Transcripts For BLOOMBERG Bloomberg Best 20240713

Going into the Fourth Quarter of the year. The economy is fairly weak but the data today shows things moving in the right direction. Abigail alibaba goes public on their home turf. Narrows the valuation gap to amazon. Abigail the u. K. Election campaign heads into the home stretch. It is very easy to end up in a Hung Parliament territory. A madness with a delusion of big deals. And lot, but they can deftly do it. The general feeling is they probably will go through but how long it will take. Abigail a new suite of leaders brings a fresh set of goals to the European Commission. Climate change is existential. It is a huge opportunity. Every company should contribute. Indeed, the Banking Union will be one or also the commissions priorities. Abigail it is all straight on bloomberg best. Hello and welcome. Im abigail doolittle. 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 a day by day look at the top headlines. After months of protests that pitted citizens against the government and police, hong kong stayed calm on sunday as voters turned out for district elections. Voters pretty much across hong kong overwhelmingly siding with prodemocracy candidates and what many see as a fairly damming referendum. Record turnout, what does that mean though . N it means the electio voters here have really woken up to what is going on. More than 71 turnout on sunday. We have seen the pro democrats look like they are set for big gains this time around given the highly politicized environment, given the protests. A guest we had on bloomberg earlier on said this is really the people of hong kong talking about the biggest clinical issue. A vote on the government, a vote on the five demands of the protesters, including an inquiry into the police behavior. Labeling protesters as rioters. The demand for genuine universal suffrage. The people have spoken out. The question is what will happen next and what the government will do about it . Abigail china says it will tae action against intellectual property theft with the Sticking Point looming over the u. S. And what should be read into the timing of the ip rules. We do have a trade deal that looks like it is getting closer to fruition. We have the vice premier of china saying he is cautiously optimistic last week. We had President Donald Trump saying on friday that we are very close. And forced Technology Transfers have been a key part of the u. S. Complete of chinese behavior. This could pave the way for something to decide between the two president s. The other thing i think worth mentioning is china is increasingly developing a lot of its own technology. It has become beneficial for china to protect that on its own. A shortened trading week and we have the doubt, s p and nasdaq hitting record highs. The s p closing around 3100 level at 3133. The russell 2000, the clear performer of the day, up by 2. 1 . You have the stars aligning between a pathway to a trade deal. There is light at the end of a brexit tunnel. Earnings being less bad and impeachment conviction risks substantially being reduced. A lot of people who have missed now feel empowered they can hop on board. 1. 3, 2, surging on its debut in hong kong. The company raising more than 11 billion u. S. Dollars. The stock was heavily oversubscribed. Tell us about the price action. Decent showing for alibaba in hong kong. Not as much as we saw in 2014 when it listed back in new york. Shares opened at 187 hong kong dollars, above the ipo price and a slight premium to the new york listed. The stock jumped, with turnover of more than 8 billion hong kong dollars. Far outpacing tencent which is down slightly on the day, making alibaba the most actively traded stock. Analysts are bullish on the company. Hold on alibabas adrs. The share sale could help the company narrow its valuation gap to amazon. Alibaba training at 22 times earnings compared to amazons 46 times. The u. S. And china agreed to stay in touch to resolve remaining issues to get to phase one trade deal. This comes after a phone call earlier when the top negotiators from both sides discussed core concerns. Another day of incremental news that seems to be suggesting both governments are in track for some kind of trade agreement. The language has been quite positive. A positive spin. From here, the expectation will be how will the u. S. Respond . Of course, as we head towards the middle of december, will it be sufficient progress were both sides can agree to a trade agreement or we reach the deadline and the terror of threat from mr. Trump is promised and he increases tariffs. Theres a lot coming. U. S. Stocks climbing to record highs on renewed trade optimism. President trump telling reporters that u. S. Was in the final throes of a trade deal with china after negotiators spoke by telephone. Stocks moving higher on the day and it is easy to forget how big a move to tenths of a percent is. On the surface, it is not that big but if you have several days like these put together, they become huge moves very fast. Even