Washington. The fed signals it plans to rosalind the fed signals it plans to remain on pause. The consensus is no need for a rate move next year either. She said theres still risks to the downside, but they have lessened. Rosalind the worlds biggest ipo opens with a bang. Some major banks announced changes and cutbacks. They have to meet the ir efficiency targets they set. Rosalind the eu unveils a plan to go green that has some businesses seeing red. You see there is. Pushback. Taxation does nothing for the environment. Rosalind its all straight ahead on bloomberg best. Rosalind hello and welcome. Im Rosalind Chin and this is bloomberg best, your weekly review of the most important business news, analysis, and interviews from Bloomberg Television around the world. Lets start with the day by day look at the top headlines. Another week began without a trade deal between the u. S. And china, and fresh data releases d on the weekend showed the trade balance shifting between the two superpowers. Unexpectedlyports fell last month as Global Demand continues to wane and a trade remains tantalizingly out of reach. What happens with trade data when it comes to a trade deal . It is a reminder how punishing these tariffs from the u. S. Have been on chinas manufacturing sector. We just had that highlighted again with the trade sector over the weekend, so exports overall from china falling 1. 1 percent. To the u. S. , exports were down 23 . H straight monthly decline. The expectation is that retailers and companies will be loading up on goods from china ahead of the Christmas Shopping season, but that does not really seem to have played out. Bloomberg reporting u. S. Tariffs that take effect on sunday will be delayed according to chinese officials. Meantime, House Democrats are said they will back the usmca trade deal out of vote next week. Better than nafta. At a vote next week. It is a remarkable day in what is a highly partisan washington when we see a theres no question this trade deal is much better than nafta. It is a remarkable day in what is a highly partisan washington when we see a bipartisan agreement on a trade deal. Trade politics are always tough, and democrats today backing donald trump, although insisting they really fixed the trade agreement that they called fundamentally flawed when trump brought it to them. The second piece, though, is the more market moving news that we have seen, which is the chinese tariffs. Were told, has not yet made a decision on this. He, for a long time now, has been looking for a way out of these tariffs. He has a lot of advisors around him and a lot of people in the Business Community warning these will be a huge disruption for the u. S. Economy going into an election year. House democrats unveiling two articles of impeachment against President Trump. One on the abuse of power, the other obstruction of congress. Walk us through what happens and how quickly this could all unfold. Very quickly. The next step would be what is called a markup either tomorrow or starting thursday where the Judiciary Committee members can would actually write up the forms of these articles that would go to the house floor for a historic vote. A vote. It goes to the floor next week perhaps as early as tuesday for a historic vote. Saudi aramco jumped 10 and is trading to beer in riyadh. Shares advanced, giving the company a market value of 1. 8 trillion. 35. 2 saudied currency a share. Its a big jump, getting us closer to arguably one of the most controversial topics of the last year is or isnt saudi aramco worth 2 trillion . The government has tried very hard to get it in the right direction, so part of that includes just not offering as many shares as originally thought. So just 1. 5 of the company is being offered. There is still potential for upside. Goldman sachs has an option for 450 million shares that they can exercise in the next 30 days, and that is going to be absolutely critical, francine. We are awaiting the final fed decision of 2019. The Central Banks fomc is expected to keep its Interest Rate unchanged after three straight cuts this year. As boring as forecast, no change in rates today. The dot plot shows no need for a great move next year as they stay on hold through the 2020 election. Nobody is calling for a rate cut next year and only 4 of 17 see the need for any rate increase. Of course if develowould res. Policy is not on a preset course. This is a fed that is increasingly confident that three cuts was the magic number. They are going to sit back. The hurdles are high for additional action, even though the dot plot shows the next move will be a rate hike. In fact, at the current time, the hurdle for a hike is actually higher than additional easing. So what the fed told us today was we will see you on inauguration day. Leaving rates and policy unchanged. Christine lagardes first meeting as the head of the central bank, delivering a positive message about the euro zones economic slowdown. She was optimistic. She said there are still risks to the downside, but they have lessened. The uncertainty, she said, has loosened. She seemed to be more optimistic about her Inflation Expectations