strong effect from currency. >> we also see the effects from brexit. >> it is hard to see what growth is coming. >> the world is a volatile place and that is the reality. erik: big-name guests help us track big global moves and policy. >> the democratic party is trying to reach out to americans . >> we've seen the significant pickup in the rate of money supply growth. erik: it is all ahead on "bloomberg best." ♪ erik: welcome. i am erik schatzker. youris "bloomberg best," weekly review of the most important business news, analysis, interviews from bloomberg television around the world. let's start with a day by day look at the top headlines. from was two years, yahoo! has been under pressure to separate its core business from its investments in asian tech companies. on monday, the big announcement finally came. it is official. verizon is buying yahoos operating business for four point eight $3 billion -- for $4.3 billion. >> there is a non-core component that will remain for the time being that will be sold off, but probably not for another othe mh or so. yahoo! will decide what plans on doing with those for a later day. the core business goes to verizon to be combined with aol. identify the assets that verizon has that can make a job with yahoo! that other cannot. >> it takes it out of the scale of millions and into billions and combining those two is a right start for us. we have been investing in content from beyond verizon. we have been moving in to ownership. >> what role the envision for yourself? >> seen transactions" watching over the value of our asian assets and equity stakes we have there. we will ultimately figure it out, but i love yahoo! and it's really important to see the next chapter. >> he came he was a much possibility and some much hope. you wanted to restore yahoo! to greatness and bring back news and original content. had he personally feel that this outcome? >> i feel good about it. yahoo! is a company that change the world and that mat not many companies change the world. >> apple shares gaining with the slowdown that was not quite as bad as expected. third-quarter revenue fell, making the first back-to-back quarterly sales declined since 2002. actual iphone unit sales beat estimates, topping the 30 .9 million estimate and the forecast for the coming quarter looks quite good. me that the cfo tells the last quarter looks like the low point. >> they're talking about pockets of opportunity in china. that market as a whole is basically flat and they're still finding some good opportunities. they highlighted some initial penetration into india, which is a great. that has not been the easiest thing with legal issues that they have had a hurdle. i think it is finding some new opportunities and some audiences as well. away from thetes fomc july decision where the federal reserve is expected to leave interest rates unchanged. let's go to mike mckee at the fomc. >> no change in policy and no change in rates and only a few changes in the economic assessment. of thes no mention dollar and no timeframe for future action. if you're feeling hawkish, there is this. there's a statement noting that near-term risks to the economic outlook have diminished. that suggests that members may sealed condition for a rate rise and it has grown favorable and investors may take that as they want as a sign that september could be a live meeting. >> is a pretty good america and yet the central bankers and around the world, what would be your counsel to her for september and into next year? -- notink janet yellen to be critical, but you are asking me, so i will be. central bankers are fixated on the fact that the lower and lower interest rates go, the higher and higher asset prices go. i do not think it does. i would say get off of it. get off of this fixation of lower interest rates providing a push for economic growth. >> deutsche bank says second-quarter profit was a most wiped out. and theyevenue plunged set aside money to cut jobs. the ceo has been cutting risky assets and the laminating about 9000 jobs. >> sentiment is really bad and valuation is really bad. the obviously were expecting some pain because this is a restructuring and a turnaround. you see market share sacrifice, but the awards just aren't there. once we get through this year, everything's going to be fine. it's just not really convincing went up. >> how much time does john cryan have to turn around before he steps in? down? >> management things it can do it on its own steam and that it will be able to generate capital on its own without any kind of emergency measures to hit targets. deutsche bank is too big and important to be able to say that we are just going to keep going. putink shareholders may pressure on him to act sooner. >> three big banks out with better than estimated earnings fifth. after announcing cost cuts after they struggled this revenue. why did all the shares decline today? >> it was a tale of lowered expectations and they beat slightly against those lowered expectations. certainly there are still issues across the board . lloyds is still under 10%. >> let's get back to credit suisse. is the turnaround bearing fruit? >> on one side of the ledger it is. on the cost capital side, he is making progress. on the revenue side, it is still tough picture. >> do these profits and result mean that you do not need to raise capital? can those rumors be laid to rest? >> we have been very consistent in saying that we do not need to raise capital. cleary,en very quic . we have show that we can pull many levers to drive that forward. it without a ratio. reasonablen in the range of outcomes. we are in the perfect range. ♪ >> the bank of japan has opted for limited stimulus expansion. in addition, the central bank plan serve you policy for the uncertainty of inflation. if all is a surprise, it is going to be this review. what is your take away as far as