in the last few minutes we have received a statement from the lawyers of jay y lee. the lead attorney has said to the bbc we respect the core‘s decision in finding the defendant not guilty on the key indictments and we will do our best to clear the charges. as i was saying to you earlier, jay y lee has appealed this all the way and it has appealed this all the way and it has gone all the way to the supreme court. he insists he is not guilty. to your point earlier as to how significant this is, it is massively significant. up until today, the idea jay y lee would be able to walk out, effectively freed from detention, where he has been for the last year was the least likely outcome in terms of legal options we we re outcome in terms of legal options we were expecting to see during the court case. now, we have to make it very clear, he was still found guilty of bribery, but crucially the differences it is alleged he made bribes to get further control of samsung and the courts couldn't find that to be true. they ruled they couldn't find explicit evidence to show that w

samsung heir jay y. lee walks free aer hftis sentence gets suspended we bring you the latest after the break. for every hour that you're idling in your car, you're sending about half a gallon of gasoline up in the air. that amounts to about 10 pounds of carbon dioxide every week. (malo hutson) growth is good, but when it starts impacting our quality of air and quality of life, that's a problem. so forward-thinking cities like sacramento are investing in streets that are smarter and greener. the solution was right under our feet. asphalt. or to be more precise, intelligent asphalt. by embedding sensors into the pavement, as well as installing cameras on traffic lights, we will be able to analyze the flow of traffic. then that data runs across our network, and we use it to optimize the timing of lights, so that travel times are shorter. who knew asphalt could help save the environment? ♪ jimmy's gotten used to his whole yup, he's gone noseblind. odors. he thinks it smells fine, but his mom smells this...

lee is back jay y. in court appealing his five-year prison sentence. prosecutors are appealing for a longer-term. bars for 12e behind years, arguing that would establish the rule of law and investigations into link between government and business. a final appeal to the supreme court may follow. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm debra mao. this is bloomberg. yousef: let's get back to our top story. it has been a grim morning for asian markets, equities extending their biggest seller for global stocks in two years, putting the asia-pacific index on course for its biggest drop in almost 14 months. but get to our market strategist mark cranfield. just a couple of weeks ago, even less than that, we had all our movers and shakers in davos raving about global economic growth and profits. should i be worried that this is nothing more than a little bit of a correction? at this stage it does look like a correction similar to the one we had in november last year, from which the markets r

jay y. lee goes free. >> if you can be stunned and not surprised, that is the reaction here. >> this is bloomberg. ♪ ramy: this is "bloomberg best." i am ramy inocencio. let's return to our global tou r of the week's top business , beginning with the formal transfer of leadership at the federal reserve. >> jerome powell has taken over. he inherits a u.s. economy in its third longest expansion on record with unemployment and inflation both near historically low levels. >> he inherits the fed at a great time, but there will be a lot of challenges in the medium-term. the main one is how the fed will manage the next crisis. because powell will most likely preside over the next downturn in the economy. in the previous expansion, the fed raised rates by 3.5% and 4.25%, then they lowered rates in the downturn by 5.5% and 5.25%, so big moves. they don't have that buffer this time around. they will have to play with unconventional monetary policy tools. this will be up to the new fed chair to manag

that is after jay y. lee appealed his jail term. the sentence was cut by a half to two and a half years, and he is now free to go on four years of probation. ndal brought down the corporate president of samsung. anna: thank you, sophie kamaruddin with the business flash. the hard choices of brexit have created open warfare, and it is not clear if the british by minister will survive. m.p. advocate leaving without a transition period. in contrast, you have philip hammond, who wants a more modest separation, a view that has brexit backers calling for his head. anna: steven saywell from b.n.p. paribas is still with us. u.k. assets, then, i have a chart here -- 3202 shows the pound. we have gone from a situation where we were favoring calls to favoring moves. how much is the u.k. story and the pound all about the politics? the bank of england is in the mix as well. steven: i think the first point i would make here is, look at u.s. sterling. the pound is still relatively weak. a lot of what we see in cable is the dollar weakness. we woul

. >> a south korean court has suspended the prison sentence of jay y. lee after he appealed the jail term. the sentence was cut by half, although he is now free to go on four years of probation. >> if you can be stunned and not surprised, that is the reaction today. we are stunned the high court reviewing the appellate court process in the central district court behind me, they have not exonerated jay y. lee. sentence, but they have allowed him to walk free. he has already left the courthouse by a bus to the detention center, where i suspect he will collect his belongings. a has been there for nearly year. the yonhap news agency saying the man who was convicted in the same courthouse in august to a five-year prison sentence for various corruption charges, he will be able to go home this evening. it is a stunning reversal because this of all the different options the appellate court could have come up with, this was the one that legal experts said was the least likely, second to only being completely exonerated. >> the bitcoins life continues, and leadnc

