 , and there was question about the shape of the curve in between those points. Now we have got a little bit of clarity on that potentially. Anna the bank of cyprus, the for the largest number, is applying for a standard listing on the stock exchange. That is to tap a broader pull of investors and removing yourself from the athens stock exchange, coming instead to london, is this a vote of confidence in london as a Financial Center . John unquestionably. We said we need to disassociate with athens. We have no business interests there. Greece is going through its own challenges. It is important that cyprus, which is in its seventh executive growth quarter, needs to be positioned as an Investment Opportunity separate to this, and london is one of the greatest copper markets. It is where the providers need its resources and this is going , to help. Anna it will remain so. John yes. When he to address london separate to what the United Kingdom is going to do we need to address london separate to what the United Kingdom is going to do. Vonnie executives were arrested, allegedly involved in a multimillion dollar fraud and kickback scheme. What did the press conference say . Drew we got more detail on the charges, one former valiant executive and we have reported the prosecutors have looked at some senior valeant executives, but we obviously did not see charges for them today. There were no charges against the company. Those two things are probably good news for valeant, though not out of the woods yet. Francine the flag and says it has reached an agreement to cut 30,000 jobs worldwide through natural attrition. 23,000 of those will be in germany. The move is part of a plan. 30,000 jobs will most of it the volunteers . Chris yeah, it will all be volunteers, essentially. This package is a typical volkswagen package. It is pretty big number 30,000 it sounds like, but it is over the course of several years, and they agree to that for no forced layoffs. They expect people to retire early or retire in a natural , course of their job career. Or when people leave, as people do, they just want not be they just will not be replaced. It is going to be a very soft program and easy thing to swallow for the employees. Francine 3. 9 billion in savings. Will they be able to achieve it . Chris they should be. They have a lot of room to cut at volkswagen. They have a huge organization. The group was over 600,000 people, so they have got a lot of capacity cuts. 3. 7 billion euros should be achievable. They will make it. David welcome back to bloomberg best. Im david gura. Throughout the week on Bloomberg Television, we explore how donald Trump Presidency could affect Global Markets and international politics. Some of the most interesting perspectives came from prince alwaleed bin talal. A billionaire with expensive holdings in u. S. Holdings as well as saudi arabias royal family. Erik schatzker sat down with him. Erik as a global investor, because that is what you are, are you more or less confident than you would have been had Hillary Clinton become president . Prince alwaleed i do not like to interfere with u. S. Politics. I have a very Good Relationship with both administrations whether republican or democrat, and what is important are the policies is the policy. Erik schatzker that is what i am getting at. Are you more or less confident for the prospect of the u. S. Economy, the global economy, for the returns you can generate with your investments . Prince alwaleed to be honest, when mr. Obama took the reins eight years ago, the us economy was the u. S. Economy was almost in a bankrupt situation, the Banking Industry was in shambles. I think the United States will be in good shape. Erik as you know, your highness, there is a lot of concern that the Trump Administration will be less concerned with the middle east, because of the cost of military support and immigration. In the cost of military support. Weve expect a meaningful shift in u. S. Policy here . Prince alwaleed it is no secret that the relationship between saudi arabia and the United States has not been very nice in the last eight years or so. It has been very turbulent. I think with the Trump Administration, we will have a focused plan company focused policy. I think once trump begins thinking deeply about the oil of the world and saudi arabia and of course the United States, i think the relationship will be a lot more improved between both groups. Of what, regardless exactly he tries to do, you see it Getting Better . Prince alwaleed it is just a shift between president elect trump and President Trump. We have already seen the change we have already seen the growth, advancement, and change between candidate trump and president elect trump. I can assure you that the change between president elect trump and President Trump will be much different. David you can see more of the interview on bloomberg. Com. Straight ahead, prominent ceos and investors weigh in on the trump transition. Jim increasingly now, they are the party of the working man. David this is bloomberg. Planting a sizesix, nonslip shoe into that door. On this side, i want my customers to relax and enjoy themselves. But these days its phones before forks. They want wifi out here. But behind that door, i need a private connection for my business. Wifi pro from comcast business. Public wifi for your customers. Private wifi for your business. Strong and secure. Good for a door. And a network. Comcast business. Built for security. Built for business. David this is bloomberg best. Im david gura. Lets return to the number one topic of discussion the implications of the donald Trump Presidency for markets and the economy. It is too early to make