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tv   Bloomberg Daybreak Australia  Bloomberg  August 20, 2017 6:00pm-7:00pm EDT

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♪ haidi: the turmoil in washington is proving a lifeline for gold. it is near nine months high, investors seeking havens. betty: rounding up wild one, the ambitious deal for the 20th century. haidi: it is a big week ahead for miners in australia. we count down to the hp and south32. betty: movers and shakers getting ready for jackson hole. we get the move from just -- mohamed el-erian. haidi: we are two hours away
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from the open of asia's first major market. betty: it is after 6:00 in new york. we will be looking at how all of the action on wall street will play into the asia-pacific trading day. not as much action over the weekend as we saw last week on friday. steve bannon finally being ousted. palace intrigue is what they are calling it. we will go from focusing on what is going on in washington to what is going on in jackson hole where the fed speakers are lining up, in particular janet yellen. that is where the markets' focus will be. given all that intrigue, we did close -- close lower again. haidi: never far from the political misadventures in washington at this point. that is a point of focus for investors. it is a macro light week this week, but we will have fed speak and central-bank speak going
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into that key event in wyoming. take a look at how we are setting up in asia. fallingthe dollar index with all 10 currencies except the swiss franc. kiwia stocks down 0.2% -- stocks falling down 0.2%. this is a big week when it comes socksors earnings, energy . the focus is the key technical meeting of opec taking place. sydney futures down a little. the aussie dollar 79.27. it is interesting because of the news from beijing, the clampdown, restriction on property investment that could bode ill when it comes to australian assets that have been picked up with enthusiasm from chinese investors. let's get the rest of the world headlines with haslinda amin. haslinda: good morning. the u.s. and south korea begin
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new wargames on monday. denounced by the north as regulus. -- reckless. -- this drew an aggressive response from president trump who wanted to fire and fury. kim said he would watch the new exercise before deciding whether to attack. spanish leaders say they are no closer to filing -- finding the suspected terrorist attack leader from barcelona. they have 12 people that struck barcelona, but three people remain unaccounted for. there were three strokes -- trucks with explosives and they blew them up in barcelona. the u.k. will lay out more brexit positions this week. they are preserving -- asking brussels to move away from the present and move on to the
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future. they will publish a range of issues including data protection and judicial cooperation before talks can move to trade. the e.u. must be convinced talks have been made on residency rights and the border with ireland. president got backing from all but one of the cabinet members, a show of support against conservative critics at home and the confrontational united states. he wants another four-year term in may, easing the political isolation, boosting the economy. he told lawmakers he will accomplish more by being united. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am haslinda amin. this is bloomberg. ♪ betty: all right, thank you. particularly dramatic week for president trump and his team caps off friday's firing with steve bannon. but does it really mean smooth
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sailing ahead? joining us for more from washington is ros krasny. in the aftermath of steve bannon's departure, which seems to be rightly speculated for so long and finally it happened, does that mean trump and the cabinet are back on track? ros: that remains to be seen haidi and betty, but we know that trump is giving a very key primetime address monday on afghanistan. he is back to the white house tonight, his long vacation in new jersey is over. looking to get the wheels back on. he got support from his treasury , whotary, stephen mnuchin had a strong statement in support of the president, suggesting he is not going anywhere. it is time once again to hit the reset button for the trump administration. betty: it seems that way. you mentioned steve mnuchin. in his statement on staying, he
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was measured by colleagues to quit. is there similar pressure on other members of trumps cabinet? mp's cabinet? ros: nothing like the letter that mnuchin's classmates said to him. but the white house economic adviser had been pretty upset for themp's comments white supremacists and the alt left last week. he may be thinking of leaving himself. we are told by the white house that is not the case. person in the administration. interestingly today, jeh johnson, president obama's director of homeland security, said if any of the top generals and top national security staff in the trump administration were thinking of quitting, he would advise them, don't do it.