as well, even if it is not still at the target she wants to hit. Also, she talked a lot about the review they are going to do, this strategic review. She said its about time. Theyve had 16 years since the last one. She knows they were very busy previously, but now is the time to do it. She says it will not take that long. She wants to start in january at some point and be done by the end of 2020. The president tweeting a little bit earlier on the following, basically indicating that we have a very big deal on the way, getting very close to a big deal with china. They want it, and interestingly enough, so do we, and it is that last bit that i think is quite important. Stocks moving on the back of that. It sounds like we have a deal. It does, and markets have been positioned for delay in tariffs that are due to take effect on sunday, but when trump tweeted about a deal, that sent a signal that the most bullish scenario for investors might play out. By the looks of things, any escalation in the trade war will be put on hold and a deal will be announced. We have the market closing, the s p and nasdaq closing at new alltime highs on the hope that there will be resolution to a phase one trade deal. U. S. Negotiators have release reached the terms of a phase one trade deal with china. That agreement awaiting approval from President Trump himself. We know President Trump signed off on the deal. We know they have an agreement. We are still waiting for the deal to be codified into legal text. We are still waiting for the details. Hugely significant that President Trump has signed off. December 15 tariffs have been held back, at least for now. It is official, the conservative party enjoys a majority in a historic u. K. Election. Boris johnsons victory will allow him to carry out his main promise to get frexit done. Brexit done. The pound has jumped the most since 2017, also hit its highest since may 2018 against the dollar. With this mandate and majority, we will at last be able to do what . Get brexit done. What a night. British politics upended in this election. We got a conservative majority, the likes of which we have not seen since the heyday of margaret thatcher. A disastrous night for Jeremy Corbyns labour party. He announced he will be stepping down. Mr. Johnson now the most powerful politician and the most powerful conservative leader, i should say, for a generation. Of course he will get his brexit deal done by the end of january. He has to get it done, then he thetime to negotiate, arrangements, the practicalities being outside the eu. If you get to the end of the deal, he has only got to crash out and we are back to no deal brexit. How will Prime Minister johnson how will his new government he greeted by brussels in the coming weeks . The sense here is really a relief now that he finally has that big majority. He promised he was going to deliver, and the europeans are expecting that he does deliver. This is not about boris johnson. This is not about europeans magically liking boris johnson. This is purely pragmatic reasons. They feel that with him they are going to get that orderly brexit and they are going to avoid chaos. Europeans, of course, do not want to be undercut by a u. K. That does not play by brussels rules. Chinese officials saying we have reached an agreement with the United States. The sides agreed to complete the last stages of the phase one deal. The sides will work out the details. The chinese said the u. S. Will remove some tariffs on chinese goods in phases. This is really the first time we have seen President Trump, who has called himself tariff man, roll back any tariffs, and that is a pretty big confidencebuilding measure here. The big problem with this agreement, and we are already seeing folks point to it, including chuck schumer, the Senate Minority leader, and that is this does not address some of the big longstanding american complaints about the chinese economy, and that is things like industrial subsidies. President trump says the tariffs that are still in place will give him the leverage for phase two of the negotiations, but we do not know when that phase two is going to start and we have a lot of folks telling us they do not expect phase two to conclude any time before the 2020 elections. Rosalind still ahead as we review the week on bloomberg best, deutsche banks ceo says his firm is prepared to deal with Interest Rates that stay lower for longer. It is mitigating measures. And it shows us there is potential to offset. Rosalind plus, the wework cleanup continues. Goldman sachs is now involved. Next, more of the weeks top headlines. Report on mayhem in the repo market. The findings are alarming and so is the timing. The fact this is coming in december is going to make people a little more nervous. Rosalind this is bloomberg. Rosalind this is bloomberg best. I am Rosalind Chin. Lets continue our global tour of the weeks top stories in europe, where the new head of the European Commission brought rolled out an ambitious plan to combat the climate crisis. Ursula von der leyen will present her green deal in brussels today, including a timeline for various laws to be put forward