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tv   Bloomberg Daybreak Asia  Bloomberg  March 22, 2017 7:00pm-9:01pm EDT

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♪ >> five dead and 40 injured in britain's worst terror attack in a decade. parliament will meet as usual, later. >> the pound held steady as the drama unfolded, while the yuan at its highest in a year. >> a mixed day in the asia-pacific with the strong yen weighing on stocks in japan. >> the chinese premier arrives in australia. ties, trade, and tariffs.
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coverage ond daybreak asia live in london with the latest on the terror beijing, weand from look at li keqiang's visit to australia. you to walllso take street and our predictions about the next round of central bank decisions, starting in asia. this is daybreak asia, from bloomberg's u.s. and asia headquarters. i am betty lou in new york where it is just after 7:00 p.m.. >> and it is just after 7:00 in hong kong, i am yvonne man. , spoke justayor eight hours after the attacks in westminster. they have heightened security in london, the area around the attacks read we did see changes in currencies, like of the yen being caught up after the news broke.
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but in the equity markets in new york, not a lot of movement. you would have thought there would be a tiny bit of selloff. investors shrugged off this news and continue to buy up shares, closing at almost the high of the session. yvonne: the pound holding steady, u.s. stocks had a rebound. this was fell during the wall street session. let's see how things are in the asian pacific. we see pressure in new zealand, down a 1/5 of 1%. a benchmark rate unchanged at 1.75%. governor saying policy will remain accommodative. but there are external uncertainties in the international outlook. .7046 right 6 -- now. steps down in australia to meet with officials to talk trade. it is slow going at the open,
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stocks are flat. in japan, a brutal day on wednesday. the nikkei 225 was the loser on the board, down. the looks like it can be continuing with the dollar-yen halting the strength. 111.23 for the yen this morning. a little aversion in light of events in london. shery: that is right. let's move on to continuing our coverage of the attacks in london. may prime minister theresa describing wednesday's terror attack in london as sick and depraved. the terror threat level will remain severe. five people, including the assailant in a police officer were killed. 40 others were injured in the incident outside parliament. may patriot be to those who lost their lives and said parliament
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will not give in to terror and will meet as usual on thursday. >> the location of this attack was no accident. the terrorist chose to strike at the heart of our capital city, where people of all nationalities, religions, and cultures come together to celebrate the values of liberty, democracy, and freedom of speech. westminster, of home to the world's oldest parliament, are ingrained with a spirit of freedom that echoes in some of the furthest corners of the globe. the values our parliament represents, democracy, freedom, human rights, the rule of law, command the admiration and respect of free people everywhere. target for it is a those who reject those values. let's get more on this. it joining us from london is our
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u.k. government reporter, tim ross. give us a the mood on the ground at the moment, eight hours after this attack. we did hear from an update when it came to the metro police on the death toll. right, we know five people, including the attacker, have been killed in this incident. at least 14 more injured. those numbers could change. westminster right now is a very different place from what it normally is. we were there, the bloomberg team along with other journalists, very crowded. hundreds and thousands of tourists are usually there, swarming in the streets. all the streets of the moment are completely deserted. the area, nordoned one is allowed in or near it. rie place to be tonight in london.
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shery: we heard from the commissioner, mark raleigh saying there'd be more police presence. expect, come at daybreak when london opens up again? what kind of security measures will be put in place? what can be expected? remember,hing to armed police have been an increasing site, increasingly common site in london in recent years. tonight there are many, many more police wearing high visibility, bright jackets on the streets, patrolling sites like to be stations and train stations and tourist hotspots in london. you will see a really visible police presence in london, including armored police with guns, which is a less common site in britain than in the u.s. but it has been growing increasingly. there'll be more police visible
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at iconic locations, particularly when you get big crowds of tourists. anyone talking about a possible failure in government intelligence gathering here, who have seen this attack today? is anybody talking about this right now? tim: i think those will be questions in the days to come. at the moment it is about trying to understand the scale of what has happened and piece together, the police investigation that will follow. the counterterrorism chief who gave the update now in london did say he was pretty sure he knew who this attacker was. there will be questions flowing from that. he is quite clear the attacker was acting alone, and that there were no other attackers out there at the moment. they know who the individual was. when we get more details about
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the identity of the attacker, there will be more questions for the investigation that is ongoing. tim, thank you so much, tim ross of bloomberg news. that is our reporter in the u.k.. let's get first word news with courtney collins. officials said to be preparing for the u.k. walking out of brexit negotiations without a deal. said it wask feasible, mmo said the e.u. should be ready for such a scenario. sides already warning about britain's liabilities, as much as $65 billion. tencent planning to spin off its e-book business after reporting quarterly profits missed estimates. jumped 47% to $1.5 billion in the three months since december.
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tencent faces competition in the gaming market. there boosting content to retain users. the trial of the de facto samsung boss resumes in the next two hours. jay y. lee meets for more preparatory hearings, though it is not clear if he needs to attend in person. --is related to korea's there may have been vast sums used to buy government favors. the scandal also brought down president park. seoul and washington have about a strong punitive steps against north korea following reports of the latest missile test. a bomber overend the peninsula, accompanied by south korean fighters. in is toeports of the
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accelerate its rocket in nuclear program to develop first strike capability, in case the u.s. was preparing to invade. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i am courtney collins, this is bloomberg. let's take a look at how the u.s. markets closed. non-reaction to the attack in london. ramy inocencio at the big wall with more. investors pulled back from those declines we saw yesterday. right, not too much of a pullback but we see the dow closing on the flat line. s&p 500 and the nasdaq hauling back a little more, up 2/10 of 1% for the s&p 500. yesterday it had lost 1.25%. the nasdaq lost more, down 1.8%. it is going back .5% right here. movers, of the biggest
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financials, 2/10 of 1% down. as an industry group. but technology was the biggest gainer, microsoft, apple, intel the biggest gainers. we have to talk about volumes. we are seeing a little movement here, but volumes were much lower compared to yesterday. it let's go to the bloomberg terminal. if you follow on your own bloomberg terminal, this is a volume function, the average volume at the time of day. at this time yesterday, average volumes were 60%, 17% higher than today. we are seeing people pulling back, investors pulling back from any trades right now. especially as you look ahead to that vote on capitol hill when congress looks at that obamacare revision. we see it a little closer here. in the earlier part of today it was greater in terms of volumes.