a south korean court has suspended the entrance of jay y. lee -- the sentence of jay y. lee. 2.5 years,to although he is now free to go on four years of probation. he has been embroiled in the downal that brought president park geun-hye. aircraft comest to reassure shareholders after caving in to a union drive from pallets. guidance for the full year. guiding profits in the rate of -- we have seen passenger numbers increase. that is your bloomberg business flash. now 14 minutes away from the start of trading in europe. we are likely to see a negative start. there are individual names we should be focusing on. our european stocks editor paul jarvis. talk to me about ryanair. stock is likely to be like her this morning. it has been weak recently. numbers, andd the it is positive. there is a lot to like about the company, but if you notice they were cautious on the comments for shares over the summer. ryanair, not so positive. that will weigh on the stock this morning. matt: i want to know about the bidding for pfizer consumer unit. what is the story? paul: yes. that's righ

coming up, samsung's jay y. lee walks free after a year in prison for bribery. we head to seoul for the latest, next. this is bloomberg. ♪ context on last week's shakeup at airbnb after the annual planning meeting in san francisco. cofounder and ceo brian chesky privately told his then-ceo that airbnb was putting off its initial public offering. he had reportedly been lining up investors and was eyeing the jump to chief operating officer. he protested the ipo delay, and the decision to promote belinda johnson to coo above him. by the end of the meeting, he was out of a job. delivery hero is turning a corner after the food delivery startup reported 2017 sales exceeded company guidance. revenue caused the stock to jump as much as 6.5%. bloomberg news spoke to the company's ceo and spoke if delivery hero has a sufficient scale globally. >> yeah, absolutely. we're the leading platform in 35 markets globally, and this scale is still growing very fast and will continue to do so. emily: in south korea, samsung electronics heir jay y. lee is free to leave prison after

a south korean appeals court is due to decide the fate of the samsung group's, vice chairman, jay y lee. he was convicted and jailed for corruption last year, in a case that also brought down president park geun—hye. the scandal shone a light on the cosy ties between family—run business empires and political powers. so there has been a shock result in the super bowl, american football's biggest event. in a nail—biting match in minnesota, the underdogs, the philadelphia eagles, beat the favourites, the new england patriots, to take the title for the very first time. the end result, a 41—33 victory for philadelphia, going against most of the pre—match predictions. let's talk to meg oliver from cbs news. she is at the stadium in minnesota. what a game. tell us all about it. sally, it was a spectacular game. take a look behind me, because people are still milling about here on the field, soaking this end, as you mentioned. this is the first time the philadelphia eagles have ever won the super bowl. confetti is all around and people and friends are still taking pictures and trying

coming up, seoul, south korea's high court rules today on jay y lee's prison sentence. we will be back. this is bloomberg. ♪

in south korea, jay y lee is free to leave prison almost a he was detained in a bribery scandal. four put on probation for years. he was the highest profile business figure that brought former south crean president. oining us live from seoul is stephen engle. this has happened with other executives sentenced to time in past. is this just a show? stephen: that's a big question asking.re this is ripping off the band pineda before it was healed. thought the cozy relationship between a businessman and politicians was inally -- they turned a new page on that. they thought that when the district court in august handed five-year prison sentence for various charges corruption and what influence peddling with a now deposed president, but now after this high court, the appellate yesterday that they are lowering the sentence to 2 could walk d he free. he walked free from the seoul detention center yesterday. he read from a paper basically saying he apologized for not best side the past year was a valuable time for looking inwards to himself, but he is same time you know going perhaps back t

samsung under jay y lee -- that is what they are going to be saying. he is back, he cannot have any missteps. yvonne: at least calm some concerns that perhaps he is able to manage the company and perhaps we won't see a slowdown in the handset division. stephen: no missteps, keep pace. keep in mind as well, it looks like they might be handing a lot of their firepower for the next found because they have been working on a foldable screen. maybe the next one, the 10 if they call it that, the s10, would be the big next up for them. this one just keeping pace for them. yvonne: interesting they kept it nine when iphone went from eight to 10. stephen: there is probably more difference between iphone 8 and and iphones news9 x. yvonne: stephen engle, chief north asia correspondent. time for a quick look at what is coming up on bloomberg markets. ceo will beescope on in 10-15 minutes, talking about the lift in the first half earnings. the big question is, what happens next? what we areresting hearing from president trump considering tariffs on steel imports. ris

emily: in south korea, samsung electronics air jay y. lee is free to leave prison after being found guilty in a bribery scandal. he was initially put on probation. he was caught in a corruption probe that brought down the former south korean president. we went live to soul and spoke with stephen engle. >> kits like ripping off a band-aid before the wound is fully healed for many south koreans. they thought six months ago this cozy relationship between businessmen and politicians was finally -- they turned a new page on that. they thought win the district court in august handed down the five-year prison sentence for various charges, including corruption and influence peddling with the now deposed president, but now after this high court, the appellate court, ruled yesterday that they would lower the sentence to 2.5 years, he can walk free, and he walked free from the seoul detention center yesterday and gave a little statement. he read from a paper saying he apologized for not showing his best side.-- but i the same time he is going back