on a quiet day, this is a very fastmoving market. The European Parliament voted again on approving the new Eu Commission today. The president elect won the backing of the clear majority of mps, allowing her new team to start work on december 2. Finally getting the green light. They will take office, including the European Commission president in december, replacing jeanclaude juncker. She has made climate her number one priority. She said she wants to make the European Union carbon neutral. Climate neutral by 2050. That is cutting down major carbon emissions. That is her number one focus. She also said the European Union needs to be much more assertive on the global stage. Theres also the idea of brexit. This would stare be looming on the European Commission because they would have to renegotiate the trade deal with the u. K. If it manages to leave the European Union in january 2020. Hong kong has found itself at the center of u. S. China tensions after President Trump signed into law a bill and support of the protesters. The move will complicate trade talks with beijing as the two sides get close to a phase one deal. The big question we are asking is what form of retaliation from china might take if it ends up being anything more than words . What signals are we getting on that front today . China has basically continued to warn the u. S. , first warning not to pass the bill. Then, President Trump not to sign the bill. Now they are saying they should not act on the bill. There has been threats without specifics at this point. Obviously, it comes at an inopportune time for the trade talks but both sides seem to want to move forward. Germany is excited to continue ignoring calls for greater fiscal stimulus with lawmakers looking set to confirm the governments balanced budget for 2020. A potential shakeup in german politics could endanger the future of the ruling grand coalition. Show off. O what exactly is happening with the spd . What is the politics of story . What we have is a faceoff of leadership of the spd, the Junior Coalition partner in merkels government. We will find out the results of this faceoff. The voting has been going on among Party Members for the last week or so. We will find out tomorrow evening who won. It is really important in terms of the future of the government because if the finance minister wins this, it is likely he will push to continue on in this coalition with merkel. The challenger to him for the Party Leadership has basically said he does not really believe in this grand coalition with merkel and that is hurting the party. It is much more likely the social democrats would consider pulling out of the coalition if the challenger were to win in the vote that will get announced tomorrow. Retailershe moment have been preparing for all year long. Black friday underway in the u. S. The National Retail federation expect more than 165 million black friday shoppers this year, each spending over 1000. We are not seeing people line up like they used to. 2007, 2008, these are people swarm walmart, grabbing tvs and fight over things. That is not what black friday looks like anymore. This has become an online holiday. A lot of these companies rollout promotions back in october. There has been a lot of online shopping. Something like a quarter of bargains have been bought today. You dont have to wake up and stand in the cold anymore. It is definitely changing. Who are people going out to the stores today . A lot of young shoppers. The millennial, gen z shoppers seeing this is a social event. That is why stores like american eagle, Urban Outfitters are benefiting from those young shoppers. Also, electronics also benefit. People who want tvs and the big electronics, they are seeing a lot of foot traffic as well. Our forecast was sales would grow this year between 2. 8 and 4 over one year ago. We know the Consumer Confidence levels have been very hot. We have low unemployment rates, wages growing. Macro conditions are very good. We know just having seen the october retail sales numbers, they are quite strong and consistent with this threemonth average of positive momentum in the market. We feel very good about the way we are off to the season. Abigail still ahead as we review the week on bloomberg best, an exclusive view of hong kongs financial future from the head of major bank in singapore. Our mediumterm outlook for hong kong and for the region continues to be positive. Abigail irelands finance minister speaks exclusively on brexit and other eu issues. Next, more of the weeks top headlines. German Business Confidence rose slightly in november but still plenty for large of europes largest economy to worry about. There is concern about the lack of the trade agreement, but it is not everything. Abigail this is bloomberg. Abigail this is bloomberg best. Tour continue our global of the weeks top business stories. In the u. K. Where Political Parties sharpen their pitch to voters in advance of the december 12 general election. The Prime Minister Boris Johnson unveiled a Safety First Program