tv Trending Business Bloomberg October 22, 2015 10:30pm-11:01pm EDT
id: alphabets and microsoft beating expectations. jeff réseau's became the third richest person in america. bezos became the third richest person in america. his company gained. ers leading the gains. lifting sentiment across this part of the world. reporter: thanks to mario draghi. those comments from the ecb
president. a strong boost to global equities in asia. shanghai composite extending gains. that is on the surprisingly positive third-quarter gdp number. economy rebalancing and recovering. a strong rally coming through in australia as well. new zealand having the 11th session of games in a row. positive sentiment in the region. one third of 1%. every indexes higher in asia. some stocks in the red, those airline stocks. 12% in new york following a big gain.
china cameay because out saying, its controlling shareholder has not received notice about the merger. elsewhere, all about that positive number out of the china home prices. home prices rising in 39 out of 70 cities. property stocks in shanghai doing incredibly well. ofting the daily limit 10%. beijing, also a strong day. thanks for that. let's talk about this rebalancing that china is going to undergo. at $10 trillion economy. expected to be front and center. also becoming -- almost becoming
accepted wisdom that rebalancing is a good thing. is that really true? some are saying no and questioning beijing's tactics. let's bring in malcom scott. the critics, the voices are getting louder. malcolm: there is a view that says it may be coming to early. this year, some of the businesses, rather than investing too much, china at its current stage is not investing enough. itital stock per worker -- is huge. guys are saying it can be. there should be more machines per worker. china still lags.
there could be as mitch -- much as many years. rishaad: it is not always the most efficient way of dealing with things. malcolm: what level of efficiency is the investment coming through? someone said that singapore has a high level of investment. why do they do so with china? the key is whether it is wasteful or efficient. rishaad: lets you if the critics get louder. thank you. let's take a look at malaysia. spotlight turning there. the beleaguered prime minister being his 2016 budget. he will try to explain what he
is going to do well fending o ff questions about his biggest crisis. what are we expecting from the pm? is he going to come out fighting? reporter: this is going to be a test to see whether he sticks to his fiscal consolidation plan. this is going to be a balancing act between spending and generating revenue. malaysia is coming under pressure, in order to generate the income required to fulfill its targets. be a test of whether or not it is going to improve its tax revenue. the government put into place and unpopular consumption tax. there may be more measures on the tax front as well. when it comes to appeasing the needyd supporting
part of the population, the government said they will likely provide more support for the vulnerable groups in the form of cash handouts. also looking for measures around affordable housing. the ringgit has been falling. or 423.at 422 nobody's expecting what to expect giving the constraints on the economy. rishaad: he is under a lot of pressure. not just outside his political party but within it, too. can he survive? that is what people are asking. sophie: just this week, the opposition leadership has filed a new no-confidence motion saying the way the economy is going, it is shaking confidence in the administration from the foreign investor point of view. we have seen foreign funds flow
out of the country. is going to be a chance for the prime minister to demonstrate his commitment to ensuring fiscal targets are met. we did see a revision in 2016, given the light of oil prices. moody's is still on the lookout for signs of fiscal slippage. they ares said, unclear if the government will cut spending to a sufficient degree to meet this target. thank you. join us from kuala lumpur. let's check on the other stories we are following. mongolia and japan have agreed to plan a rail line. the japanese prime minister signed the deal. he is on a week long trip that will include other nations in
asia to build ties and drum up business for japanese companies. addapore's airport plans to a third runway for commercial flight. it will upgrade a current military runway. the contract is worth more than $1 billion. the runway is expected to be operational by the early 20 20's. deutsche bank sweeney acts at investments. some people will lose their entire bonus altogether. taken as ofhas been yet. earlier this month, the ceo said cuts may be coming as he seeks to reduce costs. theal buyouts, eyeing discount store, woolworth's.