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but the leader in the day, the farther it got into the red. it definitely petered out down there. let's take a look at the biggest movers. i mentioned technologies. microsoft was the biggest gainer on the day in terms of a percentage of 1.3%, its biggest jump in three weeks. price, $65.03are in the past two months. financials going the other way, the second-biggest fall in terms of the s&p 500 groups. wells fargo down by about 1%. sense: there is a investors are waiting on the sidelines. a lot going on the next couple days. janet yellen will be speaking as well as other fed speakers. and there is a congress vote on obamacare revisions. ramy: that is right. some people are bullish about this, depending what happens
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tomorrow. some people are bearish. i talked about the bear and bullish side of things. i have a chart on the bearish side of things. the s&p 500 setting itself up for a near-term drop. 500,hite line is the s&p at 23.48. the bottom line is the relative strength index. the red line indicates the s&p 500 might be overbought. the green line, that it might be oversold. the fact we are heading down toward the green line potentially implies we are on a bearish track. that, we may go from 23.48 to 22.8. we look forward to what is going on on thursday and beyond. they lookill ahead, to what is on the agenda for chinese premier li keqiang's australian visit and whether they could be a movement on trade. betty: plus, what the trump
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administration may mean for the global retail market. we ask our next guest what he sees opportunities in new york and what he makes of europe. ♪ betty: this is daybreak asia, i
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am betty liu in new york. yvonne: and i am yvonne man in hong kong. a look at business flash headlines. reports from japan, the government may help samsung if the winning bid comes from a foreign company. sony news says they are considering suspending the plan if chinese or taiwanese firms emerge victorious. they seize the business as holding technology crucial to japan's national security and fear losing state secrets. betty: american airlines in advanced talks to acquire a stake in china.
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an investment of $200 million in the carrier's shares. americans intow a market that they say will surpass that of the u.s. by 2024. lost a sony mobile patent infringement case and faces a bill of $1.3 billion. beijing intellectual property court ruled in favor of an internet company over sony's use of its authentication and privacy patents. the court also ordered sony mobile to stop producing and selling funds with the software. five models are affected. betty: as we keep monitoring the developments in london after the attack earlier today, our next guest, a global real estate developer just returned from a trip in europe. joe sitt, the senior of thor equities, with over $10 billion
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in assets in their portfolio. joe, good to see you again. you came back from this trip to europe. did you go to the u.k.? joe: yes, i was in london. betty: you came back and said you were bullish on europe. but when something like this happens and you see terrorism again in a european market, does that scare you away? i think myself, like everybody, is starting to see a bit of change. first we are starting to see is core inflation picking up. not just headline inflation. beis making people want to bold, hedge their bets on inflation, own assets like real estate. but people are afraid and want to be conservative. whether it is terror -- fear of or north korea. betty: are they afraid of trump?
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joe: i would say they consider that more global shock risk as opposed to life safety. but i would call investors today conservative bulls -- cons ervabulls. they want to invest their money, be able, but also be safe. invest in places that have less exposure. i would say madrid, milan, new york city as examples of markets where people could just sleep at night in terms of where their money is. betty: if anyone were to look at a list of cities that could be for terror attacks, i would think new york city is at the top of the list. well.o me, as but what is interesting in terms of the psyche in the average investor, and to be candid, myself as well, i do not want to jinx it for us, but after 9/11
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we have stepped up in terms of security measures. when you see what is happening in markets all over the world, at the end of the day, new york city is probably the absolute safest alternative to put your global war,terms of currency issues, terrorism, etc. all of a sudden, new york is rising up. there was a recent transaction on parkpened yesterday avenue with a chinese company. biddingve, 12 bidders to the end. an interesting dynamic. you have chinese and middle easterners that have come out of their shell now that oil has come up. but new dynamics are coming, people coming from brazil, india, places you might not think of. betty: i am surprised by the chinese. even though we know they were in commercial properties the
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biggest foreign investor last year, something like $20 billion, they have now been told by the governments through these rules, you have to cool it. so i am surprised there are still on the market so vigorously. joe: i have been hearing the same message. more so starting the last few years when we had a bump in the trillion dropped down to $2 trillion in terms of reserves. but with all the rhetoric, they are still out there. they are very aggressive in the marketplace. they still look at markets like new york city at the best risk-adjusted return for the money. for the money they already have out there, it rebalance is. they have money in australia, london. let me raise some madrid, new york city, etc. betty: some cities i did not hear, in asia. aren't they safe havens? joe: very much so, but not the
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ones you would traditionally think where the capital is. what i mean by that, where people are investing their money in terms of safety it is probably more in tokyo. to be candid, a lot of the wealth coming out of china and hong kong is really leaving their -- there. there could be political risks, concerns. betty: they want to get out of that region. of: they want to get out that particular country and to a lesser degree, that region. betty: new york is a big market for you, but the chinese, why are they not going into the second tier cities in the u.s.? joe: it has been happening, a trend that has been picking up over the last two years. one thing i have seen reverse a, people have been more jittery lately. donald trump put a little fear -- betty: a little bit?
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joe: what is he going to tweet 8:00 a.m. on sunday morning? that is what i call the conservabulls; where am i going to sleep at night? hna do i like the second-tier markets in the u.s.? , but i alsothem want to sleep at night. i have a base in a major metropolitan city and exposure to the secondary market. years, the past five have been net short on new york city. but now we are reversing back to more value in the market. yvonne: this is yvonne in hong kong. insee capitals in china, terms of scrutiny, products are offering higher yields, limits on what insurers can buy. we are not seeing a possible slowdown, what does it mean for
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the size of these deals? could they be smaller? hna, at $2 billion, for the size and scale of chinese companies, is downsizing in terms of the relative scale of deals they could handle. if they did not have the restrictions they had today, i heard a quote from a chairman of one of the largest organizations, he said they could have $10 billion if you have an asset in new york with a value of $10 billion. i think we are ready seeing that starting to be reflected in the market. relatively speaking, it is not ginormous. yvonne: joe sitt, president and ceo of thor equities. ♪ ♪
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yvonne: china's premier, li keqiang, will visit australia's
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parliament as part of his three-day visit. paul allen is watching this from sydney. good to see you. trade, obviously high on the agenda today. paul: it is probably top of the agenda. we expect china to push for the regional trade deal. there is expected to be movement on bilateral agreements, as well. greater access to china for chilled reef products. be a jointpposed to announcement on an initiative for research and innovation, as well. there is going to be featuring of defense concerns, the australian prime minister is expected to reiterate his desire to see disputes in the south china sea resolved in accordance with international law. speak franklyl and constructively about maintaining peace in the asia-pacific. to chinese premier li due visit parliament in a short
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time. we expect speech is underway in 90 minutes. yvonne: paul allen there in sydney. central banks watch as a debate their next move. ♪ show me academy of country music awards. thank you so much for that down home welcome. show me female vocalist of the year. thank you so much. thank you so much acm's, i appreciate it. show me acm best moments. i could never have wished for, asked for and dreamt of anything more than this. catch your favorite moments from the acm awards and an exclusive encore performance by kelsea ballerini following the show on xfinity x1. the acm awards. live on sunday, april 2nd 8/7 central on cbs.