between now and the end of her term. What do we expect today . This could potentially be huge. We are talking about a green deal that could change the way Many Industries in europe operate. We know she has said said she wants to make europe climate neutral by 2050. The goal is ambitious. The deadline is tight. It could change many aspects of the european economy, the way carbon is priced, the way some of the taxation is being implemented, and she has also promised one trillion euros to pay for this. She is going to need Public Investment and also companies, European Companies to play along that is really the question at this point. Already there is pushback from a number of industries. This is not going to affect everyone the same way, and you see the European Commission saying this is something they strongly believe in and they are going to go ahead. Protesters calling for a general strike after the biggest prodemocracy march in months on sunday. Have one number of those who have shown up in the street once again. Police put the numbers higher than 83,000. This went from Victoria Park all the way here to the Central District and it was very much like a deja vu where families showed up as well. And perhaps they were prompted to come out after police for the first time approved this rally for the First Time Since august. There were some nerves headed into this event, but overall, pretty calm. Chinas consumer inflation accelerated to a sevenyear high last month, fueled by a 110 year on year surge in pork prices. Core inflation, which excludes food and energy, came in at 1. 4 . Meanwhile, factory gate prices extended their run of declines, complicating the pbocs efforts to support the economy. Walk us through the divergence that we continue to see. Deflation versus food price inflation. Inflationovember, well above the forecast. Its the highest number, as you said, since 2012. The flipside, the producer prices, they dropped 1. 4 for the fifth straight month. So the question is does this central bank look through this, looking at core inflation, which you say remains relatively stable once you strip out food and energy prices, or do they bind their hands and make it much more difficult to enact aggressive stimulus should the economy continue to slow . Saudi arabia released its latest budget. What did we learn about spending as well as revenue increases . The kingdom is embarking on three years worth of spending cuts, which is a bit of a uturn. They are confident enough they can start relying on the private sector to pick up the slack. The folks at Bloomberg Intelligence in our chief economist for the region has crunched the numbers, and he says this budget is a little more realistic down from 85 a barrel from the budget basis assumption to about 61 a barrel. Just above the key market as we go into 2020. The bank for International Settlements says september mayhem in the market was not just a temporary hiccup. More ofow that repo is an issue than the calendar and when theres this windowdressing around Balance Sheets and therefore more demand for cash, and that means people are already sensitive, worried about what might be the squeeze, and suddenly we get this report saying that there is a structural problem and that maybe the temporary hiccup we saw in september will not be resolved with the feds recent operations in the repo market. One of the conclusions of the report is that people were less confident about managing these transactions, the banks were less well staffed and experienced for handling these type of transactions. Jp morgans ceo, jamie dimon, said it is actually regulations that prevented his bank from moving into provide liquidity when we did have problems in september. There are a lot of issues contributing to this. I think the report is coming out, even though it was a report that could have come out any time of year, it wasnt necessarily time sensitive. The fact it is coming out at the start of december is going to make people a little more nervous. In turkey, a surprise from the central bank. It cut its Interest Rate when policymakers were emboldened by the stability of the lira. Plus, they were egged on by turkeys president erdogans calls for more aggressive easing. The lira has enjoyed the past six months. President erdogan has sacked his Central Bank Governor in early july. Since then, the new one has overseen a whopping 1200 basis points of rate cuts. The Central Banks wording did suggest that it will slow down the pace of easing now, and the real base rate, taking into account inflation, is now down to 1. 4 , so if you look at that, it does not seem as if the central bank has that much more room to cut rates. Unless a can pull down inflation. Another central bank chief has unleashed a staunch defense of negative Interest Rates. The president of the Swiss National bank insisted the controversial policy is the only ranc in checkhe f and help the economy. We have no reason to change Monetary Policy. If you look at our inflation forecast, it is very low. Almost zero. We have a gross rate that is roughly 1 . Next year, maybe 1. 