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♪ abigail: coming up on "bloomberg best," the stories that shaped the week in business around the world. tariffs asover tensions take another leg up. >> this will take chinese policymakers by surprise. china could make life more difficult. >> theresa may wins a brexit battle with parliament. >> they backed off. >> opec tries to hammer out a compromise on oil supplies. >> the victory goes to the saudis. >> a chinese tech giant prepares to go public. disney and comcast vie for fox. >> plus, insight from leaders in business, finance, and politics.
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>> tit for tat, they run out of things to apply tariffs to and we don't. >> for the first time, we are hearing about decisions to postpone investment and decisions. >> we are living with a brittle economy. >> it is all straight ahead on "bloomberg best." ♪ abigail: hello and welcome. i am abigail doolittle. this is bloomberg best, your weekly review of the most important business news, analysis, and interviews from interviews around the world. it begins with prices on the rise in advance of a major meeting in the major oil-producing nation. opec summit this week is shaping up to be one of the toughest meetings in years. members are discussing a
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compromise that would have seen oil production increase between 300,000 and 600,000 barrels a day in the next months. >> you have russia and saudi arabia on the one side for different reasons. on one side, they want to primarily bring prices down and on the other side, you have the have-nots. they don't have capacity. it is the likes of iran and venezuela who would like higher prices. the situation right now is you have countries like saudi arabia and allies saying we can't just let the market run by itself. we got almost to $80 a barrel, and this is the best they can come up with but it is a long way to go. >> president trump has widened the tariff war, adding $240 billion of u.s. goods and the firing line, and threatening to double that if beijing retaliates against. it seems the u.s. is not blinking yet in the fight.
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>> this is certainly going to take the chinese policymakers by surprise because we were looking to the july 6 date when the u.s. said it would impose the first round of tariffs announced on friday or early saturday, and of course, the chinese were going to follow with their own tariffs that we talked about, targeting the agricultural sector in the u.s. and commodity producers. this $200 billion trump has threatened with an additional potential of 200 and dollars, for a total of $400 billion. combine that with the $50 billion and you have close to $450 billion in tariffs. >> china responded forcefully, saying if the u.s. loses its senses and publishes such a list, china would have to take quantitative and qualitative measures. what are the options available to china? we will put up a chart that shows they do not happen if imports to put that kind of tariff on. >> china could make life more difficult for the u.s. operating
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in china. we have seen this model before in how they dealt with south korean and japanese companies. during political tensions, they heighten bureaucracy, increase inspections, and they are very customs duties and other levies. they have plenty of options when it comes to nontariff barriers that could make things difficult for american companies in china. >> 21st century fox excepted the disney.ted the bid from a blow to comcast's efforts to acquire fox's entertainment assets. the $38 a share price, in fact, $10 a share higher than what disney offered in december. three dollars above comcast's bid. i guess bob iger wanted this one. >> i think he really did. this was an aggressive move from disney. not only did they raise their
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price $10 a share, but included a cash option. now shareholders of fox will have the option to take cash or stock up to 50/50 split. it allows the murdochs to take cash or stock but presumably, they will keep the stock and not pay tax. mark: what is ryan roberts thinking? >> the ball is in comcast courts, no doubt about it. >> fox delayed its shareholder vote to vote on the disney bid for the 10th of july. they said they want to give more time to digest a new bid from disney, but other events to date. i wonder if fox is also expecting comcast to come back. >> the no's have it. the no's have it. >> victory for prime minister theresa may. the commons narrowly rejecting the amendment to the brexit will -- that would have allowed parliament to amend the motion on the final deal. how did she get through it?