of policies and his partys election manifesto yesterday. The promise, to end the seemingly unending brexit boxset drama. This is really about mitigating the risks. What weve got today is a series of i capturing initiatives where it is meeting the eye. Yes, there are tax cuts for some. There is pledges for more nurses and infrastructure. Look more deeply and you will see some of these pledges balance out. The tax cut on National Insurance is balances out by increasing tax. Boris johnson makes it clear this is about getting brexit done, getting the deal through parliament and getting a trade deal by the end of next year. Something that many observers suggest will be very difficult. The u. K. Election and a pole out overnight shows a big win for Boris Johnson. 68 seats in the december 12 election. You see the labour party starting to squeeze the National Polls more, closing the gap. It is very easy how we can end up in a Hung Parliament territory. 30 of the seats out of the 68 are very tight. Yes. The issue for Boris Johnson has always been the threat of the brexit party which has now largely went away. Nigel farage has removed himself from 300 plus seats. For jeremy corbyn, it is still that liberal democrats and the other parties like the green party. That threat is still very much there. Still fighting as hard as she can against jeremy corbyn. Saysoomberg economics todays ecosurvey adds evidence that germanys economic slowdown has reached a bottom. Surveys remain consistent with subdued gdp growth. How concerned are german businesses about the lack of a trade agreement between the u. S. And china, and how concerned are they about other things . I think they continue to be concerned about the lack of trade agreement but it is not everything. The brexit situation is unresolved. There are domestic issues. The German Government needs to do more in the areas of energy policy, infrastructure spending. We still find it difficult to get infrastructure spending. Private investment is not ideal. We need proper tax reform. There is a lot to be done. It is not all about trade. Testing ais now missile system. The move could escalate the dispute between turkey and the United States. How big of a line has been crossed in turkey . This is something the United States has warned them against. It has definitely gone past a pretty significant threshold. It is a Russian Missile defense system. Turkey is still a nato member. The u. S. And nato allies have warned there will likely be additional sanctions on turkey if they continue to press forward with purchasing and not activating this system. It looks like they have taken that step. Lamong kong leader carrie called for peaceful dialogue with protesters. A landslide inad local elections. There is no new concessions, no new strategy. It is basically going to be following the preexisting strategies that was happening before this election, trying to engage in dialogue with residents of the city. There are calls for more ral lies. There was a brief standoff yesterday. Now we are probably going to see what protesters describe as a return to protest. Some prodemocracy lawmakers have feared that given that no one listened to this vote in government, we may see an escalation of protests going forward. Powell saying the glass is halffull. The fed chair says at this point, the glass is more than half full but the right policies, we can fill it further, building on the gains so far and spreading those benefits to all americans. Your takeaways . Jay powell telling us what we already know, the fed is on hold for an indefinite period as long as the information from the economy remains broadly consistent with the economy. Same old, same old. What he emphasized as new is keeping the expansion going as benefits beyond trading floors. Low rates spread the benefits of the expansion to the economy more broadly. Getting more marginally attached to americans in the labor force, benefiting from jobs, including minorities, the handicapped and the less educated. The one area he did emphasize where there might be some problems inflation. Not that it is too high, not that it is too low. He did suggest the fed wants to make sure inflation continues to rise and he thinks rate cuts are going to do that. Heres an interesting statement. Look at the conclusion of his speech. He said Monetary Policy is now wellpositioned to support a strong labor market and returned the 2 on decisively to objective. Jay powell with a little bit stronger view of how inflation is going to develop over the next year. This morning, we got a rush of Economic Data. The u. S. Economy expanding 2. 1 in the Third Quarter, better than initially reported. While demand for u. S. Business equipment unexpectedly increased to the most this year. Where do we stand . All this means is Slower Growth going into the Fourth Quarter. Personal income spending report indicated decelerated trajectory of personal income growth. Disappointing, absolutely. If growth in personal Spending Continues at the same pace, it would imply significant deceleration from 2. 