The new deal brexit rises. When it istells us the Prime Minister against the market, the Prime Minister tends to lose. Emma the biggest week of earnings season with Powerhouse Companies reporting. Better than expected cash flow which we have not seen for a long time. In the second half of the year things should pick up. We are seeing a little performance art. Emma mexicos president speaks exclusively to bloomberg. He says his countrys Interest Rates are too high but he will not intervene. If we trust, we are not just going to grow but also to develop. Emma some of europes largest banks say it is high time for rates to come up. Fundamentally negative Interest Rates are not good. Not just for the future of banks at stake right now. Emma it is all ahead on bloomberg best. Hello and welcome. I am emma chandra. This is bloomberg best. Your weekly review of the most important interviews from Bloomberg Television around the world. Lets start with a look at the top headlines on monday. Chinese authorities in hong kong finally responded to antigovernment demonstrations that have been going on for eight weeks. After a chaotic weekend of clashes between protesters and police. Ll for hong kong to punish those behind the violent protest. Follows aniefing eight straight weekend of demonstration in the city. This appeared to be an attempt to calm some of the fears that have cropped up over the last week that china could move to take more drastic action to calm the unrest we have seen. After they spoke, people seemed to take a bit more of a breath. They didnt announce any imminent policy change. It didnt appear they were going to. Stocks calmed down a little bit. Started to pare back those losses. This really looked like a move by china to say nothing is coming right now. What this means in the long run for the protest, we dont know. They are still planning to protest and opposition lawmakers in the coming weeks and and opposition lawmakers say the comments made by china were disappointing. The bank of japan has left its Interest Rate unchanged but pair to back its gdp forecast and said it wont hesitate to ease if needed. Look at those downward forecasts. How big were they . From 1. 1 this year to 1. 0 , on inflation, that is not a big reduction. How about gdp . From 0. 8 to 0. 7 . Through it all, the boj still seems to be signaling that they see a domestic economy that is mostly on track. At the same time, the baton is passing to mr. Abe and fiscal policy. At this point, the message is the dial is turned as far to the left or right as it will get and there is not much more you can do unless things get really rough. Shares jumped after hours as its revenue for the current its revenue forecast for the Current Quarter beat estimates. What are the Key Takeaways . Apple demonstrated a little bit of growth. It is pretty much flat for the third quarter. It is barely an alltime record for the third quarter. That is good news given that apple has had a few significant declines in recent quarters. We saw them pushing the narrative around the strength in wearables and services. That is a fair point. However, those two product lines are very much tied to the iphone. If people are buying fewer iphone, these services will not work. That is the conundrum in place right now. Once apple starts coming out more frequently with designs, better features for iphones, those two things will mesh together and it will turn somewhat positive. Matt china and the u. S. Have kicked off a new round of trade talks in shanghai today. It follows a threemonth hiatus and renewed accusations from donald trump that beijing is trying to rip off america. The u. S. President lashed out on twitter. In an angry tweet, he had said there has been a promise to buy more u. S. Farm produce but there is no apparent progress and said they just dont come through. China says they have come to the table. They are willing to buy more u. S. Farm goods. Obviously they have their own redline. They want the u. S. To come to the table with concessions for huawei. We know that china wants tariffs lifted on all exports. These are sticking points from both sides. It would be critical to see what kind of Movement Comes out of these talks in shanghai. David trade negotiators left early today with neither side feeling like they made much progress after President Trump set the stage by accusing the chinese of ripping off the United States. The Chinese Foreign ministry, after the fact, saying the United States would have to show sincerity and good faith before anything could get done. The pressure on both sides to get to a deal and hurry up if you will, is not there anymore. The real priority was running through the issues, seeing where both sides are and deciding on what the path is. The good news is it will talk again and meet in early september. The trade war is on hold. It will keep trundling on for another month at least. The fed, we are counting down to a decision, investors looking for the first rate cut in a decade. A divided fed cut the benchmark of basis points from 25, it ends the Balance Sheet two months early. Nothing explicit but investors may see a hint about future rate moves. In repetition of the language about uncertainties of the Economic Outlook remain. They are sending the signal that we have more rate cuts to come. They will point, as they always do, to data dependency which is keeping the expansion going. We are thinking it in the midcycle adjustment policy. Fomc decision and the statement that came with it read relatively dovish. Once chair powell took the microphone he sent a less clear message. He talked about this as being a midcycle correction but then he walked it back to some extent only to talk about the possibility of future rate hikes. The Dow Jones Industrial average swung 562 points, the most since january 4, 2019. The secondbiggest swing in the Dow Jones Industrial the year. Caroline it closes down more than 1. 