5 to 2 , so we have no reason to change this Monetary Policy. Israel heading to its third election in less than a year. Thats after Prime Minister netanyahu and his main opponent benny gantz failed to achieve a form a majority. What is at the heart of this political impasse . Well, at the heart is the Prime Minister himself and the indictment that he is under now. So the Opposition Party is basically saying they would like to go into coalition with the ruling party, and netanyahu is saying we want to do this coalition, but the issue is the opposition leader, gantz, is saying not as long as netanyahu is under indictment. They dont want to do the deal then. And at the same time, the party is saying come basically sticking to netanyahu as their leader. Rosalind you are watching bloomberg best. I am Rosalind Chin. Deutsche bank told shareholders this week its latest Restructuring Plan is on track. The german lender said fixed income trading is up from last year. It also announced the ecb has reduced its capital burden for next year. The ceo told bloomberg the bank has acted decisively to reduce the impact of negative Interest Rates. We took swift action in terms of passing on negative rates to our clients, particularly on the corporate side, but also the altar high wealth. We see from the first five months in this bank how much potential is there on the revenue side, but also on the cost side. All in all, looking down the road for the next three years, that gives us, we are hitting all the goals. The comfort that we can achieve despite these challenges, our 8 return on equity in 2022, so therefore we are confident that we can achieve that, recognizing clearly the challenges, but with the track record we have, we have seen no reason to adjust. You talk about passing on the costs. And in the release, you say you have taken substantial measures to offset negative rates. Can you elaborate on what kind of measures those measures are . On the one hand, as we set already three or four weeks ago, we started to pass on negative Interest Rates to certain client segments, be it on the corporate side, be it on the altar high ultra high net worth, but we focus far more on and even optimized advisory for our clients to change deposits into other investment funds. A lot of good work has been done in the private sector, also to really make sure that clients are benefiting from that. We do get a benefit from the ecb, there is no doubt, and we have also in a conservative way started to increase the one or the other loan books segment in so it is afset camusso flower of mitigating measures, and it shows us there is potential to offset. Can you imagine Interest Rates staying negative . Are you prepared for Interest Rates to stay negative the next five or 10 years . I think we have taken the conservative outlook on the Interest Rates. Therefore in this regard, we also changed our underlying planning. You know, i think we have, and that is in part on my side, we have been lower for longer. Thats part of our overall plan, so we have prepared for that and we need to adjust our interest model, and you know what . We started to do that in july. Rosalind coming up on bloomberg best, more news from european banks, including a profit warning from Credit Suisse. Plus, reaction to the eu commissions new Climate Policy plans. And more on the outlook for Monetary Policy and the eus new climate plan. The outlook for negative Interest Rates i think is questionable. Rosalind 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 wifi up there . Uhh. 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 local xfinity store today. Welcome back to bloomberg best. Time now to revisit more of the weeks top interviews. Lets start with eight interview about risk and return. Diamond asia capital putting almost a third of its Flagship Fund into a fund that can profit from black swan events. Erik schatzker spoke exclusively to a guest to think markets are underpricing risks. Moment, the easing that china on the rates front the easing has been small. I think it is partially because china wants to maintain a stable rmb. If all as fails, my view is that china needs to cut aggressively, do stimulus aggressively, come up with the five arrows in terms of reforms and fiscal policy, even quantitative easing. I think that would lead to a currency. You already positioned in that capacity . Are you short on the currency . Danny i am very bullish on the chinese economy. When china cuts rates more aggressively and does more on aggressive stimulus, they will be less on equities and for stimulus. That will lead to a weaker currency. Eric what percentage of your portfolio is positioned in that tail risk dislocation Hunting Investments at the moment . Danny i would say about 30 but it varies. There are moments where it could be higher. In the past, you see dislocations twice a year. But now, it may end up being more stretched out where it will be two or three years before you see a big move. If and when that happens, my belief is it will be a lot larger than it used to be as well. The incidences are less but the magnitude is going to be more. Eric as big as the last crisis . Danny in 2009 . I would say it depends on what the trigger will be, but