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morning in hong kong. we have a return of winter weather. 30 minutes away from china's major market. newy: the same here in york. we saw a return of winter. , butd temperatures today beautiful evening sky in new york. the markets pulling back from the mid-declined yesterday. of 1%p 500 ending 2/10 higher. i am betty liu in new york. yvonne: i am yvonne man in hong kong. you are watching daybreak asia. let's get the first word news with courtney collins. u.k. prime minister theresa
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may has described a terrorist attack in central london that left five people dead and at least 40 injured as "sick and depraved." the lone attacker was shot by police after driving into pedestrians on westminster bridge and fatally stabbing an officer. the attack in the heart of the city was no accident, but said that londoners will never give into terror. >> the united kingdom threat level has been set to severe for some time and it will not change. >> chinese premier li keqiang will receive a ceremonial welcome to australia shortly as he begins his four-day visit. and trade will top the agenda as china looks for opportunities following president trump's decision to pull the u.s. out of the transpacific partnership. li will also spend time in sydney before flying on to new zealand. could maker takata receive $2 billion from a
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leading rival if its restructuring plan goes ahead. the proposal would see chinese-owned key safety systems join the bailout. takata resented the plan to automakers, and they could form a new company for those unaffected by airbag recalls. they could face liquidation. plan to repeal and replace obamacare is drawing strong criticism ahead of a vote expected thursday. its $880ing point is billion to the medicaid program for the poor. a group representing major insurers oppose the bill, and some republicans are saying it could harm constituents. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i am courtney collins, this is bloomberg. yvonne: courtney, thank you.
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let's look at how the asian markets are shaping up. on wall little rebound street overnight. a little mixed picture today. perhaps not the decline we saw yesterday. maybe they went too far. dave: when you look at markets right now, the japanese yen is weakening. it is mixed right now. new zealand and australia, the movers here. you have a 1/5 of 1%. yields lower at 2.3. on the 30 year we're back to the low, 2.72%. on the 10 year we see weakness when it comes to the aussie dollar. there is dollar strength coming through. we will talk about the yen in a moment. quickly, new zealand, the story is the central bank leaving rates at a record low. no big surprise. talking down the currency, much needed to balance the economy. that said, no big surprise. 48.2, to mention oil,
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fell briefly below $50. we will be waiting for that reopen within the asia-pacific space. have a look at futures in japan. wei, it gives you the pricing. we could be looking at a flattish start on the nikkei 225. it hasteresting session, overturned higher at the moment. it was a horrible day yesterday, does not seem to be the case as we enter this thursday morning. the yen on a strong rally due to risk aversion. tell is trading right now. dave: what is interesting about fellen, the dollar-yen, it
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low key support levels two days ago. we are at 111.31. do we see a break below 110? yes, you do not have to be a rocket science test -- scientist to see the space. november 9, that is where we are. we are at the upper 109 levels. people are watching that as the next support level. another pair i am watching, that below the 100 day moving average. that tells you something, there has been a lot of euro strength in recent days. i want to show how much in demand chinese currency is at the moment. but we could see that taper off into way more risk appetite session this thursday. betty: thank you so much.
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the asian trade right now. we are focused on central banks around the world. janet yellen preparing to give a speech in washington on thursday, taiwan and others holding their policy meetings. kathleen hays is here with more. as we mentioned last time, let's start with the rbnz. kathleen: i think it is important to keep watching because there is so much volatility in currency markets and inflation rates you can see the dynamics each bank is focusing on their own economy and policies. rbnz keeping the key rate at a record low, 1.75%. they are watching what is going on internationally, even if they watch what is going on domestically with prices. here is a statement from the "bloomberg daybreak: asia governor graham wheeler, monetary policy will remain accommodative for a considerable period.
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particularly in respect to the international outlook. he said that a number of times. policy may need to adjust accordingly. another thing he singled out, the currency, he said a weaker key we means a stronger gdp. -- lessget left expensive. let's jump into the bloomberg chart 1731. the yellow line is policy ray, it came down three lot -- three times in 2016. the blue line is the new zealand dollar. it is down from peaks around 2014. climbing in 2016. itomberg intelligence says is not great for exports. risinghas helped offset oil prices. at that is maybe a plus there. thearticular reference to
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gdp for new zealand, running at 2.7%. mr. wheeler said it could get to 3.5% in the second half. it looks like maybe it will not going to. it could be on hold for some time. the bank of taiwan has moved, as expected. keeping its key rate at 1.37%. before the meeting, the governor mentioned there dollar has binned stronger despite the fed move. asian central banks not expected to raise right now, except for one, the philippines. you got it right. they will be giving their decision hours from now. there isoing on there, rising inflation and some concern over that. 21 economists surveyed by bloomberg, two say there could be a rate hike.
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this is something to watch very closely. probably they do not raise rates but inflation rates are rising. that is what people are looking for. yvonne: it seems like markets have ignored some of the hawkish talk we have heard from laura messner and other fed speakers. will janet yellen change that? kathleen: we shall see. i think she will be on board. she agrees with the fed consensus for three rate hikes during 2017. in a speech today, three rate hikes seemed reasonable to him. it seems reasonable a former fed vice chair said he sees the possibility of four hikes this year. >> i think it is very much a possibility. guess.till my best lots of things good deter them from a fourth.
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including a weaker economy in the second half of the year. what we are waiting to see. it would be interesting if the janet yellen did give us something, i think she is still in the camp of alan wilder. mostly, there is uncertainty in washington, d.c. there is the repealing of obamacare. that downplays the the impact of any fiscal stimulus and they are working at what the economy is in front of them right now. yvonne: she should be satisfied with the market reaction since the last hike. the canadian government is hitting the brakes on new tax changes morning as its economy shows signs of recovery. revealing his second budget, the finance minister told bloomberg he wants to show the world canada has the best balance sheet in the g7. >> of course, we are deeply
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engaged with our neighbors to the south. we want to make sure our trading relationship stays strong. our budget, what we can do in canada to make sure our company -- country remains strong and we have the jobs canadians want. that is what we were doing. today is part of a long-term plan that started a year and a half ago, dealing with middle class anxiety and opportunities for children. today is about the long-term. sectors, where canada can be successful in the world. one of the things we need to do to help canadians get the skills to be successful in those places, that is a very canadian challenge. it is one we are consumed with and i think we are making an impact. >> there are measures on the table for potential border taxes.
