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tv   Bloomberg Markets Asia  Bloomberg  August 24, 2021 10:00pm-11:01pm EDT

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demanding all chinese companies listed in the u.s. become more transparent plus the cofounder joins us to discuss today's earnings and the $29 billion square merger. david: day three of the rally. there are early signs that the steam is starting to come off a little bit. we are coming off highs of the day. rishaad: we're looking to jackson hole. it is an investment. the elephant in the room is that -- kathy would getting more optimistic and estimated -- [indiscernible] yvonne: tencent adding confidence into the sector. as dave mentioned, bargain-hunting, bottom fishing. david: that is what it is. there is no into fate -- indication is my left -- this might last. third day of green.
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the dollar is as you can see coming off a little bit. not to the extent we had monday and tuesday, which is why you're getting a reversal here. with a look at commodity markets, tracking very closely on the back of a very strong rally in iron ore. oil is up eight to 9% over two days and this is day three. we will see what happens when the middle east wakes up to that. futures are pointing up but as we mentioned, things are coming out of the highs a little bit as we speak. rishaad: let's have a look at the tech index. new origin coming up 22%. [indiscernible] is it bargain hunting, stocks looking cheap as tencent is low with the buyback? they're also moving up? what went down became too cheap.
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[indiscernible] does it represent a bargain? year end highs up 15% under 22% move. what are you looking at? david: is three days. three days including what is happening today. gap higher. i'm not sure how clear that is. when you look at what is happening to the opening, 6600 on the hsx index. we are 90 points short of that level. i will show you why. have a look at alibaba. yesterday at the price of that specific option was up 400%. in other words, people were betting we might not get there but i guess the perception that things might actually get there, driving the call option up. as far as that one was concerned, up 120%. there is a lot of speculation into the traders market. yvonne: when it comes to a
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signal from policymakers, pboc made a big thing -- signal that they are trying to boost liquidity and add some juice into these markets as well. 50 billion and the banking system a couple of minutes ago. seven-day reversal. as we saw the interbank rates have two month highs. liquidity gains are tight amid concerns about government bond issuance or the credit picking up. that could maybe help sentiment but we are not saying that when it comes to mainland equities. rishaad: with that in mind, adding more credibility to the pboc as well, huarong made the corporate credit side more attractive and adding to some of that. let's get to garfield reynolds. our stocks up as we had to the jackson hole symposium?
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is there a sense of expectations ramping up? garfield: yeah, rish. a lot of what is happened this week and the broad markets, the broad indicators,. -- is a sense of calm. delta scare has eased away. so have concerns about rapid tapering, which would have been tone deaf given the concerns about delta and the concerns about the data. the data has been more concerning than delta, which had surprise indexes turning down, per abroad markets -- but broad markets have gotten over the traditional mid august flip and they are looking forward to words of reassurance from jerome powell that yes, the economy is in a good enough place that the conversation about tapering makes sense. no they are not about to suddenly get rid of those wads of cash that have been flowing
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into markets. perhaps there is a risk -notto get- too complacent but the expectations going into jackson hole or rosie right now. david: very short-term, you and your team are discussing this rally we have seen this week. monday was great. tuesday was good. today seems just ok and we are paring back with gains from the highs. is there an indication from your end that we might actually and the day lower? >> never say never. to some extent it would be a good thing if it was lower. what you really want to see is a little bit of, coming to those markets. i mentioned two things that are relevant from the overall outlook going into the fed. the broad indexes have calmed down. they are not moving much.
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neither are yields. the expectation is the wads of cash that another's have been delivering will start to go away but will do so slowly. in the environment, you have these enormous drops and china, tech, and other tech names. there is lots of money in play. if things were,, you want to go in there. it is why not take a risk? that is one interesting perspective. education is up 22%. i saw the headline. on that one your view, try spotting. look very closely. david: be nice. >> the jump has gone up three hong kong dollars. to 16, 17 hong kong dollars.
