Way to an ipo. Saudi arabia puts a prince in charge. Morgan stanley ceo speaking frankly about the fed. Ive support the latest fed rate cut and i expect they will do one or two more. But then, it is time for a pause. Managers apply unconventional wisdom to a changing financial environment. Corporateentgrade bonds are an asset class that provides more risk than return. Plain tot is pretty see that bonds are not a safe place to be. 17 trillion treasuries showing negative returns which is crazy. Its all straight ahead on bloomberg best. Hello, and welcome. This is bloomberg best, your weekly review of the most important Business Analysis and interviews from Bloomberg Television around the world. Lets start with a day by day look at the top headlines. The tension between Boris Johnson and u. K. Lawmakers ratcheted to new levels on monday as the him stuck to his stuck to as the pm his do or die brexit plan. British parliament is about to suspend its operations for a month at the request of Boris Johnson and the order of the queen. But not before legislation barring the Prime Minister from leaving the European Union without an agreement. This means that he cannot leave without an agreement. Means that he has to request an extension from the European Union if he cannot get an agreement. Now, theres some question about whether he will find some kind of legal wiggle room. Or, whether he will make it so tottractive for the e. U. Grant the extension by the other 27 members that they would then refuse. Certain, but the law puts a huge roadblock in Boris Johnsons way, and the other roadblock is that the election that he has been seeking probably not going to happen. Parliament is set on denying him that. The u. K. Prime minister says he will continue to work for radio with the e. U. While preparing for the possibility of leaving without one. He was speaking after suffering a sixth defeat. Devices, ir how many will try, mr. Speaker, to get an agreement in the national interest. Parliament is out the door for a few weeks, and five more weeks, two weeks before the brexit deadline. That europeanting Council Meeting which is a couple of days after parliament gets back. Thats the moment when johnson says the europeans are going to fold, going to offer me some sort of deal. Do what going to parliament has told him to do and ask for this extension. Theres a lot of rhetoric coming out from both sides, and we had really,omentous week, anything could happen. Apple is wrapping up its latest product unveiling. New tactics on pricing, bundling, and purchases of new devices. This is an unusual tactic. For the last few years, theyve been steadily increasing the prices of their phones and setting new benchmarks for the entire industry. Is now a smartphone barrier that apple has crossed. The leasthone xr, expensive iphone, the successor that apple announced today, the iphone 11 is getting it be dollar price cut to 700. Is getting a 50 price cut. That is about where highend smartphones started to or three years ago and now that seems cheap. It is unusual for apple to lower the prices of its devices. Unveiled its first tariff exemptions. Corn, soybeans and pork are not on the list. On paper, it sounds like perhaps a move towards conceding ground by china. What theyve done is remove a fairly narrow list of products from the list. Fish food and the like. The big ones will remain, pork and soybean. Those of course are the crux of the u. S. Farming industry, the crux of the tensions in many respects between the u. S. And china when it comes to tariffs. You could read it as something of a jester, but its clearly a long way to go before. President trump delaying his of the at the request chinese and and of respect for the 70th anniversary of the peoples republic. Research,as set to but that has now been pushed back by two weeks. Two weeks isnt very long, but moving it away from that october 1 holiday is very important. This is a big event for xi jinping, its very important to him. Also, if you compare this to earlier in august when we had both sides raising tariffs when the u. N. Was falling below 700 was calling china a currency manipulator, this is much more optimistic, what were seeing now. A the full scale in damage of no deal brexit could cause the the document codenamed operation Yellow Hammer that they have had trying to keep secret. Paper warns of food and fuel shortages, disruptions and and intenses pressure to return to the negotiating table. Essence, there is nothing incredibly startling in this report, some of it coming out already last month. But together in a document that Boris Johnson did not want you put it all together and it looks pretty stark, it really undermines his assertions that he no deal exit would not be the apocalypse, it would actually be ok. The European Central bank cutting Interest Rates 10 more basis points, announcing plans to start openended bond purchases. Than marketer more participants were looking for . In some ways, he did because the quantitative easing or the Asset Purchase Program that he has reinstated is openended. Startingg to buy bonds november 1 and theoretically could go on forever as we see a real continuage. Havehearing what the banks excessin terms of reserves and hes lowering the , especially if they exceed the benchmarks of lending. It does look like he is doing a lot. The question is, is he doing everything it takes . The answer so far is no. The final stimulus package after overcoming an oppressive revolt from his senses. Would you say some of the members of the council left saying we made a mistake today, we shouldnt have done this . Im sure the idea crossed their mind of some people, it definitely crossed my mind. Change in that things policy may change. Bloomberg reported yesterday that the Trump Administration is at least considering a