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is that encapsulated in your riskis that encapsulated in your risk adjustment? [no audio] >> none of us can know what is around the corner. the good news is, what we started doing is having an impact. we reduced unemployment from 7.1% down to 6.1% since we have been in office. the last seven months have seen 750,000 new jobs in this country, the best in a decade. the majority are full-time jobs. the measures we are taking is making an impact. it will allow us long-term vision for success. it will allow us to be resilient in the face of challenges. >> there is speculation about capital gains.
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have you considered that, or what thought have you given to capital gains? >> what i can tell you, it is not in our budget. we did look at measures we could our in order to ensure system was efficient and measures we can take to make sure it was fair. i have seen a few efficiency measures. the thingf fairness, that jumped out at us, some individuals were using private corporations to lower their effective tax rate. we wanted to make sure we deal with that. we will be putting out a paper to make sure we get it right. there will be a situation where we want to make sure two people living side by side with the same income have the same tax rate. that is critical for us. some people are trying to change their tax rate, we will deal with that. betty: that was canada's finance minister bill morneau. in the pink, the leading sports
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producer. the increasing appetite for the meat. ♪ ♪
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is daybreak asia, i am in yvonne man in hong kong. betty: i am betty liu in new york. a quick look at the business flash headlines. main companies have raised their dividend payments after the biggest ever reorganization of the business empire. $1.95lan a payment of hong kong per share. 1.15 a investor concerns of cap in below book values. has violated u.s. must pay a fine of
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$1.2 billion. it ends a europe uncertainty about china's second-biggest equipment maker to make -- do business in the u.s.. felonies,ed to three making material false statement, and obstruction of justice. betty: general election says it will shut down bonuses if they failed to meet agreements. executive payouts will drop 20% and lowerot operate, a base cost by $1 million. they adopted the gold after pressure to find management. pork, a 17% jump in earnings. profits the estimates from china and the u.s..
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the growing appetite for premium meat in china is expected to fuel future growth. let's bring in executive director ken sullivan. good to have you here. i want to talk about china and chinese demand for pork. pork, but barbecued chinese, there case have been changing. beef and been adding other proteins. do you see at moderating? the long-term. in the short-term, the macroeconomic environment in china is in a slowdown. it has put a dent in protein consumption. when you look at it over the very long-term, protein consumption in china is growing faster than any place in the world. is,backdrop to it macroeconomic theories that exist in china about
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urbanization and increasing incomes, all these of strong correlations to pork consumption and protein consumption in general. yvonne: we have a great bloomberg chart that shows what you are talking about. we put it up for our viewers to see. pork prices -- the longer-term trend is still quite high if you look at historical levels. moreill shows how much demand it is compared to the local supply in the market. how much more of an increase could we see in exports of american pork? ken: it could be significant. of the big idea here is that china is the world's largest pork market. if you did not know what, half of the world pork is consumed in china. it is a huge market. certainly, all the things we talked about, urbanization, income levels, that trend will continue. yvonne: does it change the products mix? ken: it will.
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the more income you have, you change the way you consume pork. you go from fresh pork, and a consumed that americans do not eat. as incomes rise we will see rising consumption of a more western-style product. american bacon, and ham. yvonne: we need it. ken: that is what we will see in china. it is a huge market. the numbers might be misleading. i want to pull up a chart that shows your revenue growth in the chinese market. but also in the u.s. market, as well. basically that that demand has been petering out. it is the yellow bar, that is china, your revenue in china. bar is your revenue in
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the u.s.. steady, but a stagnation there. let's talk china first. that may be misleading, is that a supply issue or supply constraint? ken: no, i would not characterize it as a supply constraint. what is happening in china, there is been economic slowdown. that has a direct corlett to affect the pork consumption as a dominant protein in china. the top line it does not tell the entire story. are in a spread business. a large part is in that fresh pork business. we are taking hogs from the farm, converting that into fresh meat and that is a spread business. a lot of prices fluctuate and so do meet prices. what is important is the spread in between. yvonne: when it comes to
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smithfield, one of your biggest if not well known acquisition in the last couple years, had you plan to boost demand for smithfield products in china? ken: we are introducing those products into the chinese market places. had ae consumers have not taste for western-style products that there is a great interest in those products. we have begun to manufacture these western-style products in china and we are starting with the first tier cities. in china we have a dual brand strategy. we have a flagship brand in china. but now smithfield is being introduced in the chinese marketplace. are you preparing for more protectionist policies out of the trump administration? are you expecting that could hurt your business there? ken: i would say we are not expecting any trade wars.
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certainly, that is a dialogue amongst everybody, what will happen with the trump administration. the trumpl belief, administration recognizes american agriculture is the antidote to what is most complained about in the trade deficit. and on a world scale it is most competitive and helps balance out the trade deficit that we have in the united states. betty: thank you so much, can sullivan, executive director of the wh group. ♪ ♪
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tencent planning to spin off its business to its users and keep them glued to its chat service. we have someone here with of the details. were the big highlights? >> the miss was mostly because
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there cost of revenue jumped 60%. they are opening up their wallet, trying to invest in cloud content for its video platform and video services. they have said their payment services, they are not planning on making money anytime soon. losses might go up in the short-term and medium-term. them tot is for safeguard their lead and social media and online mobile gaming because content is king. mentioned company they are spinning off their online e-book division. what is behind that? it sounds like a move like amazon? lulu: exactly, the e-book division is like the kindle store, it is called china reading limited. in february they were trying to stick $500 million. they are trying to listed in hong kong.
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also, in 2014, people familiar said that division was valued at $2 billion. saying they see possible spinoffs of other content divisions as well/ well. they have a music division similar to spotify. is one stock to watch. plenty more to come, i want to bring you david and glaze to read -- ingles. david: we are watching the japanese banks. yesterday was a very bad session. buye four getting a recommendation from bnp. hyundai motors we are watching closely and goldman sachs. and japan steelworks.