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it was trading north of 150. in the short-term, that looks nice. in the long term, there is a lot more value to be gone back. david: yeah. so our viewers can share, we have a look at the terminal if we can injure shift that because we do really have to squint your eyes and look at them. let's get local on this one. 9901. absolute collapse into stock. there is 22%. commodities at the top. yvonne: it looks nice from the surface. when it comes to iron or and commodities, is this rally also looking computer operated? >> it's a very interesting stage. i think it is likely they will
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go down. because of the noises china has been making about wanting to produce less steel and wanting to make progress on being less carbon intensive and to some extent, the incredible value at the top of the year has brought forward demand. you could buy iron or for a while. you can make steel and sit on it for a while. your busy piling into it while you sort of so can. the chinese government came in and stamped down and you have the covid concerns about what that was doing to china's economy. you had iron or come rocking back down very strongly. i think it is do some consolidation and will dribble down a bit from here but the big losses may be over. david: garfield reynolds their joining us from sydney. rishaad: let's learn -- moved to
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the first word headlines. present abided saying the u.s. is on pace to complete the evacuation and afghanistan by the 21st of august despite what he described as a tenuous situation there. siding a g7 call to extend the deadline for troops to remain in the taliban-controlled nation. he warned there is a serious risk of a situation breakdown in the country in the world will. the taliban by their actions. the white house says vice president harris will again --on her visit to vietnam. [indiscernible] the departure from singapore was delayed due to a state department called anonymous -- anomalous health incident. house lawmakers voting to adopt president biden's $3.5 trillion economic blueprint. nancy and moderate democrats striking a deal.
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it moves through reconciliation process which the house and senate will vote on on a separate $550 infrastructure built to follow on september 22. some of the first word headlines. david: an update on the markets here. the dollar is turn higher. a reflection of some of the risk coming off and also as it pertains to hong kong, i will make this quick tiered mainland investors, you see that circle that side of the chart, have turned net sellers after coming in and a relatively big weight yesterday. we will see what happens. yvonne: the latest on vice president harris is trip to asia. the future of american diplomacy in the region as she arrives in vietnam. discussing earnings and more. this is bloomberg. ♪
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♪ david: welcome back to the show. you're watching bloomberg markets: asia. we spoke with the chair overnight gary gensler and in keeping with the changing times as a regulator, he is now basically coming out and saying that maybe the level in the pipe and content from chinese companies in terms of the risk pullout, that needs to jump. rishaad: this what we are looking at. it is those companies set up in the cayman islands and a bit opaque and terms of the way they are structured and that is one of the things he is looking at. yvonne: the question is whether all of this bark has bite or rather his agency has the
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ability to force these companies to delist. the 200 some listed in the u.s.. our bloomberg opinion colonists talked about that. this is what we heard from gary gensler. our disclosures stick to the times about the regulatory risks, the political risk. that was an exclusive interview as well and we were talking to our deals steam as well about how some of these companies, if you look at these perspectives and filings, when it talks about political risk and regulatory risk, is front and center. david: i want to chime in there. it is one thing to require a company to disclose the operating and regulatory risk environment they operate in but since everything is new, i think we also need to start talking about to those companies know and are aware of the political and regulatory risk they themselves are facing because if you look at the price option and how they have come up with her in statement, it doesn't seem a new well in advance these things
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would happen. rishaad: what investors make and how much protection they get to. david: tim hortons as they get ready for this to -- yvonne: yvonne: they're doing a separate data entity with sharing. with the mainland to ease the political risk. david: that is an easy option. as we deal with chinese regulators. cathie woods, ark investment management. jumping back into chinese tech stocks but dumping mainland shares. we spoke and would spoke with carol massar about why she is more optimistic about china in the long run. >> we have been pulling out of china. we started both november actually after the debacle around the ipo and the banishment it seems. we saw increasing signs that the
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government was going to get tough on companies. we didn't know and companies which were more than unicorns. they had exploded onto the scene and had become so powerful, as heather leaders, that they almost seemed threatening the government. that seemed to be our take on the government's response. we were a bit cautious. pulled away and affect our flagship fund has moved out of most chinese stocks. i think we were out probably late april, late may, somewhere around there. it might have been later. gradually. you never note 100% of the time. i think the online education really nationalization was a real valuation killer for the market. i think the market is going to be under pressure from a valuation point of view for a