a review is concerned? >> it makes sense as they are closing in on 40% of the bond market owned by the boj. it is moving toward 50 and 60 on the current plans. it is not worked so far. >> if you take a look at what the boj did, we are used and unsurprising surprising on the upside and this is a surprise to the downside. >> that is true. the steps that they took were pretty minimal. they had to do something and they did the bare minimum. the real dark horses the comprehensive policy review. we are really at a crossroads. do you let the government take the running for a while or does the double down and hit the gas pedal even more? >> what to expect here from mr. abe next week after the boj nonmove? >> the key thing to look for is what is the actual amount of new spending. some of the figures were massive and they likely include projections in loan guarantees and things like that. we do not know the size of the supplementary spending for 2016 and that is really the key we talk about stimulus. ♪ erik: still ahead, even more earnings analysis. we look at tech giants including facebook and what the renewed slump in crude means for oil companies. up next, more the week's top business stories, including a change at the top of a big european telecom supplier. this is bloomberg. ♪ erik: welcome back to "bloomberg best." let's continue our global tour of the week's top business stories with the ouster of ericsson ceo. cranny he assured manus that he had no plans to leave the phone company despite pressure from shareholders. as it turns out, ericsson's order had other plans. >> big changes that ericsson today. shares of the swedish telecom equipment giant up today on news that the chief executive has been ousted. he had been chief executive for over six years. under scrutiny in corruption probes after the company's profits and revenue had also taken a hit. how much of a shock is this? he has been under pressure in recent months, having? hasn't he? >> although that actual day was unexpected and the timing might be awkward because last week they promised to double down, the truth is that he has been under pressure from months and increasing the company failed to and sales profits over the last four quarters. followingo shares are the most since 1990 today after hopes that pokemon go could reinvigorate the stock after realizing nintendo has no share in the game. never anyid it was secret that they only had a 13% economic interest in pokemon go. investors should have known this all along. they obviously got concerned about the way their stock and gone up since the release of the game. doubledk is more than since the release of that game and they wanted to deflate some of the hype. they put out a statement on friday to reiterate the fact that they only have a 13% economic interest in pokemon go through various other companies that they hold investments in. >> what is interesting is that the company will be reporting earnings as well. why not wait until the formal earnings report to clarify everything? have to do with a concern about the run-up in the stock. there may have been concerns about potential action from shareholders in the u.s. maybe. raises its offer for sab miller as it will be entitled to receive more than the previous offer. this shareholders pushed. is it the last call? >> i think that is what ab inbev said in their statement today. sab we are seen so far from is that they are not considering the offer. who knows what they will say, but they did propose the last offer at 44 pounds per share. sab miller has halted its takeover bid. initially shareholders were looking for more value, but they that they have revised the offer. that is according to people familiar with the process. >> we have to be careful the characterization. what they said is that they want to stop integration discussions. they want to stop the ongoing discussions of putting these companies together. the new offer was bumped by one pound. but till they accept the offer, it would be improper. it is not as severe as it sounds basically. integrate thatto statement and we accept this offer, then some people would think we are not a bit off. it's about putting things down. >> the biggest deal involving beer makers is moving closer to completion. sab miller's board has recommended the approved takeover offer of $103 billion. >> a chinese tech giant has agreed to acquired visio. ,he founder has big ambitions saying he would like to position it as the netflix, apple, and has left of china. they make virtual reality headsets and electric cars. been saying he has over and over again is that this is about having a streamlined user experience that captures the user 24 hours a day. they have been making very aggressive inroads internationally,. the deal really submits foundation and the u.s.. >> visio is just an initial part of entry into the united states. bring it into core markets in china and u.s.. we plan to list our business in the u.s. market . >> breaking news this morning -- oracle announces that it will buy net seat for a deal. >> we surprising acquisition in the history of software. >> oracle is moving to the cloud and netsuite is the original cloud company. ellison.d by larry >> and the family owns a lot of common stock. >> netsuite is a truly cloud business. it was a side project for larry ellison and expertly run by zach nelson. it will be curious to see if there are other bidders for this because you want to see where trading. you can see the market has been waiting for some kind of deal to happen there and oracle is always the most likely to acquire with larry ellison having a personal stake in the company. ♪ erik: you're watching "bloomberg best." there was an avalanche of earnings reports with quarterly results and forecast from several of the world marquee technology companies. facebook, samsung, twitter, and more. here's a roundup of the