9 growth in the Third Quarter to Something Like 1. 6 in the final quarter of the year which also implies gdp will not be that great in the final quarter of the year. German unemployment dropped unexpectedly amid a slump in manufacturing which seems to be easing. Generally speaking, good news. The economy remains fairly weak but the data shows things moving in the right direction. Inflation is a big one for the European Central bank which accelerated to 1 . If you are going to get inflationary pressure, that will come through wages which is why you need tight labor markets. Still a big discrepancy. German unappointed is just above 3 . Spain is 14 . Greece at almost 17 . There are still fractures across the euro area. We need more data. Pmis come out next week. The week after that, Christine Lagardes first policy meeting as central bank president. That is one to watch. Abigail you are watching bloomberg best. Alibabas mega share sale this week was a muchneeded shot in the arm for hong kong amid ongoing political unrest. Investors have began weighing other financial hubs with singapore the obvious choice. The head of the ocbc says he is not seeing significant inflows from hong kong just yet. The ceo spoke exclusively with juliette saly. Actually, the amount of capital and wealth flow into singapore from hong kong is not noticeable yet. There are inquiries, their interests, but we dont see any significant, noticeable flow from hong kong into singapore at this stage. You are not seeing any major shift in client investment in terms of inquiries coming from hong kong . Correct. I dont see any major inflows. Their interests, there are inquiries. What kind of contingency plans does the bank have in place should the situation in hong kong escalate . We do commercial banking interests. We do some treasury business. In terms of the hong kong domestic business, we are pretty well contained in terms of liquidity and things like that so we are not that worried. In terms of future outlook, i think hong kongs domestic investment will take a few years for them to come back to the previous level. The most important thing is we rely quite a bit on the flow business. We are not talking about flow per se, but trade flow from china through hong kong into other parts of the world. That may come correctly. In that sense, singapore may benefit as a result of the restructuring of the flow. The supply chain shifting that will happen, but not focusing on the wealth flow. So youre not looking at changing your Business Strategy in hong kong . No. We still think hong kong is an event in that event does come and will go at certain point in time. I think after the event, all parties, all stakeholders will probably engage each other more and rebuild hong kong. That will take a couple of years for them to rebuild hong kong. Our mediumterm outlook for hong kong and for that region continues to be positive. Abigail coming up on bloomberg best, more of the weeks Top Business News with a cascade of m a leading the way. Plus, more compelling conversations. A challenging timetable for working out a trade deal after brexit. Irelands finance ministers says europe will give them the best shot. The European Commission in the European Union will be ambitious. We will work on negotiations as soon as possible. Abigail this is bloomberg. Welcome back to bloomberg best. Of Economic Data this week, housing stood out as a positive surprise. U. S. Cities rose more than forecast from a year earlier, according to core logic values. Rty Yale University Professor Robert spoke with bloomberg about these numbers and the larger economy. Were not in a boom period in terms of prices in real estate by any means. Driving like it was before the last recession. That enthusiasm suddenly turned. Having the kind of stable level of modest now. Siasm that we have whether well have a recession if. Ig it depends, according to my new book, narrative economics, it the narratives change and how our ideas change. And thats very hard to predict. Is the singlewhat most significant economic narrative out there that has you concerned . A lot of thems out there. If you ask for the single most prominent, it would have to be impeachment hearings, right . The instability that we see by polarization in politics does diminish business somewhat. Thatt hasnt affected us much. So its like were preoccupied with the impeachment hearings and were postponing some important decisions in business day. A later i think its quite possible that it through november 2020 without any recession. Forthat would be good trump. To europe now. An exclusive conversation. Irelands finance minister joined bloombergs daybreak america to discuss the future of europe after brexit. U. K. And e. U. Aim to have a new trade agreement within a year and he agreed thats a tall order. I think its very demanding deadline to have such significant and complex work done by then. Europeanourse, the commission and the European Union will be ambitious and we the work andget negotiation complete as soon as possible. The