ceasefire in the trade war with china. Trump its something we would consider, but we are doing very well. Announcedrning, china it would exempt imports of u. S. Soybeans and pork from additional tariffs. All of it points toward some Better Movement as we go towards these expected talks between both sides, but there is a war of coalition as well. China has always been in the market for more agricultural goods, they need more pork in have certaind they amid noise about protecting the payment path. On the one hand, there certainly evidence of some kind of goodwill gestures going on, but no signs of the major statement just yet. Political bonds selloff. The 10 year yields in the u. S. To the highest in six weeks. New newsnt a ton of today except we got retail sales that came in better than expected. We also got a sentiment number better than expected, plus not terrible news on the geopolitical front, what have you. That is causing a very intense selloff. Still ahead, as we review the week on bloomberg asked, and exclusive conversation with Morgan Stanley chairman and ceo. Plus, one of the most influential voices in Chinese Media share thoughts on the latest trade development. The possibility of achieving substantial progress is greater than before. And up next, more of the top business headlines. John bolton begins the latest advisor daring to differ with President Trump. Their arson huge issues they were never going to see eye to eye on. Huge issues some they were never going to see eye to eye on. This is bloomberg. This is bloomberg best. Lets continue our global tour of the top business stories in china were the latest trade data put more pressure on the government to increase. Bonds reacting to the bad that we had in the week and part of what were these trade numbers out from china or shrinking with shipments to the u. S. Plunging in this as coding trade war. Have a look at traffic. 5. 6 , leaving a trade surplus of almost 35 billion. You are looking at contraction in exports down 1 . In forecast, can see growth august. About 2. 2 . The bad news in the manufacturing sector, you got additional tariffs in the pipeline. Partners,jor trading and their data suggests it is in contraction and the demand, external demand, will continue to remain weak. China also removing one more hurdle for Foreign Investment into its Capital Markets, scrapping the current 300 billion overseas purchase cap. What is the significance . Moreina is now opening up of the Capital Markets to the rest of the world, but the immediate practical consequences are going to be very small. Global investors no longer have quotas approval to buy to buy chinese stocks and bonds. They lifted the 300 billion cap on that. However, they had only used about 111 of the 300, so analysts think while this will have some longterm significance, it doesnt really matter in the short run. Salmani arabias king has put one of his sons in front of oil policies for the first time. Officiale top energy is the older halfbrother to the crown prince. He takes over after the removal over the weekend. I think the market now is driven by negative sentiment. But i dont believe that demand has been effective. The personality that i know is very decisive, he has a strong personality when it comes to the market and hinders ands the benefits to all of the of all of saudi arabia. Took to balance the markets and expecting changes. I think its going to be a continuation of the good work that he has started. Opec and its allies met in of dhabi to discuss talks crude supply and demand. Any discussion of further cost will wait until december, apparently. Theres no change immediately, anyway. Theres continuity there. They faceal problem was revealed in the report this that said next year, there are going to have a mountain to climb. Youve got a trade war going on, you got economic concerns all over the place. At the same time, it continues to expand. Is going to have to probably come back in december and react far more strongly or at least make the right noises. President trump says he fired john bolton because he disagreed strongly with any of his positions. The move and is a tumultuous anure the move ends tumultuous tenure. It comes days after the president abandoned the plan to bring taliban leaders to camp david for peace talks. If there wasnow really a final straw between trump and john bolton. We know broadly that john bolton came into the white house with a decade of very wellknown views, very hawkish views about foreignpolicy issues, whether it was iran, the middle east Peace Process things like north korea. He was not typically the type of person to bend to the president s views or the white house consensus on those. With certain opinions and he stuck to those. John bolton tried to influence the president in a lot of ways and i think he had a lot of success of there were some huge issues that i think the two of them were never going to see eye to eye on. We just learned that President Trump has discussed easing iran sanctions. How likely is it the president will end up changing his position on iran . Isi think the big question what the president s position was in the first place. He has always wanted a meeting with the iranian president because that really plays into his brand of personal diplomacy in believing that inserting himself into the negotiations and looking a foreign leader in the eye temperatures breakthroughs. I dont think what you would be seeing is a wholesale lifting of the sanctions because despite all this talk that the underpinning of the u. S. Approach toward iran is that this maximum that Carter Campaign is edging over the last year or so is exactly the thing that is going to persuade iran to come to the negotiating table. Germany, finance minister sticks to a balanced budget for 2020 will providing the of a