33 Burst results for "Guangdong"
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"Of extreme need to do so. The plea directly to consumers is one of the last measures a grid manager can take to avoid a stage three emergency, which is historically meant, rolling blackouts. Speaking of Christmas and Hanukkah gift buying is a little different this year, Mary Lou Gardner, Infosys consulting associate partner, says consumers have been more careful with their money this holiday season. They're being very particular about where they're spending. They're spending their buying less items and they're buying less extravagant items. Gardner says people are still worrying about a recession and are holding back a bit to make sure they have a cushion in case one hits. We're learning more about how Sam bankman freed was persuaded not to fight extradition. We get details on that from Bloomberg's Janet Wu. A judge agreed to let prosecutors keep it a secret at two of his closest associates had flipped on him. 28 year old Carolyn Ellison, former CEO of his trading firm Alameda research and 29 year old Gary Wang, his FTX cofounder, have pleaded guilty in exchange for their cooperation. Bankman fried was released on a $250 million bail package and is living with his parents in Palo Alto, California, while awaiting trial. I'm Janet Wu, Bloomberg radio. Meantime, former Alameda research CEO Carolina Ellison said she and FTX cofounders knowingly misled lenders about how much the now bankrupt trading firm was borrowing from the cryptocurrency exchange. Alison gave her first public account of her actions in a December 19th. Plea hearing in Manhattan federal court. I knew that it was wrong, she said, according to a transcript of the hearing. FTX cofounder Gary Wang also gave a statement that day. To Chinese cities were reported daily COVID cases that far surpassed the official national tally, and that's another illustration of the unreliability of data in China after abruptly ending COVID zero policies. The city of dongguan in the southern province of Guangdong and qingdao city, in the eastern province of Shandong, say they have seen hundreds of thousands of cases. These local estimates show a huge discrepancy with the official tally of only 4103 cases reported for China for December 23rd. It also underscores the inaccuracy of government data and points to the enormous challenge facing the country after its rapid relaxation of COVID rules. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Susanna Palmer. This is Bloomberg
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"From Hong Kong to Singapore. Well, I'm no longer employed by that firm where I worked for 30 years. So I'll leave that up to them to comment on, but certainly Singapore has benefited a lot from the shifts that have occurred in Hong Kong, but Hong Kong to its credit is trying to reclaim its position as a major financial center in non Japan, Asia, and we'll see if they can pull it off. How do you react to the bipartisan nature of this in Washington, Steve? I mean, it's one of the very, very few ideas in Washington where there seems to be common ground. And you know, there were waves of this going from Chiang Kai-shek and back to World War II, 1947. In all, is this just another wave of bipartisan anti China feeling? Or is there a permanence to this? Well, it's politically expedient for the U.S. to do it. I mean, the sentiment is virtually the only thing, as you said, Tom, that's unanimous within the Republican and democratic ranks. And it's going to be hard to dislodge. One of the big surprises for me was the election of Joe Biden, if anything, has not altered the Trump anti China policies if anything, it's amplified it. And for a president who repudiated so much of his predecessors on popular policies like the border wall and the Muslim travel ban to perpetuate what I think is a wrong footed U.S. China policy is a disappointment and a surprise. Tim Cook reads accidental conflicts, Stephen roach, what does he do? I mean, what is the, what is the approach for multinational Americans led by Apple in China? Well, you know, Tim Cook's been leading the way in reevaluating the commitment of U.S. based multinationals to a full outsourcing bet in China. Apple is obviously the quintessential producer who's taken advantage of this production platform in Guangdong province and they're now for a variety of reasons, understandable that the contract is part of it, starting a diversified production of the iPhone into India, slowly, but that's a move that needs to be watched very carefully for the future. With all of your experience, do you have a confidence they can get manufacturing process and other nations equal to what they've invented in China? Well, I think China certainly has made a huge bet in terms of revamping its infrastructure and equipping its companies and workers with the latest in technical skills and new technologies. But by no means does it have a monopoly on that opportunity and then that's what globalization does. It offers similar opportunities for other offshore low cost production platforms. Steven at the time that I've got left, I think we need to talk about one of your calls and you've been very, very candid about this and the idea of weak dollar. Well, guess what? It's been a Steve roach quarter. We had a resilient dollar in finally. There's a new weakness with international investment doing better with that weak dollar. Is this the great roachy in turn? Well, I don't know how great that is for me because it was one of my more humiliating forecasts. I promised myself. We've been there. Right, yeah, I've had a few, but this was a bad one. But