phasingerms of of all of this, it will be first by the Withdrawal Agreement if 31st of january and of course that is dependent on who has the majority in the house of commons. The next phase will then be an extension of the transition whether an extension is required. The deadline, a decision by the the current anticipated deadline being the year. Next i believe the European Union will be ambitious in looking to reach agreement. European parliament, tomorrow is supposed to confirm new e. U. Embers to have commission. What do you expect . How are things going to change all . See think were going to some very significant changes under the new president. I think there are three in particular that i think will be very important for the future of europe. One is that the new president is looking to put in aace a conference to have discussion over a period of time ofarding the future role europe, regarding how all the europeanates of the union engage with one another. The second area, i expect to see this as soon as next week in our monthly meeting of ministers. Accelerated progress towards Banking Union, to come up with a to a deposit scheme to an Insurance Scheme for deposits using that as a Building Block then towards the completion of Banking Union. Is a vulnerability at the moment, at the moment, of the euro. I believe more progress will be made on that. Thinken finally, i theres a big debate under way in relation to future industrial the European Union. How we should be championing the largepment of more european companies. Lots of views on that in europe. Very livelyll see a debate in relation to that as well. On wednesday, the e. U. Parliament voted to confirm the new leadership of the European Commission. Ursulant elect vonderline. Climate change is existential. But theres a huge opportunity in it too, because we are a european frontrunner in fighting it. We have 40 of all the patrons renewable energy. But it will also be good for the european economy because we will the exporter of knowledge, technologies and well be the frontrunner then. You look at the friction that weve seen between germany merkel said it was too drastic. As the head of the European Commission, do you see a bigger the e. U. Within nato or do you actually believe maybe its time to consider a bigger European Army . Well, nato will always be collective defense, article any question. And nato is the strongest world. Y alliance in the the European Union has a different role. European, we have many Member States that are also members in nato alliance. Where weropeans, i see do not need nato but the upon. An union is called thertherefore, were building ue European Defense union knowing that it will be complementary to with a hugeneed it toolbox. We have from Development Diplomacy to servicemen and Service Women so that were able to act when called upon. From thet heard president , the from a Technology Point of view, what does it mean vs. The u. S. And china . First and foremost, of we haveto promote what going for ourselves already, because in the business to find as environment, you lot you find engineers, an impressive startup environment. Of course, the willingness to the possibilities and the downsides. Youre talking about innovation but bedo hear that we do hear that the reason focused on taxation is because we havent seen any real europe. On in do you agree with that . Is that fair . That is absolutely not fair. Say to all the many businesses who pay their taxes that not just some of them every company should contribute where they do excellent business, because this in europe. Om line you do very Good Business here. And what would that be . Is that something you still think by the end of 2020, if there is no international agreement, it would be fair for e. U. To just go it alone . Yes, of course it would. A are strong believers in global agreement. Im very happy to see progress made. Theres a positive feedback on first draft. Of course that would be the better solution, but if that cannot be met, when you look at all the businesses who pay their fair, it would only be that we pick it up again if a Global Solution is not possible. One of the things that has talked about is the move toward a Banking Union in europe. Is that achievable, and is it achievable within the next, say, six months or a year . Well, as regards Banking Union, this is an ongoing initiative. Already we have two out of three backing union Banking Union up and running. Single resolution concentrating to finalize the work which is european deposit Insurance Scheme. So indeed Banking Union is going be one of the commissions priorities. We have minister schultz of germany out with a proposal on that very subject. Is that something you can work with . Exactly. This is welcome opening, because deposit Insurance Scheme has been moving quite e. U. Y in discussions among members states and germany had certain reservations, so from german finance minister is a welcome opening hopes that it will facility discussions and agreement on european deposit Insurance Scheme. [music] this is bloomberg best. Lets resume our roundup of the weeks top news in business, finance and politics with a sudden rush of activity in m a. Billion. Han 16 the french luxury goods giant 135 a share. It will raise the jewelry profile and give the Company Access to the u. S. Consumer. 