Saudi government. They get 20 times the credit limit. Alibaba shatters sales records in singles day. 38. 3 billion. Juliette plus the top interviews featuring bankers and central bankers from around the globe. I am seeing that it has bottomed out. I see the level as appropriate for the economy we have. Negative rates are something which hurt the economy. The Important Message for the market is these Interest Rates are low for a prolonged period. Juliette it is straight ahead on bloomberg best. Juliette hello and welcome. I am juliette saly. This is bloomberg best. Your review of the most important Business News, analysis, and interviews from Bloomberg Television around the world. Lets start with a day by day look at the top headlines. The last 22 weekends have seen protests in the streets of hong kong with monday usually being a day to recover. This monday, unrest spilled over into the work week. Stocks in hong kong fell the most since late august as protests escalated after police shot and wounded a protester. You mainly see this kind of chaos with the tear gas in the riot police on the weekends. All over hong kong. Not usually this weekday in the middle of the day. A lunch hour kind of situation. There was tear gas, chaos in the streets. It was spurred by, as you noted, the shooting, live shots of someone early this morning. It was a day the protesters had already called for a general strike. We have seen this on weekends for five months. We have not seen it many weekdays. Business have been able to operate in the central part of the city, the Financial Hub without relatively too much disruption. That changed today. The s p 500 eking out a small gain. It did retreat from record highs earlier. President trump not really adding much insight into the china trade negotiations. Not as much as had been hoping for. The president said a deal between china and the u. S. Could happen soon. He also warned about the potential consequences of not reaching an agreement. If we do not make a deal, we are going to substantially raise those tariffs. They will be raised substantially. If you look very hard through what was really a tour through the greatest hits of his economic policy, you may be got a little bit of a hint at some progress in the trade talks. But we did not get the new s some were hoping for. Some folks are hoping for an announcement of a signing date for he and xi jinping to meet. The markets dont seem overly excited about that. They really didnt budge very much and that tells you have more of the same. Juliette steady as she goes. That was basically the message from jay powell. Testimony before the congressional joint economic committee. He said the central bank is ready to deal with any challenges. We think Monetary Policy is in a good place but we are watching carefully incoming data. If developments emerge that cause a material reassessment of the outlook, we will act appropriately. He did not make any news. That was his goal. The fed has done its bit. The economy is being stimulated somewhat by the fed being a little accommodative. That is about where they are going to stay as long as the economy continues to perform about as it has. There are still threats out there, particularly trade and the slowdown in other countries. They are going to keep an eye on those things. For now there is not much more they can do so they will sit and wait. Juliette trade talks between the u. S. And china have reportedly hit a snag over purchases of agricultural products. Further rattling investors already on edge from President Trumps latest terror threat. I thought the agri purchases were the most done part of the deal. They were meant to be the lowest hanging fruit. If there is one aspect of the talks that confused everyone it is what is happening with these agricultural purchases. It is important for trump and china knows that it for trump to have a deal, something he can say to farmers, who are a big part of his support base, look at what i did for you. I have been able to secure these purchases. I do think probably china is using that to its advantage. Trade uncertainty appears to be taking its toll on china. The economy losing more in october. Retail sales slowed more than expected. Reflecting how cautious private companies have become. Two big takeaways from economists. They say these numbers suggest sub 6 growth. It fastens the idea that the growth target for next year will be below 6 . Economists say it underscores why china needs to secure a trade agreement with the u. S. And a comment from the Commerce Ministry saying whatever agreement is reached will have to include a provision around the rolling back of tariffs. Hong kong faces a fifth consecutive weekday of disruption. The longrunning unrest is hitting the economy and undermining a string of public and corporate events. The level of frustration in the streets are gaining. That 70yearold man hit in the head by a brick, he has passed away. There was news that spread like wildfire that the government was preparing a curfew for this weekend, beginning presumably today. Most of the comments coming from china are from xi jinping. He is speaking in brazil. Nothing necessarily new but the fact he is speaking about the hong kong situation on thirdparty soil is significant. Thirdparty soil is significant. He says the continuing Violent Crimes have trampled on the rule of law. He is voicing steadfast support not only for the chief executive carrie lam, but the police, and for punishing what he calls the violent criminals, even though there has not been due process. Hong kong expecting its first annual recession since 2009. The city has revised estimates for Economic Growth as political unrest shows no signs of abating. Gdp is expected to contract 1. 