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long time and now because that sort of thing was so unexpected even from those of us who saw the government tightening its grip on the country. we have done -- after the last bloodbath in the stocks, we did try and sort through which companies are doing things the government lights. gloria seeing --what we are seeing with tier three and tier four cities, logistics, groceries, ucs by, jd lo gistics is a big part of they own 70% of it. that is probably our biggest purchase as well as some --but if you are to look at what we were doing in the portfolios, we
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were really swapping them out of other names that we think are going to be continuing in harm's way or under government pressure like the alibaba's for example. yvonne: which you have been selling. cathie: yvonne: yes. yvonne: in terms of the recent crackdown we have seen, does longer-term make you more pessimistic or optimistic about investing in chinese stocks? you are a long-term investor so what is longer-term play? cathie: we know that china wants to be #1 in the world and economically certainly and one of the ways they want to do it is with innovation and technology. they want to bring more of it back into their country. certainly the manufacturing side , semi conductors being one of the most important areas in which they are investing. i have watch them invest in semi
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conductors since the early 90's. where they brought in a lot of taiwan semi conductor and i haven't been able to crack the hook dashcode. -- cracl tjhe -- crack the code. yvonne: [indiscernible] jd logistics is one. [indiscernible] david: we can take a break but we will be with you after pay. sales are up 90% for the company missing earnings. we will speak to the cofounder next. this is bloomberg. ♪
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yvonne: after a net loss of
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700%, 156.3 million aussie dollars. it reported a 90% jump in underlying sales, -- rishaad: the company was just bought by square. joining us to talk -- nick molner. thanks for joining us. they don't do data very well. 90% jump in revenues and 79% miss. at $153 loss. what gives? nick: thank you for having me. we're really proud of the results we were able to pull over the last 12 months on a constant currency basis. from the bottom line perspective, there were many non-cash items, including the revaluation of minority interest . perversely, we are more successful in the u.k. market. it does follow through the pay
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and l. from a topline growth perspective, really proud of it. yvonne: we talked about the north american market which has been growing in the u.s. why do you think customer growth in australia and new zealand has slowed down and do you see a reversal? cathie: yes. --- nick: we are older than the australian market now. they still think they are strong topline growth with frequency continuing to accelerate in the australian region. from a u.s. perspective, he saw over 175% year on year growth and now a lot of just contributing region, we are in far earlier stages and the growth of the u.s. market so we are seeing new customer acquisition continue to deliver strongly in the frequency profile also following the same
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track we saw and australia. while we are earlier in the lifecycle, we are sending the same trajectory and frequency growth that does give us the confidence to invest into the curve based on the blueprint we see in the australian market. david: i wanted to ask you about the deal and i'm sure you have gotten a lot of questions. quite a big story when it hit. the newsfeeds. this is a hard question. did you see the need to sell the business, why, and if the transaction does not go through, what will be next? nick: for now, perspective, the focus from day one has always been aligning with values and principles. we started after pay the way we did because there was a really strong opportunity to lean into the debit economy that was translating as a result of this shift, predominantly by the manila neil -- millennial cohort. when he struck -- think about
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square starting from the same fundamentals letter company did and the sentiment of economic empowerment has shown an alignment of values and cultures and strategy complements about strategic direction. the ability to leverage millions of retailers on one side of the equation comscore seller business and 70 million annual consumers from the cash app side of the equation to accelerate our growth in north america, it will also fuel growth -- global growth expanding with big global partners. excited about the prospects of what was announced and the strategic direction. rishaad: surely also with other companies out there like paypal and apple is said to be getting into space. is it just a race to have mass and scale? nick: competition is playing out
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at a greater level now given the prominence of by now, pay later. what has been important for us from day one is not just building a core claimant platform but also building the marketing engine. it is core to how our retail partners assess value. we sent over one million data to reach our partners over the course of the last 12 months where consumers actually come to us to pay their shopping journey. that is a really critical component of the differentiation and ability not just to provide a payment infrastructure but actually a marketing engine to this really highly valuable hard-to-reach millennial engendered consumer. david: talk to you next time. a pleasure. co-ceo in co-founder. also the rationale behind what he now says is properly more aligned as far as strategy.