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>> she won this one pretty handily. she faced them down and they backed off. accepting her view that by giving parliament too much power, it would undermine the government's negotiating strategy. the important thing to note is again, all of the action is taking place in westminster with the may government trying to get its act together, continuing to lose time vis-a-vis the negotiating with the eu. >> president trump, signing an order a few minutes ago to end the immediate separation of immigrant families at the u.s.-mexico border, which has sparked outrage in the united states and abroad. >> what the order does is require the attorney general to file a motion in court that would clarify the settlement from 1997 in a way that would allow the administration to detain children with their parents in criminal detention
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facilities. the trump administration is going this route and we should expect a legal challenge from the immigration lawyers who say this is still not the way to go. the advocates who say we don't need to take away the rights of kids. they will not be happy with this. >> daimler is the first major corporation to blame tariffs for lower profit outlook. meanwhile, india has raised tariffs on imports to the u.s. >> india has hiked tariffs on items like chickpeas, walnuts, apples, boric acid, among others, clearly in retaliation to the increased duties on aluminum and steel that india believes hurts domestic industry and more importantly, leaves it violates global trading rules. >> daimler is wasting the white flag, even before the trade war takes off, so are they using this as an excuse? it could be this is the business just not performing as it should be in china and they preemptively come out with this
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today. if we see other carmakers following suit, maybe the skepticism will subside. at the time, it is unclear what is behind this. >> great british pound, popping after more than two weeks. that is after the boe's chief economist supported a rate hike, boosting prospect. >> the bank hypothesized slowing growth in the economy and now what it is seeing and thinks is it is right. it thinks it is temporary. he thinks he has seen enough and we need higher rates right now. some aren't convinced, but over the coming weeks, the august meeting, they will be convinced. there is more data to come and we think it will come out relatively strongly and prove growth is likely to rebound in the second quarter.
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we do believe the bank at the moment is on track with rates in august lifting. >> president donald trump threatening the european union with a new ultimatum on trade. he says on twitter he plans to impose a 20% tariff on all cars imported from the bloc unless it removes barriers to u.s. goods. opening a new front, or poking the bear? >> it is odd he is tweeting this now. there were reports the german ambassador was in washington to bring some kind of offer that would maybe lead to the tariffs being veered out eventually. that is one of the puzzle pieces. the commerce secretary initiated an investigation into the national security threat of cars and car parts. that is not done yet and so trump put a little doubt into the credibility of this investigation with this tweet.
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if he's saying it will lead to 20% tariffs on eu cars. >> opec has reached a compromise on crude, agreeing to boost all production by one million barrels a day. the saudi energy minister calling it "a nominal increase." supplies have increased, but the market rally's because it was not as much as anticipated. >> it was an interesting afternoon because prices really started to rally when it became clear the official communique mentioned no production numbers at all and then ministers emerged from the meeting with one saying one thing and another saying another. it was a fudge everyone seems to be interpreting differently. the market doesn't know how real these barrels are. >> you had the iranian oil minister meet with his saudi counterpart. the prince played a huge role in the meeting. the fact that they were able to come together does show unity but the victory goes to the saudi's. this is what the americans wanted. they asked for one billion barrels of oil, we know that, and this is what they are
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getting. >> still ahead as we review the week on "bloomberg best," conversations with lloyd blankfein and david solomon of goldman sachs. plus, central bankers share their views on the rising trade tensions. next, more top business headlines, as if ge needed more bad news. now, it is kicked out of the dow. >> it is symbolic of the dramatic fall from grace. it is not the company it once was. abigail: this is bloomberg. ♪
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♪ abigail: this is "bloomberg best." i am abigail doolittle. let's continue our global tour of the top business headlines with a startling arrest tied to a running corporate scandal. >> the diesel cheating scandal
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that has plagued vw for almost three years has reached the executive level. vw says the chief executive of its audi unit has been taken into custody. prosecutors say he was arrested because of concern he would tamper with evidence. bloomberg learned vw is preparing to name the audi sales interim executive. >> the rest puts them in a difficult situation. it provides fresh ammunition for many investors that have sued volkswagen over the suspicion they might have been too slow to inform the overall market about the magnitude of the cheating. so far, volkswagen's defense line was that the cheating on the diesel emissions has been restricted to a pretty small group of rogue engineers and with the arrest of one of the most high-profile executives who has been in charge of audi for almost 10 years, that really does paint a different picture
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from what the volkswagen defense line has suggested. >> volvo is opening a new plant in south carolina to build a s60 sedan for all over the world, including back in china. given all that is going on in the world with trade, why south carolina? >> first of all, with all the nervousness, we are very glad we are here with the local factory. without that, we would be more worried about the future. we looked into various alternatives and we came to the conclusion that it is important for us to be local in the u.s. >> could china impose tariffs on you exporting cars back to china? >> it could very well be. right now, there are important -- import tariffs to china. i think it was a good move some
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weeks ago when they lowered that to 15 from 25. we believe in open trade and it should be in two ways, and i hope we can meet on the low level, not on the high level. that would be for the consumer'' beneficial solution. >> sources telling us an ipo is up to three times its forecasted 2019 profit. the largest public offering in two years, though valuations of the company could be as little as half its initial goal. >> there are a lot of questions about the valuation of the company and the size of the ipo given that they have already scrapped a cd-r portion of the ipo, which was to be have to the total size. we know ipo will be seeking to raise $6.11 billion.
