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tv   First Up With Angie Lau  Bloomberg  October 14, 2015 7:00pm-8:01pm EDT

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♪ angie: a blurred picture. netflix tumbles as subscriber growth comes up short. sticksdefensive, walmart , -- sticks to its plan before its biggest fall in 27 years. sale as there on oil route hits energy companies. up.ome to first
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i'm angie lau. coming to you live from bloomberg's asian headquarters in hong kong, and streaming on your mobile and bloomberg.com. netflix recovered somewhat after it tumbled in extended trading after subscriber growth missed estimates and profits came up short. joining us is our media analyst. -- tell us about the potential growth for netflix? -- lix reporter: netflix has always been a subscriber story. however, it seems like this quarter was more of a temporary phenomenon because there seems to be some kind of a chip issue which prevented customers from signing up, and that probably affected profitability. the company clarified that -- the, they do plan total addressable market still stands at $60 million to $90
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million, which is good, and they adding a similar number of subscribers in 2015 as they did in prior years. the concerns for a decline in the u.s. market, those fears seem to have been deleted a little bit. that is why we have seen the shares recovered during the earnings call. being the other question asked is whether the company is on track to complete its global expansion. when netflix announced this, -- a lot oflot of a speculation, but how will that impact markets and profitability? reporter: that has been the big question. as you know, they plan to be in 200 markets by the end of 2016 versus about 80 to 85 markets right now. a few weeks ago, they launched in japan. they are launching in a few more countries in europe in this quarter, and more countries in asia. when itquestion mark
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comes to global expansion is when and how they are going to get in the china. as you pointed out, this has a huge impact on their cost. -- their content cost obligations at about 10 point $5 billion. especially on the international side, that is being pressured a lot -- $10.5 billion. especially on the international side. but the company has said they will be profitable in 2017, so we will see how that plays out. angie: but we often say here that content is king, right? ace big netflix f risks for content owners who could get more aggressive in charge them on a person's graber basis -- per-subscriber basis rather than flat fees? reporter: we have seen some of the content companies become a little skeptical about giving their content away to netflix. they feel that they might have given it a little bit too cheap. in netflix has foreseen this
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a way. they have been moving away from distributing old, licensed content and making a foray into originals, house of cards, orange is the new black, narcos. their originalg strategy. this is something mentioned on the call as well -- when it comes to a decision between originals and licensing more content, they are taking a disciplined approach. angie: all right. thank you so much for joining us on netflix in new york. netflix, some big u.s. banks reported results after disappointing numbers from jpmorgan. investors were closely watching bank of america and wells fargo, also closely watching was su keenan. joining us live from new york with all the details. the story with bank of america is that it showed it can follow through with its plans to cut costs.
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be ok rose as much as 2%. they are still down 13% for the year. here is the headline -- they rebounded in this earnings report with a $4.51 million profit as revenue beat -- $4.51 billion profit. bank of america's costs fell 31%, that is what is being applauded. op for j.p. morgan chase and applause for bank of america? some could argue that j.p. morgan chase had higher export -- higher expectations. their ceo makes it clear, though, the interest rate hikes from the fed cannot come soon enough. let's listen. ,> in the u.s., if rates go up we make $4.6 billion pretax her
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year just for that first move. fargo also beat estimates on interest income from higher loans. their ceo mentioned positive support asset purchases. take a listen on how the cfo explains things. >> we are at 31 basis points of our total average loans, which is as low as his -- as it has been in 30 years. credit is strong. i think the story in the reserve is that we managed to produce 5.8 billion dollars worth of net income without relying on a reserve release, which has been part of a bank profitability up and to this point as we recover in the cycle. talking about recovering, analysts say wells fargo has been proactive about going in the market and buying loans. again, those are two banks that reported positive news. ?ngie: what about citigroup
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it is next in line, what can we expect? su: goldman will be out with numbers. citigroup has been forecast to come in with rising year-over-year earnings. revenue is expected to decline year-over-year. bloomberg has been looking at analysts around $1.47 a share. citigroup has pointed out for the banking sector, equity trading is continuing to outperform at many of the global banks. the estimate continues to be a bit of a rough ride. will they also outperform in terms of cost cutting? but is a big question for tomorrow. for us, you will have it later today. angie: su keenan, thanks. checking other headlines for you right now, u.s. stocks were dragged down by walmart, which saw its biggest launch in more than 27 years on a weaker than
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expected earnings forecast. the company warns profit could drop as much as 12% in the next fiscal year. analysts were expecting a gain of 4%. ceo doug millon defended his attempt to revamp the retailer, saying he is taking the long view, including growth in china. >> there is pressure, but there is not a complete tethered to what you hear in the news and what you see in the stock market in china. we have supercenters in china. are -- our stores in china are doing great. we also bought an e-commerce firm in shanghai earlier this year, so we have set the stage in china as we have in the u.s. to create a seamless shopping experience for customers. has released a five year plan at its biannual investor day. the company says sales will accelerate, reaching $50 billion by the end of the decade by doubling sales to women and raising online revenues. nike has been on an upswing during the financial crisis.