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put your country first. we need you to write the ship -- right the ship. this storm could be passing. haidi: you look at the opinion that ship could take effort. the approval is under 40% in key midwest states. what are the implications for the president and republicans in the 2018 midterm? ros: it is true. three states, which again, wisconsin, pennsylvania -- michigan, wisconsin, pennsylvania, they were key to his victory. that was a razor thin margin he got them with. we talked about last week, his legislative agenda can take a hit if you seen as being unpopular, if members of his own party to not fall in behind him. -- do not fall in behind him. his handling of the economy was seen as not too bad versus his
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handling of foreign policy, so that may be a slight positive for his legislative agenda. but one thing for republican lawmakers up and down the ballot , the focus in the states that they prefer a democratic house majority. that is not good news. , the president continues to lose key business members and their support. carl icahn -- what has the eye white house said if anything? ros: interesting case for carl icahn. he had been under pressure from democratic lawmakers and senators who said his involvement with the trump administration as special advisor on reducing regulation was really focused on regulation that affected his businesses. those lawmakers written to the administration, various government departments saying this cannot go on.
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icoahn hasat, mr. icahn has exited that role. i don't expect the white house to say anymore. haidi: we will continue to watch and wait. thank you for that. ros krasny for us. in australia, omega earnings week, miners releasing the results. fortescue and another one. we will get this later in the week. we have paul allen joining us from perth. for? re we looking out this is a minor and managed -- miner that got into a good position. paul: i will talk to you about on,escue's low-cost later but it seems weird standing outside their office in perth with what appears to be the
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middle of the night. we are two hours behind, the opposite side of the australian continent. when they release their numbers, they are expected to be good. it is $2.2 billion which compares very well with the $984 million we had for fiscal year 2016. the dividend will be closely watched. estimated to come in at 31.3 cents, double from last year. fortescue saying this is the right time to look at increasing returns to shareholders. morningstar raised fortescue to and oneell, 10 buys hold. some: fortescue has had strong tailwinds with the iron ore price. can it last? paul: the question about the iron ore price keeps on circulating. that is fortescue's only product, so it is a proxy for that trade.
6:11 pm in friday we saw around seven $70 perper ton price -- ton price. this is g #btv 1178. this shows revenue for bhp and fortescue slipping a bit. keep in mind when you look at this one, #6104, iron ore increasing. the most significant iron ore exporter says it is expecting 100 million tons to be added to the seagoing trade this year. #btv 6103 where we see stockpiles closing in on the record high. none of this should bother fortescue too much. the cost is low, $12.82 at the moment. that is something we will watch about these numbers, and estimated fortescue could get up
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to $12 in 2018. that is a low cost writer. we are talking about all of this later on when i get to go inside that building and out of the freezing cold part. i will talk to the ceo. back to you. mark: light dark looking. thank you, paul allen, on fortescue. and on the energy front, sempra rumoredwhich was the third bidder in the acquisition itencore -- oncor, they say -- they are said to be near the acquiring oncor as early as monday here in the u.s.. there have been several, this has been a contentious bidding war between berkshire hathaway, warren buffett's company, and elliott management, the hedge fund that had offered contributing prices. -- competing prices. we will go to a showdown in bankruptcy court.
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oncor has been hit by chief gas prices. company,e energy trying to acquire for $9.3 billion. we will keep our i on more headlines on that story. we would get back to talking about on the mining earnings and we hear from the company about better business conditions for most resources companies reporting. on the chinese government stepped into restricting overseas investment. we talk about the role and implications. this is bloomberg. ♪
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♪ good morning. haidi: you are watching daybreak australia. the australian marcus -- markets focus on mining, fortescue and
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others are with their earnings. fromve someone joining us melbourne. good morning. what are you expecting? reporter: obviously fortescue kicking off this morning, looking for $2.1 billion of earnings and $.30 for dividends this as well. there was something reasonable from rio, now it is slightly weaker. i guess we are looking for more of the same trend from here forward. year: it has been a bumpy when it comes to iron ore. the was a surprise. even the most optimistic analysts were looking for that going forward. they were looking at the impact chinese steel had on these prices. paul: it is a really interesting dynamic. i guess for a lot of people iron