highlights. afterebook shares soaring hours up as much as 8% as facebook be on sales and profit and monthly and daily active users. is it as good as it sounds? >> facebook has done an incredible job getting the entire world on its platform could i, if you look at advertisers, that is where they are. there is less brand advertising ads.ore app installed facebook has done an incredible job getting people on their platform. >> the fact that their ad revenue continues to grow at this time is also significant and speaks to the investments of they have made in mobile and video an as was measurements. it's also incredible to note the activity around messenger. that they are willing to use messenger is a potential extension of their grant. gamingr that shares after hours after google's parent company proves its dominant in mobile advertising. adjusted eps also up 20% from year ago. it is clear that google and facebook are readily gobbling up most of the digital dollars. which is in a better position? >> they both have made the shift as customers are beginning to begin the mobile mineshaft. using the phone throughout the day with many locations. google is going to be stronger ofthe broad variety activities and facebook is very strong with people who are engaged in social interaction with their friends. i think both of them are in a position to extent into a world that is really more about assistance. >> this was a killer quarter. this is the third straight quarter of record profits for amazon. the question is can it sustain through this year and next? e-commerce miss growth margins and that was due to underestimating demand. i think in the guidance that you are seeing increased investment. they also cite investment and content relating to private video. -- prime video. this is several quarters overrode of improving -- and a row of improving margins. >> the web services going gangbusters and making more that operating income. >> part of it, if you talk to the competition, there are other competitors, but there is nobody in the market that has a product suite like amazon. that businesses throwing off in a massive amount of cash flow. it is quite ironic actually that it does that. samsung electronics rising about 4/10 of 1%. that is after it announced linebacking canceling $1.6 billion with the shares after that sean's earnings report. talk us through the different businesses because we are then focusing on the smartphone business, which was quite a big deal. >> it is the sexiest business and the easiest to talk to because you have a comparison with apple. apple reported 40 million phones . when you look at what they reported for the mobile phone business, it has now taken up the mantle again as the biggest profit driver for samsung. have a list of the breakdown here. $3.8 billion for the mobile phones. that is the galaxies in the -- and thei retreat tablet and the hybrid. their head and shoulders above everyone else. >> reporting half-year results %.d revenue jumping 40% the thing is about this company that it continues to ramp up r&d. it is so aggressive? . >> the results are not surprising in the sense that these are one of the few vendors we expect to grow at least in the smartphone space. the question as you point out is how much does that, the expensive are they spending more on r&d? they are expected to be quite aggressive in the space and we do expect more that. at what cost is the question here. to twitter and earnings shares plunging an extended trading after the company released earnings down as much as 12%. the closely watched number of monthly active users inched up, but will that be enough to boost ad revenue going forward? will the news get better? >> i think it's important to remember that user engagement has to lead monetization. it is important to remember that all the latest efforts are in service a growing and while volume is important, engagement is more critical. with all the latest live streaming activity and it can capture the market, then the quality of those eyeballs are more important. >> what you are seeing in terms of monetization is cannibalization of the revenue from new products cannibalizing their legacy products. with the lack of user growth, are they try to be niche or go mass-market? if they are going mass-market, what cost is it going to come? >> philip second quarter adjusted beat estimates. company is also keeping its 2016 outlook. i see you are concerned about high and risk due to volatility in some markets. what worries you at the moment? >> we see basically volatility all over the world. in the middle east, brexit, elections coming up in the united states. maybe a positive is that i see china growth coming back. we definitely had a good growth quarter in china. but overall, the world is a volatile place and that is just the reality. david: pharmaceutical giant eli lilly posted second-quarter earnings that matched estimates as sales surged. revenue increased around 9% for the quarter. you either met or beat all the estimates. you are up nicely over last year's second quarter. those are the topline numbers. take us behind those numbers and tell as what we should be looking at here. >> we grew revenue 9%. i think the important piece of that is that 8% of that revenue growth was volume. of that 8% volume growth, six percentage points were the new products we have launched since 2014. so, price and rate had a negligible impact on the top line. in addition, we got good growth from several of our existing products, including our rapid acting insulin humalog. jonathan: glasgow smithkline up with earnings that beat estimates, driven largely by new drug sales. the stock is trading higher this morning. we will begin with the brexit effect. i'm going to try to put a few things together, beginning with the impact of a weaker pound. gs k seeing the cable rate around 1.33, adding 9% positive impact on