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"News. Hey, rich, North Korea has fired two short-range ballistic missiles toward the east sea. This launch comes after the U.S. nuclear powered carrier Ronald Reagan was redeployed in waters the previous day. Russian armed forces have retreated from the front lines in southern Ukraine, the FT reports Russia's acting governor in the curse on region admitted to retreating after losing a significant amount of territory in recent days, meta platforms is suing three Chinese Internet companies for undertaking a malicious scheme that compromised over 1 million accounts on WhatsApp, the fraudulent app contains malware that could take a user's real WhatsApp account credentials. And the former security chief at Uber has been convicted of concealing a massive data breach. He is Joe Sullivan, he was found guilty today in San Francisco federal court after a jury rejected his claim that other Uber executives were aware of this hack back in 2016, and they were responsible for it not being disclosed to regulators for more than a year. That's a quick look at global news headlines, Brian. All right, thank you, Doug. Ten minutes before the top of the hour it's time for the media review. From Dow Jones, the Biden administration is preparing to scale down sanctions on Venezuela. It would be to allow Chevron to resume pumping oil there, it could pave the way for a reopening of U.S. and European markets too, Venezuelan oil. In exchange, the Venezuelan government would resume talks with the opposition to discuss holding free and fair presidential elections in 2024. From Reuters, Venezuela's opposition leader, Juan Guaido, asked the U.S. for details on the license request. Also from Reuters Apollo global management in 6th street, no longer in talks to provide financing for the Twitter Twitter deal. No comment from any of the players in that. From the South China morning post, TikTok sister company in China, douyin, has cut off Cantonese live streams in China because of what it calls unrecognizable language. Several Cantonese speaking influencers say their live streaming sessions on Don were suspended after the platform failed to recognize the language. So Cantonese is the language of Guangdong province, Mandarin is the national language language from up in the Beijing area, and it has become language has become a point of contention in Guangdong province, and so it'll be interesting to see how this one develops. And whether or not it holds. From the South China morning post as well, the government is planning some big incentives to attract talent to Hong Kong. So that might affect you if you're looking to get a deal in coming here to Hong Kong. All right, let's check the media 9 minutes before the top of the hour was shot. All right, let's get to our next guest. We have Damien valin. He's head of energy research at Goldman Sachs. So having a look at that OPEC plus decision. 2 million barrels a day cut, but that does not does it to Damian translate into a supply cut of 2 million barrels a day. How much does it realistically move the needle with oil output? Yeah, exactly. So the headline cut 2 million translates roughly into about a million barrels per day of actual production reduction in the short run. We had expected OPEC output to grow a little bit next year so that becomes more like a 1.3 million barrels per day. So it's not as big as headlines, but it's still a significant reduction in output. From the group today. It sets up a little bit of a battle between the Biden administration and OPEC plus. OPEC plus is looking to support prices and the president wants to bring them down. Does this become sort of open warfare or is it just kind of subtle behind the scenes maneuvering? Yes. So maybe it's worth taking a step back to understand the genesis of the cut. You can look at it along three different dimensions. The first one is the pricer down 40%. There are significant concerns for a potential economic hard landing. And so OPEC is adjusting supply in response. Your second oil has actually underperformed many of the other cyclical assets over the last several months. It's really fallen a lot more than equities, for example. And that's the second approach is there has been a disconnect between oil fundamentals, still relatively tight and oil prices themselves. This could help to correct the two in our view. Now the third one, as you said, is this divergence in desired outcome, lower energy prices, gasoline pricing in the U.S. and higher prices for any oil producer. I think at the end of the day, the outcome has to be above current prices because as we look at the last several years, what we've seen now is just structural underinvestment, and so when you try to combine the two views, you ultimately end up requiring a higher price because investment is just not happening. And this will actually prolong the period of below trend economic growth because you're simply not growing supply enough to grow the global economy fast enough. So it's really been about a time horizon, right? Yes, in the short term, nor gasoline prices may be preferable in the U.S.. But unfortunately, the measures that have been deployed to achieve that think SPR release, for example, are not sustainable solutions. You do need higher prices to finally get investment flowing. And that is eventually where oil prices have to go. Western nations are wasting their time putting price cuts on Russian oil, which is already a sanctioned B, they couldn't care less about what the west does in secondly. It's China and India buying the stuff anyway