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ore has exceeded expectations. i would expect it above contentious where we are trading up the moment. i guess really what is interesting is as for fortescue, the breakdown if you like of the realized pricing on the lower grade products which are being shipped. that is a lot to do with the changing dynamic of the steel industry, the utilization of plants in china, location, and ongoing reforms that are leading to less efficient plants being closed down. that is having quite an impact on the demand for the different quantity of products notwithstanding the headline iron ore price. it is holding up quite well, and we will expected to maintain this $70 plus for the remainder of the year. haidi: is that comparatively, if
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you look at the other forecasts out there, even a more conservative view? paul: i suppose we have had a rocky year to start. $100s quite high touching a ton for the first quarter, then we experienced quite a trough through the second quarter. we could argue around the semantics of the for your yearage, but -- the four average, but we will have consensus upgrades through australia. mathematically if they sustained $75 a level from this point forward, i would expect the numbers to be increasing from that level for sure. betty: these miners have done a pretty good job of managing their debt or what debt they do have. the focus is on how they are deploying their capital. what do you expect? paul: that is a great observation because obviously it has been a rocky couple of years
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for the mining companies all the way down to the small guys including gold producers we have in australia. clearly there has been a lot of work on the cost front to get the operating cost. there has been currency as well, which is obviously quite important. let's not forget we had the unexpected price windfall through the course of last year. low couple low-cost, currency title wins, the commodity prices unexpected through the course of 2016. that is very healthy. cash flow is perhaps unexpectedly higher than it should be. you have companies companies like paying down debt as well. you are right the point now is about deporting all that cash. if we take -- bhp is reporting tomorrow, rio we feel is a
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europe had a bhp -- a year ahead of bhp in that journey. be buyback. we will see what bhp can do. it is about how to deploy the excess capital because balance sheet's are in good shape. betty: maybe south32 might also buyback? paul: extending the existing buyback for sure. the company is at a red cash position. they performed with a very safe balance sheet. -- they were formed with a very safe balance sheet. we have seen growth queries with regard to how are they going to deploy that capital in order to make sure they can maintain their currency volumes across the business. betty: what about risks to your outlook or what you see as risks for the miners resort even upside risk as well, china
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growth faster than expected or more stimulus into the economy. what are some of the risks going forward? paul: i guess there is obviously the fundamental side of the equation from supply and demand perspective. it is always tough to get a read on china. with stimulus you would have to anticipate what is going to lead to increased demand and higher prices with inability to respond quickly from the production side. the other key risk has to be they global macroeconomic environment. one of the reasons prices are higher at the moment is they are being fueled by the volatility in the u.s. dollar. there is always a trade-off if you like when the currency starts to move around a lot as opposed to underlying prices. we not only have supply and demand, and that is skewed to the upside if we see stimulus in governmentthe
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policy, the global macro end of the spectrum which is obviously quite difficult to predict. bhp,: getting back onto elliott has been quiet it seems. are we expecting to hear of the presentation some consideration of whether they might sell out shale? paul: i don't think we will hear anything today. that is not founded on any great science other than bhp will be trying to take it slow and methodical to agree assessing their businesses. it would seem like any decision to sell so soon after this activism and growing chorus of discontent about that investment across the australian market -- it would just feel like a bit of a knee-jerk response. i know it has been a few months
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now, but i think bhp would like to impress upon people they are taking a slow, calculated response to potentially exit this business if that is the endgame. haidi: with oil struggling to hold about $50, will there be something about the shale they should consider? paul: i think so. see the probably growing chorus across the street , that this is not necessarily shale in particular or a business that is congress. we have the -- congruous. we have a lot of upfront. the 50 year asset life, then you harvest cash when things get tough, and when you have the cash, you redeployed and that asset to build the next 10 or 20 years. we see that with the announcement where they want to reconnect to redevelopment, buying another 50 years.