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that is what the component is. what we do know is they are going to sell 2.1 8 billion shares priced between 17 hong kong dollars and 22 hong kong dollars each. that potentially values the company between $53.9 billion billion dollars. >> surging on this first day of trading, the online trading becoming the first startup unicorn in this public offering. >> 3000 was the ipo price and at the top end of the range and then yesterday we were looking at prices in the 4000 range and two hours today when things got underway in tokyo, it took two hours for orders to match and then this is where we are.
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$5500. it is losing money in the u.s. it will be putting a lot of money into market share. >> it is one of the biggest corporate bond sales of the year. byer has offered $50 billion of u.s. bonds to fund its $63 billion acquisition of the monsanto. they decided to go a certain way. >> they did list it as 144a. they did, but not registered. when you have such a massive offering, you would think you would try to market this test many investors as you can in a limit yourself from the get-go, but i think this was heavily marketed at institutional investors. a lot of insurance companies came out big time to support it. a lot of insurance companies don't like having the noise of etf's going in and out of their investment. you see that a lot with these
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indexed bonds, which these are not eligible for. >> the u.s. senate has passed a $700 billion defense bill that could see penalties reimposed on china's zte. president trump plans to lobby republican lawmakers this week to allow the chinese telecom company to get back into business. what does this bill mean for the future of zte? >> it is still the subject of some negotiation. the senate bill was much more stringent than the house version. it would essentially reimpose sanctions that the commerce department had placed on zte for violating sanctions against north korea and iran. the house version would penalize zte but less broadly. eventually, these two versions will have to be reconciled and that is where the white house is hoping they can get some changes made. >> passing of an era. ge was the last original member of the dow jones industrial average and now it is out, replaced by walgreens. brooke sutherland has a piece
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out today noting the irony. "it is particularly painful that ge was not up ranked by a company like facebook but by a company founded in 1901 just nine years after itself. no offense, but walgreens? really?" >> it is symbolic of ge's fall from grace. it is not the company it once was. they have had a series of disappointing earnings, cash flow shortages, had to cut their dividend. they had just had a bad track record of capital allocation. to me, this is a sign that the ceo should push ahead with a breakup. he should make ge relevant again by making it smaller. this is one less shackle to the path that might be holding him back from a radical rethinking of their identity. that is what this company needs.
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>> airbus has threatened to pull its u.k. investment. the aerospace giant that employees people in britain says the failure to strike a brexit deal would be catastrophic. >> the u.k. is important for airbus and vice versa. the wings for most aircraft are made in the u.k. only. there are sites in germany, france, but we would like to have a slice of this, part of the plane. airbus has 14,000 employees in the u.k., but there are 100,000 additional workers tied to that and should -- and should move out, that would catastrophic. >> the intel ceo resigning after the company learned he previously had a consensual relationship with an employee. explain what he did for intel, which is up 57% year-over-year. >> he is a very respected and successful ceo. the company is facing
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challenges, tough market, moving from core computer chips to ai and self driving vehicles. he was working on those problems, making acquisitions, but there were still big questions whether intel can go another 50 years at this rate. they have now put their cfo, robert swan, as the interim ceo. they say they will be looking for someone new. intel has always appointed from within. they have always had a clear succession strategy and there is no heir apparent right now. it is unclear whether they will go outside of the company for the first time in their history. ♪
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♪ abigail: you are watching "bloomberg best."
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doolittle. the trade dispute between the u.s. and china. lloyd blankfein says america's tariff threat against beijing makes sense as a bargaining strategy. >> this would not be the course i would have recommended, but i can see what happens. a lot of people who are expressing publicly, this is typical of americans. it is a bad thing, which we know from taking economic courses that it is, at the end of the day publicly making statements. they do business in china. you have to pay homage to your customers in china. when they are not in public they could be going to the u.s. government saying what you are doing is not such a bad thing. i can understand how we get to the place we get to. >> can you see the argument that
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that was acceptable at $50 billion in tariffs, but now it is $200 billion and the game of chicken -- >> it is not my style. if you want to give someone an incentive to see the world from your point of view, it doesn't help to remind them of your negotiating position, that it is a better one. if we go tit for tat, by the time you get to 100, they run out of things to apply a tariff to and we don't. if you want to make that point, that is what you would do if you were crazy and really wanted to end free trade. that is what you would do if it was a negotiating position, and you wanted to remind your negotiating counterparty how much firepower you had to bring to the negotiation. >> do you think donald trump is a protectionist?