2 . We are seeing the worst day, the biggest move in the s p 500s may 31 2019 we are off by 1. 1 . Romaine we got the rate cut but not clear why or what was next. You saw that reflected in equities and bonds and commodities and the fx space. Bank of england is keeping rates on hold. Governor mark carney says he is less confident amidst the risk of a no deal brexit. U. K. Economic outlook will continue to hinge on the withdrawal. The appropriate path for Monetary Policy will depend on the balance of the effects on demand and supply for the exchange rate. What do you think the next move will be for the central bank, a rate hike or cut . I dont think he knows, i dont think we know. That will depend on what happens on the exchange rate. We have seen sterling weaken a lot. If it continues to weaken a lot more than the bank wants, that reduces the likelihood of easing. They are getting it through the Exchange Channel and increases the odds a little bit of tightening. I do not think those are high. I think tightening is a ways off, only if the currency fell out of bed and they have an exchangerate crisis. President trump abruptly escalating the trade war with china, announcing he would have a 10 tariff on the 300 billion of imports that are not subject u. S. Duties. T is after set President Trump the 10 is for a shortterm period, i could do more or less depending on what happens with respect to a deal. Yesterday, the white house put out a statement that the trade talks in shanghai just concluded were constructive. For them to turnaround hours later and say we will raise tariffs caught a lot of people by surprise. Caroline the s p 500 off by 9 10 of a percent. To think we are up more than a percentage point today, how a tweet can change all of that. Scarlet we also have a peek. For decades china has taken advantage of trade versus the United States and versus countries in asia and southeast asia. It is time for that to stop. President trump has said we will fix this. To fix this requires determination, i think that is what you saw this morning. The president is determined to achieve his outcome. President trump until there is a deal we will be taxing the hell out of china. That is all there is. [applause] if these tweets become policy on september 1, taxes will be going up on u. S. Consumers as well. Our view is any impact on u. S. Consumers is minuscule. We think the economic burden on these tariffs has fallen most heavily on china. They had to slash prices to offset tariffs. That has damaged their profitability and growth. I really think in terms of the american story, our economy is quite strong. Unfortunately, in terms of the china story, i think their economy is quite weak. Counting down to the july jobs report. Youre looking at an estimate of 165,000 jobs to be added. Economists nailed it. 164,000 jobs created in july and unemployment unchanged at 3. 7 . A lot of ongoing uncertainty. I keep coming back to that. 164,000 new jobs created. That is on pace with the year to date trend. This is down from we had been seeing job growth over 200,000 coming into the year. I think we are seeing some evidence that companies are getting a little more cautious on both the investment side and the hiring side. It is a direct result i believe of the uncertainty that they face. Emma still ahead as we review the week on bloomberg best much more on Monetary Policy. In an exclusive interview, the mexican president says he wishes his central bank would go with a dovish flow. The ceos of a major european banks speak about the headwinds facing the Financial Sector and the Global Economy. Next, investors spent the week pouring through earnings reports. Highlights from the results. We have a machine writing lots of cash day in and day out. Emma this is bloomberg. Emma this is bloomberg best. I am emma chandra. It was a whirlwind week for earnings. With closely watched results from tech, energy, and financial. Credit suisse was the first of several major european banks to report. Credit suisse has wealthy clients, adding 9. 