16 billion is quite a figure. Afford it . They definitely can. 200pretty impressive, billion plus. They have plenty of firepower. The dealty is, when initially came out, when we broke it about a month ago, it was 120. Were going tothey have to bump. They got it at 135. Were expecting 140 plus. Reality is, it is a lot of money, but they can benefitly do it. Its a multibillion dollar the that will reshape retail brokerage business, at about 26 billion. They are capitalizing on the created lastk it month. Is the first foray, in a the in this space, in discount brokerage industry space. The general feeling is it probably will go through. The question is how long it will take. Some speculate that it could go into the Third Quarter of next year. The other potential hurdle is that there is a growing antimegalarges business, whether in finance or tech. This straddles the line of both of them. Its a big question of whether theyll be appetite for a behemoth in the industry and merger will go through. Its the latest in a string drugquisitions for the maker and adds a promising drug to its arsenal. This companyying for close to 10 billion if you throw in all the additional so on. Ptions and why does it make sense . This is a company thats been on an acquisition spree under this relatively new c. E. O. Expand intops them an area where they had a gap, they felt. Cholesterol drug that they have. This continues the trend of making more acquisitions. Another day, another deal. Ebay selling its ticket marketplace stubhub. 4 billion in cash. Thats the price tag. The deal expected to close by the end of the First Quarter next year. Impetus behind making this deal . Is this a business decision or else . Something oh, its definitely the business logic, just so obvious to us. Founded bothi companies. But this is really the it hastional leader so global distribution. Stubhub is the premier brand in the United States. The two together and youre enabling fans to buy world. For anyone in the uber. 5 in premarket. Londons Transit Authority refused to grant it a new license. Reason . Rider safety. Still a concern that unauthorized drivers can the app to carry passengers. Whats the probability that uber gets taken off the streets at point . I think it would be difficult to put a firm number against that but its low that anything will change at least in the near future. Uber has 21 days to appeal the decision. It said today that it will. Last time it happened, it was that appeal was initially heard in the courts. Even if it lost that, it could take that up to the Supreme Court and then were talking potentially years before this fully resolved. All that time, its fine to accept new rides and continue itrating on the streets as has done before now. Leadership ised in the sights of australian amid allegations that it breached Money Laundering laws. You give us the flavor of what that involved . Theres a number of moving parts. Thing is International Money transfers. Regulators in australia in particular want to know about want to checkthey the potential for money to be transferred to countries where be, as well asto laundering,money et cetera. Potentially the more explosive allegations certainly from a are thatperspective failed toso adequately monitor for child risks. Ation it believes these risks were not adequately mitigated. Case, there were payments made from australia to someone who was later found guilty of child exploitation. Westpac will change this laundering scandal. Brian has stepped down this morning. Of possiblest contenders to replace brian hartzer. The mix. Es in they spent the last few days institutional investors, ahead of what was a real crunch for the bank on 12. Mber the fear was that a voter backlash against this Money Laundering scandal could precipitate a vote against the report, the Remuneration Package for executives. That could then have precipitated a motion to call for the entire board to step down. Hope within westpac is that hartzerlution of matched his own announcement that he would step down in the of 2020. F that it would alleviate that pressure and save the rest of the board. Strong earnings this morning prepares for the holiday season. The retailer posted sales to beat analyst projections. Theirir last quarter, Second Quarter was a little bit of a stumble. Uncertainty. Bout that got people a bit spooked. Then they come out with the proverbial beat and raise, just like their partners in targeted last week. Things are looking pretty good for them going into the holiday season. About selling thes and nintendo. Its about pushing into services, into new areas like care where they see a big opportunity. And more results. Shares actually fell as the earnings buton also gave a cautious outlook. Analysts were braced for Fourth Quarter numbers not to be great. Particular, given some of the difficulty planting conditions. But that 2020 outlook, people were expecting an uptick in agricultural demand. Optimism that we may in fact see deal. E deere is not being optimistic. 