full-year sterling revenue. looking at your guidance for the dividend, expect it to remain about 80 pence this year and next. what are you going to use the extra money for? >> great question. we have definitely seen a very strong tailwind effect from currency. dollar,e it is not just euro, all of is our business, 97% of our sales are outside of britain. we see the benefit at the top, and we get benefit through the structure of the p&l as well. so that is very good news from that point of view. you are quite right. it is driving sales. it is driving margin and driving cover for the company in terms of dividend cover. >> volkswagen reported a profit drop of 36% for its biggest unit. that is, of course, the volkswagen brand. >> we are seeing the audi and porsche brands are the biggest contributors. as you mentioned, the volkswagen brand has seen profit decline 36% in the second quarter. that seems like a big drop. on the other hand, if you consider the extra charges and costs triggered by the diesel scandal, that is still a pretty robust result, considering the really difficult situation that the brand is in at the moment. >> ford's earnings came up short in the second quarter. the automaker is warning that its profit targets are at risk even though sales of pickups and suvs are surging. ford's european sales posted the biggest gains in four years, but the brexit could lead to a slump. >> there are a couple of different risks. one, we are seeing lower pricing and higher incentives in the u.s. and china. we are seeing softening in the u.s. of the retail industry. still at a healthy level, but it is down, overall, as an industry in the second quarter. at the same time, we are also seeing the effects of brexit, particularly of exchange and potentially volume in the u.k., which is our biggest market in europe. and just a weak chinese r&b, and that is important for us, given the profile of the vehicles we import into the country. finally, we are seeing the lower auction values for small vehicles that we released in the u.s. erik: later, we will drill into oil earnings and what they mean for an industry struggling to find its balance. and straight ahead, some of the week's most provocative conversations with leaders in business and politics. tom steyer on the race for the white house. alan greenspan on the fed and more. this is "bloomberg." ♪ ♪ ms. clinton: when there are no ceilings, the sky is the limit. [applause] erik: this week, hillary clinton received the democratic party nomination for the u.s. presidency. billionaire investor and climate change activist tom steyer has been a longtime clinton supporter, and a major donor. on monday, he spoke with bloomberg about the u.s. economy and the democrats' platform. tom: well, i think that the democratic party in 2016 has done a very good job of trying to get to the actual concerns of broad-based american people. and a big part of that, and i give senator sanders a lot of credit for this, is raising the issue about inequality. about the fact that even though the country as a whole has gone forward, the gains from that, the benefits from that, have not been distributed fairly or equitably. and i think that is something where we are looking at 25 years where working people in america really have not had an increase in their wages. i think the democratic party is trying to reach out broadly to americans, and understand, listen to them, understand their concerns, and address those concerns. >> you are personally passionate, and have put a great deal of capital behind the environmental movement, and support for hillary clinton as an environmental candidate. how do you hope to see that play out? what do you hope to have a clinton presidency do? tom: if you look at 2016 and the platform we have agreed on, it is a quantum leap forward from four years ago. i think we have the most progressive environmental platform in the history of the democratic party, or the history of american politics. erik: monetary policy was again in the spotlight this week, with both the federal reserve and the bank of japan making rate announcements. on thursday, the former fed chairman alan greenspan joined bloomberg to offer his perspective on the challenges facing central banks. >> you said you are starting to see some indicators. what are the things you are looking at on your personal dashboard that would indicate inflation may be coming back? >> we are beginning to get a pickup in wages beyond the rate of growth or productivity. and that is usually the best indicator, but just as importantly now is that -- since money, at the end of the day, is what causes inflation -- we have been seeing, since the beginning of the year, a significant pickup in the rate of money supply growth. over the very long run, it is the ratio of money supply divided by the real gdp capacity to produce, which ultimately determines the price level. that is a very rough indicator. it does not work for two or three years, and then it pops in. but over the long run, it has never failed. and we are in a situation now where, looking at the interest rate levels, the inflation rates, it is very clear we are our going to be moving reasonably shortly into a totally different phase. erik: meantime, economic stability in europe remains a major concern. britain's brexit vote has added to uncertainty about the future of global trade agreements, and turkey's leadership is trying to restore investor confidence. after a failed coup bloomberg spoke exclusively with the turkish prime minister about the measures his government is taking. >> the coup attempt had an economic impact on the turkish economy. s&p immediately cut our rating. i think that was not an ethical stand. it was taking advantage of the situation. we have overcome a coup attempt. we have struggled to keep democracy running, and these agenes should not be rushing their decision. this was