5 billion swiss francs in new money in the Second Quarter. The main trading units also outperformed peers. Earlier, i spoke to an executive and started asking him if Credit Suisse could compete with american rivals. I think in the main businesses where we generally measure, for a Second Quarter in a row we could come out around the top of the table. I think that is a good performance compared to u. S. Banks. Bnp paribas has outshone its rivals in fixedincome training. The unit posted gains for a Second Straight Quarter putting the lender is ahead of wall street and european peers. We accelerated our Transformation Plan. Basically, it was on that acceleration that we started to see the benefits. In fixed income, there was a pickup and a strong contribution in the First Quarter which was confirmed in the Second Quarter. When you look at equities, if you look in the Second Quarter they remain still a bit lackluster. We had that on top of that a Strong Quarter a year ago. That is the dynamic. Yes, we feel comfortable about the exhilaration of our Transformation Plan is bearing fruit. Ing has beaten estimates with underlying pretax profits in the Second Quarter. Coming in at just over 2 billion euros. The group did miss estimates on Net Interest Income. Do you expect Net Interest Income to still keep being under pressure given the lower for longer rates environment being signaled by Central Banks globally including the ecb . You call it low for long but i would imagine you could call it negative for long Interest Rate environment, given where we are now in the cycle. I think were looking in terms of other strategies beyond what we are doing now to mitigate that particular impact. Diversifying for example our business geographically to noneurozone country, better Operational Efficiency and more digitization of processes and customer journeys. Indeed more pressure from savings margins. Chinas huawei has reported a 23 rise in firsthalf revenue to just over 401 billion yuan. That is 58 billion in Todays Exchange rate. That is as the privately held Telecom Giant tried to withstand u. S. Efforts to curb its business. The company says there is difficulties ahead. Pace seen in the previous quarter. Remember huawei is a private company, it does not have to report financial details the way publicly Held Companies do. You are seeing a little performance art. Huawei is coming out talking about what their financials are. Because they want to signal that they are still growing. They want to signal it will fight against u. S. Sanctions and u. S. Blacklisting and continue to supply customers as best as it possibly can at this point. Shery Samsung Electronics sees a second half recovery in chip demand amid what it called external uncertainties. Net income numbers beating expectations. A bit of a mixed picture when it comes to mobile numbers and chips. The big story has been the industry challenge in the chip industry. They have been facing lower demand from these data centers as well as lower demand from the decelerating smartphone industry. But we are seeio they say in the second half of the year, things should start to pick up. This is all good. On the smartphone front facing challenges and huawei is a doubleedged sword. Even if they benefit from smartphones they could struggle from component sides with slower sales to huawei. General electric shares rising today after secondquarter earnings topped expectations. The manufacturer gave better than expected as its cash flow betterthanexpected earnings as its longsuffering division showed signs of improvement. This has been a turnaround story. What signs did we get today about turnaround . We have heard nothing but bad news out of the Power Division for two years. Today we saw a minor, modest, organic growth. We saw better than expected cash flow which we have not seen for a long time. They paid down another settlement. They raised cash by selling a small stake in a division. Things on both sides are starting to budge to the positive. Bp has bucked the trend set by other European Oil Companies last week. Its cash flows reached 8. 2 billion in the Second Quarter. The highest since late 2017. Let me to let me talk to you about the price. The iea is predicting a big oversupply next year. Are you concerned with Global Growth issues, are you concerned about oversupply . A lot of uncertainty in the market. We are planning bp around the 55 per barrel. We are above the planning range. You have big downside issues, potentially with venezuela, iran. A lot of uncertainty there. Crude coming on and supply. Chinese demand, right now, the first half of the year a little bit of softness in demand but it is coming up. Hard to predict, but we will be fine. Shells quarterly profits has missed estimates after the price slump. The volumes slipped 3 year on year in the third half, but the first half, but despite weaker than expected earnings shell will continue the 25 billion buyback program. The iea is predicting a big Oil Oversupply next year and numerous signs of a slowing Global Economy. Will those things converge into a Lower Oil Price next year . There is a number of factors at play. I do not think at this point in time it is the longterm fundamentals at play when it comes to the oil price. It is much more sentiment and shorter term aspect of fundamentals. What we are seeing at the moment is a weakening of the macro environment. A slowdown, a trade war. All of these effects have a direct effect on the growth of oil demand. And also on the sentiment around it. Rio tintos shares take another hit despite the first half strong results. And announcing a special 1 billion dividend thanks to a windfall from an iron ore rally. We have the machine writing lots of cash day in and day out no matter the market conditions. The track record is a testimony of that. The outlook is very important. The key market, china, the outlook is positive. Yes, as expected the chinese economy is slowing down. I have no