crisis. Case speaking of parliament counties that its central and we are in a position with the Financial Fundamentals we have to risk on with many, many billions if indeed an economic crisis erupts. Are there some factions starting to push . Has not really started in germany yet, its more an International Debate because everybody looks at germany and wants germany to get the economy going. In germany, its more of a feeling of, our economy is still going and doing well, domestic demand is still very strong. Until there is no domestic. Emand the German Government is not yet willing to give up. We are willing to act and we have billions of euros ready. At the moment, there is no crisis, and we are just not doing anything. A double dose of good news. Giant got an important legal victory. Seemingly, billions of dollars of Company Profits currently go to the government could end up winding their way through some pretty hefty hedge funds. Yes. The policy that these hedge funds are the beginning over is that billions of dollars in profit are in every corner going to the u. S. Treasury, the federal government. This was their first legal victory for the hedge funds. Up to this point, most courts have shot them down. Win, but a lot of hurdles still to get across, because their several Court Decisions out there that said it was perfectly legal for the federal government to take all of the profits. Outlier that is going to have to sort its way through the courts. President trump is yet again taking aim at one of his favorite targets, the Federal Reserve. The president urged the central bank to take rate down to zero or less. He called fed chairman jay powell naive and referred to policymakers as boneheads. Today, he had a new argument, which was to actually lower the cost of the federal government, which is sort of the framework of so many in the private sector who have borrowed a lot of money and that meet the description of donald trump. Is, that what is right for an individual company like the Trump Organization is not right for a country like United States. The Federal Reserve and the they aretogether, trying to set Interest Rates at a place that is healthy for the u. S. Economy and for businesses and consumers, which is different from trying to minimize the cost of the federal government. This is bloomberg best. This week, Morgan Stanley chairman and ceo spoke exclusively with bloomberg about the state of the u. S. Economy, fed policy, and the global trend toward negative Interest Rates. Enjoyed jason kelly and carol on campus at the Columbia Business School in new york. Conundrum. At one level, we got record low unemployment. We do still have global growth. The u. S. Economy, the most important economy in the world, is performing strongly. China is still performing strongly. Europe is obviously mixed, but it has been mixed for two decades now. So, at one level, the fundamentals are actually quite strong. On the other level, the sense of confidence, there isnt a conference. Theres this sense of inevitability where we are at the end of the cycle. I mean, statistically, there is a recession every seven years. Be, theyesnt have to have not had a recession for 28 years in a row. Why so much pressure on the Federal Reserve to continue cutting rates . Does that make sense . The economy is slowing. The job of the fed is the balance Monetary Policy with Economic Outlook and fiscal policy. Change the rates when the economy is getting hot. Latest fedted the rate cut and i suspect they will do one or two more. But then its time for a pause to really absorb is because the problem with cutting is its one of the few tools youve got that if you give it away to easily, then we have a real problem. When you think about this, committee overstate this it will bit, this negative yield world, how does that change your view of the market . How does it change the way you made to voice some assets, may deploy some of your teams . Personally, ive been very surprised the way rates are. I had expected the 10 year would be around 3 , i was dead wrong. So, a negative yield curve has been historically highly predicted, but as the former chair said, its not necessarily so. It does not necessarily lead to a recession. So, how does it change business . It doesnt. We run our business based upon what we see going on in the broader economy. I think in the last week, you see the 10 year recover. Well see. Weve got more compelling conversations coming up. The answering chief of chinas the editorinchief of chinas newspaper offered exclusive insight into beijings trade strategy. Plus, staying away from Corporate Bonds. Wonders if they will actually make a difference. Everything gets better all the sudden. It doesnt work that way. This is bloomberg. En in the end, no knows what is coming next. It is going to be a challenge for many. One of the areas in particular in production we most focus on because we know from the past that markets are volatile. Because of the tray were, the trade war, we prepared for that. Its going to be a kind of darwinian service to the industry. Those were comments from top european Auto Executives speaking this week at the frankfurt auto show about the uncertainty and volatility currently shaking up their industry. Volatility have certainly beset Financial Markets recently as well and this week several prominent investors have some ways they are adjusting in conversations with Bloomberg Television. We begin with the former president of Guggenheim Partners who now runs eldridge industries. Us what he thinks investmentgrade bonds are now a bad deal. Of the things i think we are going to continue to see is that the american demographic will continue to age and as it continues to age, its going to want more and more certainty with what to expect in the future. We believe that Annuity Companies are very wellpositioned for that. Obviously, we have to take that money and put it to work. We sit back and say, what are the strategies that we can be employing in order to put that Balance Sheet to work . Most annuity providers we believe that investmentgrade Corporate Bonds are an asset class that provides more risk than return. We dont think that theyre going to implode and if you look at the top 10 triple the companys out there in the world, there is approximately 1 trillion of equity value in the aggregate supporting their depositions. We think those people are alarmist a little bit about the triple b. We also think that 3 or 3. 