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its stock is tripled and has increase its presence in china and south america. first data has priced its ipo below the market range. overompany raised just $2.5 billion, about 20% less than expected. profits will be used to pay down its $21 billion debt. shares will start trading later on the u.s. stock exchange. it has been a rough year for commodities. fortescue metals came out with their latest election metals -- production numbers. paul, how did fortescue do? pretty good, angie. 41 point 9 million tons of iron ore shipped. that is up slightly on year. the price for that was $50 per metric ton, also not too bad considering the environment. they stripped cost right down to $50 a time.
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pursuing ans been aggressive cost-cutting strategy. you cannot talk about fortescue without talking about debt. they have plenty of that. 6.6 billion to be precise. , however they say they also have $2.6 billion cash on hand. they also announced this morning iny purchased $384 million debt. for going ahead, they say physical demand remains strong. fortescue retaining for year 2016 guidance of 100 65 million tons. america responding nicely for this. -- 165 million tons. america responded nicely. other production numbers have been hit by the falling oil price, haven't they? reporter: they have. but take a look at websites billion.- $1.09 that is down 45%.
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that is a story of the falling oil price read there. it was 86 million to 94 million barrels equivalent, that has now been narrowed down to 88 million to 93 million. woodside petroleum up very slightly. thatve a open in australia may begin with a w. there are also reports and local media this morning that woodside might be considering revising its bid for oil search. that is on the got back about a month ago -- the one that got knocked back about a month ago. angie: let's check in on markets in asia. australian equities, as paul said, led among the import askew and woodside. -- fortescue and woodside. up $7.15.t it is strengthening. let's go over there and see
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where things are. it is falling fractionally. we have a stronger he we dollar. -- kiwi dollar. also counting down to the opens in japan and korea. let's head over to japan. this is where we left off yesterday. down 1.9%. futures in chicago pointing to a pretty flat open. let's see where it goes, trending down. dollar yen holding at 11822. 118.22.p next, china -- coming up next, should the fed hold off at a rate hike? we will take a closer look when first up returns. ♪
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angie: checking the stories making headlines around the world. militants have posted a video that claims to show a group of
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hostages seized at a resort last month. the pictures show two canadians and a norwegian, plus a local woman taken from the island of small. the philippines have been hunting militants in the south of vermont. the video included demands that the army offensive is stopped. beijing has criticized washington over disputed islands in china. the ministry alluded to the u.s. when it blamed countries for flexing their military muscles in the region. last week, the pentagon said operate freelyld and the international waters. the islands are claimed by a host of nations, including vietnam and the philippines. andw survey by afghanistan the u.n. says the production of opium has fallen sharply. tons of the3300 drugs were produced in the first nine months of 2015, down 40% of last year.
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beenons of dollars have spent on narcotics campaigns, encouraging farmers to switch to other crops. a meager pickup in u.s. growth may persuade the fed to delay some pending rate hikes again. delay this day's book shows the economy has expanded at a modest pace with -- the latest beige book shows the economy has expanded at a modest pace. while sectors from real estate to banking had a generally thetive outlook, performance from manufacturing was weaker. the mixed report may fuel the divide among policymakers and went to hike rates. what's good the markets. -- let's go to the markets. on wall street, sandisk rose 11% to its highest price in four months after exploring a potential sale of the business. trip advisor was the biggest
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gain on the s&p, rallying 25%. reservediggest plunge for walmart. it saw the most in 27 years after predicting a fall in profit for next year. that was enough to drag down the markets as a whole. s&p dropped for the second day in a row, don -- down 0.5%. our next guest is disappointed the fed did not hike rates last month in hopes it will pull the trigger in december. he is the portfolio manager at alpine funds. steve, thank you so much. i guess it was all about low, low prices at walmart. did that way on sentiment? reporter: thanks for having me, angie. i will have to say it was disappointed by the numbers, especially the retail side. that certainly follows up to what we saw in unemployment and even before that with what is going on in china.