doubt in my mind they will put a stimulus package in play. Therefore the demand for steel and iron ore will continue to be very strong. Emma you are watching bloomberg best. I am emma chandra. This week, bloomberg editorinchief John Micklethwait traveled to mexico city where he sat down for an exclusive interview with mexican president , Andres Manuel lopez obrador. More commonly known as amlo. The president says Interest Rates in his country are too high. He hopes mexicos central bank will bring them down to stimulate growth. One thing is what is to be desired and another is what is possible. I would like the central bank to not only work on controlling inflation but to think about growth as well. We are talking about what the central bank is doing. They are more cautious about inflation. This is not a bad thing. No. This is not the wrong thing to do. Im not saying that. But it is important to lower the rate to encourage growth. This is an issue i am leaving for the central bank to decide. Because we trust we are not just going to be able to grow but also to develop. Not only growth but development because growth, that is what we want to change. And to create new paradigms. Growth is creating wealth. Not necessarily distributing wealth. Development is growing and distributing wealth. Our administration and government, what it is doing better than before is distributing income. So then, although growth is scarce, little growth, there is a better distribution of wealth. That is, there is more wellbeing. Emma you can find much more of the interview with mexicos president on bloomberg. Com. And coming up on bloomberg best more compelling conversations. The ceos of some of europes biggest banks weigh in on a challenging rate environment. And a few Global Companies face challenges, like huawei singled out for sanctions by the u. S. But huaweis chairman speaks exclusively with bloomberg and says the ban is backfiring. I think the damage to the u. S. Suppliers is even bigger than it is to huawei. Emma this is bloomberg. Emma welcome back to bloomberg best. I am emma chandra. Chinese tech giant huawei is continuing to deal with the fallout of the trump administrations effort to curb its sales. Its growth slowed considerably in the last quarter and their chairman spoke exclusively with Tom Mackenzie this week on their shenzhen compass and discussed how the company is coping with the u. S. Restrictions. We do not know when the u. S. Will make a decision on android and when that decision will come. We have to make preparations for our products. We will evaluate our strategy for the overseas market. If we do not use android for a new smartphone, we have our ability to develop an operating system and ecosystem that will become the basis for the services to the customers. Tom give us a sense of how fundamentally you have had to change your supply chain to mitigate some of these rushers, have you completed those changes or is there more to be done . Liang the entity list put into place by the u. S. Was disruptive to our supply chain as we had already made plans to use the components from the u. S. For our business. U. S. Suppliers stop supplying us but so we had to make adjustments to our supply chain including process of purchasing, manufacturing, and delivering products. We will do the adjustments to our supply chain and change to other suppliers and use our own chips for the core components. I think the damage to the u. S. Suppliers is even bigger than it is to huawei as we will have to increase our work load and manage continuity internally but the damage to the u. S. Supplier is direct as they lose a customer. If the u. S. Removes huawei from the entity list, that would be a solution. Tom what impact do you see more demand for your 5g equipment given the u. S. Pressure campaign on some of its allies around the world to block access to huawei . Liang although the u. S. Has been launching a Campaign Among its allies, it is up to each country to decide its partners based on its own development demands, telecommunication demands, and carrier Infrastructure Construction demands. I think now there may be some impacts in australia but there are others willing to work with huawei. Emma several of europes largest banks reported earnings this week. Their chief executives spoke with bloomberg about the larger economic picture and the challenges facing the european financial industry. Lets start with Credit Suisse ceo who said dovish Central Banks have been a drag on the sector. They do not make life easy huawei. For us. Particularly negative Interest Rates are a challenge. We have different interests, our revenue, we are pleased because transaction revenue is up very strongly. I mentioned reactions we took towards the end of q1 to make sure transaction revenue would go up in q2 and if you take it, results have been strong, 20 return on capital in switzerland. Up in that income interest and recurring. We sold real estate, that makes sense because when Interest Rates are negative, investors look for yield which drives up real asset prices and it is not a bad idea for us to dispose of some but not a longterm answer which is continue to work on the deposit side and we are going to take measures in august to translate our pricing and protect net income interest. Fundamentally