saddening for us. the turkish economy does not deserve this, if you look at the indicators. it is an ideological and political decision. we have no doubt about that. what we are saying to global investors is this has come and gone, and the national will and the will of the citizens has destroyed the plotters. life is back to normal in turkey, and you can continue your long-term investments. we will eliminate obstacles before you. we are laying out the turquoise carpet in front of investors. we have all kinds of tax incentives, investment incentives, and we are giving priority to value-added investments. >> you mentioned the government would increase investments in productive sectors rather than investment in social spending, but more on the investment side. are you planning any measures to encourage private investment and indeed foreign investment, rather than just foreign investment in bonds and stocks? but also maybe direct foreign investment into the turkish economy? >> we are establishing a wealth management fund. it is a structure that will finance large-scale projects. we are going to finance investments through this fund, instead of the general budget, which will be cleared of problems. >> the deal with the e.u., do you see a model realistically where the u.k. can get access to a tariff-free market? >> i think people at the moment are jumping to it must be this way or that. i think the u.k. is a unique case. we are the fifth-largest economy in the world. we have a trade deficit with europe, 62 billion pounds. it is not in the interest of the germans for us to impose taxes on cars coming over or on french wines. there is only one country in europe we run a trade surplus with. so, the u.k. is a really powerful engine. we are number one in europe for foreign direct investment. for all of those reasons, it would be very difficult not to do a deal in the best interest of everybody. i will give you one example very quickly. aerospace. airbus bodies are made in france. avionics in germany. you have got to have a free-trade agreement for aerospace. you have to do the same for defense products and automotives. when you break it down category by category, what i think it will come to is something that is common sense, in the best interest of all the people of europe. right now, a lot has been said. i think it is time for everyone to go on holiday, have an ice cream, and think in a logical way about what is best for everybody. ♪ ♪ erik: you are watching "bloomberg best." i am erik schatzker. oil began the week trading at a three-month low. as energy companies around the world rolled out quarterly earnings, the industry's travails were a steady subject of discussion on bloomberg television. >> earnings plunged for bp, the first major oil company to report second-quarter results. profits fell 45%, missing estimates. bp is being hurt by lower oil prices. still, brent crude's 25% increase during the quarter provided some prospect of relief. >> there is concern about refining. what does it mean for the sector as a whole? >> what is happening is during the last year, the refining sector was providing a lot of cushion on protection, of too low prices. refiners were making a lot of money. what is happening now is the refining engine is sputtering. for bp, it was the weakest second quarter since 2010, in terms of refining margins. >> how tricky is the chief executive's road ahead? debt rising, the oil price rally is seemingly fading. >> there were some positives. the company is freeing up cash. it has $5.5 billion worth of cash flow. it is hard to see what the catalyst for change is here. oil prices seem to be in a rut at $50 or below. as you say, they added $6 billion of debt a year. it seems they will have to keep adding to the debt to keep paying investors. absent a big rally in oil, it does seem like a bit of a slump. >> what caused the decline in prices? down to $42 a barrel, where we are this morning. >> we would argue, because the fundamentals are not distinct right now, the market is trading off the dollar. if you make a picture of the dollar, and oil prices, going back to june 1, it has been trading in lockstep. what do we focus on? all the bearish news, and we don't focus on the bullish news. when the dollar pushes oil prices higher, we focus on the bullish news. i can turn around and make a bullish case as well as i can make a bearish case. actually, if you look at positioning, it is kind of neutralized. the passionate bulls in the market have backed away. the passionate bears have backed away, which tells you the market and the fundamentals are really not going into any significant direction. >> shell shares slumping, reported a 72% drop in profit. bloomberg's ryan chilcote is here to break it all down. start breaking. ryan: we already knew oil profits follow oil prices. we know the oil price fell year on year, so it was no surprise there was going to be a decline. the problem with shell was that their production fell as well. they produced 120,000 barrels less than the market was anticipating. that does not sound like a lot when you are producing a few million barrels. but if you think about it, at $50 a barrel, that adds up to $6 million a day. over a 90-day period, that is $540 million. that explains half of the loss. another big business at shell is the gas business. don't forget, they are the largest lng producers out there. that, too, underperformed. really bad news at all three of shell's businesses. >> good news that total beat estimates. what is behind that? >> production is up, unlike at shell. up by just 5%, but that helps on the margins. in addition to that, they are cutting costs. that is something investors love. they had a target of $2.4 billion of cost cuts this year, and say they will beat that target. >> all of a sudden, people question oil demand. do they have reason to do that? >> they have an