3 from the previous year, according to the government. Third quarter gdp shrank 3. 2 from the previous quarter. How difficult is it to model future Economic Growth, or a future recession if the protests stay as they are . Pretty difficult. Fairly sure it is not good for the economy. What we are seeing right now is the shops have closed early. Businesses closed. If that continues, it is obvious with the effect is. The only question is how much. Larry kudlow signaled the u. S. And china are making progress in trade negotiations, saying we are coming down to the short strokes. We are in communication with them every single day right now. Are we anywhere closer to a trade deal or are we in the most treacherous phase right now . I think we are in a messy endgame. We were in here in may for a bigger deal and that fell apart but on this phase one deal they are still hashing out some of the final issues including details of chinese agricultural purchases. Exactly what sort of intellectual property commitments they will make. And the timing of any tariff rollback, or if the u. S. Will do any tariff rollbacks. There is a lot that can still go wrong. Right now, all the signals are we are in that endgame. Record highs, s p 500, going through the 3100 mark. We are currently seeing record highs across the board. Juliette still ahead as we review the week, the ceo of unicredit insists negative Interest Rates can have positive effects. Plus an exclusive conversation with San Francisco fed president mary daly. I am a little bit open to the idea that the risks are on the downside. Juliette up next, more of the weeks top business stories. Disney launches its streaming service. The first day doesnt exactly go magically. This is bloomberg. Juliette this is bloomberg best. I am juliette saly. Lets continue our global tour of the weeks top business stories with china. Alibaba staged an ecommerce blowout with its singles day event. Alibaba surpassing a sales record, bringing in more than 38 billion u. S. For singles day bonanza. What were the popular items . We have a huge number of electronics. They are pushing a lot of products through us. New iphones. Those are the top of the list. It is really the headline number, 38. 3 billion worth of sales this time around. That is an increase of 26 from the year previous. Interestingly, this is what people are looking at, it is a slight slowdown in the pace of the growth. Analysts, investors inferring some knowledge about what is happening to Chinese Consumer confidence. Whether the slowdown is reflected in alibabas singles day numbers. We are missing the magic. The launch of the disneys streaming service hitting technical difficulties because of overwhelming demand. Is this good or bad . There are technical glitches and crashes for users. It creates a buzz. It feeds this narrative disney plus was such a big deal it broke the internet. Remember the big launch of 2019 . Not what they wanted. We were speaking to them last week. They were very confident they would avoid these problems. We spoke to a lot of Technology People about this and people who work with disney. They say this is not the end of the world. It seems complaint levels are coming down. This is just too many people trying to get in the door too quickly. Disney shares soared to a record high after 10 million fans signed up for the new Video Streaming Service in just two days. There were also a lot fewer complaints. It has been huge for disney. We did not expect they would get to 10 million this fast. No one seemed to expect that so the headlines now are disney dazzles. Yesterday, disney plus becomes disney minus. The stock was pushed to an alltime record. At one point it was up 7 . What disney gains is not only a lot of cred for the ceo who staked his legacy on the video sharing. It allows them to bundle together product for espn and hulu as well as the higher price. Bloomberg was first to report a wall street regulator is opening a probe into Goldman Sachss credit card practices. A wellknown tech entrepreneur tweeted about his frustrations. The apple card and the disparate credit limits between him and his wife. You were the first to break this news. It immediately triggered a regulatory response. What is the potential issue here . This has blown up. It