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it has revised its previous forecast from a profit to a loss. more in just a few minutes. futures pointing
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♪ yvonne: london's worst terror attack in a decade leaves five dead and 40 injured. the prime minister says the threat letters to desperate level -- the threat level remains unchanged. the pound remained steady and the end is at its highest point of the year. terrorism willd be on the agenda as the chinese minister starts his first visit to australia, and the market look ahead to janet yellen's latest speech.
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this is the second hour of daybreak asia, coming to you live from u.s.'s asian headquarters. it is just after 8:00 p.m.. 8:00: and it is just after p.m. in new york. will continue getting development out of london after the attack, but we are watching developments in asia where you are with central bank decisions already made in one we are waiting on in the philip is. -- philippines yvonne:. -- philippines. taiwan is one of the next to decide. it was quite a quiet sessions say -- session in the u.s.. we caught -- got the money put to work. let's see how the market is opening in tokyo and seoul. >> were talking about what the strategies -- macro strategies were to new york in the rpm.
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there are three certain things -- taxes, death, kurt and the rpm trying to draw down the currency. we are indicating that we are managing to get a little bit over $19,000. that's 90000 and the nikkei 225 -- 19,000 on the nikkei 225. andphilippine central bank it is a fairly mixed spectrum across currencies. it is a decline right now -- 7666 on the dollar, but when you look at the south korean won, it -- when youoward look at this oil price story, half of 1%. have pressure on oil prices, so we are seeing a slightly bonne that as we do anyway at this time of the day. for a while, it was trading below $50. let me flip the board to look at
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the dollar-yen. $1.11, and if you look at the midpoint between the low end of november and the high of $1.18, that is about $1.09. 10980 -- one dollar 980 -- $1.980. we were playing with the charts and we found this correlation goes through fairly strong. if it is an green, they are moving in the same direction. if the dollar-yen goes up, stocks go up. we found out when you reach into level, one dollar $ --out -- one dollar $1.20. we are now getting a dollar strength coming through this
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action and it bodes well for the japanese equity market. the correlation is strong, and there are other reports that affect this. very quickly, levin wrap things up with an early look here at the u.s. 10 year yields. we are around 2.4%. this is briefly during the new york session at around 10:00, 11:00 p.m. hong kong time. it moved to 2.4%. betty? betty: thanks, david. that how the markets are trading here in the early open. to the firstet now word news with paul allen in sydney. paul? thanks, buddy. u.k. prime minister has described the terror attack in central london as sick and depraved. the lone attacker was shot dead by police after driving into pedestrians on westminster bridge and fatally stabbing an officer.
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the premised says the attack in the height of the city -- prime minister says the attack in the heart of the city was no accident, but they will not given to terror. threatinister may: this level has been high for some time, and it will not change. their income jumped 47% to one and a half billion dollars -- $1.5 billion. tencent facing a surge in costs and rising some addition in the global gaming market that is boosting it to spend on content in its messaging services. the tribal -- trial of the fewung boss continues in a hours. the case is linked to korea's undue influence sandal that saw big business donates -- scandal that saw big business donates asked sums -- vast sums to buy
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government favors. i'm paul allen, this is bloomberg. these are some live pictures from the house. malcolm turnbull shaking hands as he got out of a harder -- the car. there will be inspection of the guard of honor, and that is underway right now. there will be some remarks and speeches from the two as well. that is expected around noon in camera -- canberra. betty? betty: let's talk more about this historic visit. jason, what is going to be at the top of the agenda between the two leaders? what they want to assure?
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jason: -- what do they want to accomplish your? son: it is all about trade. this is the most senior visit by a chinese official cents the president came in late 2014, and that paved the way for a free-trade agreement between the two nations about a year later. the most china dependents developed nation when it comes to trade. 's exports go to china, and annual trade is worth about $115 billion. they still want to promote more trade, and are talking about them easing ties -- increasing industrialing capacity, energy and mining technologies, and agriculture infrastructure. betty: it is interesting that with visit by the premier coming at a time when there are global clinical tensions -- political
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tensions, the u.s. considered a wildcard here. you sense the china feels -- that china feels this is a chance to assert themselves of a bigger global leader? tom: i think that is a fair characterization. you can see that from the start from the speech that president she gave in -- president xi gave. and now you are seeing it again. it is an opportunity for china to put itself or as a champion of globalization and free trade, though some would take issue with that characterization. they do see this as an opportunity. as anre looking at it opportunity to influence australia as it draws of its foreign-policy -- draws of its foreign-policy, and that is from the suggestion people have given here, saying they want some influence on that.
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back, the u.s. pulls australia needs to take a more pragmatic and realistic approach according to an opinion piece in the media publication here. it is seen as a chance for australia to increase its ties with china. the skeleton nouriel saying -- this editorial saying australia does not need to choose between china and the new u.s. -- the to -- ut it is good betty: and this is all coming at a time when there is concern among australian that the in that china is- buying more land in getting access to critical infrastructure as well. how can we mitigate those considered at how can they mitigate those concerns on top of all the deadline tensions we see?
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jason: there are those concerns. the government in australia tries to play them down over time. for instance, it says that even though there is concern amongst voters, china is buying too much agricultural land. -- the australian government points out that less than 1% of total agricultural holdings here are chinese. 's basically australia government is trying to downplay those concerns. that said, there are rising property prices in sydney and melbourne especially, and a lot of voters are concerned that chinese investors are pushing those up out of reach of ordinary australians. it is a balancing act all the time for us to really a and their relationship with china. tom, and that goes to what we have been hearing in the response from china. this after julie bishop's comments regarding the mainland.
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some are saying the difference between ideological versus prejudices as and some have called the deputy foreign minister? tom: the deputy foreign minister saying that this was an example of ideological prejudice, but the chinese are trying to taper over this. they do not want those issues to bubble to the surface. their intentions around the south china sea, for example, the well of tensions among things around human rights and democracy. those they want to keep on the back burner. the us trillions probably due to come to some extent. -- werewill slightly burnt by that comment by julie bishop, but it want to take a more pragmatic approach. at least, that is how they would characterize it. and you saw this piece, he talked about the benefits of impress uponing to the us trillions that they are willing.