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the question we have to ask ourselves is, was this an aberration or is it a trend going forward? i would like to think it was an aberration. it is a little premature from my perspective to really look we are falling back into a recession. in fact, quite to the contrary. it would be healthy if we did start raising interest rates. everybody has been walking around on eggshells for the last finallyths, and we can start putting money into the pockets of investors who have invested trillions of dollars in the fixed income market. be the case, but i guess if you take a look at walmart and all of those jobs reports that have been flowing through, it is a little bit of a measure of u.s. consumers and where they are when it comes to spending. do you see other data sets that might upset what we are seeing
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-- offset what we are seeing through walmart and the like? reporter: oil has been low for some time now, putting a lot money into people's pockets. the one thing they talked about today was, what are they doing with those savings? they obviously have not been going out and spending that money, so are they just putting it way until the holiday season or to pay for college tuition's? we don't really know yet. the thing that we really have to put into consideration is that everybody is always focused on these numbers as they come out and makes some rash decisions as to what the future trend is going to be. the one thing that i really learned to take into account is not everything appears to be the way it is immediately. see whaty i want to the numbers look like in november and december, then we to make a decision as
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whether the fed can pull the trigger. as i said, as a fixed income portfolio manager who has been investing in this market for the last 30 years, especially the last seven years, with such any make yields -- amy make -- aenemic yields, i cannot be happier to see the fed raise rates. angie: what is a good strategy, then? reporter: right now, because we are concerned about the credit quality, we have tried to be focused on providing as much income to our shareholders while minimizing any type of depreciation. perspective, we are trying to have our cake and eat totoo, and that is by trying find bonds that have protections built into them, but have some the of mechanism built into structure of the bond where we get our principal paid out earlier. he bottom line is this -- trying to protect our downside as much as possible while trying to capture as much income as
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possible. angie: that is lovely thought, the strategies dictate whether or not that is going to work. in terms of just how global markets are affecting the strategies -- as you heard from janet yellen, china is a big player here and bake in position on a lot of sentiment. reporter: absolutely. the fact remains, how much of that is going to trickle over to the u.s. economy? jury'sain, i think the still out on that. we have seen the unemployment numbers, the retail sales, is that all a direct correlation of what we are seeing in china? i am not 100 percent sure that is the case. that's why i think it is still able premature to start passing judgments that we are all of a sudden spiraling back into a recession. angie: steve jacket, portfolio manager at out -- at alpine funds.
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becky so much for that, steve. reporter: thank you. next, the "gotp talent" blockbuster is being given a makeover in mongolia. stay with us. you are watching "first up." ♪
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♪ angie: welcome back. let's play a game. _ _'s gote blank --
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talent. most toe of the successful formats of all time, and only a handful of countries have resisted its bid for global domination. until now, they included mongolia, but the juggernaut has proved unstoppable. the joy. the disappointment. the approval. the bitter rejection. for the talented and the not so talented, it is a chance to realize a dream. for viewers, it is a tried and tested form of entertainment. for mongol tv, it is a potential money spender, with one third of the population tuning in. it was the most-watched mongolian tv show in a generation, and they plan to charge more than $7,000 for a 32nd ad during the grand final. that is more than 25 times the usual cost.
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>> the show is probably the most expensive mongolia has ever done. we have not expected that returns are going to be anything less than three years after we have done the show, the third season. however, because of its success, that we will probably have the investment return in the second season. of course, each contestant hopes to deliver a showstopping performance that will lead to fame and fortune. but my billing artists have yet to achieve -- but mongolian artists have yet to achieve the same levels of success is their western counterparts. >> nothing really happened on the international market, because asian entertainment also did not know what to do with six with a fiddle and throat
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singing, because it was a completely new thing to them. an age where on-demand streaming is challenging traditional television, mongol tv executives say the format will succeed not just because of mongolian viewing habits, but because people want to escape from the economic ones. >> having something positive on air has given a lot of people hope. reporter: but mongolia's -- with mongolia's harsh winter approaching, entertainment is all the more appealing and that certainly will not do any harm for the viewers. bloomberg tv mongolia. angie: amazing. coming up next, a done deal in korea.