confident predictions, but we spoke with Business Leaders and investors who are making preparations. Erik what does the ceo of a company of your size want to one the president to keep in mind as he considers the implications of free trade and protections . Joe be mindful about many people. If he asked me, but i would think the president elect would say is to leave this country, just act as if it were your own country. Erik you have said, joe, that the populist tide in europe poses more of a risk to your business. What kind of an impact but have what kind ofd an impact could have on siemens . Joe first of all, the way it goes is populism starts into internationalism. Nationalism is for trade. So, this whole world has been prospering because of global trade. Globalization means many things for many people. Now, if you turn this back, this poses quite a risk to actually going to the next step to industrialization. Everyone talks about opportunities for the rest of the world. So to think a little bit about , the internet coming to the internetl world, the has got no boundaries. Internet would stop, and say hey, wait a minute, now i am going to france, i not allowed to enter. That is not the way it works. David we have had such a run of regulation of the last eight years. What is going to be left of it and President Trumps administration . It is hard t gary it is hard to forecast how it will all play out. If doddfrank is on a table, as it apparently is, some aspect of doddfrank have been effective. I think most people would conceive even chairman , greenspans comments, that higher capital at major Financial Institutions is a good idea and has made those institutions sounder and safer. On the other hand, i think, you know, you do not want to treat all Financial Institutions that happened to be greater that have Balance Sheets more than 50 billion identically because they do not all represent the same Systemic Risk to the system. So, certainly certainly there is room to improve doddfrank. One might wonder whether the Consumer FinancialProtection Bureau has been a net plus or not. The jury is still out on some aspects of doddfrank. I think there is a lot of room to improve it. I think if you repeal it, then the question is what do you replace it with, if anything . Jon the one thing you can repeal is dilute. I wonder what areas you would dilute . It is a careful balancing act. You want them to have more capital, but at the same time, you are eroding risktaking capital. As far as you are concerned, gary, how negative has that been . Gary well, i think we have seen some drying up of liquidity in financial markets. That is costing we should not kid ourselves. Erik how does Donald Trumps election affects the Global Oil Market . Bob i do not know. I think that is around the opec data numbers, which normally, production does, in september, october. I do not know. We will wait and see. Erik let me ask you a question you can answer then. Bp and a number of other Oil Companies supported the fairest deal. Do you change your mind if trump wants to kill it . Bob not at all. Not at all. We have six european Oil Companies, in fact pemex in mexico, we will try to continue to clean your we think gases the clean fuel of the future. We will try to get rid of our methane emissions because that is a greenhouse gas. There will be 2 billion more people on the planet in the 2035. World will need all forms of energy. The Auto Alliance came out with a request after the election for the new administration. Asking to review all regulations of the federal level. Is that something you will support . What would it mean for ford motor . Mark we will continue to support comprehensive tax reform, into your point, we want to make sure fuel economy expectations are aligned with market reality, and we willing engage inwill positive discussions with the administration and policy makers on what that means not only for providing jobs and Economic Growth here in the United States . Scarlet one of Donald Trumps big policy proposals is reform corporate taxes. Tax cuts are great for corporate profits, which helps gdp, but what do tax cuts do for labor which has suddenly seen its , share give way to capital . Think lowering corporate taxes as i mentioned, 15 , plus , or minus that level, you know, certainly profit friendly, as much as 20 , as i mentioned. But in terms of wages, it will keep prices low and raise wages, which is a benefit for labor or it i doubt it. We know, too, that is part of if part of the plan is to lower taxes on individuals, perhaps 50 of the individual taxpayers dont pay taxes to begin with. And so, it will be much more corporatefriendly as opposed to individual and laborfriendly. And i think that is where voters devoted for trump, you know, supposedly the populace in wisconsin, michigan, and other states, although they had no choice, they want to change as opposed to the status quo, i do not think trump was the change that they really wanted. Joe people making really big bets on infrastructure, caterpillar surging on this idea that we will be building all these bridges and hospitals. What do you think about the story . Jim lets put this in perspective. The driver for commodities in Construction Equipment will not equipment is not going to be the head states, even with an infrastructure boom. We are talking about 1 trillion over 10 years. That is 100 billion a year in infrastructure. China does that pretty much in a week. So, china is slowing down joe in a maximalist scenario, that is a small potato. Jim relative to the global commodity markets, global demand, that place in beijing, not washington. Scarlet i understand it is still too early to tell, but in general, there is