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they talked about milk powder exports, wine exports, and mineral supplements all increasing by 50% year on year. -- this industry is asked the beef industry is expecting as well,p more money and a lot of opportunities for great corporations in terms of infrastructure for mining and energy. betty: what is the relationship like between malcolm turnbull keqiang? do they know each other well? tom: i will backtrack a bit and point out that there is an pointing out the contentious relationship between turnbull and trump, and they wanted a different approach between china and australia as leaders. beside having good conversational english, he is known for being a charming
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official. i do not know what their personal relationship is like, seene is certainly someone as being charismatic. he has a strong relationship with angela merkel and other leaders as well. if held not surprise me is on the charm offensive and australia. in terms of on the ground and australia, how is this visit being played out to the public? or is it on their radar? jason: it is on the radar. i think it is viewed as an opportunity to really build up the relationship, which is at a pretty strong stage at this stage. basically there are concerns, diplomatic concerns amongst the general populace and australia -- in australia about whether or muchhina is buying up too australian land, being involved in too much energy project, that
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sort of thing. i think australians are also pragmatic enough to know that our future lies to the north, to china, because basically they are paying a lot of the bills. jason, go through the timeline of what we are expecting here during this trip to australia. jason: during the visit, there will be basically diplomatic meetings, bilateral meetings, there will be a press conference that we are expecting later tomorrow. both with prime year -- premier turnbull,me minister and then off to sydney on friday were they will be meeting up with business executives and talking up the trade relationship there. betty: it will be a busy three days for the premiere. jason scott, thank you very
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much, and tom mackenzie, our china correspondent from beijing. still ahead, we will be live at the forum in hine on as gregory gives speaks about pcs simtech changing finances. first, we discuss getlondon terror attack to an idea of the global indications.
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betty: this is daybreak asia, i'm betty liu in new york. yvonne: and a look at the latest headlines. the government in japan saying halt sales of its chip units if the winning bid comes from a foreign company. they consider suspending the bit chinese or taiwanese firms -- bid if chinese or taiwanese firms emerge six aureus --
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victorious. lost ay mobile has patent in bridgman case in china and must pay the bill of $1.3 billion. the beijing intellectual rock record ruled in favor -- intellectual property court producingny to stop and selling phones equipped with the software. an american airlines -- and torican airlines is at stake acquire a share of china southern. any deal will proceed through a private place in. this will allow american a market. presence in the china's will surpass that of the u.s. by 2024. betty: and more on how the u.s. affect made trade -- may
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the trading day. -- ramy: bromley: also, health scare stocks -- help your stocks with -- here is where we ended today. the dow is flat. we will call that flat. you will say that yesterday we saw the biggest losses since october. the s&p 500 and the nasdaq are both driving back out of the hole. .2 percent,y 2 -- and the nasdaq now about .5% at the end of the trading day. levy show you the sector health of these steps in the -- let me show you the sector health of the s&p 500, and seven of them were in the green but four of them did go into negative territory. financials, i want to point out, is one of the bigger laggards here, down .2%, and your member yesterday it fell by about 1.8%.
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it is one of the biggest losers in terms of sectors on the s&p. technology --at information-technology up about .8%. and this was not down just today or yesterday, but it was down for the past four days. we are pushing almost more than 4.5% down. it will be adjusting to see what happens with the capitol hill boat, -- vote, because they are thing is the obamacare revision does not happen, that will have a negative knock on donald trump's taxing policy and trade policy there. also let's take a look at the big banks to her, because that will also be key with tomorrow's vote. we can see wells fargo's down the most out of the big four by about 1%, the lowest in a weeks. also, health care -- obamacare -- not just for the past one or two days, but the past five days
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in terms of the health care to whatown about 2.3% is happening to tomorrow in washington. betty: thank you. analysis, the latest on the threat to london after a terror attack in less to stir -- in westminster. that's up next.
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betty: this is daybreak asia, i'm betty liu in new york. to our top back story now, london's worst terror attack in more than a decade left five people dead, including a police officer. 40 people injured. turning us now from oberg is greg barton, security and global terrorism expert. bright, great to have you. the big update we got from london metropolitan police was that this man, the assailant, was inspired by islam. this attack seemed very soon
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again -- similar to what we saw in nice. is there a pattern now to what we are seeing as to how some of these lone wolf terror attacks are being executed? greg: there is a pattern. an assailantk to him when he slid his throat and folded on his mobile phone. that was inspired by al qaeda, and they had a magazine trying to inspire lone wolf tax -- attacks. we are seeing numerous attacks in the last three years, mostly in the name of isis. some of them are quite sophisticated, but many of them have been lone wolf attacks. he can be mass t events, as on -- they can be mass t -- casualty events, as we saw in
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nice. betty: but the way that some of these extremists are recruiting neasman is very sophisticated and how they tackle social media and their strategy. how specific is that for counterterrorism officials now to try and -- difficult is it for counterterrorism officials to stop the spread of messages online? task -- is impossible a task to eliminate this problem, specifically in social media. we can do better by working with communities. a lot of times, family received someone in trouble can be the first part, a call that stops minute g -- many attacks. and we do need to keep in perspective that there are other threats that are much more important, regular domestic violence and violent assault are much bigger threats in this kind of terrorism. the terrorists want to keep themselves in our consciousness,
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a reminder that they are dangerous by doing these things, but actually, this is not a major threat to our way of life. happen -- we have to keep that perspective. another thing we want to watch is make the stream authorities more secure from vehicle attacks. basically, the system is working. the leg -- last big attack was in london in july 2005, and they have stopped dozens and dozens of planned attacks. something like a lone wolf attack gets through, unfortunately. recordgiven the track they just mentioned, but you think about it here in new york as well. we have not had a major terrorist attack since 9/11. that speaks to some success, but it is almost impossible, would be able to try to foretell or gather any kind of intelligence on a lone wolf attack is? -- like this? greg: it is not completely
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impossible, but we need to recognize the best source of intelligence is human intelligence from families and communities affected area there is -- affected. there are signs that someone is slipping away, let a young person being radicalized, and many families have spoken up and stop attack from -- stopped attacks from occurring. this is very much a human problem. betty: and what did you make of the method of the attack? did you make anything of that? greg: we need to find out who is whoup involved inspired it. it could be a qa that inspired a group in southwest london. it could most likely be isis, but they are prepared to take what is available to them. they cannot do the big mass casualty events with guns and explosives, so they do the low-tech things. so we do recognize that, and as we get pressure on the middle
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east, we will keep an eye on those lower attacks. betty: much more ahead, searching for the clues as investors look ahead to janet yellen's fed speech on thursday.