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♪ 7:30 here in hong kong, shaping up to be a nice day, although a bit smoggy. we have a decent day ahead -- a busy day ahead for you. south korea and asia monetary policy coming down the line today. we are 30 minutes away from the openings in japan and south korea. on tv, mobile, an online, you are watching "first up or go -- first up." ♪ the top stories this hour
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-- first day fall, then a bounceback for netflix in extended trading after some disappointing numbers. subscriber growth missed estimates and profit came up short. the service signed up fewer than 900,000 new users in the third quarter, below expectations of 1.2 5 million. the introduction of chip taste credit cards to prevent fraud affected customers. ceo reed hastings still says internet tv is the future. thanternet tv is better linear tv. consumers can watch what they want, when they want, on what device they want, and the content has gotten better. the fundamental confidence about the large-scale is because experiences a better than linear, and the entire market is going to move from linear to on-demand internet television over the next 10 to 20 years. disappointing results from jpmorgan, bank of
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america and wells fargo both beat estimates. led bankp in expenses of america to post high profits. interest rates and market volatility way on its bottom line. wells fargo got a boost in gains from as at and new loans. profit jumped -- from asset purchases and new loans. profit jumped. and to big -- two big aussie companies posted gains. woodside reported a 45% decline in third-quarter sales. 42 -- fortescue will ship 145 tons of ore next year.
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is new zealand dollar spot at 67 u.s. cents, slightly strengthening. to australia we go, where the asx 200 is trading like this. fortescue helping lead gains of 1% higher. we are also seeing a slightly stronger aussie dollar. we will hear from the trayvon from the trade minister of australia when he comes on the next show. let's get japan, the nikkei to 25, 1.9% down. futures in chicago pointing to a lower open. dollar yen unchanged, 11823. -- 118.23. the u.s. fed released the latest asian book report. book report.eige it suggests a rate hike may have to be held off for a bit longer.
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dave is here to explain. reporter: that was said, but we have come to a junction where analysts are being extra careful when they read through these phrases. anything that suggests the strong dollar is impacting some areas of the economy will tend to swing sentiment that way. we saw that play out across the fx markets overnight. this came out at 2:00 a.m. our time, that's when you started to see yields come down, the dollar yen come down, the dollar weaker. when it comes to some of these weak spots in the economy -- that's a two day chart, of course -- you look at wages in the labor market. you have scattered reports of , butased wage pressures generally we are looking at subdued wage growth. places that you are seeing which youth are places like where
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would be skilled workers, where the label market is a bit tough. i.t., for example, health care. but it is not broad-based, that is the key message there. overall,at inflation stable, but energy prices are a we areson as to why seeing low inflation. consumer spending is a bright spot. you look at retail sales, especially for cars -- auto sales growing very strongly since the last report. angie: let's talk more about manufacturing. anything that stood out? reporter: the strong dollar. the strong dollar has been weighing in on manufacturing. it has been said that exports are on the way down and imports are on the way up the kiss of the strong dollar. you look at -- because of the strong dollar. cargo volumes have weakened from the last report, pointing to the stronger dollar and lower energy prices, which is a big part of the u.s. economy, the energy
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sector. on hiring and investments, so that is obviously pulling down manufacturing. overall, it was mixed. , ort falling off a cliff will it fall off a cliff if they do hike rates? no. the transmission of higher rates will tend to take more time. the expectation of the rate hike is pushing up the dollar and that seems to be why we got that ,eaction in the market we did because people were perhaps expecting -- again, you go through the text, strong dollar, strong dollar, strong dollar. angie: thank you for that, david. south korea is enjoying its busiest deal in the decade with the volume of acquisitions jumping up from 12 months ago. korea is now behind only china among emerging asian economies and clinching deals this year. shery ahn has been taking a look