a sense that regulation will get rolled back. What kind of opportunity is there for someone like you who is looking for instances of corporate taxes, corruption, or wrongdoing . Jim i am not too sure. One of the more interesting developments politically that we have seen this year was in the congressional hearings, and the truck arena and wells fargo. In the past, you could generally rely on the republicans in both the senate and house to provide cover for business executives. Ho were brought up that is not what we saw in 2016. Increasingly now, the republicans in it the republican senate, they are the party of the working man now. Corporate behavior being seen is hurting the consumer, and it will be under a lot more scrutiny even in this , administration. David you are watching bloomberg best. Im david gura. It has been another week of corporate earnings reports. We begin with the world of the largest retailers. David walmart out with earnings this morning, which top analysts earningspershare estimates. The Worlds Largest retailer boosted its annual forecast helped by a gain in consumer traffic and online shopping. Samestore cons slightly missed estimates. People are looking at the overall trend line on revenue. They have been largely flat or turning down. If that trend turning around . Shannon currency has been a big drag outside the u. S. That has been dragging down the business outside the u. S. In the u. S. , though, we are starting to see revenue walmart is a humongous company. So, when we say 1 , 2 , it is on an annual basis almost half 1 trillion. We are starting to see it moving in the right direction. Question, theine core question for analysts and investors at this point they are showing growth, but are they keeping up with the amazons of this world . Shannon 21 growth sounds great, but to prevent but to put it in comparison obviously amazon has been , churning out those numbers quarter after quarter. Target, 20 growth online, so it is good, but they will have to keep that momentum up. David target earnings and revenues are betterthanexpected for the Third Quarter, but samestore sales to continue to slide. This is the retailers shares have been on the upswing after since Donald Trumps election victory last week. Joe it is a sort of site of relief. It is somewhat of a sigh of relief. Trends definitely improve. Traffic was down 1 , which is not great, but last quarter was down 2 , so it definitely picked up there. Profitability picked up significantly. All the different categories growth and ecommerce was good. But to your point, it was still a flat comp, slightly negative, to be honest. David what happened on the Online Business . Compared to the behemoth of amazon . Joe sales growth is great, but it is still 3. 5 of sales. So, you still have a very small base of business, but it was a decent contributor for them to comps and they are seeing growth. Betty japans biggest banks posted betterthanexpected earnings last quarter, but they remain cautious. Shares are surging at the tokyo what can we beat from these Big Bank Earnings coming out of japan . Gareth it beat analysts expectations by over 20 each. There are pretty positive results in terms of net income. If you dig deeper into that, you can see the real core Banking Lending income line items were down across the board. Fee, seef commissions commissions were down for all three major banks, which is disappointing if youre trying to focus on that area to make up difficulties. Trade income was pretty strong, and they also booked some gains on the total as part of their efforts to step up governance. Mizuho by a sale since injury of the the u. K. Merck coming at us 76 million euros. The adjusted at 1. 7 euros. For soimate here was 1. 563. That is a be on the adjusted eps front. Matt i wonder how worried you are considering the u. S. Election results about trade. Are you concerned that that can affect you in 2017 and beyond . Markets honestly, we are not particularly worried about the outcome of the election in the u. S. We do not see significant impacts on our business. Yes, it is a very important country for us. We have basically 25 of our sales and 20 of our people located in the United States, and we continue to believe that the u. S. Will be a very important country and a very fair, good trading partner for us. Anna we are getting breaking numbers coming through for easyjet. 4. 6 billion pounds against an estimated 4. 63 billion pounds. Carolyn no surprises with these numbers. We have had a very resilient here, a very good year. Then there was the devaluation of the pound, and then the dollar against the euro. Year,e look for to next there remains a degree of uncertainty for obvious reasons, really, i think, is that consumers are going to get brilliant value. From an Airline Point if you, that means pricing will remain under pressure. And for all Airlines Across europe as well. Yousef is it perhaps a good time to set up a new headquarters somewhere on mainland europe . Carolyn no. It is different not a good time to set up a headquarters there. Weve all remain in the u. K. We will set up an eu operating company. Haidi jd. Com, betterthanexpected thirdquarter results, and this is after a plan to spin off the 7 billion services arm. Rishaad what does the u. S. Like why does the market like it so much . Michelle it really drives up our margins going forward. Investors have waited for years, so finally, the companys core income has been slightly positive this year, however, the companys position to go into this mess has really widen the losses. This really will protect the company from a Downside Risk and preserve the company aspects of the business. Yousef abn amro has reported a 19 jump in the Third Quarter helped by a netinterest income. It also plans to cut 1500 more jobs. Lets get to that costcutting plan. Are you responding to a tougher operating environment . Kees that is one of the reasons , of course operating income is , growing less than in the last couple of years. So indeed, custom troll is very our cost control is very important. Yousef what kind of impact does donald trump have got we have seen bank stops doing a tear. Is that justified . Do you see anything positive for your business . Kees of course the bond markets react by increasing longterm Interest Rates. Increased yield curve is better for banks and a very flat yield curve. In that respect, that is a good development. Yousef Zurich Insurance group will cut costs by 1. 