underlying reason. if the world economy is sputtering, oil demand should be sputtering. actually, oil demand has been, on the whole, pretty robust, given the global economy. it is rising more than one million barrels a day, annualized. we don't see that dropping very much, even if china sputters even more. china is currently making 2.6 million cars a month. that means gasoline demand has got to go up a good 8%, no matter what. >> wrapping up a big week for oil earnings, unless you are total, you are probably in a bad mood. chevron and exxon both missing estimates. chevron, a loss of $1.5 billion. exxon's call is currently underway. what has been the big takeaway so far? >> a big concern about increasing debt. they are concerned about what is going to happen with refining margins in the third quarter. rosol is still positive with $1.7 billion. but let's remind ourselves that that is the good case. it is the weakest for exxon mobil since 1999, the time of the merger between exxon and mobil. that is the big takeaway. i think the analysts will be asking questions in exxon mobil, but also for chevron, about what is going to be the outlook for them in the second half of the year. both companies at the moment are failing to make enough money from their operations to pay for capex, and investment in new production facilities, and also paying shareholders. i give you a couple of numbers from the presentation of chevron. the conference call comes later today. in the first half of the year, chevron spent $14 billion in investment in projects and also paying shareholders. over that same period, they only made $5.1 billion. we see a huge gap in what chevron is able to make and what it is spending. >> as you look at the majors, talk about the reserve replacement ratio. who is managing the cycle currently? and managing to invest for the 10-20 years ahead for the company? >> none. not a single one. we are beginning to see these companies struggling, production coming down, and not one company is presenting an outlook that is convincing for the second half of the year or the next few years going ahead. ♪ >> this is the market-implied ♪ >> this is the market-implied policy curve. this is what it was the day after brexit. you can see we did not see 50 basis points for a fed fund hike until 1.5 years out. >> one of the charts you looked at in your work is the relative rotation of different sectors. on the bloomberg, it is rrg go. health care is in the leading sector, the upper right-hand quadrant. tech is improving as well. that is the blue line right here. erik: there are about 30,000 functions on the bloomberg, but we always enjoy showing you our favorites on bloomberg. maybe they will become your favorites. here is another function you will find useful. it will take you to our quick takes, where you can get important context and fast insight on timely topics. here is a quick take from this week. >> there are five major energy sources in the world right now. petroleum, natural gas, coal, renewable energy, and nuclear power. thanks to the u.s. shale and fracking boom, and the fact it is now cheap, plentiful, and clean, it is natural gas that may be the future. big oil companies are using technology that turns it into liquefied natural gas, or lng, the commodity that can be shipped all over the world, reshaping the politics of global energy. here is the situation. the trickiest problem with natural gas right now is in the name. it is a gas. most gas travels through pipelines. that makes it fairly difficult if the u.s. wants to sell gas to, say, korea. but a few things make shipping natural gas possible. first is the process of cooling it to -260 degrees fahrenheit, converting it to a liquid, and reducing its volume by about 600 times. it is like going from a beach ball to a ping-pong ball. this makes it possible to transport gas, not through pipelines, but on really big ships, which leads us to a fleet of $250 million tankers, some the size of almost four american football fields, that can carry lng all over the world. the only problem is these ships are too big to fit through the panama canal -- until now. the $5 billion panama canal expansion project was finally finished in june 2016, allowing for faster shipping to key markets like asia. what does this mean for global energy? well, a growing number of countries are trading in lng, with 34 nations importing it by the end of 2014, compared to just 15 in 2005. here is the argument. overall, demand depends on how fast countries will turn away from coal, the largest source of power generation in the world. one lng selling point is that it is cleaner, producing about half as much carbon dioxide as coal. oil companies are pushing into the lng world for a greener future. shell's acquisition of bg group made the dutch giant the world's largest lng trader. but not everyone is aboard the lng train. coal is still cheaper. renewables pollute less. countries like japan, the largest importer in the world, is focused on nuclear power, after starting to get reactors back up and running after shutdowns prompted by the 2011 tsunami. plus, some u.s. gas utilities are opposed to large-scale exports of lng, saying, longer-term, it could raise gas prices for american consumers. ♪ erik: you can find a wide selection of quick takes on the bloomberg. you can also find them 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. thanks for watching. i'm erik schatzker. this is "bloomberg." ♪ ♪ announcer: from a our studios in new york city, this is charlie rose. is the night hillary clinton accepted the nomination for president of the united states into and so doing she made history. we are taking the shortly before -- chelseaces clinton introduces her mother and what is to be the most important speech of her life. >> there is something else my mother taught

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