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betty: we are getting more and more jealous of those sunrises and singapore. the start ofy from trading, and they are expecting bigger numbers in trading. it was sunglass weather today, but it was cold. we are watching daybreak asia. world newsthe first with paul allen in sydney. paul? paul: sources say the u.s. is investigating potential north korean involvement in the aft of $81 million from a bangladesh central bank account at the new york fed. similaritiesee
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with the earlier hack on sony, which authorities blame on pyongyang. they appear toy be preparing for the u.k. walking out of brexit negotiations about receiving a deal. -- without reaching a deal. thatnts in a bloomberg say the two sides are already arguing about britain's potential liabilities to the eu, which could be as much as $65 billion. new zealand's central bank says monetary policy will be holding for a wild. thatspeech, it is said multiple uncertainties are rain, or to give early internationally. kiqiang willer
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as he is welcome accompanied by a business delegations, and will spend time in sydney as well. a planned $16 billion call mine in queens land famous is a new environmental challenge backed by the former leader of australia's green party. -- alliance says three quarters of australians protest the mine, but it could create up to $10,000 in queensland. betty: paul, thank you. but take a look at how the asian
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markets are shaping up. bit of momentum. nikkei 225, that is the one your chart. we are right smack in between the 15-100 moving averages. we have all into a low of 19,000 -- fall into a low 19,000 levels. 19,000.s, 10 point. certainly, up. we tend to see a very strong relation win the dollar-yen is at an extreme level. that is as far as a hand-in-hand correlation between the two. australia, the story here. this moving average is now below for the first time since december 2008. are getting a frighteningly decent bit when it comes to two real stocks.
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last time i checked, up 1%. at the moment, we are flat at 3.5 points. is oneorea, this interesting market. when you look at this graphic, this is 7041 on your bloomberg. this shows you that they are taking a step back, and it is a fallen play when it comes to south korea. we are very close to a record high on the index. this is the amount of influence, yen. $3 billion and look at where the currency is right now. we are back to the strongest levels going back to growth this year. so again, in a lot of ways you for a highf demand bit like south korea, which tends to sway the market very much. it is very interesting, this dynamic we are seeing where local players are seven back to four and -- for it -- stepping back to foreign funds.
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describedresa may has the terror attack in london as sick and depraved. the salele, including at an police officer, were killed. more than 40 other injured in incidentent -- others -- injured in the incident outside is parliament. attacke location of this was no accident. they chose to strike at the capitol power city come were people of all nationalities, religions, and cultures, to celebrate the values of liberty, democracy, and freedom of speech. in --e of westminster are these halls of westminster are in grade -- in grade with the spirit of freedom that our code in the farthest corners of the
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globe. democracy, freedom, human rights, the rule of law command the admiration and respect of free people everywhere. to the target, for those who reject those values. for more on the attack, here is our government reporter tim ross in london. jim: westminster is a very different place than what it normally is. with journalists, lawmakers, and other officials. there are hundreds of thousands of tourists usually there in the streets. all the streets are completely deserted as the police have corridor it around the area. known as being allowed in or near it, and it is an eerie place to be tonight in london. tim.e: indeed, we heard from the pacific commissioner saying there is going to be more police
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presence. what you expect come daybreak, when london opens up again? what security measures will be put in place? what can be expected? tim: the thing to remember is that police have been an increasingly site -- common sight in london in recent years. but there will be many, many more police wearing high visibility, bright jackets on cycliceets, patrolling to stations, train stations, and tourist hotspots in london. you will see it visible police presence in london, including armed police with guns, which is a less common sight in britain that it is in the u.s.. it has been growing recently, and i think that will spread out across the country as well. there will be more police visible at iconic locations, particularly where you get big crowds of tourists. atty: is anyone talking about
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possible failure in government intelligence gathering here to have seen this attack today? is anyone talking about this right now? tim: i think those will be questions for days to come. the moment is about trying to understand the hair and what has happened. then to piece together the pieces of the investigation that will follow. the police counterterrorism chief, who gave the update just pretty say that he was sure he knew who this attacker was. there will be questions coming from that, but that is significant. that is quite clear that this , therer was acting alone are no other attackers out there at the moment, and they know who this individual was. we get more details on the identity of the attacker, there will be more questions for the investigation that is
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ongoing. 6 betty: -- betty: that was tim ross, speaking to us just a short while ago. back on market and business, central banks are focused around the world. janet yellen preparing to give a speech in washington on thursday. new zealand, the philippines, and taiwan are held -- held and are holding their policy meetings. kathleen hays is here with more. nothing very surprising being heard from the bank's asia? -- in asia? kathleen: everyone is trying to think about what is going on in asia. the fed has started to raise interest rates, and you think boy, they have to follow along or money will leave the country. so far, steady as she goes. the country has a lot of push-pull when you look at what is going on. start with the reserve bank of new zealand, because they kept their rate at 1.3 quarters percent -- 1.75%.
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numerous uncertainties remain, particularly in respect to the international outlook, and policy may need to adjust accordingly. we heard this wording being buffeted by international services as a reason to keep policy easy. he also said that a weaker new zealand dollar is needed to get stronger gdp. to sell stuff overseas, that is something that could help. it looks like new zealand could use a bit of help on the gdp. let's jump in the bloomberg now, and you will see a chart that has a white line looking at their gdp. look at how it has turned down at the end of 2016 going into 2017. even though that yellow line, timesy rate is cut three in 2016, and the dollar has moved up. it is off its peak, but that speaks to the whole story as to why the bank might want a weaker
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kiwi. not so much to where they cut rates. in fact, the governor said recently that he says there is an equal balance of risk. equal chance that they raise rates, you will chance that they get cut. bottom line, nothing is happening just yet, but a lot of things are happening in and outside the economy. yvonne: that's right. pressures for the philippines. or is more calls -- there is more call that the central bank needs to move. kathleen: there is, but there is no interest rate change expected by the bsp. it is seen in keeping the key rate at 3%, but two of 21 economist surveyed by bloomberg news do see a re-hike, which is not happen since 2014. it is always unanimous that no move will occur. it is not because the fed is
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moving, but the head of the central bank says there is no reason to adjust policy. it is inflation, that is what is going on. 7034 in the bloomberg, and we'll see now that inflation has to 3.3%. that is the blue line. that was in february. it is now 3% -- above the 3% and at the same time, you see the gdp, the yellow line, depicting how strong the economy is in the philippines right now. in the fourth quarter of last year, 6.6% was the rate for the whole year, 6.8% -- that a compared to the weaker growth and the rest of the world, and we are still waiting to see with the taiwan central bank does, but those are two of the big ones and what is going on. but they need -- but we need to keep
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their powder dry to it here what janet yellen says.