negative Interest Rates are not good for banks. Ultimately we hope that will be corrected. That has been my worry about qe. It was a good reaction to the crisis but coming out of it is potentially challenging. I was encouraged by the recent communication of the ecb saying they are considering Something Like this because i think they understand that if it lasts long, it can impact profitability. What does that mean then . The ability of cost to invest in digital transformation. The ecb cannot just look at this very far and should look at Something Like this, other countries have done similar, taken similar initiatives. This situation has become counterproductive . Not just the future of banks which is at stake. Beyond it is the question of the economy, et cetera. I do believe that we have still certainly in europe very accommodative financing conditions. I feel if there is a slowdown in the economy, at least more related to macroeconomic or macropolitical elements which creates uncertainty and i am not sure that a change of Interest Rate would deal with that. We will see what the ecb will do and what the fed is going to do going forward. On our side, we are confident we can adapt to the environment. Do you think the trade war is a big responsibility in this slowdown of the Global Economy . Today i think there is a mix of things, certain things like the risk of a trade war or brexit which creates uncertainty. And then you have more specifications in certain sectors. In mind the Automotive Industry where it is a mix of structural issues, transformations related to the climate change, perhaps a weaker market in china. Et cetera, et cetera. It is a mixed bag, which effectively means a slowdown of the economy. That is the scenario going into 2020. We remain pretty positive in 2019 for the u. S. , france, in china we have a 6. 2 gdp growth. We see potentially a slowdown in 2020 but not a catastrophe. How much do you worry about the italian banking landscape . Is there a plan b . I think that we cannot be worried at all about the italian banking situation which is under control. I think that today probably it is much better to be worried about other banking systems, so german or probably in the next year some other players with a lot of francine if there is something ugly in the german banking system, with that impacts sao would it sao paulo . Carlo not at all. The point is we are benefiting from the italian clients and increase 60 billion euros in six months our deposit bases and what we are seeing is also it moved from other International Players into our deposit scheme, especially the Private Banking division and we are considered by the International Rich people an opportunity in comparison to the big players. Emma this is bloomberg best. I am emma chandra. Lets resume our round up the weeks top stories in business, finance, politics. Boris johnsons first full week as u. K. Prime minister was anything but quiet. The new leaders brexit stance gave a downward jolt to britains currency. Boris Johnsons Brexit cabinet holding the first meeting. The u. K. Prime minister saying it will gather every day to make sure the country leaves the eu on october 31. Sum up this week in brexit. There has been an onslaught of get ready for no deal brought for no deal brexit messaging coming from the government. It is the messaging, a domestic message but also a message to the eu and also to the u. K. s hopeful trade partners beyond brexit. There is a consistency since Boris Johnson has taken office that it will be much more determination to prove that the u. K. Is ready to leave in october, whether there is a deal or no deal. 122. 58, what a move in sterling today, relentless move lower and slowly, incrementally we think more and more about a Nodeal Brexit. We have gone from a position where we were not pricing anything to now pricing something. One of two things is looking more likely. A Nodeal Brexit and a general election looking more likely in the financial markets. Boris johnson is Standing Firm on his threat of a Nodeal Brexit which is how the pound plunged to its lowest in more than two years yesterday. The u. K. Prime minister calling for the irish backstop to be correct. Could this convince Boris Johnson to put a nodeal off the table . Thats the big question. History tells us Prime Ministers versus the market, Prime Ministers tend to lose. The history of black wednesday. According to our calculations, there is a pain threshold and if the pound plummets below 1. 19 the idea is that Boris Johnson would have to reverse his position but so far his rhetoric has let us to believe that will not happen. A lot of what he is about is proving that he is serious about nodeal and the only way to do that is to drive the pound down. Shery japans factories took a hit from trade tensions and a global slowdown. Industrial production fell 3. 6 in june from a month earlier, the first contraction since on a contraction since march. Year on year basis down 4. 