started with david henson, the guy who created ruby on rails, a popular programming tool, complaining about how he got 20 times the credit limit his wife has got. Immediately got online traction, everyone sharing experiences. Before you know it, the regulators saying we want to look into this. The issue is whether these credit assessments banks use, that credit card agencies use, Financial Services companies to determining how americans borrow money, making sure there are no in built biases. That is where we are right now. Walmart reported thirdquarter earnings. When it did so, it showed earnings beating estimates. The retail giant boosted its outlook on growth for the year. The key has been groceries. This is a category where they saw admid single digit increase in comparable sales growth. It has been a real strength for them for several quarters now. In particular, it is boosting online sales. They rolled out this buy online, pick up in store program. It proved really popular with shoppers. Especially in the suburbs and especially at a time when the grocery strategy looks incoherent, it is a win. Tencent out with earnings. They missed the lowest analyst estimate that the economy hurt advertising revenue. Walk us through the latest numbers. The top line and the bottom line, there was weakness. Revenue is up around 20 , a little over 20 , which is not bad. But in china, that is pretty weak for chinese standards. The real weakness was in advertising. The upside, smartphone games posted 25 growth. Last year there was a crackdown on games in china. They have been able to get more games out into market. Going through to the bottom line, they have had higher cost for r d and more content. That is really what is happening at tencent. Juliette we are watching for nissan to begin trading. The automaker has withdrawn its dividend outlook and is now undecided on a payout, not expected to the top shareholder. How is this likely to play out with this relationship . Renault has three seats on the board, including its top leadership. You can imagine it will play out as a concrete battle on the board over the dividend. They are relying on this. It comes to hundreds of millions of dollars. They rely on it as a key component of their own earnings. That is going to be a boardroom battle that will help define how these two carmakers Work Together going ahead, what kind of dividend that shakes out to be. They are selling what could be 30 billion worth of bonds to help finance the acquisition of alergen. Could be the largest bond sale in it could 2019. Bloomberg reporting this is a deal that has attracted more than 70 billion in orders. Thats right. We just found out the deal has launched at a size of 30 billion. A little bigger than the 28 billion we were expected, showing what a great environment this is for funding. Advi really leading the calendar with the biggest deal this year. The fourthlargest of all time. It is not just in investmentgrade, in highyield. We are seeing 10 new deals sitting. Most of those look like opportunistic financing because borrowing costs have been so cheap. Kkr is said to have formally approached walgreens with a deal to take the country private. It could be the biggest ever leveraged buyout. How did this come together . What do we know at this point . We know the walgreens ceo has been talking to private equity groups about a potential take private of the company. Kkr was one of the groups in initial discussions. We have learned they have put in a formal approach. What happens next is they will probably look to do some diligence. We are looking to find out how the deal unfolds. Cg capital is among the groups elevating the unit. Sources say it is one of the businesses that submitted by last weeks deadline. The business could fetch more than 15 billion euros. Why 3g capital . They are better known for burgers and ketchup. That is a very good question. What is the link between burgers and french fries and elevators. Really, there is none other than they are looking for a good investment. They have put the asset on the block. They need the money, because this is a company that is struggling. A couple of suitors have been sniffing around this particular asset. For them, it is a new industry. One that is still growing fairly well. For them, it would offer an interesting new avenue. Boeing shares surged after it provided a new timeline for the 737 max to return to service. The company says the faa is on track to certify the redesigned Flight Control software next month. Do we have some positive expectations that this plane will be back in the sky . That is the way the market took it. Boeing had some good news and bad news. The bad news was it boils down to about a onemonth delay in expectations of when the max will have full regulatory approval. The timetable has shifted to january instead of december. The good news was that the extra detail that going provided and the assurance that they gave around the january timeline was taken as a big positive by