It has been make sense to me. Matt as bitcoin surges, suddenly everybody is paying attention. It seems to me at all to be outlawed. The business or any socially useful function. I think it is more likely these digital coins move into the mainstream. Bitcoin is undoubtedly a bubble it is not for me, but there are a lot of things that were not for me in the past it worked out very well. Matt that is all straight ahead on bloomberg best. Matt hello and welcome. I am matt miller. This is bloomberg best, your weekly review of the most important Business News analysis and interviews from Bloomberg Television around the world. The week began in the midst of the years most critical days for u. S. Retail. The Pivotal Moment between black friday and cyber monday. We are passed black friday, and the cyber monday and everybody wants to get a scorecard on how retailers are doing. For brickandmortar and ecommerce. We look at the last 10 days before the holiday. That would be thanksgiving and black friday. We saw an unbelievable surge of activity that did not take away from the holiday. We saw spending growing at about 9 in 90s to 10 days previous the thanksgiving. Thursday,weekend, friday and into the weekend very robust sales. The weather looked good across the u. S. Foot traffic was strong. I think the Consumer Confidence is high right now. We are seeing it across the board, whether it is foot traffic in stores, ecommerce, mobile. The consumer is ready to have a positive season. Be thecyber monday will Biggest Online shopping day in u. S. History. 6. 6 billion in sales after black friday spending tops 5 billion for the first time. 51 million americans shop exclusively in stores. 58 million exclusively online. Millionr number, 65 indicated they shop across channels. I think it is that channel agnostic customer or multichannel customer that is most valuable. They spent more money. Federal reserve chairman nobody to rome powell in the spotlight today for his confirmation hearings. There are no big surprises, although he did hint about next months rate decision. For raisinghe case Interest Rates at the next meeting is coming together. That is what was expected. They called a confirmation hearings for a reason. He confirmed for the markets were expecting. At least a rate hike in december. With a gross figures growth figures and the same next year and is forecasted inflation would come back to the 2 target eventually, you can pretty much read into that that he is on the general feeling the fed will be several rate increases in 2018. Brexit agreement to an ideal for what britain will pay. Leading the irish border at the last major obstacle in the negotiations. But we learned in terms of the brexit bill . There has been an outline agreement on the divorce bill. It has not been presented to eu leaders yet, orient paper to the eu yet. The people who need to sign off on this have not actually got in their hands yet. That will probably happen on monday when theresa may has lunch with yonker in brussels. Onre has been an agreement the wording of the commitment of the u. K. For eu on what the irish border will look like after brexit. The irish are in a bit of a diorama. They dont really want to hold things up. If the irish Prime Minister goes down in history as the one who allowed ireland to be divided again, that will not begin for him. Janet yellen will testify before the joint Economic Committee of u. S. Congress. What will likely be her final appearance as fed chair on capitol hill. Expect with gradual adjustments and the stance of monetary policy, the economy will continue to expand and the job market will strengthen somewhat further. Supporting faster growth in wages and incomes. Vonnie it seems she is pleased, but he does not that there are questions remaining. It was one of the slowest growing recoveries we have seen. Economists say thats what happens after a financial crisis. She brought growth of the 3 . The unappointed rate of 4. 1 , may be lower by the time she leaves office. Historically low, almost as low as records in the late 1990s, early 2000s. She has a lot to be pleased about in terms of her performance. There would have been no better appointment for the next term than her, for donald trump wanted to make a change so she goes out with her head held high. Nominatednt trump has to the fed governor. Mps thirdu nomination. He has been sharply critical of the Federal Reserve under chair janet yellen, saying the impact of quantitative easing was questionable at best. I think one thing that is particularly interesting is he is hard to put in a hawk or dove bucket. He is pragmatic about a 2 inflation target. He thinks the fed needs to spend his credibility there. He said in the past rates are too low. He has been critical of the yellen said, but hes an advocate of negative rates in the crisis era. He is interested in defending the 2 inflation target. That is more of a dovish stance. Opec and nonopec producers agreed to maintain Oil Production cuts until the end of 2018. The decision was confirmed after talks indiana. Vienna. We started with an amendment in january 2018 through december 31. It will be basically a oneyear agreement. This is the performance that opec should have given and may. They were poised, concise, and knew exactly what the market was looking for. They had done their homework. They were giving with a key metric was. They said it is targeting inventories. They went as far as saying 150 million barrels. These two heavyweights, russia and saudi arabia sidebyside sharing what they thought of as a confident outlook for energy and 2018. Some describe it as a bromance. That is a jovial mood was in the press conference at the end of a long day. What we got in terms of inclusion with libya and nigeria. Is locking in a place not to produce beyond 2017 levels, which shows