5 billion from 2015 through 2019. Now, that news comes as the Company Holds an investor day today. Lets go straight into one of the key lines going into the statement. 1. 5 billion from 2015 through 2019. Talk to me about what is driving that new plan. Mario yeah the insurance , industry has a cost issue, which is common wide in the industry. Now zurich does have this issue, so we decided to attack it in the most responsible way by reducing over the next three years 1. 5 billion of our costs. Talking targeting 8. 8 billion of costs by the end of now, it 2018. Would work on the i. T. Expenses, it would work on contract, it would work in procurements. We have plans to do it. We are fully confident. Were fully confident that we will achieve it. Rishaad lets take a look at tencents revenue, asias biggest internet company. This is everybodys favorite here. What is driving sales . Rosalind in the Third Quarter, revenue grew 52 to 5. 9 billion. How does tencent do that . It invests in business is like online finance, content, cloud building capabilities, and to do that, it has to spend more. So, spitting included supplies in the quarter. So spending included supplies in the quarter. The net income grew to 1. 5 billion, which is slightly below expectations. Cloud services are paying off. Cloud Services Rose and more than tripled. Revenue from others, which includes cloud and payments, so it is moving into these areas on top of going into areas like music and movies as well. So, it is expanding its empire. Jon if you are the fed right now, and i want to bring up the clock on the board, each dot represents what rates will be. A new consensus emerges. We are used to the far right coming down, down, down. Are we going to see it start to drift upwards on the back of a Trump Presidency . There are about 30,000 functions on the bloomberg, and we always enjoy showing you are favorites on Bloomberg Television. Here is another function you will find useful quic. Here is a quick take from this week. Venezuela does not have enough food to feed its 30 million residents. It also cannot guarantee them electricity or medical supplies. The country is staring down socialist evil, political unrest, and bordering on economic collapse. Multiple states of emergencies have been declared. How does that happen with the largest oil reserve in the world . For years, Subsidized Oil influenced abroad and at home. The collapse in oil revenue combined with a series of government missteps have many fingers pointing squarely at the unpopular president nicolas , there have been president nicolas maduro. Polls suggest that it collect oral officials allowed a vote, he would lose by a wide margin. Started before the predecessor. Chavez had a leftwing ideology. Saying of george w. Bush yesterday, the day of fall yesterday, the devil came here and it smells of sulfur today. While in power, chavez limited thousands of companies he said were not functioning in the countrys interest, and he focused the entire on one thing producing oil. This meant that almost everything venezuela consumed the size oil, needed to be imported, chavez borrowed a lot of money to find it all. While oil prices were high, it worked. Then in 2013, the first domino fell. Chavez died. Maduro took over for chavez, and in 2014, the second domino fell. The price of oil started to crumble. Revenue from oil accounts for 95 of venezuelas earnings. When the price of oil plummeted, venezuela but short on cash. Slashed groceries and medical supplies. It also started printing money. Causing inflation, which has surged into the triple digits without an end in sight. The economic freefall having exacerbated the social problems. The countrys murder rate is surpassed only by honduras. Citizens wait for hours to get simple household goods, and visibly the and venezuelas misery index is the highest around the world. It has gotten so bad that Food Shortages have prompted major riots. Demonstrations have been held across the country, calling for maduros ouster. Maduro says it is nothing more than a coup attempt. His critics says he should resign immediately. However, some say the alternative is not much better. The Opposition Alliance is pushing for a new election, but it is made up of a dozen parties with no unified plan for the plan to fix the economy and no single leader to do it. With oil prices unlikely to head back to previous highs, neither maduro nor the opposition have a roadmap to fix the crisis. David that was just one of the many quick takes you can find on the bloomberg. You can also find them at bloomberg. Com along with the Business News and analysis 24 hours a day. That is all for bloomberg best this week. Thanks for watching. I am david gura. This is bloomberg. Was it awkward to come in and be the ceo when you are dealing you have to wear something. In one of hisen cars and you have field that you have felt safe. Europeans seem to not like google as much as others do