investors, at least. Juliette you are watching bloomberg best. I am juliette saly. Jay powell told congress he feels the feds current policy stance is appropriate. San francisco fed president mary daly holds a similar view. She explained why in an exclusive interview with bloombergs kathleen hays. We calibrate policy to make the baseline growth be sustainable and promoting goals of employment. The policy accommodation we have taken, which has been three rate cuts this year, has put policy stances in a good place to make the baseline come out. Slightly above trend growth. And continue to move up in inflation to target and further progress on full employment. I do think of that as the economy is in a good place. Of course, we continue to be datadependent and look at the risks and see if the baseline changes even with this accommodation. Is this a pause in the fed rate cut path . Or is the fed at a policy crossroads, where we say do we go this way, that way . What needs to happen next . Can i give you a third option . My third option is where i am today. I see the level of the policy rate right now as appropriate for the economy we have. Which is good consumer spending, good domestic momentum, but facing headwinds that hurt Business Investment and manufacturing. We are in a moderately accommodative stance. Thats appropriate. I feel we can stay in that stance for the time it takes to get inflation back up to 2 on a sustainable basis. I am hearing you have paused. What you are trying to figure out now is you are saying you probably dont have to do anything. You are just as willing to say we should shift policy in that direction. The headwinds have stirred up again and we will have to look in the other direction. One thing we have to do is look forward. Even though i have characterized the economy as in a good place, and policy is currently appropriate, you have to look at the risks that emerge. On one side you have the potential for the accommodation we have given to spur the economy and the stimulus other countries have put in place works and we have some upside potential. On the other side there is some Downside Risk that continues to emerge. We could come up with Slower Growth penciled in. We could get a furthering of trade uncertainty. We still have the brexit issue to settle. I am open to the idea the risks are on the downside. Right now i see the policy stance we have got as the right one for the risks we have ahead of us so far. There is much more to come including highlights from a busy week in european politics. Angela merkel seeking support for eu banking union, while in spain it did not go as planned for the Prime Minister. We look at the state of spanish politics. Today it is a mess. Coming up, more compelling conversations. The unicredit ceo says despite negative rates, european banks have a Good Relationship with the ecb. The ecb has made a lot of progress in the supervision side. Juliette this is bloomberg. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. Juliette this is bloomberg best. I am juliette saly. The new Zealand Central Bank held at 1 , saying it is standing by to add stimulus to the economy if needed. Adrian ore spoke exclusively with bloomberg about the decision. Mr. Orr the first thing is an Interest Rate at 1 and a very low flat yield curve is highly stimulatory for the new zealand economy. Below measures, broad measures of fair value, also adding to a more stimulatory nature, and that has been for quite some time, you know, the last year or so, so despite the Global Growth slowing, our export has been quite positive. The trade in the Exchange Rate is moving through, the Interest Rate side, we have seen it, a blunt broad talk. We see it at least maintain spending. Kathleen when you expect to see rates on hold, i expect you want more of a reaction. Was that a bit of an, ok, or was it a surprise . Mr. Orr no, it was not a surprise. One of the biggest debates when we landed on the decision, heavy communicators that does not confuse and correct unwanted efforts. Any central bankers desire is that you can deliver a message, which leaves conditions probably on the same space of where they were. You know, they are all different. Different shades of loose stimulatory levels for the Exchange Rate and the Interest Rate. I think the Important Message to give to the market is that these Interest Rates allow for a prolonged period. Juliette indias Banking Sector has been under pressure. The countrys economy is slowing down at the same time as it is dealing with nearly 200 billion in bad loans. State bank of india chairman, rajnish kumar, believes the situation is improving. He spoke exclusively with Haslinda Amin and singapore. Mr. Kumar im seeing it has bottomed out, so from hereafter, things should be much better. Haslinda how about the rest of the Banking Industry . Mr. Kumar the Banking Industry also, i look at the bank, the public sector, all of them have done much better than one year but to say everything is now hunkydory and everything is all