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at this story. how much are we talking about for south korea? shery: more than $86 billion in the first nine months of this year. jump of 17% from last year. as you said, it trails behind china's $362 billion, but still, take a look at the number of deals that south korea has actually clinched this year. it is almost double that from three years ago. look at that spike there. these m&a's are being driven by this generational shift in the structure of huge conglomerates. take overing heirs their business and more m&a activity. at the same time, there is pressure, because back in 2013 lawmakers opposed the proposal by the fair trade commission to simplified their ownership theirure, to resolve cross shareholdings among subsidiaries. take a look at who is actually reaping the benefits of these
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deals. listan sachs topping the among merger advisors, followed by morgan stanley. bankers makerse, money in these m&a deals. -- moree more deals upside here, but of course there are risks, are there? shery: yes, and when it comes to the number of deals, it is said there are more on the way. just because some groups are expected to follow samsung nsk when it comes to restructuring their business. that i analysts are also saying that the weak economy and south isea -- in south korea actually propelling these dealmaking activities. we are seeing that businesses want to focus more on core business. korea is going through challenging times as you can imagine. oforts account for half south korea's gdp. s&p says that the net debt of biggest korean
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companies surged 40% in 2010. one of the applications of more m&a's and south korea when it comes to share prices come a that's not immediately clear. but there are hopes that more mergers will have the impact that these businesses will shed troubled units, refocus their that willand eventually help their growth momentum as well as boost earnings. angie: thank you for that, shery ahn. checking other headlines for you right now -- the worst may be over for macau casinos. analysts are more bullish on gaming stocks. galaxy and three other hong kong companies attracted at least eight rating upgrades this month, coming in the middle of a recovery of industry earnings, with better than expected revenue during china's global holiday. there is also expectation that beijing will ask to boost the economy and macau. china could cut national gas
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prices as much as 30% to encourage the use of greater -- cleaner fuel. sources tell us the move could come as soon as next month. india is looking at d regulating the price of gas and fuel. producers have been calling for change, saying that the course is too low for production. and sinopec is getting approval to build a $20 billion gas pipeline across china. it is said to have an annual capacity of 30,000,000,002 big -- 30 billion cubic meters. there is no timetable yet. city, propertyk developers have been the guiding principles for the past few years, but the man who sold manhattan's most instance of apartment has a different strategy -- most expensive apartment as a different strategy, lower prices and exclusively asian buyers. the yvonne man has more.
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what is the strategy about? yvonne: it's interesting, because if you have heard of leaners row in manhattan -- billionaire's row in manhattan, these towers run for tens of billions of dollars. and gary barnett ignited this boom, starting a couple of years ago. he is opening a new square near chinatown, and now he is aiming for lower rice points. these are being listed for $1 million to $3 million for this condo. this is the biggest project ever an asian buyers get first dibs. they said they are targeting a lot of areas such as shanghai, hong kong, beijing, and singapore. there will be an addition here next month -- an exhibition here next month. they say that when it comes to buyers in asia, they still want a lower price offering.
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this tower is expected to be done at the end of 2018, but sales start early next year. so why does he think that he can lure more asian buyers exclusive, and that this is a winning strategy? he said this is a good strategy because you had currency devaluation in china that made the cost of buying homes in the u.s. more expensive. that the valuation probably increased the appetite of buyers in the country. new york city real estate authority has been a great haven for cash. arnett says he does not see a slowdown in demand at all. there are new york listing sites that have seen more than double page views from china in july than a year earlier. u.s. probably fits, and new york city is at the top of the
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list. perhaps internally, people are fearing more devaluation of the yuan. thank you for that. -- has named ad new chairman. the former google chief business officer will help with growth. he helped build his own advertising business, but his role was reduced when the company became alphabet. dorsey's mobile payments company, square, has filed for an ipo to list on the new york stock exchange. square will be seeking about to enter $75 million, planning to use -- $275 million, planning to use that for facilities. square will trade under the ticker "sq."
