Do. Thank you very much, Doug, Australia's defense minister Richard marles, is citing economic coercion as a motivator for a revamped military. He says, emphasis on protection. Ahead of president Ferdinand Marcos junior visit to the U.S., State Department has put out a statement saying the U.S. will defend the transit in the South China Sea from any Chinese attack. Republicans are calling out on president Joe Biden to come to the table to talk about debt ceiling and spending Democrats say that their package weakens. The Republicans package weakens the fight against opioids, cuts child care, closes social security offices, restricts, healthcare, reduces efforts to bring jobs back to the U.S. from China. Chinese authorities reportedly have been preparing to release journalists who disappeared three years ago. He publicized videos of overcrowded hospitals and bodies during COVID-19 outbreak. And Japan's prime minister fumio Keisha's approval rating has surged by 8 and a half percent to 46.6% in the last month. This is a Kyoto news poll. Global news powered by more than 2700 journalists and analysts in over 120 countries in San Francisco. I met Baxter and this is Bloomberg. All right, Bonnie. And thank you back with in just a little bit. Joining us now though is Adam Hague Bloomberg finance editor we want to talk more about the latest developments on first republic and we're waiting really for the latest developments Adam reports suggesting that JPMorgan and PNC this is different reports. They're both reported to be in the lead on bidding, and then there is the third option, which is that FDIC just puts it into receivership. What's the most likely outcome now? Well, I think what we know now is that those options are on the table. There's obviously quite frantic work going on behind the scenes with the authorities who are involved in trying to negotiate this process because you had such a precipitous decline in the stock price on Friday that this became such a brought the issue to a head so quickly. So they clearly do want a resolution before U.S. markets open on Monday morning. Of course, they've got like a little bit less of a challenge in Asia with some of the closures today, but they obviously want to get this resolved. And I think to that point that we're hearing from our previous guest there. The most likely option at this point seems to be some kind of seizure of the bank and then assail to a willing bidder, but clearly there's not a huge cue of private enterprises who want to take this on. But of course, any asset at some price has a value to a business. So clearly they will get they do want to get this done and that seems the most likely option. But there are other options still. And maybe at the 11th hour, you just get a straight sale to one of these bidders. So it really is watch the tape at the moment. The next two or three hours I would suggest it a fairly critical and of course we'll keep you updated that. One thing that's still puzzling and none of us are there, so it's very hard to know and to offer a lot of insight into what's happening real time. But one thing that is puzzling to me is why we haven't seen more Asian banks in the same kind of predicament in that most banks have a lot of low yielding loans. And on the books, maybe you hold them, but they're not worth much. Obviously it's hard to move them. We haven't seen that really in Australia in plenty of other parts of Asia, have we, Adam. No, indeed, it's a very good observation and one that's been that people have kind of gone. Well, why is that the case? What have they learned from going all the way back to the Asian financial crisis in the late 90s, some of the repercussions of how regulators reacted here post 2008. A lot of these banks as you quite correctly identify are sitting on some fairly large paper losses. I mean, if you think about some of these Japanese banks that have huge holdings of treasuries and fairly plain villain government bond securities from other places around the world, they've been significantly hit over the last 12 months as rates of ramped up around the world. So clearly that that part of the equation is a problem at many lenders, but what we haven't seen here is depositors running for the hills. And of course, that's been one of the main reasons that's exacerbated the issues that are plaguing the U.S. regional lending environment is that those depositors in a very short space of time over often left and left en masse and that's not what we've something we've seen in this part of the world. That is a very good point. Out of time, but this is a story that will be with us all day today. I'm sure Adam, thanks very much for joining us this morning live. Adam Hague. Bloomberg finance