right, that would be overoptimistic. But at the same time, things are looking much better. Haslinda the rbi, Regional Bank of india, says it wants to link bankers pay with performance. Do you think that will help the issue at all . Mr. Kumar 75 is still. I dont think there is a need, a direct correlation or link between the Regional Bank of india. It may have some impact about their decisionmaking process, but at the same time, i am praying that they are going to come through. Juliette european banks have been complaining loud and long about negative Interest Rates, but this week, Francine Lacqua set down with unicredit chief executive jean pierre mustier, who admitted the break could be a good thing. Here he is in another bloomberg exclusive. Jean pierre so many people criticize the ecb saying we get the rates on broad, but at the same time, as we pointed out, negative rates have maintained that rate of growth, so the that rate of growth, so the percent of the bank going down. It has been different from us. Maybe now they are low, only get for longer. We shall see. Francine does shearing help . Jean pierre it does, and the francine how would you describe the relationship right now between european banks and the European Central bank right now . Jean pierre the regulators, there is only so much you can do with them, but in fact, it is a matter of trust. We are changing the mayors, we speak together, so you actually can benefit from one each other. The ecb has made a lot of progress on the supervision side. When they created the ecb, if you look back in five years, whoa. It is something super good. Juliette it has been quite a week for alibaba. It raked in record sales on its annual singles day extravaganza, and it began taking investing orders for hong kong sales that could be more than 11 billion. Founder and chairman jack ma spoke with bloomberg. Jack a trade war might be, i would say, the usa and china relationship might be in some turbulence in 20 years, the next 20 years. We have to be very, very careful. I think it is so important for the china and the u. S. , two great countries working together, to support the economy, prosperity, share a lot of technology together, and for so many years, china and the u. S. Have been working together. There is a problem. That is very natural. If there are no problems, that is not natural. We should stop the problems. We should not create more problems. Yinka is there a plan . Jack some they will, but we are not in a hurry. We do not have a plan for that in the short term, because financing, first, we are very profitable. We grow very healthy, and there are a lot of things we can do in these years to make sure that we have enough investments for the future. Yinka do you know what exchange you will be looking at . Jack just like i say, we are not thinking about when to marry, so we are not thinking about where to marry yet. Juliette you are watching bloomberg best. I am juliette saly. Lets resume our roundup of the weeks top stories in business, finance, and politics. Spain held its fourth general election in four years, with the caretaker Prime Minister hoping to strengthen with a new government. The vote did not go according to his plan. Anna there is a political deadlock, it would appear, in spain once again. A gamble by the acting Prime Minister backfired with yesterdays general election returning fewer seats for his socialist party. Maria this was supposed to end the deadlock, the fourth election in four years. It probably only made it worse. The socialists won the election, but they lost seats, and more crucially, they have no path to a majority. It could be headed to a grand coalition, whether that is the traditional rival, the pp. If you listen to the words of the party leader, they say they want to stay in the opposition. Today it is a mess, and you are seeing a lot more political fragmentation. Nationalist forces entering behind me, you can see a very frustrated country. Guy in spain, they are forming a coalition to break the deadlock. The socialist party will team up, which puts an end, we think. If i look at spain and i look at italy, politics look very similar. Alberto i agree. It is a semipopulist coalition, where you have the mainstream parties and some populist parties combined. The good news is we have the populist government, generally the electorate begins to give up pivot toward a more pragmatic program here we are not really worried about stability here, and there is reforms that need to be done or not done between now and the next slowdown. This is more a problem at the european level, though, than at the national level. Guy the head of the brexit party, nigel farage, has beaten Boris Johnsons chances of winning a majority, albeit marginally. Nigel farage says he will not contest the 317 sets that Boris Johnsons conservative party won at the last election. Therese just a week over he threatened putting candidates in 600 seats against conservative voters if Boris Johnson did not repudiate his own brexit