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with the big movers, we are talking about commodities rally with iron ore and stealing copper. declines we are seeing across big chinese names. let's have a look at this. the index (announcer) the core is key to losing weight, getting back in shape, and feeling good. introducing the aero trainer, designed to strengthen your core, flatten your stomach, and relieve stress and back pain. it conforms to your body and increases muscle activity. abs, back, obliques, hips, and glutes. get incredible results in just five to ten minutes a day. the aero trainer supports over 500 pounds, and inflates and deflates in seconds. check it out at that's a-e-r-o
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>> it seems like the rallies are petering out here. whether it is tech or commodities, good morning. looking at less blessed here. we have iron ore. copper is slightly lower. futures are up 1% in the green here today. we are dealing with the economic fallout from the delta variant and it seems like things are changing quickly amid demand
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from china. how long this rally will last, that question two jason rogers. how much legroom do we still have here? >> if you think about the oil markets, you have a situation where it looks like u.s. crude stockpiles are using. underpinning this is china's success in controlling the spread of the delta variant. i think that is what is underpinning market sentiment in oil. you could see further gains from here. china accounts for such a large amount of global demand. now you have more traffic, more fuel demand, perhaps further down the line, more air travel. i think this is very positive for oil markets generally. >> let's have a look at iron ore for a second. we had this route last week. jason: i think the big move in
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iron ore is a bet that china is not going to allow steel demand to collapse. you will recall that china's steel production which had been running red hot, it started to falter quite significant in recent months because beijing wants to restrict admissions. i think china is looking at more monetary and fiscal stimulus. you see production starting to edge higher again. people are betting that china will not allow the steel market to fall too much further. i think this is teetering a little bit because ultimately, there is a lot of steel and a lot of iron ore held in stockpiles in china that is yet to be used up. >> you and your team have this fantastic chart a couple of days ago. it really speaks to where you
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are and the types of premiums people were willing to pay. is this an indication of future demand or a one-off? jason: you had this enormous draw in london there. clearly that metal was destined for china. i think a lot depends on how much support china is going to give the economy after what we saw in july. if the monetary support is say to megan, that will help copper in coming months. if china is not so aggressive, the stimulus measures, that will be a headwind for copper. >> what for oil then? $75 for brent right now, is that
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an ambitious target, what do you make of it? jason: i think that is fair. you have the signal from china that if you can get over covid, you will have a big increase in oil demand. a lot of the world is being ravaged by delta. there has to be doubt but ultimately, the signal from china, if you can get over covid, the recovery is intact. what financial markets make of september, these are big macro events that overhang markets and could be influential. rishaad: that was jason for energy and commodities. let's have a look at some of the first word news. we have the securities understand commission demanding these companies trading to
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inform investors about regulatory risks. this is an extension of a mandate put on china-based companies. this is the latest response to beijing's ongoing clampdown on private industry. the fec chair -- fcc chair says they want to see this in corporate annual reports. we have a new report from the cdc saying efficacy among front lab workers dropped to 66% after the delta buried became dominant. researchers say the sustained two thirds duction underlines the continued benefits of the vaccination programs. this underlines evidence saying that they lose their potency over time. in the same sort of vein we have the u.s. infectious disease expert saying modernity -- moderna's vaccine could lead to lasting protection against the virus.
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it is entirely conceivable that shot may allow for a long time of protection. that means booster shots may not be needed indefinitely. migrant workers recently tested positive for the coronavirus and singapore and they were all fully vaccinated. also to two individuals work either a center or had mild symptoms. that is a look at the first word headlines. david: we are trying to get some stuff sorted. this is real-time data. bear with us. on your bloomberg terminal, we have been talking about all of this just south of shanghai. the news was out of state broadcaster saying that is part of the port that has reopened or is reopening today.