5 isnt a rate of return that we are happy with you therefore, we have to go find other ways. We actually think by originating and sourcing that, experienced Management Team that are experts in what they do, and ultimately have access to lots of Market Opportunity in a very diverse way, its the best way to be building a diverse abide acidbase for security benefits. The idea that we are still only looking at a modicum extra of inflation by 2021, even with all of these measures. Its actually pretty said to say for a few reasons. Number one, all this is doing is putting treasuries in europe and around the globe at further negative rates. You have 17 trillion treasuries trading at negative returns which is crazy town. Number one. Number two, its doing nothing to stimulate aggregate demand. Look at germany, for instance. Slipping into a recession of zero growth. The u. K. Slowing as well, and much of europe in what is a very slow economic environment. Number three, the equity markets, in terms of aggregate demand and what it does to earnings is not responding, either. So, we think this is nothing more than financial repression, a way of governments around the world able to borrow very negative rates and finance their big deficits and have a the a caps on savings. How do you think about corporate europe and that kind of environment . If these Zombie Companies are getting more and more money for less and less interest . All this does is create more of a debt bubble. It allows companies to borrow at very cheap rates and it does nothing to stimulate aggregate demand. We think its a monetary trap being created, actually a very healthy and unhealthy environment being created. For the time being, the markets are stable, the markets will do well, but at some point, it creates this big hunger games. Where does one of cap will go to earn return when you have trillions and trillions treasuries and more trillions by the month with more negative returns . Bonds are kind of complicated by the fact that they have these crosscurrents going on. When rates are low, they raise the net value of things like stocks. At the same time, theres a historic link to quality. There are these informational crosscurrents and its not clear what were going to see. Of course, the rates what they are today are an abomination. Think its pretty plain to see that bonds are not a safe place to be. Certainly not a good strategy from an investors point of view. There are a number of ways of looking at this. You should be concerned about the risk you are taking relative to the reward you might get. Some people are just looking for returns, and they say a year ago the 10 year treasury was yielding 3 . Some people think it is headed negative. If thats the case, i just need to hold and im going to make a lot of money. I cant argue with that. You make a great point in that we need to think about a trade like that. We need to think about investing as much more a tactical allocation as opposed to a strategic one. A tactical one would be, you got to make this call, you are making this macro call. You had better be right. A strategic one would be more about how you structure your portfolio for the long run, how youre going to balance and raise your portfolio based on how all these pieces move together. Its important that people understand when they are putting all this money in bonds, this is no longer a very good strategic allocation, but it might be a good tactical one, i dont know. Eiseman brought another perspective from wall street this week. Like many, he sees a global slowdown that could signal a coming recession. He discussed his outlook. Happened recession even if the u. S. China trade concern is out . If we have a deal, we will still be in a partial recession. The industrial slowdown was taking place before the trade war. There are two major issues. One comment is there going to be a deal between china and the u. S. . I have my doubts, but i dont have any more insight than anyone else. The more interesting to talk about is what the global Central Banks are doing including the fed, and how long that will take to work, or whether that will work . The fed started lowering rates in june. Any economist will tell you that transmission mechanisms take at least a year. The earliest that the u. S. Economy should start to pick up his next summer. Fromseems to be missing peoples analyses these days, they seem to think everything gets better all of a sudden. It just does not work that way. The more interesting thing to ask, does the normal transmission mechanism of the fed lowering rates work at this low level of rates . And im starting to have my doubts about that. Is, and thisroblem does need to be discussed, at this low level of rates, money has become free. Every deal has been done, every project has been funded. Every stock has been brought back. Every deal has been done, every private equity deal has been done, every startup has been ended. What free money has done is overcapacity, so why lowering rates should solve that, i have my doubts, i really do. Finally, to another bloomberg exclusive, editorinchief of global times, chinas most prominent staterun newspaper sat down in