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betty: this is daybreak asia, i'm betty liu in new york. china's annual blowout business forum kicks off in high non---. theme, certainly a hot topic. globalization and free trade. let's get to stephen engle, joining us line this morning. , your scene looks pretty good? stephen: it looks pretty good. there are tough assignments and really tough assignments. where + -- we are poolside in hainan.
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is globalization and trade, the asian perspective. we have the ceo of blue fax. syntax -- fintech. globalization is one of the big themes here, protection is offshore. you have talked a lot about wanting to take your services abroad, allowing and getting to theal services chinese, taking the investments abroad. how is this way of the protection affecting you? ofin terms of fund flow out china, that has slowed down a lot. what we are looking at and team quite a bit of is there -- seeing quite a bit of is that it is not as china, but all over asia that is the writing middle-class -- rising middle-class looking to manage wealth. you have a great infrastructure for private banking of the top
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end, but the middle area, no one is doing it across the border. we see an opportunity out of singapore and hong kong to focus and bill something -- build something in the space. to improve your footprint in hong kong and singapore, so what are the processes and regulatory processes here that you need to do to pass through the market? >> we are doing our homework in singapore and looking at what it takes to do something entirely online across border. you have to go through a lot of processes. it is one thing to do businesses domestically, but when you do things across the border, you get into how accounts get open, anti-money laundering, and things you have to do right. what with technology to data, in between how you use data and get profiles, there are hurdles you need to
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over, in an entirely different way. steve: you must have some issues you must address, given the regulatory ambiguity we see in china. >> what you have to do when you're coming out of china -- the states was not that regulated over the last couple of years. when you going to hong kong or singapore, these are very mature robust, regulatory regimes. but if you have a place like singapore, you read they are ntech toious about fi promote their own development, so we are going to a and having discussions with the developers -- the onlineut environment, but what else do you need? in china, there are a lot of people who are renting their homes, all their those are paid online. they do not have that. it is working with the regulators, saying how do we do this in a mobile fashion? stephen: so what could we see in would see text we
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that we have a fully functioning platform in singapore, whether they are coming from china or the malaysia, indonesia area, and they can come on and by global products. given: what about china? we talked about the global consolidation going on there. give us an update? consolidationn and the regulatory framework? >> this is across the board for china. the last 6-12 months as the defining a lot of regulation, and it is now basically cook and itre -- cooked in where wants to go. on the back of that, you have seen a lot of practices squeezed out. i would not say zero, but a big improvement from where we were a year ago. the guidelines are set. the number of players in the industry, lisa talk about 2000-3000, but now we're talking about 1000. in those 1000, the top 20 have 50% of the market. what we have seen in our cases
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market share double over the past year. you are seeing consolidation of the bigger brands. customers are becoming more choosy here is either want to invest or get their money back, so i think they are starting to get much more sensitive to how they choose their brands. stephen: i have to ask you about the ipo. we talked about it consistently. we met at we meet -- nine months ago and he said it was like happen in about 12 months plus time. where are we now? >> we are always ready. stephen: what market conditions are you looking for? for thee always looking capital markets being in line, and china we want a completion of all the regulations so we can go to the market with a clear start. stephen: thank you so much. for geeking -- thank you for kicking off our coverage here. betty: it's gorgeous there, steve.
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upcomingome other big, news from the forum here. in the next hour, bloomberg markets asia will speak to china expert mclarty from the pew institute. as 9:10 a.m. in hong kong. and to discuss how brexit is assessing -- affecting the uk's credit rating. that is unholy best 9:40 pm if you are watching in new york. this is bloomberg.
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yvonne: this is daybreak, asia -- daybreak: asia. tencent planning to spin off its e-book business. service,udes any chat this is after quarterly profits fell short of wall street estimates, despite rising 47%. pay -- tim innd i taipei, what do you make of this e-book spinoff business? bighis is what conglomerates do. they have a business, spin it off, get some money out of it, and think it will be better for the business.
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they get some cash in, but do not really need it. it would not be that surprising, frankly, and we will probably see in the next few years a couple of spinoffs from the $.10 cent group.n in some ways, much ado about nothing, but in other ways it is so whatt move. yvonne: are some of the strengths for the company, and i know you have some concerns about areas of weakness to. -- >> thegths is strengths are in some of the newer areas. you talk about revenue, you need to divide the revenue and the profit because there is a bit of did -- disconnect. the revenue category is their smallest category, because it is miscellaneous items, but that includes cloud and payment. both those had a tripling of on year.ear unfortunately, for investors those are both low-margin business models. they said on the outset
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yesterday they were not big profit drivers, but important to the overall strategy of the company. clad, we can the -- cloud, we can probably see it make profit in the future, but the payment not,- the payments are because it is just a way to tyler once together. an advertisement, it has been sleeping gains in revenue from their social network platforms, but they are pushing into performance-based advertisement, or you can click in and measure the ad. that grew a lot and that is an important area for them. they are getting some just -- they wanted to show they are getting traction there, and they did. yvonne: but will convince you that they are robust right now? have that irns i wrote about last night basically seem to be the trade-off on what is a sacrificial and. performance-based, they did areas, thehe other
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brand display, the passive style of adware you want to -- of ad where if you want to put your brand out there, they did not jump much. only 10%. 10% growth in china is not a lot. brandms they sacrificed e to build up the performance, and that is not how it should be. have a growth driver and it does not appear to be built that way. yvonne: always good to have you. -- over a quick look as what is coming up in the next two hours. heidi lehman sickness. heidi, -- haidi lun is in sydney. haidi: this is the first head of state visit we have had from china coming to australia and over two years. there is quite a long gap there. trade will be at the top of the
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agenda, and some high-profile investment deals to be signed as well. that landscape has been a bit tense, and our guest will discuss whether this is a relationship that will be addressed and -- addressed -- adrift and what could get it back on track. will have cormac talking about the impact of brexit and also risk and generally when it comes to ratings in 2017. can globalization be reversed? what he will be talking about. will also be speaking to michael pressure, who has strong views on chinese debt. betty? betty: thanks, heidi.
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♪ your last name is -- >> it took me a while to learn how to pronounce it. a lot of people calling for my firing. won the national championship. >> i said we were going to win. we ended up winning one of the greatest games in the history of college basketball. >> last year you won your third gold medal. your national anthem being played, there is nothing better than that. >> what would you say are the most important lessons of leadership. >> at west point i learned that failure is never a destination.


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