deal. That was a nonnegotiable request for johnson, who then unleashed a great deal of criticism against farage, basically saying the brexit party was going to spoil brexit if they continued to oppose. So it has given the conservatives a break there, however, not in many seats, which are held by the labour party and some liberal democrats. Guy the labour party and Jeremy Corbyn pledging today, free broadband for everybody, called open reach, partly paying for it on taxes primarily on Tech Companies, like facebook and google. A striking move as the Election Campaign tries to win voters. Is this realistic . Alex i dont think so whatsoever. We are going to get lemonade from taps next. It sounds good. We are going to give you free broadband. Frankly, it is more likely to slow down the rollout rather than increase it. Francine chancellor angela announced her support for a chancellor Angela Merkel has announced her support for a european banking union. For the official endorsement, they need her approval to explore. Is Angela Merkel now signaling a breakthrough . Birgit yes, she basically says europe needs to move ahead, and she is aware that germany has been standing on the brakes, largely because of her own party, because the party is basically opposed to committing to a deposit scheme, but she knows that this internal blockade needs to be broken up, and for that reason, support for scholes to move ahead. Shery chinas credit growth to the weakest pace since at least 2017 as weak corporate demand for credit combines. What is this telling us about the effectiveness of the targets . Tom it really points, shery ahn, to the limit of these measures by the pboc, targeted to ensure that banks lends more to the private sector, it simply is not coming to fruition in the way that many officials given the peoples bank of china would have liked. Look at the financing number for october. It came in at 88 billion u. S. It is the weakest number since 2017. It is a fourth consecutive month of slowing expansion of adequate social financing. Look at the new loans number as well. That jumped to the lowest number in 2019. This credit data now puts the pressure on the pboc to act more aggressively than it has been in the past. Nejra the worlds thirdlargest economy also adding to Global Growth concerns. Japan reported an unexpectedly weak third quarter, sharply missing estimates. Chris . 2 growth is never a good thing, but there are a couple of reasons why japanese policymakers may not necessarily be overly concerned about this slowdown. So, first of all, we have got a significant rundown in inventory. There was a hit from trea turner trade, that is not a surprise, but we have seen some positive prospects for a deal on that score. Netnet, what does it mean . Well, we have got Prime Minister abe and his administration compiling a fiscal stimulus package now. The numbers are not so bad that it would argue for an even bigger package that is already envisioned, perhaps ¥5 trillion, and that netnet means less pressure on the bond market. Francine germany has dodged a recession. Europes biggest economy has posted surprise growth, but weakness is expected to persist. What can they do to keep up growth . Chad they narrowly avoided that recession. It came in part because of consumer strength in the construction industry. As you know, the building boom is continuing in germany here, for example, the boom has been such that they have actually frozen rent here to try to control the increasing prices, so it is really the side where they have managed to avoid recession, just barely, here in germany. Francine the biggest ipo ever saudi aramco will allow investors to start bidding. Potential buyers have been left in the dark. One question that people want to know. Julian certainly people want to know the sizing and the price. This is the big thing that has been left out. But i think there are a number of worries around this ipo from potential investors, not least the fact of the companys hands are tied in terms of production policy by the saudi government and by their commitment to opec. Saudi arabia has traditionally taken the biggest share of opec output cuts, and that means this burden is resting on the shoulders of saudi aramco. That is not a comfortable position to be in if you are a minority shareholder. Francine the World Energy Outlook was released today. Global oil demand is around set to plateau around 2030, saying opec considers further production cuts. When you look at peak oil, and 2030, could it come sooner than 2030, or could it be postponed if the world changes in terms of growth . Faith it could go either way. If the government takes much stronger clean, efficient technologies, push them much stronger, we may well see that the peak can happen earlier, but at the same time, if the government were to go in the other direction, we may see peak comes later. Nejra Money Managers out with their latest holdings in the third quarter, revealing the latest trends among hedge funds after a dramatic