beijing with tom mckenzie and shared his thoughts on the u. S. China trade dispute. I think the possibility of achieving substantial progress is greater than before. Why is that . I sense that the u. S. Side is also anxious because the trade war has caused adverse effects on the u. S. Economy. I can see a substantial reason why the United States will continue to fight the straightforward china for a long time. China has announced its going to make some exceptions to the tariffs that it imposes on u. S. Goods. Should we see that as a concession from the chinese side ahead of those talks in october . Lets not think of it as a concession, is a goodwill gesture. In my opinion, goodwill shows psychological strength and selfconfidence. Its different from a concession. Fors there an argument debate going on within the government about trying to wait out President Trump beyond 2020 . Is that part of the discussion . Someone may say this on a certain occasion, but this is not a serious strategy. China has always hoped to make an agreement sooner, which would be best. If United States continues to apply maximum pressure, with a bullying attitude trying to force china to accept conditions and cannot accept, then whoever will be elected the next verydent is not a important factor in china will continue to hold its ground for a long time. This is bloomberg best. Lets review more round up of the top stories in business and finance with a potential megadeal involving Stock Exchange operators on two confidence. Hong kong Stock Exchange has made a surprise 36 and six billion dollar offer for the london Stock Exchange group. Any deal would upend. It remains committed to the deal, but it will consider the unsolicited proposal. But this deal into context, it would be a massive deal on the part of an Exchange Operator in business for decades. Two a politically sensitive situation would be an understatement given what is going on in hong kong and the protests at the moment. The Hong Kong Exchange has tried to position itself as a more Global Player rather than a hong one, and thatese is something that they really need to consider. Suffer the deal as the steel with hong kong would be contingent on the deal with the parent of Bloomberg Intelligence and Bloomberg News meant to provide financial news, data, and information. Of the board of the london Stock Exchange group has unanimously rejected that bid by Hong Kong Exchanges and clearing in rejecting the bid. The Stock Exchange board said it had fundamental flaws it rejected, claims that it can be completed swiftly and with certainty. They also rate regulatory concerns and some concerns about the uncertain political environment of hong kong and how that would impact the share portion of the bid. Nevertheless, it may not be the end of the story. Concerns of a stored ipo are continuing to flare. The rental company, apparently pushing the company to post its offering amid concerns about evaluation. Problem is that once other investors got a look at anddetails behind wework its perspective, they didnt like what they saw. They saw huge losses, 600 90 million in the First Six Months of this year alone. They saw very competent and corporate structure, they saw all kinds of potential conflict companythe ceo and the and investors just didnt like it. Dark out have picked the nasdaq. T the venue the Office Leasing startup is also making changes in its corporate governance. Other enough changes to the maid . That is the main question this morning. Theres clearly changes. One, and a lot of investors do want to see the shrinking of the multi class structure. We have not seen that. Weve seen a bunch of other things including adding a lead independent director. The board will have the ability to remove the ceo if it so wishes and his successor is now going to be chosen by the entire board. What was previously construed as does codirectors. Saudi aramco is set to take as many as nine banks for lead roles. Among them, bank of america, jp morgan, goldman sachs. You have an idea of timing now . What we understand is that they really try to accelerate this process. Its important to know that this is going to be, and the first instance, a listing in riyadh only. The International Part which has been long suggested, its not clear when that will happen, but it seems that the saudi government is determined to get the local part of this done in riyadh late this year or early next year. Morning, answered them. The Group Includes assets from south africa and includes its 31 stake in tencent. The firm did the netherlands thirdlargest company. Main purpose is really facilitate our next wave of growth. We have become, over time, a really substantial part of our where we areange now closer to 25 of the index. Will we realize as a company, we are still growing fast. We have organic growth rates in the 30 range, so that means we are going to keep growing and we need the right place to keep growing from here. The ipo is back on just two months after it was shelved. The company is aiming to raise about 5 billion in hong kong by the end of september. What do we know about the deal so far . The company is now looking to raise ive billion u. S. Dollars instead of 10 million u. S. Dollars. Actually, i would say it would be a boost for the market in hong kong because the market has been subdued for a while after u. S. Trade wars and also ongoing protests against the government for a while. So, investor in market has been really excited about a deal coming through. Smiled direct club. You cant find a company of this size having this type of oneday drop. Times offering was many over subscribing to the teens, which is why they were not able to price above the range. To do that, you need to be really confident youre going to trade up because its really embarrassing otherwise. Its