Right now, ANZ banking group shares down a little more than four and a half percent off session lows, the bank reported profit above estimates, full cash profit from continuing operations, a little more than 6 and a half billion. That's Aussie dollars, but the stock is I mentioned showing some weakness. We are off the low of the day with a drop now in ANZ banking group or up around 4.6%. More on markets in 15 minutes. Head Baxter next with a look at global news headlines, Eddie. All right, thank you, Douglas, U.S. Secretary of State Antony Blinken is calling on the globe to send a united message to China about any use of force regarding Taiwan exclusive Bloomberg interview. He says they continue to accelerate accelerate their move to a unified. UK prime minister Rishi sunak told the House of Commons today that he is delaying the economy's strategy announcement until November 17th. Chinese leaders omitted the elders that is from an official account of how Xi Jinping chose his new leadership team in an apparent plan to change policy from including party leaders as important members in major decisions. South Korean defense minister Lee Jong su says that Korea needs to be more aggressive in adopting a stance of saying even if Kim attempts to use nuclear weapons that it will bring an end to his regime. It appears that the rosters of the Philadelphia Phillies and Houston Astros will see no black players. It is the first time that has happened since Jackie Robinson in broke in in the 50s, and a Tesla is being investigated for misleading claims about capabilities of its autopilot driver assistance system. These are criminal allegations. I should say Jackie Robinson actually broke in on the late 40s, but the last time that this has happened was 1950, the World Series. In San Francisco, Ahmed Baxter, this is Bloomberg. Yeah, thanks very much. Let's take a closer look here at Samsung. Third quarter profit missed analysts estimates and joining us to discuss the earnings is Peter L strum, Bloomberg executive editor for Asia, technology. So operating profit for the chip segment almost cut in half, yet Samsung is not cutting back on CAPEX. We saw that from SK Hynix yesterday for next year, but as one of our colleagues said, Samsung has deeper pockets than most. Your thoughts on this earnings report, Peter. Yes. Well, these have been rough days for the semiconductor industry and particular in the technology industry more broadly. We knew that there were going to be some weak results here this had been pretty well foreshadowed by Hynix, as you mentioned. And micron even before that, they've been pulling back on their expenditures high next yesterday reported weak earnings and said they're seeing an unprecedented downturn in demand. So expectations were pretty low for Samsung. As you mentioned, earnings are down sharply. They did miss estimates. That was largely driven by the chips business. As much as Samsung, Samsung really makes its money from the chips business, even though it's it may be best known for its smartphones, but ships really make the difference in terms of profit or nonprofit. And as you mentioned, the difference here is that Samsung is saying it is going to keep spending on factories and new fabs to make more chips. Because it sees opportunities ahead that's both in the memory business and it's also pushing into the foundry business, which is making chips for other people the way Taiwan Semiconductor does. In the memory business, it is expanding in a few different areas, including into the U.S.. So it's expanding very aggressively at this point, which is pretty contrary to what its peers are doing. Yes, Samsung, a major producer of the world's chips, obviously. Producing more chips into a market that admits already got a glass. Most of the impact on the broader market are going to be with this. Yeah, there's some parallels to the oil industry, I think, in the OPEC countries where some company, some countries continue to produce very aggressively because they want the revenue. Samsung is acting aggressively. They're investing even though prices are falling pretty sharply in the memory chip market. They're investing aggressively. They see opportunities here. They're expanding geographically also. Into a few different markets. And they do want to become a bigger, more competitive player in logic chips, which are microprocessors as they build up this foundry business. They want to compete with Taiwan. Semiconductor, which is now the most valuable chip company in the world and has built a very, very strong business as a foundry for other companies. So we've seen these new U.S. government rules on exports to China, particularly having to do with very high level chips for AI and such. I think a lot of people are curious what Samsung is saying about these new rules. Have we heard anything on that yet? That is the big question for the chip industry over the past two to three weeks. That's really the only thing that everybody is talking about. What are these U.S. export rules mean for the industry broadly and especially for doing business in China? Samsung, of course, sits in a quite challenging spot in South Korea. It has many factories there. It also has a fab in Mainland China. And the Korean government has very close ties to the U.S. also. The conference call hasn't started for Samsung yet. So they haven't gone into details on how those chip export rules are going to affect them. But they have been able to secure a one year exemption so that they continue to ship equipment and supplies into China to supply that fab that they've got in China so they can continue to produce memory chips at that facility there. Yeah, that conference call you to get underway in about 5 minutes of Bluebird subscribers will be able to follow the details on our blog top live go. But talk to us about smartphones as well. We have had some weak growth in that division. The market doesn't seem too troubled though. Yeah, it's interesting. Samsung is probably better known for its smartphones than its chips because that is a consumer facing business. It's just that business was pretty strong, which is a little surprising. The overall smartphone market is falling this year, there has been some weakness across the board. Even Apple has shown some signs of weaknesses and they sell at the very high end of the market. Samsung has sort of pushed the envelope with their flip phones and their foldable phones. They say that demand has been relatively strong and they're optimistic about that business going forward. Is there a glut in that business at the moment? Well, the real glut is in the chips business as we talked about. That's challenging for people because during the COVID pandemic there were chronic shortages of chips. That led customers to over order because they were so anxious to get chips that they needed into their facilities. And now all the chip makers are really saying that inventories are a problem. They've been piling up. And that means that customers are going to use their inventories before they start buying new chips from Samsung or Hynix or micron or the other companies. In terms of smartphones, it's a bit less of an issue. The problem with smartphones is that they become obsolete a lot more quickly that's a business that's very has to be very, very timely. So Samsung is facing some uncertainties that are also. We have seen a very weak one over the past few quarters as well. How's that altering our perspective on these results? Well, they say that the strong dollar did have an effect that strong dollar of the weekend did have an effect on their business. Largely Samsung benefits because they are selling much of their products abroad and bringing that revenue back in either dollars or other currencies. So