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it does not feel like the shale business fits that model. i guess the outlook for price and dow sprite -- gas prices as well is not the kind of business they are going to be able to experience the full cycle of returns as you would in conventional minerals operation. haidi: all right, thank you for your time with us. he was joining us with a preview of the miners earnings. as we mentioned earlier, fortescue ceo will be joining us later for a first bloomberg interview to discuss results at 1:00 p.m. sydney time. this is bloomberg. ♪
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♪ haidi: i am haidi in sydney. -- haidi lun in sydney. betty: a quick check of business
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flash headlines, the outgoing ceo -- ge chairman could be in the front runner for being the ceo of bloomberg. it is likely to happen within the next two weeks. m and other executives are being considered. some are backing him up. haidi: this company will hire workers from air berlin but on lower pay. they said they would join lufthansa's cheaper contract. they posted this listing in 2006 three times and filed for insolvency when the main shareholder empty had -- atty: crusading and shareholders -- persuading enough shareholders to take over this company. they are just edging the 62%
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threshold, but they will see the offer to convince sold -- holdouts to reach the 75% needed for the domination agreement. much more ahead. this is bloomberg. ♪
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haidi: it is a: 30 a.m. in sydney -- 8:30 a.m. in sydney. markets a little to the downside. lower those -- lower at 0.7%. betty: it is 6:30 p.m. in new york. let's look at first word news. has. haslinda: canada, mexico, and the u.s. want an ambitious nafta outcome after the first round of talks in washington. all three were committed to finding a deal that brings 23% to the agreement. mexico holds an election in july, and the u.s. midterms are
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november 2018. president trump address the money -- the nation on monday. he and his defense team met at camp david on friday. he said decisions have been made but gave no details. a step back to afghanistan to train local forces. the president has amended to know why the u.s. has been in afghanistan -- demanded to know why the u.s. has been in afghanistan so long. thousands march through support jailed in ae people democracy protests. they were originally given community service. they were sent to prison for six, seven, and eight months. the independent judiciary of hong kong is under threat from the beijing backed government. independent ipos are heading to a record year as companies rise in a rally with growing demand
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for financial assets. to --surance, they aim the total funds raised reaching $7.8 billion. that would be 85% increase from $5.6year and the record of billion talked. -- topped. to national day's bees prepare for the challenge of the aging population and upgrading to new technology. society.on a cashless he also talked about saying soft drink makers will reduce the amount of sugar in their products. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am haslinda amin. this is bloomberg. thank you. not much economic data driving the weekend ahead. looking at jackson hole meeting
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this week. we will also test risk appetite for the departure of white house strategist steve bannon. we have su keenan with more. investors are going to wake up monday morning and say, what is next? su: it is like waiting for the other shoe to drop. the white house could grab headlines away from anything economic, even though jackson hole is where many wall street investors talk about the economy. look at the market close one more time. the dow led the way lower, the s&p was 3% above 30 day average. we have been talking about the summer doldrums. we do not usually see that market participation. stock is back under construction, and some of the market snapshots from friday, we see a lot of hedge funds i'll into gold. -- pile into gold.
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the dollar is the most crowded trades, some say it is too popular for its own good. they want to pare back weakness in the dollar because there is nobody left to get bearish is the common theme there. let's go to bloomberg, g #btv 3285, because more stocks are making more lows while the s&p 500 goes up. view.s behind the scenes if you look at this box, these are the new lows minus the new highs. the bottom part of the chart, these are the s&p 500 daily changes, the big-box here is a change of more than 1%. here you see the highest canceling out by the lows. that shows there is underlying weakness. let's talk about the economic reports that come out each weekend. rather weak -- that is the wrong
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word, maybe slow for economic data. economists were expecting existing sales of homes and new construction on homes to have risen in july, which will further support the basis of a strong construction market and consumer buying. also anticipating fresh data on manufacturing and factory orders, durable orders. by the end of the week, wall street investors will be focusing in less prompt deals and deadlines that will happen on jackson hole. withhair saying this week mario draghi, she is expected to reiterate the policy on slow and steady. there is not expected to be any change from the theme, but views on inflation, the growing debate it is not really meeting the fed target, growing debate whether trump will derail certain
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policies, likely to be touched on. betty: certainly a lot to watch, and also want to offer unexpected things as well. the alliance chief executive officer mohamed el-erian gave us his perceived importance of mario draghi and janet yellen ahead of the jackson hole meeting this friday. >> from a market perspective i will be paying attention to mario draghi. why? simply because the fed is well embarked on the beautiful normalization. i don't think the fed is going to want to shake that process. so i don't expect janet yellen as chair of the fed to be saying anything. she will focus on financial stability and not on monetary policy. very different situation for
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mario draghi and the ecb. they are about to embark on a tapering process. they will have to explain how they are going to do that. the economy is more fragile than the u.s. from a structural perspective. the draghi comments will have more informational content at this stage than the yellen comments. reporter: we will take those comments we anticipate and put them together with accounts we got this week. how much can you take away from draghi? they are concerned there is not inflation, and they are focused on the strength of the euro. does that take the thunder from mario draghi? mohamed: no, i think if anything it shows they are going to win. and this currency like a hot potato in a global economy, no one wants it. if you end up with it, it is a problem because it undermines
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competitiveness. it is heavy to growth, and increases inflation when you don't get the inflation you want. at the same time mr. draghi has to respond to other things he is seeing in the economy and politically. so if anything what you saw from the minutes yesterday, very much increasing my interest in what he is saying. reporter: let's talk about what they will ultimately do. we know at some point in the next couple of months and what we understand from the most recent report they want to hold off. they communicate to the market, what that will be. qe at the current pace, what is next? mohamed: i think less qe will be very gradual. you will see central banks remaining cautious. you will see central banks erring on the side of being any of --
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and i think of this image that central bankers are trying to soft land the plane they are in. the instrument panels are giving them very strange readings, and they are trying to figure out which instrument panels to trust. if you look at that environment, you are conscious. that is -- you are cautious. reporter: i want to get your thoughts on the federal reserve. we have the injury in janet yellen and mario draghi. -- the injury in janet yellen. now janet yellen is a stronger bull story for the dollar. how do you expect fed policy to evolve? if you came from the start of the year and the fed would lead the market, and they did, but the take away the most recent minutes was this was a confused federal reserve. we think they will hold up on rates to the end of the year and maybe longer.