you how opec and nonopec is a group is willing to refine its field a little bit and push some of these expectations to the upside. A twist in the special counsel Robert Muellers russia investigation. National security adviser Michael Flynn expected to plead guilty to lying to federal agents about communicating with russias ambassador. How does this change the narrative and washington, d. C. . This is a much bigger threat to the president than muellers earlier actions four weeks ago. There is one guilty plea already, but that was a lowlevel guy. This is Michael Flynn pleading guilty now. And cooperating. He is at the center of trumps campaign, the lead contact with russia in december of last year during the transition. This is very significant. Mitch mcconnell says he has the votes to pass the republican tax overhaul. Jeff flake of arizona getting a yes if the count to 50. In the last hour senator Susan Collins saying the Senate Tax Bill will include myself amendment to allow taxpayers to deduct up to 10,000 for state and local property taxes. She is likely moving in the direction of a yes at this point has senator mcconnell made clear. They are still trying to win over senator collins. They made some concessions to state and local Tax Deduction exemption about 10,000 in property taxes like the house bill. Bob corker seems less likely at this point, but they have the votes. As we review the week on bloomberg best,s eeo of Credit Suisse by could he sees in the global economy. And a whole host of distinguished s tell us what they guests tell us what they see in bitcoin. And a conversation with the cleveland president. Top business headlines. A couple of juicy mergers to chew on, including a deal of the dining industry. Small bumps each time like 157 was enough. Matt this is bloomberg. Matt this is bloomberg best. Lets continue our global tour of the weeks top business stories with a remarkable roller coaster ride of bitcoin. Bitcoin has topped 10,000 for the first time. It is taking this years price surged more than tenfold. The largest digital cryptocurrency has risen by more than 50 since october, and the euphoria continues to drive it to new highs. What is driving the price . More participants . For liquidity . More liquidity . Give me a sense of the size of the market. One phrase ive heard all day long is fear of missing out. It seems like it is really a cycle in bitcoin right now. The higher prices go, the more retail and institutional money is really rushing in. That is really behind the recent rally. There is a sense that bitcoin is getting increasingly accepted in the mainstream. Hours of your surging past 11,000 in one day, we are talking about bitcoin, it tumbled almost 20 from a high. It wisely almost 2200 of its price in five hours. Do we know why . Several of the exchanges had averages at point basin gemini coinbase and gemini seeing a massive surge in volume. This idea sign it is not quite grown up yet. U. S. Regulators allowing Bitcoin Futures to trade on the cboe. Three Exchange Operators will offer bitcoin products. This is the exchanges plan to monitor the bitcoin spot market. It is bitcoin moving into the mainstream of finance. Futures can be purchased by lots of Institutional Investors who would not by bitcoin itself. Brokers, banks want to have clients that want to buy it through hedge. You can go and on the other side you can go short for the first time. With for the first time with relative ease. Softbank may offer to buy uber shares at a lower price than expected. They could be at a 30 discount from ubers recent 69 billion valuation. What you make of this offer price . This much more discounted offer price . This discount valuation reflects all the turmoil the Ridesharing Company has been going through. We have the recent news of a massive data breach. Obviously the countless loss of clashes with regulators. Even at a 30 discount, the valuation is a considerable windfall for the early investors. But the deal is far from done. We do not know of the tender period is, but over the next month we will likely see a cat and mouse game played out because if softbank is not reach a required brush holder threshold of shareholder selling , they might up the offer. We will not likely see the deal complete until the very end of the tender offer. The media world saw the end of an era when the artist agreed to buy time. Sports illustrated, people, and of course Time Magazine itself. Meredith will pay 18. 50 per share in cash, bringing the total to the deal to 2. 8 billion. Supported by a 650 million cash infusion from charles and david koke. Koch. Magazinesrebirth for or are they on their way out . We hear conde nast is even struggling. The business continues to be under a lot of pressure. When you look at print advertising it continues to decline to doubledigit rates. Thats the forecast going forward. Meredith has done a good job carving out a stable of properties they cater towards women. Advertisers looking to reach young women can come to meredith and get a really broad solution. That is what meredith has builder magazine business on. They also own a lot of television stations. The cash flow from tv has supported their magazine business. Meredith is a Stronger Company because of that they versification. I think i hope that they versification help them diversification will help them buy properties. Big deal news this morning. Work line Buffalo Wild Wings for 2. 4 billion. Emerson withdrew its bid to buy rockwell automation. They had been wanting to get into this space for a while. They own rvs and a few other restaurant brands. They made up plaintiff by popeyes chicken and were beaten by burger king. They have shown a willingness to expand in the Fried Chicken business. This was a great fit for them. Buffalo is a company that had some problems going back quite some time now. They had an activist in the stock now on board. They had an outgoing ceo and no replacement. This is a good time for work roarke. I think three offers, small bumps each time and it looks like 157 was enough. Manufacturerer down in tokyo 4. 