That to come. But heres editor joel weber. Joel we put together a holiday cover for you. Jason what a year. Joel this is one of the biggest stories of the year. And it started with we work, even preipo chatter. As that coverage developed and went on and on, there was another story we started to think about, which was softbank, one of the biggest investors and we were. We work. Carol softbank, we did talk about it so much. What i love is that you guys go into the layers of softbank division fund. Obviously the leader of it all, but also other players. Visionary at softbank, especially at division fund, this outside force in Silicon Valley, 100 billion vc fund that can do a lot of work because it has so much money. One of the ways it can do that is go into we work and bankroll we work, a Business Model that may not have been for the long haul. Carol funny you talk about the Business Model. Jason joel lets flood the zone with money. Go big or go home. Sometimes that works. We they have ha
Neede consensus shows no for a rate move next year, either. Erand the Christine Lagarde gets ready at the ecb. The worlds biggest ipo opens with a bang. Is or isnt saudi aramco worth 2 trillion7 some major banks announced changes and cutbacks. They have to meet their efficiency targets they set. Rosalind the eu unveils a plan to go green that has some businesses seeing red. You see there is pushback. Taxation does nothing for the environment. Rosalind its all straight ahead on bloomberg best. Rosalind hello and welcome. Im Rosalind Chin and this is bloomberg best, your weekly review of the most important business news, analysis, and interviews from Bloomberg Television around the world. Lets start with the day by day look at the top headlines. Another week began without a trade deal between the u. S. And china, and fresh data released on the weekend showed the trade balance shifting between the two superpowers. Chinas exports unexpectedly fell last month as Global Demand continues to w
Carol and we hit the red carpet to celebrate the bloomberg 50. It is our annual list of those whose 2019 accomplishments stick out. Jason but first, the biggest ipo, saudi aramco. Shares surged to a market value of at their peak. 2 trillion carol a culmination of a fouryear effort from the kingdom. Talking about this, with a lot of questions. One thing to point out. Now it is publicly traded and it it is an ipo, a publicly held company, but only a small percentage, 1. 5 is out there in the public in terms of the company. Reporter the ipo has not turned out the way they expected it to happen. If you remember back to 2016 when they initially announced plans for the ipo, the plan was to sell as much as 5 of the company. What we really have to look at is what is the purpose of the ipo . It is seen as a means of diversifying saudi arabia away from its Oil Dependent economy, to raise money from International Investors and to deploy that on projects outside of the core energy industry. Valuat
Lisa lee. Lets begin with sonali. Wework, not surprisingly, continues. There is a question of who will finance this company and softbank takes control. Trying to get a loan deal done but there is something unique. Please explain. Sonali softbank said we work as the coborrower here. Softbank had become intertwined since they got into this deal. Softbank has been emerging as somebody that banks want to work with, despite the troubles that have happened, they are seeing portfolio companies, something to look out for next year is doordash. Also a Portfolio Company in the vision fund, working with j. P. Morgan for a Credit Facility here. Lisa softbank is listed as the main borrower. I found this fascinating. They are putting their own money and name on the block here. How much of a liability is this for softbank in a broad sense . And isolated case of them bringing it into their purview . Are they going to bring other portfolios in . Sonali we work is a oneoff given how far it has fallen fr
Process. Carol and we hit the red carpet to celebrate the bloomberg 50. Our annual list of those that have measurable accomplishments. But first, the biggest ipo, saudi aramco. Shares surge to a market value of 2 trillion. At the peak. Carol a culmination of a fouryear effort from the kingdom. We are in wanted to talk about this. A lot of questions. Now it is publicly traded and it is an ipo but it is only a small there ine, 1. 5 is out the public in terms of the company. Reporter the ipo has not turned out the way they expected it to happen. Back to 2016er when the initially announced plans for the ipo, the plan was to sell shares of the company. What we really have to look at is what is the purpose of the ipo . It is seen as a means of diversifying saudi arabia away from its Oil Dependent economy, to raise money from International Investors and to deploy that on projects outside of the core energy industry. Theevaluation did valuation did not get close to what they wanted but it is a