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we looked at some of the vessels in and around that got stuck and could not leave. we are now getting some indication that those vessels have started to go. not to get into the details of what those vessels are but you see those coming in and around the port and then them moving back out. i guess that is a good indication of not just mobility but naming some of the supply chains starting to get east. we have done that just to get rid of the backlog. >> there is a belief for some of the ports out there. even when it comes to airlines, we have been talking about how china has been -- has contained covid, this latest delta outbreak. even with the airlines, that is what we have seen -- that is where we have seen some resilience. look at this chart, if you track
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some of these domestic carriers, they are outperforming what we have been seeing with the rest of their peers in the u.s. as well. even despite the fact that we saw the capacity cut down by a third in one week, some of these stocks looks pretty good. once we see to mr. travel coming back, now that covid seems to be looking better there, more upside there. >> looking at the capacity cuts that took place, that helped with the load factor. the problem is with the yields and ticket prices. they are seeing some port. let's move things along. we have this trip to southeast asia with white house officials telling us the united states is preparing to offer vietnam more vexing health as cases surge there. kamala harris is in the country as she continues her trip to the
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region. we have more from singapore. derek, we had a delay leaving singapore yesterday. that was down to some incident in hanoi. what do people make of all of this? >> i think the thing that people are making of it was that it was a little weird to have people stay in singapore another 3.5 hours beyond what they thought they would do. there is that health incident. i don't have a ton of details on it if i am honest but everything is proceeding along and now all of the focus is on vietnam and the big focus there is supply and covid. they are linked because covid is the dominant thing that is throttling vietnam's massive supply chain for companies all around the world.
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>> are we going to see any kind of resolution on this? what can the u.s. offer when it comes to leaving some of these supply chain bottlenecks that david just mentioned and reports over on the ground in vietnam of factory workers sleeping in tents just to try to contain the outbreak there? >> vietnam is one of the worst countries in asia in terms of vaccination rate overall. a little around 2% of the country is fully vaccinated according to bloomberg's billable covid vaccine tracker. that is not good. you have to fix that if you're going to fix the other thing. we are hearing vexing assistance. we are not told exactly what form that will take. i would expect an announcement on that probably later today but we are expecting harris to talk about both this crisis but also
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preventing the next crisis. we will talk about a little infrastructure to try and help prevent launching a southeast asian cdc play, things of that nature to try to get out of this the next time but certainly any help vietnam can get on vaccines, they are going to want that on vaccine distribution. we will see what that looks like. it is interesting. everything about this has some usa and china overtones. it always does. china just yesterday was going to deliver vietnam another 2 million vaccine doses. i think there will be a lot of attention paid to see what the u.s. responds with in terms of what this assistance actually means. certainly i think the u.s. is really keen on the idea that vietnam is in a critical place in southeast asia.
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it is a critical place for global supply chain and you have to do something to fix covid or at least ameliorate it slightly in order to fix your supply chain problems. >> they have another lockdown there in vietnam, parts of vietnam. that is naturally going to weigh on the economy. we had several downgrades as well. give us a sense of that. meanwhile we are seeing the equity market at record highs. >> that is always an interesting flip. i do think that the situation in vietnam is particularly troubling, you have lockdowns that go on in the largest city in vietnam, the business capitals of vietnam, incidents where companies are trying to
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keep production going by having workers sleep over at the factory. it is a very different situation than it is in some other places around the globe but it does present critical challenges. from a u.s. perspective, this is a place that is pivotal in terms of southeast asia both economic and security as well as the u.s. china play. it is vitally strategically important that kamala harris do something and get something right here and get this on the board in a good fashion. >> that was the senior editor with what to expect with the vice president of the u.s. in vietnam. coming up, will china change the way it treats women in the workplace? carol wallace joins us with a closer look at the issue. this is bloomberg. ♪
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>> course we are pointing to alibaba. we have other companies saying this x manager case is still under investigation. quite the latest out of beijing. there has been an assault that
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were not really broached in china until the #metoo movement in 2018. but this alibaba case has put it back in the spotlight. let's get some insight from carol wallace. she is an expert on women and gender studies. tell us why you think beijing is acting now. >> i think there are a few reasons the story is quite dramatic and horrifying. the fact that the women released to the post on we chat and then i don't know if you saw the to of her in the cafeteria with the megaphone handing out flyers and once that gain traction, she talked to some exit -- some executors in alibaba. once a blow up online, there was no way alibaba could ignore it.
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the ceo has made a very apologetic statement about how the culture has to change and these kinds of things. i think the public sentiment is very real. when me too first started, other young women who faced sexual harassment, sexual assault in the workplace could tell their stories as well and other stories about alibaba. the masculine drinking culture, teambuilding culture. i do think something that is unique is that alibaba is under fire. it is a target of antitrust organizations. there have been sexual assault eggs asians against high-profile men in china.