a bad look for them, its a bad look for jp morgan. I think its a good lesson for i feel that are going to come about with price. Got if you feel like you strong demand, maybe its better to be a little bit conservative rather than going for gold and trying to get that money off the table. Less than a year, losing another leader. Asking the ceo to step down following the scandal. Over how they have a setback is this . This is really big. From the beginning of the break of the scandal, you had questions raised about how long he would be able to stay at the top of the company. They are now in a process where they have to select a new leadership. Formslows down all the that they had been planning to make at company and implementing changes, including their partnership with Mitsubishi Motors and possibly forming other alliances, which is the big issue in the car industry in general, boosting up the capacity by forming these alliances that are necessary to compete in todays automotive world. Shares of at t higher today. This, after Elliott Management disclose a new 3. 2 billion plan divesting assets including satellitetv provider directv. Bythe plan is to boost stock 50 , quite to boosted by, but they suggest doing it by divesting. Theres really a multipart plan, and we have an outline of that. Part of it is to explore divesting assets such as directv, some of the landline businesses, basically the businesses that are not helping them out. Run a more efficient operation by cutting some of those costs. Are also saying that they could recommend some candidates for the board, but overall, the case here is that the idea that this stock is undervalued relative to the s p 500 over the decades and if they make changes, they can boost the stock higher to perform in a better manner. Theres a growing risk of a strike at gm. From across the u. S. Flying to detroit this weekend to debate the latest contract. They have to decide whether to submit the deals or go on strike. What do they want, and what is gm prepared to offer . Thats what is going to really get down to the brass tacks in the next two days, because it got a deadline saturday night. There are a lot of problems with this contract. We have seen four years of prosperity that we did not do to participate in fully because the old contract was done before then. Gm is saying, not so fast, things are not so bright. The big issue will be jobs. Plans that gm has they put on what they called unallocated status which means they are probably closed were threatened with closure. The union wants products in those plans that guarantee jobs. That will be the big fight over the next few days. Enough careers for a halfdozen people, in reputation as a corporate raider. A billion or editing investor and a tv pitchman for wind and natural gas power. Yesterday, he died in texas at the age of 91. I am sorry for your loss, i know that you were actually quite close friends. What is going to be the biggest thing that you are member about your relationship . To miss him, it makes is very sad. He had a life to celebrate. He exemplifies the very thing that i got involved in this industry for, and that was the legacy of giving and generosity by so many very highly successful people. Hes going to be remembered for that. Done,at he has particularly with the school that he loved, my home state university. Dont forget, our interactive tv function. You can watch is live, catch up on past interviews, as well as dive into any of the securities or bloomberg engines that we talk about. Thecan also become part of conversation by sending us instant messages during our shows, you can tell us whether or not you agree with trumps sentiment about the fed being a bunch of own heads. About 30,000 functions on the bloomberg, and we enjoy showing you are favorite on Bloomberg Television. Maybe he will become your favorites. The function will take you to the bloomberg built in her index where you will find chinas wealthiest man who stepped out with the executive chairman of alibaba, handing the job over to the ceo. Moreompany has revenue of than 56 billion in the last Financial Year and has given its founder a net worth of more than 40 billion. Bloomberg took a closer look at his remarkable life and career. He started off teaching english more than 20 years ago for just 50 a month. In 1999, he jumped on the internet train, setting up a platform for businesstobusiness selling. That was alibaba. After that, he took a net ebay which let individuals trade with each other. In isstone alibaba listed this division in hong kong only to the list five years later as performance sagged. However, the company made a big comeback in 2014, with 25 billion in new york. The worlds biggest ever ipo. Everybody should have a dream. What ephedrine comes true . He leaves an empire that has expanded aggressively with news media the name quite a few. Ahead, in the face of growing competition and the slowing chinese economy, sustaining that growth. He warned of achina trade worth saying impact could last decades into the inter. For growinguraged businesses to find opportunities from it. Is severed is teacher stay in china. December 10 is teacher stay in china. That was just one of the many videos you can find on the bloomberg. On can also find them bloomberg. Com along with the latest Business News and analysis 24 hours a day. That will be get this week. Thanks so much for watching. This is bloomberg. Taylor im taylor riggs in for emily chang. This is best of bloomberg technology. We bring you all the interviews from this week. Coming up, the oracle ceo takes leave. Mark hurd announces he will take a leave of absence for health reasons. We discuss what it means for the company. Apple ceo tim cook the stage in cupertino tuesday, unveiling new Iphone Models with new colors and three cameras