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disliked nafta, he -- >> do you remember rosencrantz and guildenstern? you can't even play a flute, how can you play me? who am i to say what he thinks? i don't know what he would do, what i would do in his place. i'm certainly not sure what he would do in his place. if you're asking me, can i give a narrative of how this is a useful thing to do, i can't say that as lot of people do with respect to a lot of things he does, this makes no sense at all. this does not make no sense to me at all. abigail: more perspective from goldman sachs and coo speaking about trade tensions and bake business in china. wilbur ross explains why the white house believes the benefits of its trade policy outweigh the costs. >> it is not about trying to make money out of tariffs.
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that is not the end game at all. abigail: this is bloomberg. ♪
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♪ abigail: this is "bloomberg best." the european central bank held its annual forum in portugal. bloomberg was there to interview global leaders in economic and monetary policy. in a moment, our conversation with larry summers. first, highlights from the panel featuring leaders of 4 of the world's largest central banks. among the topics, the impact of trade tensions. >> what is the effect on business investments? what is the effect on exports? what is the effect on consumer'' confidence? we think there have been lessons
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that won't come from the past. they are all very negative. >> those concerns seem to be rising. for the first time, we are hearing decisions to postpone hiring and postpone making decisions. thing. a new >> on trade, i think what is happening is disturbing. can any of you think of a country that has made itself wealthier and boosted productivity growth by building walls? probably not >> i hope this escalation can be rescinded and normal trading relationship between the u.s. and china would prevail. >> inflation is converging towards our objective. we drove this confidence by the ever tight labor market. by the continuing, ample, monetary accommodation.
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strong. >> with technology progressing so quickly, many firms are having trouble keeping up. they are having trouble adopting the new technologies. to remain competitive they focus on what they can control, their costs. >> some people think that the economies are growing. that shows the secular stagnation theory was wrong. i have the opposite view. it required enormous fiscal stimulus to get the economies to grow even reasonably adequately. that demonstrates the validity of the secular stagnation thesis. relative to what happened in 2013 when i talk about secular stagnation, take the united states. you have lower long-term interest rates than we had then.
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we have asset prices that have increased in an unsustainable way. it is not that the economy has healed itself. it is that the set of developments predicted by secular stagnation theory has happened. yet, many make the mistake of condemning those developments as inappropriate, because they represent abnormal monetary policies.
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>> many in the u.s. would say we are looking at wage growth. it has taken a long time, but we are seeing signs of acceleration in wages. still very loose monetary policy. you are overstating the problem. >> those who put it the way you did neglect that we have seen an enormous fiscal expansion and an enormous perspective fiscal expansion. they neglect that asset prices have risen, creating a wealth effect at a pace that asset prices will not continue to rise. we will not see 20% every year increases in the stock market. yes, it may be that if policy stays on guard with relative expansionary monetary policies with fiscal policies that are traditionally regarded as imprudent we may keep this going for a while.
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we are living with a brittle economy. downturns happen. the odds of the economy moving into a downturn are 20% each year. when they happen the normal way book is to cut interest rates by 500 basis points. there will not be that room going forward. abigail: market reaction to trade pressures ran the gamut. some days risk off, some days shrugging it off. investors are watching closely. bloomberg spoke exclusively with goldman sachs' president and coo in beijing and asked what the bank is hearing from chinese clients. >> everybody is talking about it. the implications that this escalated to an all-out trade war, implications on market activity, on investment, both in china and for u.s. clients. people are interested in seeing how this unfolds. everyone is hopeful, because this relationship is so important, there will be a constructive solution. >> blankfein saying this is perhaps a negotiating tactic from the white house and both sides will not be conducting mutual suicide. would you agree?
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>> it is in the interest of both parties to find a constructive solution. if they do what is in their medium and long-run interest we will have a solution soon. >> how concerned are you this could spillover into areas like financial services? we know about the big bang reforms about allowing foreign banks to have full ownership of their ventures. you do have a 33% stake. i assume you would like to get up to 51%, which is allowed, and in three years up to 100%. do you think there is potential for this happening? >> we are encouraged by the messages leadership has conveyed of opening up markets. we are very focused on it. we continue to work and invest in our business here. we see the opportunities for us in china to be significant. we announced a partner hire in
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our investment business in china. we continue to grow our business. we will be here for a long time. if you put things in a broader perspective, we are confident this will move forward appropriately. abigail: finally, u.s. commerce secretary wilbur ross defending u.s. trade policy in an interview with david westin on thursday. >> what happens when there is a tension between growth and jobs, which is what the president's first order of business was. tension and getting fairness and reciprocity.