i would not rule it out. Everyone is long right now. European finance was the focus of bloombergs exclusive conversation with the vice chairman of blackrock. Francine lacqua asks if he thinks the European Central bank might take negative Interest Rates even lower in 2020. They could. I think there is some room left in theory. I think they would prefer not to do that for many reasons. The efficacy of further negative Interest Rates is negligible. Questionable. Effects wethe side know are significant. I suspect it will not be required at least in the baseline scenarios you the preference would be certainly to not have to do that. We will see what the macroenvironment provides. The outlook is not terrible. The market is probably too pessimistic, particularly on price pressures and even on inflation, including in europe. Francine would you worry about for 2020 . I know there is concern about liquidity in the markets. Especially the end of the year. What about 2020 . Phillipp the biggest risk in 2020, what i worry about most and what we worry about most, it continues to be political surprises. Big political shocks. Trade risks manifested themselves in actual risks. It began to influence the markets and economy in 2019, so if we can move that sideways. If we can stay away from big political risks materializing, that would be positive. My sense is the market is underestimating inflation could become a story. Nothing dramatic. Basically, you see it in the nonfarm report. Wages are coming up. Even in europe, inflation is seeing some signs of life. From a banking perspective, that could be a positive. Rosalyn there was much discussion of the green deal, the new program put forward to make the eu Carbon Neutral by 2050. The proposal would have an impact on national government, investors, and Many Industries including the Airline Industry which will face higher taxes to offset its emissions. The ryanair ceo said exactly what he thinks about that aspect of the plan. Taxation does nothing for the environment. We have explained to the commissioner of transport this morning that the European Airlines arent resting 170 billion over the next decade, buying new aircraft which will carry more passengers. But burn 20 less fuel. We are already investing very heavily as an industry to deliver growth and a much more sustainable way, in an environmentally sensitive way, and that taxation would setback that agenda where we are already delivering. I imagine the response would be, that is not enough. The Airline Industry is threatening to overtake power and utilities as the biggest emitters, and unfortunately, biggestis one of the emitters among the airlines. What do you think the industry can do to absorb higher taxes . As well as research . Michael i think there is a lot of misinformation. We are one of the most efficient industries. We account for less than 2 of co2 emissions. Shipping accounts for 5 . For some reason, nobody says to tax the ferry. Despite the fact that we account for 2 , we are investing heavily to reduce those emissions. These technologies are very much at the formative stage. It was one of the issues we discussed with the commission. The commission needs to step up to do more. 30 as an airline, we pay 63 million a year in aviation taxes. It has been trouser by european governments. We want to bring forward the supply of Sustainable Aviation fuels and to increase or improve the Battery Technology that will help us lower the Carbon Footprint of air travel in europe from the already low figure of 2 . How should the Asset Management industry review big renewablesateway to or to and void them entirely . If we look at how human activities lead to Greenhouse Gas emissions, some parts of the system are easier to the onizenized to decarb than others. There can be a lot more focus there. Even in a world heading toward net zero omissions, in line with what scientists tell us is necessary, even in such a scenario, we can use oil and gas for some sectors. Some sectors are harder to do decarbonize. Chemical just the yet for aviation which is more difficult, and maybe for petrochemicals. We can still use oil and gas. Which companies do we want to hold. We look at things like the operational emissions efficiencies of those companies and how much they are transitioning toward alternative energy in their mix. You can differentiate between some of the very Large Listed Companies on some of those metrics. Sg investor or manager of a fund would want to be thinking how much that would want to align their assets with two degrees, or indeed 1. 