ocbc purchase has been priced at nearly 30% below estimates. the final offer is based on one point 75% of barclays assets being transferred to ocbc. asset baserease the to more than $75 billion, letting it compete more equally ubs.rivals such as dbs and that is it for this edition of "blommberg markets: middle east" . angie: we will have the top stories from around the world coming right up. bloomberg tech is next. this is bloomberg. ♪ >> it's 1:00 p.m. here in hong kong. i'm angie lau with an update of your top stories. on fridayhe most after doubts that opec will reach an output agreement. saudi arabia pulled out. the cartel has called another internal meeting in a bid to resolve its own differences. -- china has effectively tightened monetary conditions without any official announcement. they have cut back on their seven-day open-market operations. they are raising short-term borrowing costs and bond yields by injecting more funds to 14 and 28-day contracts as opse

ascould happen as quickly ocbc says itand will happen in january. rishaad: japan central bank announcing its first unlimited bond purchases. kevin, what is going on here? yes, they have in ploy day they introduced at the end of september. they have not used it until today, but obviously getting uncomfortable with how far the yields have climbed in sympathy with the rise globally on the rise in treasury yields after donald trump to win in the election looks like it would spark stimulus and potentially inflation, and so the yields have been rising in sympathy with that, but the market, investors throwing down the gauntlet to governor kuroda overnight with the spike in the benchmark yield at the highest since february. he picked up the gauntlet and acted today was something brand-new, fixed rate purchases, the new tool, and unlimited amounts, so going straight for the jugular, i guess. rishaad: absolutely. they have popped up into positive terrain, so it was time to snap them up, wasn't it? yes, it has surprised some in the market that they acted so qu

ocbc saying rising compliance costs of big factor on its business. the cost of adhering to regulations is up 35%. it also said that ocbc is open to expanding through acquisitions. >> for others, it is important to scale up in this business so that as we build cost infrastructure, our product profile can serve a larger client base with the same cost base, even if you have a smaller business. the extent of investment to make sure you are in compliance with all the regulations is as strong as if you have a larger base. chairs: yum china , the company has completed the spinoff of those chinese operations. the chief executive says he's focusing on expanding delivery. >> delivery is growing rapidly. like every 10 vehicles as a someone with a backpack carrying a delivery. our business is no exception. we did more than $700 million in delivery this year. digitalivery and ordering a related, so expect to see significant growth in the years to come. rishaad: let's get back to the conference taking place in singapore. the ceo of one of britain's largest enginee

ocbc's purchase of barclays hong kong management in singapore and the final offer is based on 1.7% of asset. is letting it compete with rivals. indian prime minister narendra modi has used his monthly radio address to assure sed by the cash prices cau the withdrawal of high denomination notes will be used. -- eased. predict thek anyone consequences of this in real sure the modi remains chaos will stop. at atms.e seen lines dollar bills have been dried up on the street. modi saying that he is confident that there will be benefits to the economy. he is trying to transition into a cashless society. he says he recognizes there are difficulties that it is something that he thinks is a practical move. he said it will take at least 50 will take at least 50 days to get through. people have until december 30 to exchange the notes for freshness. they are halfway through the transition. and 86 -- through the transition period. there is excessive banking liquidity which has prompted the r.b.i. to place temporary measures to address this. >> more of a dragging and screaming into a cashless, digita