prima market. Sophie we have facebook and netflix as some of the most popular trades. Harvard management making facebook their single biggest equity trade, but we have microsoft here, the Second Quarter in a row, unloved, despite a more than 40 gain in the period. With that said, that does not mean all Tech Companies are doing well. In the Second Quarter, remember, uber was the most second loved trade. Significant trade. In the third quarter, there was a decline. Stan druckenmillers firm sold almost their entire stake. This has been pretty lackluster, but i think a lot of people are hoping that the market, and as you can see, equity hedge funds have been doing better than anybody else in the class. So people are hoping that the volatility can really form a resurgence for some of these guys and post some really significant gains through the end of the year. Guy the house intelligence second day of public hearings underway with the former u. S. Ambassador to the ukraine testifying. Any bombshells . Kevin Marie Yovanovitch testifying, saying she felt threatened, when she found she was featured in the july phone call between President Trump and president zelensky. She also felt that her ousting may wassident trump in a hit at morale at the state department as well as for diplomats all around the world. President trump, for his part, having a busy morning as it relates to the impeachment inquiry. He tweets, everywhere Marie Yovanovitch went turned bad. She started off in somalia, how did that go . Democrats and republicans largely sticking to their partisan sides, with no signs of republicans breaking from supporting President Trump. Mark it will take a lot for it to derail this rally that we are seeing in america, unless dont saysnald trump everything is off, and i am increasing tariffs across the board in china. There is no reason to think the Global Economy is going into recession. Juliette you can follow this all morning long on the bloomberg. Find out how it is affecting your investments at any point in time. There are about 30,000 functions on the bloomberg, and we always enjoy showing you our favorites on Bloomberg Television. Maybe they will become your favorites. Here is another function you will find useful, quic. Here is a quick take from this week. 5g, or fifthgeneration mobile service, promises a lot, nothing short of a revolution in the way we connect to the real and online worlds. It is the first big upgrade in a decade, but it is not smooth sailing. Debates about security has put the u. S. And allies at odds with china and could delay the rollout of 5g. This is your bloomberg quick take on 5g. 5g, in principle, should be light years ahead of 4g, first out in 2009. It is designed to be 500 times faster than its predecessor, reaching 10 gigabytes a second and very low latency, allowing you to download a full movie in a matter of seconds. South korea switched on 5g in 2019 and is expected to achieve top speed by years end. Japan is not far behind. U. K. Providers were limiting 5g in 2020, but elsewhere, some are questioning the Business Case for an allout rush for the service. When will 5g be the new normal . Dont hold your breath. Even if you live in areas where carriers are already rolling out 5g, it will be a while before they will let you use your 5g phone without relying on 4g networks or even previous generation 3g networks are much of the time. Furthermore, you need a 5g phone. Huawei, lenovo, and others, are releasing 5g phones soon. Apple will not release one until 2020 at the earliest, as it waits for markets to develop. Worries . The security 5g is not easier to hack than 4g, but if it is hacked, we have more to lose. The u. S. And other nations worry that chinese 5g equipment could be used to spy on us, a kind of trojan horse in the mobile network. That has not been proven, but the concerns are serious. Huawei is favored by providers because of the technical edge and lower cost. But the u. S. Wants to protect what it considers its Critical National infrastructure. President trump wants to buy parts from u. S. Suppliers. By 2024, the amount of data carried by mobile networks will be five times greater than today. 5g networks are expected to cover 40 of the population by then, according to ericsson. The question is not if you will get 5g but when. Just get ready for a lot of controversy along the way. Juliette that was just one of the many quick takes you can find on the bloomberg. You can also find them on 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 am juliette saly. This is bloomberg. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Taylor this is the best of bloomberg technology, where we bring you all of our top interviews from this week in tech. Coming up, disney plus, the company surpassed 10 million signups in its first day. We will get details. Goldman sachs controversy. We will hear from the cofounder on how he got caught up in the fray of gentrified accusations against goldman. We will bring you goldmans quick response