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should we be paying attention to the most recent comments from mr. dudley? mohamed: i think the fed will hold itself on markets for a while. if there was a hike, it was going to be in december, not september. they will wait and get react.tion and also on the qe side, they will try to make a reduction in the balance sheet as boring as it can be. look at the fed, not to want to make headlines more news, just developments and hold out the possibility of a december hike. numbers,me breaking fortescue models has released its-- metals has released reserve. $2.9 billion, looking for $2.2 billion. the final dividend for the
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four-year post share was $25 -- $.25 aussie. ceoill be speaking to the later on today to break down those numbers. let's get the update on the market into the start of the trading week. new zealand is underway, it is to the downside, almost about 0.25%. the kiwi dollar and 73.09. another for the bloomberg index, holding all of the g10 currencies except the swiss to -- swiss franc. we see a downside in the sydney open, 0.4%. the aussie dollar 79.29. the kiwi share, it is a big day when it comes to mining. a big week for bhp and south32. let's think about -- take a look about later on.
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we have the consumer gadfly columnist looking at the yen for us. reporter: japan was the strongest growing g7 economy. that is quite a strengthening in 109 to theently, greenback, which is the strongest level since the u.s. election. that will tend to weigh on industrial activity, carmakers. we will watch in a few hours' time among the japanese industry index. it could be 4% of in june compared to 9% down on previous months. we are watching how that pans out. the traders have a one in four chance the yen will strengthen to the greenback in the course of this year. haidi: it is a pessimistic storm because you have geopolitical tension, japan looking better, and the misadventures in the u.s. putting the lid on the greenback.
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>> and we see that looking at one of the other things going on in the moment, happening with gold. last friday was really interesting for gold. bear in mind there is a crucial level for gold. $1300 and outs, it can really get above that. -- an ounce, taken barely get above that. one was on the brexit vote last year, then plunged right below it with the u.s. election. friday was interesting because that was the first day since the election we have seen a brief break above $1300, then it plunged back down. looking at the positions of hedge funds, money market, they have the strongest long position in gold since the u.s. election, 18 million ounces. this is a good month on month return, so it will be interesting this week to see if we see a break above $1300.
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haidi: thank you so much. mostshares tumbled the after the ceo quit. we will look at what the company has done to improve. this is bloomberg. ♪
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haidi: crossing the bloomberg, this is the cable communications. they are saying to end talks on the potential sale, unable to support the deal. they have ceased talks with .ffinity and kkr this had been a deal between australia and singapore to build the cable network. kkr, the equity bidders, this is a deal that has been underway for some time. it would appear these talks have ceased, betty. betty: certainly seems to be m&a
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activity on both sides of the world. in the meantime, china has laid out new rules on overseas investment making explicit that rational acquisitions in sectors ranging from real estate to sport. tom mackenzie joins us from beijing. how much do we know about the new rules? tom: as you alluded to, this formalizes what we have seen in terms of the curbs on at-bat --estments so far -- out ban outbound investments so far. so what the state council did to the end of friday was released these rules to crystallize what has been going on. three different categories when it comes to outbound investment. those that are banned completely, you will not be surprised to hear industries for example this one will be off-limits for outbound investment.