1 , a contraction for the fifth consecutive month. A good reminder of external pressures facing big exporting nations like japan with Global Growth hardly growing this year and no sign it will turn around anytime soon. One positive economists point to is the fact that perhaps ahead of the new sales tax issue in october consumers may go out and buy goods and stock up in a lastminute rush to avoid that sales tax which will have support for the Manufacturing Sector but nonetheless i would have to say the external story is bleak. It is not just about u. S. And china, we now have japan and Korea Tensions with the Global Economy continuing to slow. Pfizer merges its offbrand drug unit with mylan as generic drug stocks come under pressure from pricing in legal headwinds. Do you like this deal . I certainly like it from a pfizer perspective because it takes a business that is a drag on their earnings and margins, a drag on top line growth and puts it into another entity. I am pleased they are doing it. This is what Pharma Companies should all be doing. The big word is scale, it allows pfizer to put these drugs into a vehicle and combine them with mylans generic drugs and that business together will have more scale to compete in an environment where there has been brutal pricing pressure particularly on that industry, so it gives them more power to push back on pricing and broader geographic reach. The London Stock Exchange group shares soaring the day on the back of the 27 billion takeover of the multimedia news agency. This feels like plan b. They wanted to go after other exchanges. They are doing this deal. Why is this such a great one . A mega transformation and their investors may have analysts beat because it is a upbeat on these transactions because it is a megamerger. 27 billion which will transform lse as an infrastructure player. An executive shakeup at lyft, chief operating officer john mcneil is leaving the company after joining last year from tesla. He spent 2. 5 years at tesla where he served as president of global sales and service for tesla. The founder say they will not hire a replacement. Why is he leaving . That is a very good question. We do not have the answer but it is an intriguing situation as he did not even last two years and in one of the most high profile positions in the company. We note in the story that john mcneils predecessor who came from amazon also did not last three years. There are questions about whether they could sustain somebody in that role and i think it may be telling they do not plan to hire another coo. Shery bloomberg has learned that citigroup is preparing to cut hundreds of jobs at its slumping trading division, the latest bank taking action following a rough first half for wall street. This is a serious move by citigroup. People familiar with the matter tell us hundreds of jobs across trading desks will go away, that includes maybe 10 of the Equities Trading desk. This is a serious move because citigroup has Serious Problems on the trading revenue side. Much like the rest of wall street does. For the first half, if you take out a onetime gain, citigroup revenue from trading fell about 5 . All of wall street is seeing this trading decline and citigroup is responding with these hundreds of jobs being cut. Turning to capital one, shares are sliding after revelations that a tipster email exposed a hacker responsible for a 100 million person data breach. A former amazon employee admitted to collecting Social Security numbers and names and dates of birth of capital one customers on twitter. What do we know about how capital one is responding . It is kind of unusual. It was a fast response, especially compared to other companies we have seen breached. Capital one made an interesting note in the statement, saying it could have happened if we were on cloud or still using the old physical data centers. They said it was because they moved a lot of their technology to the cloud, after they were alerted to the hack, they were able to diagnose the problem and respond quickly. They were the industrys leader in terms of adopting this technology and pushing other banks to do the same. We will see if they get any pushback to that. Shery china is raising the pressure on taiwan, suspending a program that allows individual tourists from 47 cities to travel to the island. The ministry of culture and tourism says the ban is effective from the start of august and means chinese nationals can only go to taiwan as part of tour groups. We know that taiwan has an election coming up. How much do these moves have to do with that . They do appear to be timed perfectly to coincide with the election. Relations between taiwan and china have been in a deep freeze for the past three years essentially when beijing cut off direct communications with taiwan after the election of their president. This latest move is just the latest measure from beijing latest measure from beijing aimed at putting pressure on taiwan, putting pressure on the taiwanese economy from china. We have seen an increase in the number of military patrols around taiwan. The ban on tourists looks like towards former Vice President joe biden. Like they turned him into a political pinata. The consensus in the spin room is the Vice President performed better than he did in miami. There are a lot of divides that have emerged. 