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if you had to choose between the two, would you rather have less trade and less growth and have it to be fairer and more reciprocal? >> we want it to be fairer and more reciprocal. reciprocity is important to our trade policy. the question is how do you get there? the only way we would get foreign countries to lower their inordinate barriers is to make it more painful for them to continue than to get rid of them. this is free, fair, and reciprocal trade. it is not about trying to make money out of tariffs. that is not the end game. we need something to induce changes in their behavior. >> how much pain are we willing to suffer to get that done? for example, deutsche bank is out with estimates that a trade war would take .3 off of gdp growth. if you knew that was the price you had to pay, would you pay it to get reciprocal trade? >> it is hard to make an omelette if you don't break some eggs. we have no choice but to change the way other countries are
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using unfair trade practices against us. we have to do it. it is unfortunate that it was not done at an earlier point in time. it would have been simpler, easier, and less painful. it is really important we do it. we are talking about our future. ♪
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♪ abigail: this is "bloomberg best." i am abigail doolittle. let's resume our roundup starting with the result of a presidential vote in south america. columbia has elected a new president, a conservative former senator that defeated a former guerrilla fighter with 54% of the vote.
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he is supposed to be market friendly and open. he was against the peace treaty that santos brokered. will we see an effect on the peace dividends? >> [he] is not that he is against peace, but he said the deal has been too lenient. he doesn't want to see people that he says has blood on their hands on columbia congress. he will try to review portions of that agreement. abigail: the federal reserve is publishing results from its annual stress test, all 35 banks clearing the first hurdle. all found to have significant capital. goldman sachs closer to the minimum level on the supplementary level.
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state street closest to the minimum on the equity tier 1 capital. goldman sachs, the closest to the minimum on supplementary leverage. what does that mean? it doesn't sound good. >> is not the first time. goldman and morgan stanley come close on the leverage numbers. when they are asking for their capital planning for the next quarters, they have less wiggle room to ask for huge increases. actually, according to analyst estimates in my outlook this week, goldman is probably going to decrease the amount of capital it is distributing in the next two years. when you are that close you cannot ask for too much of an increase. goldman says they will probably decrease. morgan stanley, close but not as close, will probably not ask for too much. >> the philippine central bank
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has raised its benchmark interest rate for the second straight month. the governor says the bank is ready to take further action. what prompted the second in quick succession rate hike? >> we have seen a deterioration in inflation in the philippines. that has been the main concern of the central bank. the bsp marginally reduced its inflation forecast to 4.5% from 4.6%. that is way above the inflation target, 2% to 4%. we have seen inflation pick up strongly. that is exacerbated by the currency slump. the peso is down .6% against the dollar. inflation dynamics is the main reason for the central bank raising its interest rates again yesterday. >> having a look at the msci, it has given argentina and saudi arabia a thumbs-up. they will be added to indices in about a year, joining countries like china, india, turkey, and
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brazil. how does this decision change the outlook for emerging markets as a whole? >> that has not been anything particular to remove the long concerns about trade tensions and what the fed is doing. there is nothing front and center on that. to have two major markets like these recognized as being emerging instead of frontier, that is a plus. in particular, it means that both decisions have been anticipated, in particular the saudi one. if there was delayed, you would have seen disruption because people have loaded up on saudi assets in particular. the last thing we want is anyone dumping a fresh set of emerging-market assets to add to the others that have already been dumped. >> more homes shifting to solar
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power. it could be a boon to the industry. solar and wind will account for 50% of energy generation by 2050. where are we and what facilitates that shift? >> the reason is cost. solar, wind, batteries are getting cheap. we think over the next 30 years, global power sector will attract $11.5 trillion and 70%, $8.4 trillion, will be invested in solar and wind. they said solar and wind get cheaper. the other is battery. this is the first time we see how the declining cost of batteries will affect solar and wind. the batteries will help solar
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and wind meet demand when it is not windy or sunny. they will eat from a market that has traditionally been dominated by coal and gas. >> the supreme court came out with a decision that was widely awaited, ruling states can require internet tax collections. it was a 5-4 decision. not entirely unexpected given the makeup of the supreme court. >> it was unexpected because of the argument. there was a broad expectation it was ready to take this step. that it was going to say the physical presence rule is outdated and should be overturned. the argument made it seem like the court was hesitant to take that step and wanted to leave it to congress. instead, 5-4 they said we are throwing out the physical presence rule. the states now has the authority to require sales taxes.