a big w brand. in theoes big w sit retail space? why the interest from private equity? they may never have heard of it w but it is a chain of department stores, 184. similar to kmart and target. general merchandise, if you like. kmart and target are their main competitors here. struggling in that arena. their operating income down 25%. now this story, private equity may be circling. this is the kind of thing that private equity likes. people familiar with the matter say kkr, tpg, and blackstone have been expressing interest. aroundewing woolworth's
$1.1 billion. -- valuing will worse around $1.1 billion. w bead: would selling big enough to stabilize all of this? certainly help. they have been having some well-publicized difficulties. share prices up today but your to date, down 13%. in august, when in august -- when they announced results, they revealed a drop in sales. woolworth's struggling with the core business, fighting stiff competition from kohl's. beyond this, there is another store which often pops up in local media. a chain of home improvement stores. that has been struggling against bunning's, and ill-fated venture into home improvement which has
been hanging around will with -- woolworth's neckline can apple albotros.n as to when it is going to stepping down. when the new man or woman is in charge, it seems things will move swiftly from there. rishaad: thank you very much. looking at the retail space in australia right now. scared away by the mers outbreak. southey returning to korea? we will find out after the break. ♪
at storieslook making headlines. thessian drone has revealed staggering sense of syrian fighting. forces have been entrenched for years. airstrikes have reduced the area to a wasteland. the view has had more than one million hits. a masked man used a sword to kill his teacher and student before being shot by police. the have no motive for attack. the killer was in his 20's. some students posed for photos, thinking it was a halloween prank. the king says it was a black day for sweden. is suing aotball cap over --g toy company
the player looks remarkably like player. and taking a hit from the mers outbreak. we have a south korean economy recovering in the third quarter. but arch worse going? shery ahn is in seoul with the next story. shery: the mers outbreak, pummeling the tourist industry. gdp in the third-quarter showing the economy is making a steady recovery. remember, last year, south korea's tourist industry brought in $18 billion in revenue. it is a significant part of the economy. joining me to talk more about
this sector of the south korean economy, a senior executive director at the korea tourism organization. thank you for coming out. i know you have to travel a lot. you are keen to tell us about the economic recovery, especially between her's and industry, given what a tough summer -- especially the twitter the tourismtry -- industry. the numbers are up. september, the number bounced back to the same level of last year. october, 7%-10%. an increase. shery: is that due to the chinese holiday? >> china's holiday. we got around 300,000 chinese.
not only from china but also hong kong and malaysia and southeast asian people coming. has thehinese tourists, trends changed on how they visit korea or spend money? especially given we are seeing a slowing economy in china? i think they are young, individual and mobile. we see more and more young chinese tourists in their 20's or 30's, coming to korea. individual tourist. shery: as opposed to a group tourist. ok. >> these young tourists have their own plan and interests for korean travel. phones.ng mobile
wthey can go almost everywhere in korea. to travel destinations. they enjoy authentic korean food. shery: where are they spending their money? >> they stick to shopping. try to experience unique korean things. that is one of the biggest change. thing you interesting were saying earlier, 56% of revenue came from china. how much of a risk is this, given it is such a big part of your tourism industry? mentioned, the chinese
goals is ae of our diverse market. we want to expand to the southeast asian market. medical tourism. shery: what about some of the trends? southeast asian companies, are you seeing more people from their question mark >> every year, southeast asian people come to korea more and more. numbers from southeast asia. end holidays are coming up. tourism,in charge of what are your plans for the rest of the year? >> we are doing a special campaign. , a campaign --
the goal of the campaign is to upgrade the satisfaction level of foreign tourists. howle need to understand the tourism industry is important. in the economy. how to serve foreign tourists better. nowadays,oned, because foreign tourist visit diverse places, markets, restaurants, sometimes they -- shery: those english menus. >> that is one of the key point. we are trying to make more english menus. proper food menus also. shery: thank you so much for all of your insight. and coming from your office. >> my pleasure. shery: one of the key
investors will be lapping this up? >> at the beginning, there was concern whether individual investors would buy into this. when we started asking around, people were saying absolutely. this is a government backed ipo. they are supporting this and pulling out all the stops. and toges are flyer in the jewels, households. it looks like the individuals are getting into this. analysts saying so little of household cash is being invested stocks. when they do start to buy into something they believe and trust and know the name, there is no reason for concern. individuals will come into this. if you look at the asset base, a holdf household assets are in stocks. that compares to almost half in the u.s.. there is also a cash reserve fund that will be used for stocks.
investors haven't gotten around to investing it yet. ¥10.7 trillion in those accounts. investors will be coming in for the stock and trying to buy it. rishaad: what market concerns are there over the ipo, generally speaking? anna: a lot of the concern was about investors. how much they will have to sell out of other recoveries like the banks, the service sector. was the japan post parent y is going into. it has been rising. we have not seen the big problems in other sectors as well. passive investments do not seem to be having a big effect. it looks like things are going so far. from tokyo.ning us that is it for this week's
(don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. john: good evening sports fans, i am john heilemann. here with mark halperin and kansas city, home of the royals. 2014 american league champions. we hope, the american league 2015 champions, because we can't tolerate the idea of a canadian baseball team in the world series. tomorrow, we will be interviewing ben carson, heading to iowa for a jampacked weekend of presidential politics. but first, it's hillary clinton on the hill day. so we have a big benghazi-heavy lineup today. since 10:00 a.m., the secretary of ste