5 and then taking a view of how much oil and gas we need in such a world. Rosalyn this is bloomberg best. Lets resume our roundup of the weeks top news in business, politics, and finance. Some of the worlds biggest banks were in the spotlight this week, reshaping their businesses. Off with ahings sweeping overhaul. Interim ceo is switching things up a little bit. They are replacing their Top Investment banker and operations officer. This is a confident move for a man that is interim ceo. Ishints at the idea that he confident he will be able to very forceful move for someone brought in as the interim guy. This shows he is putting his stamp on it. You cannot rule out one external candidate. Stephen byrd formerly of citigroup. Recentleft in their most shakeup of that bank. Noah quinn ran the commercial bank out there for hsbc for several years. Morgan Stanley is tightening its belt. Is the strategy or is it about headcount overall . The strategy is they have to meet their efficiency targets that they said. They actually called out its folks in the operation and Technology Units of the bank. We have seen banks invest in automation and other technologies. We always kind of knew that some of those back office jobs would disappear. This is the first time we are seeing a bank say this is going away. Credit suisse this morning focus, casting its main target for this year and the next. Trade tensions weigh on the bank after a threeyear restructuring. How much of a surprise is this news from Credit Suisse . Analysts have been hinting at this for a couple of weeks. I think investors are going to be a little bit surprised, but most of all, disappointed. Credit suisse has cut back its main profit target. The capital returns, the share buybacks and dividends, they are safer now. You never know what is going to happen in the next couple of years. Deutsche bank considering deep cuts to bonuses for this year. Bloomberg has learned they could be cut as much as 20 . Ceo isthink the trying to eliminate billions of dollars of costs. What happens, doesnt all of the talent to leave . Deutsche bank and obviously they have been trying to turn around this Investment Banking unit. How do they retain talent while also cutting that bonus pool . They are still considering this plan. They may choose to pay their top performers as much as they can so they stay on board for them. What the Investment Bank looks like a year from now will be an interesting story. Says theremax is truly sorry after he may have expose people to harm after an agency linked to childabuse. The bank is also reeling from allegations of money loss. A scandal that has wiped 5 billion off of the lenders market value. Does not alter the fact that many of the shareholders mind that this happened. Today we are currently at the moment of shareholders questions. These are mainly from small retail shareholders. There has been one shareholder after another demanding to know what was wrong with the culture. That allowed these mistakes to be happen and not be reported to senior management. Was there not enough investment in technology . Just what happened . The bank is making a start by saying, sorry, we have to get a lot more precise. We are learning softbank is tapping Goldman Sachs for new financing to help provide one of the biggest the operation sharing of wework. There will be a line of credit for 1. 75 billion. The keyword is softbank. It is effectively a wework loan. Softbank is on the hook. It is a 1. 75 billion letter reported, and we are that goldman has reached out to a there on wall street to see if they would be interested in participating. What is making the facility more is the is that softbank borrower and we work as the coborrower. Anybody who might think wework , they havename softbank as a guarantor. Nestle is selling its ice to a jointess venture with private equity firm dai partners. It is valued at four brilliant dollars 4 billion. The deal aims to create a stronger challenger to unilever. They are selling their u. S. Brands to a joint venture that owns some european brands in order to take on unilever. Correct. They sold western european businesses and a joint venture eight years ago. They formalized that in 2016. If you looked at the global ice cream market, they were number two and number three. Putting the u. S. Business will share andhy 10 it gives them a chance to compete and bring out new products in that market to compete with unilever. Shares of boeing lower today. The certification of the 737 max will extend into 2020. This is something the company has repeatedly had to deal with. They have set goals and they have missed them. The most recent update was they thought the faa might give them leniency to start delivering the even ifhe end of 2019 the faa could not fly them yet. The messaging today leads me to believe that will not be the case. The reason that is problematic, if you are not delivering planes, you are not getting paid for them. After days of strikes, the Prime Minister has laid out is his governments new public pension system. The government says the full retirement age will now be increased for the companys youngest, but offered a series of concessions. Labor unions say the plan will not do enough. And they are going to keep up the heats. Now . Is going to happen we have 32 different systems for the pensions, and the Prime Minister has that i just want to universal system for everyone. He said to get the full pension, you will not have to work in france until 64 years old when the official age at the moment is 62 years old for full retirement. The question is whether with the details of the pension response, this will make the Public Opinion switch either side before the Prime Ministers speech. Public opinion in france was almost