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coming up, much of the business world sees china as a savior. that approves -- that includes the private jet industry, but will authorities play ball? we will talk to vista jets one first up returns. ♪
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checking other stories making headlines -- israel has deployed troops to withstand a surge of attacks by palestinian protesters. seven israelis have died from stabbings in shootings this month, with 31 palestinians killed in response. the new measures include sealing off arab neighborhoods in jerusalem and relaxing the rules on israelis buying guns. it maynian thinks provoke more violence. and u.s. investors wrap up their investigation into iran. u.s.they are done, the
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inspectors have until mid-december to complete the report. it is said that sanctions likely will not be lifted in the first three months of next year after the iaea confirmed iran has been jailed -- confirms iran has curtailed its current nuclear program. and there may be steep rises for ticket prices to agent sites. new zealand says current charges are low. the culture industry wants to raise the entry fee for the acropolis from $14 to $23 and to double charges from other sites. the government says that revenue could offset security measures demanded by its creditors. let's jet to our next segment, shall we? many companies had high hopes for china's private jet market, but a combination of the
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government -- the economic slowdown and the governments australia measures have left companies target -- hard hit. 100 turned is vista jet. is joining us exclusively here on bloomberg. it is good to see you. guest: good morning. once every two months you are in asia, ufc and the a slowdown in china, the challenges are great -- you have seen the slowdown in china, the challenges are great, what are investors telling you? guest: our business model is anti-cyclical. corporation that flies less than 500 hours per year should to to a service -- should turn to a service such as ours. the cost is so much less than buying your own airplane. angie: a stronger u.s. dollar means that, for overseas buyers of u.s. private business
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jets, that is going to be tough. inst: because the assets are u.s. dollars. i've spent a lot of time for my and in who have come, the end it is on the figures. southeast asia and traffic has is grown over 50% year-over-year. more people flying in and out of china, up 30% year-over-year. very pleased with that. but it is really the business module -- business model which drives our growth. angie: let's talk about china, because you are about to a launch -- you are about to launch your first domestic flight in china, not quite there yet. what needs to be overcome? guest: it was a long-term investment. i am the first to admit i was wrong twice from a timing perspective. we put a new airplane down in december that took us about five months to actually change the technical aspects, then we imported the airplane. it is in shanghai and literally the weeks away from having
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aircraft operating certificate. i am hopeful this year to have the first flight. independent from that, all of our international flights in and out of the -- in and out of china we do every day, and that will allow us to be the first international company to have services within china. angie: it is incredible, this point-to-point service, because you would be the first, but business jets, as a mentioned in my introduction with you, have been facing challenges. not just with the slowdown, but also the infrastructure itself will stop china has got -- it's self. china has got 200 air terminals, compared to 5000 in the u.s. china is a much bigger contract -- country with a lot more people in the u.s.. when itthe challenge comes to getting your clients where they want to go? guest: we have been lying out of
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china since 2008, so we have a lot of experience. that is exactly the growth potential we see in this country. there is a long runway ahead of us. i had a visit from one of the high government officials in , confirming that china is committed to the market in the long term, some markets in airports will open up over time, and air base -- airspace conjunction -- congestion will be improved. angie: do they commit more resources to building airport terminals and runways that are long enough for private jets? right now, the new terminals simply cannot accommodate private jets because they are not long enough. guest: there are a lot of airfields, obviously, a lot of them are controlled by the military. over time, the airfields will open up and give us the opportunity we see. but today, there are a lot of flights, companies from the west
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coast flying to china. that is a lot of trying -- a lot of flying we are doing is a company. a lot of transpacific traffic is happening. 18 months ago, we opened in the u.s., so we finally have the global region and span which gives us the opportunity for our clients to enjoy global services. everything we call is one-way pricing. you hop on an airplane, pay for the runway -- for the one-way, and that's what clients really want. angie: but what about delays? air-traffic congestion is notorious. guest: it is all about the planning of the slides. i think that is what we do well. we have professionals around the world to do this 24/7. we are flying 16,000 international flights this year around the world. run by abviously machine in the background, making this possible for our clients. angie: a lot of blue skies
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ahead, no doubt. thank you so much for joining us, vista jet showing us another set of china and long-term growth potential. coming up next, questionable -- questionable building practices in japan. we will discuss who is responsible one first up returns. ♪
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♪ angie: welcome to the stock exchange. we are taking a look ahead to the opens at japan and south korea. our reporters are here to tell us what's up. i amare keeping and fashion. of course, you are so fashionable. in honor of your pick today, i am wearing this bill. -- belt. reporter: need. this barely moved. the past month, eve week they move less than half a percent, but they cut their four year operating forecasts 98%.
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i am expecting some sort of move today. reporter: beautiful piece of tapestry there. i am watching a company where adr has failed 6% overnight. it has admitted one of its units was involved in some naughty and funny stuff, altering data a sickly. the company says -- basically. the copy says it is aware of the cost. angie: another company in japan doing this. oh, boy. reporter: interesting. angie: yvonne? at ae: i am taking a look real estate company that acquires and improves prime location real estate, midsized. basically, stock has been up about 25% this year. .perating profit 57% up recommend thists
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stock as a buy, so we will see what happens. angie: that's the verdict from the stock exchange. back in one hour to see
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mark: i'm mark halperin. john: and i'm john heilemann. mark: "with all due respect" to those on the debate stage tonight, thanks for the shout out. >> with all due respect-- >> with all due respect-- >> with all due respect-- ♪ mark: the exodus from the desert well underway, the candidates, their surrogates, and the media in their way out of las vegas out of what was a reckoning. clinton, beset for months by controversy, held herself on stage much like maximus the gladiator.

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