10 re calling for a 5 to decline in sales in that sector in 2020. Morgan stanley has fired or placed on leave at least four an allegedr mismarking of securities. Are expected of concealing losses of between 140 million. How serious is this . Type of loss is not an ordinary days business. An allegation that the mismarking took place. Who spotted it . Was it dealt with . These are all questions that would help understand just how serious this type of event is. Activity across trading is slowing as we approach the thanksgiving day holiday, giving everyone plenty of time to think bonuses. Ir according to new analysis from recruiting firm Options Group, hottestthe professionals will see smaller bonuses this year with equities fare the worst. We thought the first half was slow, and things are picking up again in the Third Quarter. Is that not the case . Back andve to step look at the bigger lens. Payouts,k, smaller thats the unfortunate mantra from all the big banks. When you have this feeling that the trading industry is in a the sameen expectations will flow through into the bonus pool. Thats why youre sort of in situation where most of the various groups within the trading units are going to see a Options Group points out. You are expecting to at least have a similar bonus payout. Thats probably the best its going to get. [music] roundup of the stories you need to know to get your day going. Subscribers, also available on mobile in the bloomberg app. You can customize your settings so you only get the news on the industries and assets that you care about. There are about 30,000 functions on the bloomberg. We always enjoy showing you our favorites on Bloomberg Television. Heres another function youll find useful. To our quickyou takes where you can get fast timely topics. Here a quick take from this week. Chances are, youre not a vegan. But you may have had an almond latte this week or at least tofu ramen at some point. Even though a small number of vegan, veganfy as products are flying off supermarket shelves. Of us areause more substituting meat and Dairy Products with plantbased items. I became a vegan. Vegan practically my whole life. Im vegan is it a fad . It the start of something much bigger. That is your bloomberg quick vegan economy. The Vegan Society was founded in 1944 in a bid to discuss vegetarian diets and lifestyles. Vegetables. Too much meat is bad it began and remained a very Small Community for decades. But the animal alternative is now expected to grow to 140 billion dollars in the next decade. Theres something out there for anyone who wants to replace any amount of animal product in diet, from cheese or bloodyreplacements to veggie burgers. Coming fromwth is outside that community. Our meatheavy diet doesnt just killing our, its planet too. Livestock farming produces of the planets Greenhouse Gas emissions. Cows are the main offender. Rearing and feeding farm animals leads to deforestation which ability to absorb the atmosphere. A vegan diet is probably the biggest way to reduce your impact on the planet earth. Over half of u. S. Adults who eat plantbased proteins said the main reason was taste. Vegan products are no longer the dusty packets hidden in the back of the health food shop. Theyre being delivered by huge andds like Mcdonalds Burger kings. With oat milkion has led to shortages in the u. S. , causing hysteria across the country. Mainly brooklyn. [music] investors are now getting in on the action. 600 inf meats surged the three months after its i. P. O. Another plantbased burger maker raised 300 million in the same month. Nutritionists are questioning some of the Health Credentials meatese processed alternatives. The vegan burger contains a fat and 35 grams of 1,080 milligrams of sodium. Others warn that genetically engineered ingredients need more determine their safety. Despite concerns, there are bullish signs. Traditional meat and Dairy Companies have invested in plantbased products. To ourpposed benefits health, moving to a vegetarian could produce savings of up to a trillion a lostin health care and work days. Humans are going to have to shift their diets to help stem tide of climate range. The vegan economy will need to if its even more of us to have a substantial impact. The manyas just one of quick takes you can find on bloomberg. Find them at bloomberg. Com along with all the latest Business News and analysis, 24 hours a day. That will be all for bloomberg best this week. Thanks for watching abigail. This is bloomberg. [music] chang. In for emily this is the best of Bloomberg Technology where we bring you all of our top interviews from this week in tech. Coming up, pump the brakes. London Transit Authority refuses renew ubers license. Uber calls the decision wrong and vows an appeal. Plus, full steam ahead. The e. U. s antitrust