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the government did not really weigh in on those. in this case, you had people having an editorial. the state run media which is usually not the case. that is unique and i think we have to keep in mind that it is because this happened at alibaba . david: let me interrupt you very briefly. we want to update, something else is happening. this is still in china. we are getting word, this is officially from the government as it pertains to this area, it will fully resume operations on wednesday just to get that out there. we have been waiting for updates as it pertains to the same report. it is things like these, events like these that tend to get the ball rolling.
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now that we are talking about it. hopefully it does not just ease into the backseat. what do you think needs to happen? whether it is a policy push from beijing or what to keep the story alive? >> there was -- there were 6000 employees that signed on a memo that made certain demands of alibaba. some of them were about the woman that suffered this assault. letting her have paid time off and mental health services and things like that. others were specifically aimed at changing the culture. none of those was something i mentioned earlier. that was the toxic drinking culture. there is this banquet culture and drinking culture and i experienced it the early 90's when i was there working at the university but at that time for a lot of women, it was really
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easy to not be pressured into that. china has really changed in that regard. now young women are expected to drink white lightning. it is very strong alcohol and it is really unhealthy and unsafe and women who were forced to drink so much, their bodies can't tolerate that. they are vulnerable to these types of assaults happening. that also made it into the memo. that has been raised in the broader public conversation. >> we are talking about prescriptions but give me a sense with what you have been saying, how bad is the issue? perhaps on an organizational level, companies have been turning a blind eye to this but it is also societal and cultural, is it not? >> it is. china is -- the patriarchal
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culture is deeply embedded. it is not just in corporations. it is not just in politics, it is universities. the #metoo movement really started in china because a graduate at a chinese university 10 years previous wrote about a rape that happened, one of her professors raped her. it is across-the-board i would say. though i think the corporate culture, especially in the tech industry shares some similarities of facebook's all mantra of moves -- move fast and break things. you have this macho culture where women are often put in positions that make them quite uncomfortable. i don't just mean extreme sexual assault but even the
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teambuilding culture. not totally unique to alibaba but a lot of inappropriate conversations, questions, women are supposed to do. all of that definitely needs to change, how quickly it will is another question. >> talk to us about the whole legal system in china and whether it is conducive or not for china to actually -- for women to actually report these cases. how do you see it different from developed markets like the u.s.? >> china has that tradition between what is called the rule of law and the role of man. china has been strengthening his laws. there was a new civil code, limited in january that defines what sexual harassment is for the first time. it's not as though that was never mentioned but there is a definition and there are further
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sections in it. corporations and government entities should prevent this but there is not a lot of teeth therefore what happens if they don't and what if something happens, what kind of punishment should be dealt. if we look at the ecosystem, there have not been many court cases in general. the two most hope rifle once -- most high-profile ones that happened, one of them, the accused turned around and sued the accuser for defamation of his character. this is a celebrity journalist. he won. they had to pay -- the woman and her friend who posted this online. >> sorry about that. we are running out of time.
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i hate to interrupt. plenty more to come, this is bloomberg.
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>> you are back with bloomberg markets. we have more.
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here we go, it is that time of year. don't forget to watch out. don't miss our special coverage of the jackson hole symposium. we are looking at some of the company's coming out with earnings as well. we have lots of them. we have all of these. these are some of the other attendees at jackson hole. we have events in hanoi at the moment. let's have a look at what is going on there. >> we have live pictures out of hanoi. we are waiting for kamala harris to meet with her counterpart in vietnam, the vice president there. we are waiting to see what comes
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out when it comes to covid as well as supply chains given the situation in vietnam right now under lockdown in the capital. we have plenty more to come, this is bloomberg. ♪
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>> it almost 11:00 a.m. in singapore and shanghai. welcome to bloomberg markets: asia. i am haslinda amin. >> let's look at our top stories. asian equities are raising gains despite a session on wall street , investors wavering on the economic recovery. >> the sec plays hardball. demanding all chinese companies listed in the u.s. become more transparent.
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>> plus, indian indices. as foreign investment surges, we will be speaking with our guest to get his take on what the future holds. >> asian markets swinging between gains and losses despite u.s. counterparts reaching yet another record. investors may not be buying into the story of being able to counter those publications. we had thailand saying the recoverable -- recovery will take log that inspected. we have this being break down -- broken down by financials. companies already listed in the u.s. -- it was being lifted by a third day. rising as much as 5%. we heard from kathy woods,


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