equally split. The World Antidoping Agency has banned russia from the olympics and other International Competition for four years now. And in email, the agency said russia was afforded every opportunity to get its house in order and rejoined the for theing Community Good of its athletes and the integrity of the sports, but he chose instead to continue in deception and denial. It was clear russia as a National Team cannot compete over the next four years including the summer olympics in tokyo. The Winter Olympics in beijing. And the world cup in qatar. Only those individuals who can demonstrate they had no association with any of the doping scandals will be able to compete and then under a neutral flag with no russian officials permitted to attend at all in the next four years. Saudi aramco jumping for a second day, pushing the oil giant value beyond the 2 trillion mark. How likely is that these gains are going to continue . A lot of people expect Government Funds coming in and supporting that. You have hedge funds as well that are coming in and abetting on the index. If we have a few days of this againf limits up, 10 each day, we will see some of the Retail Investors looking to cash out of the stock. That could stop for a bit of downward pressure on the aramco price going into the new year. Paul volcker has died. The former chairman, three decades later, led Barack Obamas bid to rein in proprietary risktaking. He passed away yesterday at the age of 92. What did he invent in terms of Monetary Policy . He changed the way the fed would carry out Monetary Policy. They targeted the level of the money supply, which created a whole new class of employees at wall street firms. They had to figure out in a week to week basis, where they thought the fed rate would be trading just by watching the money supply as well. That was a different way of doing it. When volker left and they went back to the old system, that was his contribution to the mechanics of Monetary Policy. The bloomberg in live asset survey is not open. We are looking to see where you think nine different Asset Classes end up around this time next year. You can visit the website to get your forecast in and put your reputation on the line. Rosalyn there are about 30,000 functions on the bloomberg and we always enjoy showing you are favorites. Here is another you will find useful. Quic. It will take you to our quick takes where you can get insight into timely topics. Heres a quick take from this week. Chitty chitty bang bang, and blade runner, and harry potter, all feature something people have been dreaming about for decades flying cars. Now the Autonomous Vehicles are being tested, it is natural to ask, are flying cars next . Although jetsons style family flight is still decades away, air taxis could be in wide use by 2030. Those would be less like a flying car from the movies and more like a hobbyist drone. It has been enlarged to hold half a dozen people. They are designed to be lighter, quieter, more environmentally friendly, and less expensive to operate than helicopters. A major difference is they will run on electricity. They will not to be used like a typical ondemand taxi. Ferry running on a schedule between two points like an airport and downtown, for example. As Technology Regulations and popular acceptance advance, they could be operated remotely and eventually autonomously, driving down costs. There are more than 70 companies that have projects in development. Some are working prototypes. So far, the biggest technological hurdle is batteries. They are large, heavy, and do not last long. Thanks to the development of electric cars, Battery Technology is improving rapidly, taking us closer to our flying vehicle dreams. There is still a lot of regulatory hurdles. Airspace would quickly be crowded and dangerous if someone could be if anyone could be a pilot. The first air taxis could take longer. Regulators will be especially cautious about pilotless flights. But test flights could begin soon and uber elevate hopes to connect to major American Cities to their suburbs by 2023. Driverless cars are expected to reduce traffic and take passengers door to door. Potentially diminishing demand for flying vehicles before they are even taken off. Rosalyn that was just one of the many quick takes you can find on the bloomberg. You can find them at bloomberg. Com along with all of the latest news and analysis. That is all for bloomberg best. Thank you for watching. In, and this is bloomberg. David he was only six years old when the iron curtain separated him from his parents leaving him home in romania when they were visiting the United States. After years of forced child labor and communist indoctrination, a congresswoman from ohio learned of his case and took it to president eisenhower whose secured his release in a spy swap bringing him to the United States as a young celebrity who didnt know a word of english. Peter georgescu just learned english and went on to princeton and Stanford Business school. Moving to the world of madison avenue in the days of mad men. He started as a researcher at young and rubicam and rose to become chairman and ceo of the asi