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in terms of restricted, we are looking at property, entertainment, sports. fewer of the big headline-grabbing deals. the bar will be set higher for chinese entrepreneurs and millionaires, private businesses wanting to snap up english premier league football clubs or production houses in hollywood. some of those deals that are encouraged, those are focused on the belt and road initiative, the presidential back kedrastructure -- bac infrastructure plan. and of course oil and mining. this crackdown on the big-name conglomerates here like anbang, fosun, hna, conglomerates that have been on the buying spree over the last few years whether that is focused on travel, tourism, or hotels or the sports teams i touched on. it is tying on to this picture. any role have been formalized, so the bar has been set higher
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for outbound investments from china. haidi: a little more clarity. if you look at the encouraged segment, what does that tell us about beijing's priorities? it tells us of course the priorities are very much squarely focused on what they see as the long-term economic priorities for the central government. you can still expect to see deals around technology, research and development is an area they want to see more deals on. the belt and road initiative, the infrastructure plan that has been laid out by the president, anything around that, ties into that as well as the economic priorities and the government will be likely given the green tape. this is about controlling financial risk as well for those areas that are more restrictive or bad. we have seen the fx reserves in china stabilize around $3
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trillion. cap's controls tightened last year. this is about focusing on companies that are using leverage to buyout assets overseas. haveowerful planning body made irrational deals that led to financial disaster. $16 billion of outflows last year. now it is down 45%. expect that trend to continue. haidi: thank you so much for that, tom mackenzie in beijing. going to india, they have approved a 2 million schaller -- $2 million share buyback. -- we have a reporter. is this buyback, isn't going to help? -- is it going to help? rosalind: i think it could shore up that infrastructure, but it
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is closing 9.6 -- 9.5 cents lower. the first share buyback for this company, but they agreed to buy back as many as 1300 million shares. this was a 25% premium to friday's close and more info analysts had been expecting. move, there were cointreau speakers. speakers. they have a cache file of more than $6 billion at the end of june, and investors are asking to get a hold of some of that cash. betty: he said he cannot take it anymore. he is leaving. there was the all-out war between the board and the founder. rosalind: he under his tenure which started in 2014, the rose 21%.shares
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revenue gained 25%. he wanted to transform and update the company to transition to internet and database computing. looking at 6905, you can see infosys has outperformed many others. lack the overall indian market. founderssystem for the battling the board, you can see they talked about 30% of the company, but they have a huge influence. they accuse the founder of corporate governance. that is around a 2000 million.on of $200 a whistleblower had raised questions about this and also said the founder had been overvalued to -- the company had been overvalued. wasas investigated, there
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no wrongdoing. but they were declined to dispose -- disclose the report. that created issues. betty: we will have a guest in the next couple of hours, 8:00 a.m., talking about this. this is bloomberg. ♪
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♪ betty: i am betty liu in new york. haidi: i am haidi lun in sydney. a quick check of the business flash headlines. paul o'malley is setting down toer 10 years in charge 3 -- be replaced by marcella. his best year -- net income doubled from a year ago. it was almost $11 billion australian.
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chevron's australian subsidiary has abandon a high court challenge of $269 million in tax to reach a reasonable revolution -- resolution of the matter. committee in tax avoidance called apple, facebook, google and ibm to face a hearing on tuesday. haidi: shell is said to have loaded oil from libya for the first time in 10 years. 600,000 barrels, the latest sign of recovery. libya is exempt from opec's production curve after years of central -- civil war. they will not be restricted on to levels reach 1.2 5 million. thisis just about it to morning. we have yvonne and betty up next. looking at this perfect storm
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when it comes to yen strength. rishaad: there is a bit -- yvonne: there is a bit of a pause with abandon -- the steve bannon exit. there are military exercises with south korea and the u.s. we will see how long that will last. we talked to someone from bank of america on his forecast for dollar-yen. he thinks there could be an upside to 117 by the end of the year. betty: moving on from that, into the intrigue in the white house, the former baincapital partner and new york time author, former advisor and supporter of mitt romney as well, he talked about all of this palace intrigue in the white house but also why he says immigration, cutting immigration may be one thing, but the u.s. needs more high skilled workers in order to get the economy going even further. we will get his take on that.
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haidi: and speaking of the clampdown on immigration, the tech industry with india, we are speaking to someone from avalon consulting about all of the drama. ♪ ♪
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♪ >> it is 7:00 a.m. in hong kong. i am yvonne man. thetop story, fortescue , belowinor to report expectations. , all sides want an ambitious deal for the 21st century. >> i am betty liu in new york. for gold, futures trade at nine-month highs. investors seek haven. movers and shakers me that jackson hole. ♪


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