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>> a landmark deal. i say landmark. the deal for greece would ease repayment terms. some loans have cleared the way for the end of the bailout for now. >> the terms are a little better than anticipated. rather than seven years. here?eece get a good deal >> i think so. the euro area in general is happy to be close to closing the door on this long, long saga. greece still has a mountain of debt and will need to finance that going forward. it is important for greece and the eurozone to have this be sustainable. that is what the eurozone feels like they have got in place. they extended the maturities for 10 years on almost 110 billion euros and a grace period for the interest.
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they are preparing for greece, for the end of the bailout program. that will happen in august. they are hoping things will go smoothly. abigail: sometimes, the most successful businesses are born from adversity. take baked by melissa. its founder was 24 years old and unemployed when she decided to follow her passion and become a cupcake entrepreneur. the story is in this week's edition of from small to big. ♪ >> we started baked by melissa in 2008 when i was fired from my job in advertising. i picked up the phone in my cubicle and called my big brother. i went straight to his office from being fired. to cheer me up he said bake your cupcakes and we will start a business together.
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the night i was fired, i baked 250 cupcakes, 4 batches, and sent them to work with my best friend's little sister who was interning at a pr agency. the owner loved the cupcakes and put me in touch with her caterer. the rest is history. we never really had a business plan. we had opportunity. after doing events with the caterer, i would go on tastings and people would place large orders. we knew we had a product everyone loved, so we decided to open in the union square holiday market.
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we had a booth branded baked by melissa. we sold out every day. that is when we saw the opportunity to open our first retail location. that is what we turned into the first baked by melissa location. i was fired from my job in july of 2008. we opened our first storefront in march of 2009. we also heard from people all over the country that they too wanted to get baked by melissa. in april of 2010, shortly after we opened our second store location, we developed packaging and started shipping our product nationwide. we did market research. we ordered other baked goods to receive to see how that came. we learned, researched, and developed and tested. it definitely did not happen overnight, but you have to start somewhere. today, we have 14 retail locations and ship nationwide. three of the 14 stores are not in manhattan. long island, new jersey, and jfk airport. we know every time we open a new
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store it contributes to our e-commerce. there are plans to open baked by melissa locations in other markets. we have sold over 100 million cupcakes and celebrate 50,000 birthdays a year. i love working hard. i love cupcakes, cupcakes are my favorite thing in the world. i had to do everything i could to do what i love every day, to make baked by melissa a reality. ♪
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♪ abigail: if you missed out on any charts, tv is the function on the bloomberg library. you can save them and use them in future reference. there are 30,000 functions on the bloomberg and we enjoy
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showing you our favorites. maybe they will become your favorites. quic will take you to our quick takes where you can get insight into timely topics. here's the quick take from this week. ♪ >> you may have seen a few of these pop up on your phone or email. google, facebook, twitter, amazon, h&m, and more are updating their policies to give consumers more control over their data. those changes are thanks to a law governing data privacy called the general data protection regulation. gdpr only applies to the european union, but its adoption is expected to have americans asking, why don't we have that?
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here's how data collection works -- when you sign up for facebook, you have to agree to terms which allows them to track your online activities, even if you are not browsing facebook. facebook can let 3rd party advertisers use it. >> consumers will have the right to ask for anything as basic as messages sent by them up to the archives of all the content they have generated on the service. >> companies of more than 250 employees and hold data on european citizens will have to get unambiguous consent instead of burying the ok in fine print. towill also make it easier revoke consent. for consumers that opt in, they have a right to know what is being done with their data, and instead of being charged to obtain it, can request a free copy. >> google and facebook have been making data available for download and deletion upon
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request. >> consumers have a right to be forgotten, which gives consumers the right to ask that consumers delete their data. for example, you might be able to trade something like a gift certificate for zara in exchange for your shopping history for j.crew. breach,m has a data they must let others know within 72 hours. any failure to comply with this new law will be costly. penalty fines can be 4% of a company's global annual revenue. >> europe expects companies to act in the spirit of the law, not just follow it to the letter. there will be disputes and legal precedents to be set over the coming years. >> while the u.s. is reeling over facebook and that data analytica scandal, the eu is moving ahead with tough rules. abigail: those are the quick takes you can find on the bloomberg. you can find the latest business news and analysis 24 hours a day. that is all for "bloomberg best" this week. this is bloomberg. ♪
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>> we had to enter that our society is a just society. people would not recognize me.


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