. >>> samsung heir jay y. lee is a free man after spending the past year in jail a south korean court suspended his sentence for charges including bribery and imbevelment in a scandal that brought down the company's president. lee had been the president in terms of happying to control samsung. >>> still ahead on "worldwide exchange," the global selloff continues. a full market round up straight ahead >>> and if you stayed up late to watch the super bowl, the highlights is stay tuned those are next on cnbc >>> breaking market news, wall street pointing to a triple digit decline in the open, as friday's selloff spills into a new week >>> wells fargo shares deep in the red, following a smackdown from the fed details ahead. >>> it's a big day for philly as the eagles soar to their first super bowl win it's monday, february 5th, 2018. you're watching "worldwide exchange" on cnbc. ♪ philadelphia freedom shine on me i love you ♪ >>> good morning, a very warm welcome to "worldwide exchange" on cnbc. i'm wilfred fr

hong kong time we are expecting that ruling on jay y. lee's appeal. david: let's get you an update of the first word headlines with debra mao. coalition talks in germany broke up on labor laws and health care. agreementsmerkel won on rent, public housing, and broadband expansion. parties had hoped to reach agreement by sunday. talks will now resume on monday. six senior members of south africa's ruling anc have met with jacob zuma, who is facing mounting pressure to sit down. top officials will meet monday to discuss zuma's future. the many in the anc what had gone, while opposition parties are calling for him to be impeached. china is ratcheting up trade tensions with the u.s., launching an investigation into sorghum imports. they say they have initial evidence that the u.s. government subsidized to the sector and will check imports from the beginning of 2013 to october 2017. that move comes after president trump -- president trump slapped tariffs on solar panels and washing machines. north korea made almost $200 billion between january and september

samsung heir of jay y. lee has -- the ruling follows a familiar pattern. lee's father and other executives have been try for corruption only to receive suspended sentences. global news, 21 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries, i am paul allen. this is bloomberg. haidi: still ahead, we are live in the singapore airshow. challenges the senior vp wanted to navigate this year. is there any labor available to make them fly these claims? all of this, up next, this is bloomberg. ♪ ♪ >> let's get you now to singapore. this is the singapore airshow. haslinda is standing by. >> we want to talk about how asian carriers have been ordering thousands of jets. the problem is there is a lack of infrastructure to support it. manpower as well as air-traffic control power. how do navigate a situation like this well? .et's talk to the vp indonesia are trying to get into underserved regions. topice: that is a huge globally and particularly in this region. it is really booming everywhere which means that we need to be ab

the heir to samsung, the world's biggest smartphone maker, jay y lee walks free as south korea court suspends his jail term for corruption. live from london, that's our top story on monday 5th february. jay y lee, is vice chairman of samsung but was convicted in a sprawling corruption scandal that also brought down the former south korean president. we will explain all you need to know. also in the programme... the world's biggest airline, ryanair, sees profits take off

samsung is hoping the new firm will calm concerns about jay y lee's ability to manage the company since being set free from his prison sentence. that is your bloomberg business flash. steven: francine: thank you so much. let's get on to china. the country set to repeal presidential term limits. a constitutional provision that bars a head of state from serving more than two consecutive terms in office is in place, but the party committee says it wants to change that. our chief asia economic correspondent joins us with the latest. talk to us about the timing. how significant is the timing of this for investors? >> it is quite significant. the head of the annual was a parliament where they will rubberstamp the plan for running the country, we know that in the near term it reinforces the economic agenda in china, which is one of cutting poverty, tackling pollution. ist we get from this move that xi jinping is not only in control, but doubling down on his authority. fors a very fair message policy in china in the near-term at least. francine: what does it mean for president xi's ambitions, a

following that surprise prison sentence, and really surprising walk that we had jay y lee free. coming under pressure to put it mildly? yes.: we opened down 7% on logiccor. is latte corp.. your terminal. everything that matters about a certain asset. in this case it is lotte corp. there is your headline. a lot of stories on the company, but where does this take the company moving forward, following that surprise prison sentence on the company here? a lot of volume coming through on the stock here. average here. haidi: lots more to talk about, david. we will get back to you in a little while. but get first word news from has lent. missedomic growth estimates in the fourth quarter. oficials show an expansion .5 of 1%. that was half of the estimates. down from 2.2% in the first quarter. president trump has been challenged by republican lawmakers on a potential tariffs on steel and aluminum imports. during a meeting, they said such a move would raise prices and cost u.s. jobs in related industries such as car manufacturing. reporters were allowed to walk -- to watch for nearly an ho