3 . 4. 4 now. Take data on its products for more than eight years. Fake data on its products. We became aware of posts on social media, philly had inquiries from customers. Felt we needed to discuss disclose the facts rather than have rumors spread further. We delayed a public announcement until we had all the facts and explained to her customers. Made in japan, yet another blow. What is happening . Over 130 cases of the falsification, but no safety issues have been raised as of yet. They are not disclose any details on why this came about, but the question is is a valid one. What is happening in corporate japan . A change at the top of the fed. To become ai partner. The stock is had a good run. Perfection basically priced in. The communication from the company suggests the resignation was abrupt and unexpected. They have a Succession Plan that is not price pacifying investors. The chief executive will step into his shoes for the moment. Harley big shoes to fill . He has led the strategy. Barclays is one of its Investment Banking staff half of them they get their bonuses cut this year, even if some top performers make it raises. That is going coming from people briefed. They are looking at a cut in the overall size of the pool. That is right. It is not hugely surprising. We have seen consistently bad performance from the European Investment banks. Barclays is down 7 . That is not really a surprise. The new investment head is trying to introduce a bit more differentiation to use his word and what they are paying employees. They will take the top 25 and give them a lot more. They cost in the bottom half or bottom quarter should expect their compensation to shrink over time as they try to inject more competitive business and their Investment Banking division. Askinghs ago, they were Credit Suisse shareholders depiction billions of francs. Now we talking about returning cash. He spoke to bloomberg on tuesday about what shareholders have endured. They have been through a lot. Im painfully aware but i have to dilute my shoulders significant weight. This is no way to solve without massive dilution of shareholders. He has hailed the end of a Restructuring Program which he started just a couple of years ago. He pointed to better shareholder returns in one or two years. All divisions are coming in on target. The stock is up more than 4 today. Im sure investors are going to be happy with that, and it certainly looks different from a couple of years ago or six month ago when he was asking the same shareholders for cash. Nearing an agreement to acquire aetna. More than 65 billion. This is according to a person familiar with negotiations. They could reshape the pharmacy and Health Insurance industry. It would take one of the Biggest Health insurers and the u. S. And combined with this huge Pharmacy Drug distribution operation, retail pharmacy. Really mash these companies together. It is a combination we have not seen before. There will be some degree of antitrust scrutiny here over is this will give at the and cvs to much market power. Tna and cvs too much market share. Certainly this could still fall apart. Matt welcome back to bloomberg best. I am matt miller. Heading into the final months of 2017, economists and Business Leaders see many encouraging signs of global growth. Credit suisse ceo shares this confidence. He visited bloombergs the European Headquarters in the city of london for an excuse of exclusive interview with francine lacqua. We are very positive of the u. S. , every positive about emerging markets in china. Noticeably positive about europe, which is new. Micron andn of , we are keeping with secret city synchronicity. We at the three Major Economic zones doing well at the same time. A major shift in the world economy. It can create a scenario we can have high group of low inflation because of productivity gain fills the gap. View investing capital and productivity grows, you can get into a healthy growth scenario. Well i was concerned about qe. I think that is been wellmanaged. It is slow, gradual, and the q medication around it is very good communication around it is very good. To take theant investor by the hand and not surprise him or her. I think so far this is a banks have done a really good job at that. M a, themarkets, qe, street the corporate earnings strength of corporate earnings at the Balance Sheet and credit. In the background that you have our industry. The lack of availability of credit puts a damper on growth since the financial crisis. That is starting to shift. We can support our clients and their ambitions. Global Growth Continues to look strong, areas of volatility remained. A missile launcher north korea, credit concerns in south africa, in a cabinet shakeup in mexico. All ahead as we review the week. Up next, for compelling conversations including opinions on the future of bitcoin that truly run the gamut. As long as the music plays, we dance. As long as the prices go up, people think it is fantastic. Somebody will get hurt. Matt this is bloomberg. I led a transformation that might be one of the biggest transformations in Global Business history, from a single company, an enormous company that was really facing a lot of nimble,es, to four Agile Companies with hewlettpackard enterprise, the one i still run really well positioned for the future. This has been in the works for some time. Just decided it is right for the next generation of leaders to take hewlettpackard forward. As you know, im a big believer in the right person in the right job at the right time. I think antonio neri will be a fa