20 plus candidates running, the next debate is september 12 in houston, texas. The threshold increases. It will be more difficult for some of these candidates to qualify and that is what im watching over the next 4872 hours. The polls matter because they factor into whether you qualify for the threshold. And it matters in terms of fundraising as well. Chevron and exxon posting betterthanexpected earnings today thanks in part to the oil output surge in the permian basin. Meanwhile, oil headed for a week of declines, posting its biggest oneday drop in more than four years on the back of trumps tariff threats yesterday. For both chevron and exxon, the good news was the production numbers. Both that are in the permian basin, which is where they were focusing on more. These are big Oil Companies that missed the boat on the permian the first time around and coming in with a lot more money and a lot more projections for growth going forward. Where they missed, the revenues overall are down year on year because of the oil price dropping in the first and Second Quarters of this year. Isnt this a victory for fed chair powell because if this is the worst a market surprise looks, it is really tame. David you see what the s p 500 did while he was talking. What the dollar data. It goes up. We are asking the question, will Jerome Powells insurance cut kill off the everything rally . You can join the debate on your bloomberg. Emma there are about 30,000 functions on the bloomberg and we enjoy showing you our favorites on Bloomberg Television. Maybe they will become your favorites. Here is another function, quic , where you can get important context and fast insight into timely topics. Here is a quick take from this week. At its worst, beijings air quality looked like this. In 2013, the air quality was deemed unhealthy or hazardous for over half the year, peaking in beijing at 35 times the World Health Organizations recommended limit. It was so bad that the premier declared a war on pollution at chinas annual highprofile National Peoples congress. Five years later in march of 2019, as the premier again opened the mpc meetings, the smog outside was still 10 times worse than what the w. H. O. Defines as healthy. Even as china cracks down on pollution like never before, the country remains one of the worlds worst polluters. This is your bloomberg quick take on chinas smog. China overtook the u. S. As the worlds biggest source of Greenhouse Gases in 2006, helping put the globe on a path to miss United Nations targets aimed at stemming the rise in the earths temperature. This cheap power from coal and cheap Factory Production that is powered by coal has helped china turn into this economic giant that has helped produce cheap goods for the rest of the world and helped drive the worlds economy. In a sense Chinese People are paying a tax in breathing in this bad air for the benefit of consumers all over the world. The w. H. O. Estimates more than one million chinese died from dirty air in 2016, another study puts the tally even higher at 4000 deaths per day. Pollution is said to have been the main cause of social unrest in recent years, with social media amplifying complaints. On chinas twitterlike onlineee government for not doing enough. In february of 2015, a chinese investigative journalists published a selffunded documentary about the countrys air pollution problem. More than 100 Million People watched under the dome before it was banned from chinese video websites six days after its release. Shortly after, president xi jinping pledged to release an iron hand to punish environmental polluters. In the last few years the government has spent billions tightening environmental regulations and scrapping coal power plants and switching millions of homes and businesses from coal to natural gas. The regulations and policies have worked. The u. S. State department monitors particulate matter in the air in its beijing embassy and the recording show that 2018 was the lowest level in a decade. The winter of 2017 and 2018 were one of the best as far as air quality, not perfect but much better than the heyday of the 2013 pollution problems. China is now the worlds biggest investor in green energy, it spent over 100 billion in 2018, 56 more than the u. S. Initiatives have included supporting the electric vehicle industry by providing subsidies for ev buyers and helping build infrastructure that allows electric cars to drive and charge around cities. Ev sales are huge in china, the biggest market in the world for electric vehicles. It is not just cars. Electric buses are a huge deal in china. China is betting big on solar energy as well. In 2019, over a third of the worlds solar panels are estimated to be installed in china. War on pollution promises to be a long one. Four decades of breakneck Economic Growth have turned china into the worlds biggest carbonemitter and will depend on coal for years to come. Emma that was one of many quick takes you can find on the bloomberg. You can also find them at bloomberg. Com with the latest Business News and analysis 24 hours a day. That is all for bloomberg best this week. Thank you for watching. I am emma chandra. This is bloomberg. Hey im bill slowsky jr. , i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Jason welcome to bloomberg businessweek. I am jason kelly. Taylor i am taylor riggs. We are inside the murray headquarters in new york. Jason two nights of democratic debates with the crowded field of candidates. Taylor bloombergs exclusive interview with mexican president lopez obrador. He defends his record against fiscal hawks in the