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"Us China is very much in the news today with the continued shutdown of a large part of Shanghai and now increased testing vast increased testing in Beijing And this is affecting of course the economy in China The markets in China for equities and some of the projections for growth here To bring us up to speed on the connection between how they're handling COVID on the one hand and their economy on the other Welcome now Leland Miller He is cofounder and CEO of China beige book So Leland thank you so much for being with us This has been building for some time Tell us where we are now Well you know a few weeks ago we got first quarter GDP And it beat expectations And I think people got complacent because they saw a pretty good number there But that didn't even begin to reflect the lockdowns that had started First in Shanghai then down south they started some form of lockdown and some of the bigger cities and the ports Now we're into Beijing And so it's starting to dawn on markets more broadly that China could be shut down not just for weeks but in worst case scenario you could be down for April and May and who knows what So now all of a sudden this is getting really scary You know you've got all these domestic domestic pressure at the same time you've got external pressure from the fed So this is starting to start to connect with people that this is probably the story they should be worrying about So Leland we've both talked to experts in the west who say that they're not sure president Xi has picked the right way to handle this problem with his zero COVID policy not to speak of his reliance on the Chinese developed vaccine At the same time he's got so much political investment in this Can he afford to change his mind at this point and change his approach I don't think he can I mean look we could all say all the things we think that the Chinese side has done wrong starting first and foremost with vaccines They had two years to get ready for this and they still don't have anyone enough people vaccinated They're not vaccinating with the right vaccines So there's plenty of blame that can go around But if you're just trying to start from where we are right now you know Xi Jinping penguin on the radio a week ago and doubled down on COVID zero They are not walking away from this They're scared of death They've got their big cities just shut down And look a hit to Beijing would have additional political significance So the idea that we're just dipping our toe into this for a couple of weeks And then we're going to be able to walk away as they move past COVID zero I think that's deeply deeply nonsensical Where is there a vaccine program at this point I mean as I understand it they have not even authorized the mRNA vaccine They're still using their own Is that correct Yeah beats me I mean look at all the announcements of a month ago where the certain provinces certain big cities were pushing for some of the foreign vaccines And you heard that at Shanghai you heard some other places But there's no national program And if you look at how immensely powerful they're moving is to shut down lockdown cities putting up walls out of nowhere you know making sure not a single person can move out of their house for weeks It's amazing that they couldn't simply mobilize to get vaccines in order to do this So the priorities seem to be different than most people would suggest they should have they should have done things But look it is what it is now And now it's too late for a vaccine program So they're going to have to rely on an incredibly draconian form of COVID zero Let's be clear I think we all have to root for China at this point both for the sake of the people who live there but also its effect in the global economy We don't want them to crater but how bad could it get Do you have a sense Yeah I hate I hate doom saying too much but look let's look at worst case scenarios If a city is down for one or two weeks it's not that big a deal You've got a couple ports down here and their backlog for a couple of weeks It's not that big a deal If what we're seeing is a reset every time a neighborhood has a COVID case or two then you could have cities down for April into May maybe all of May you're talking about the big cities down south in Guangdong Beijing Shanghai is not emerging from it I mean you could have a contraction of growth in the second quarter You could have you could have supply chains get crushed because the backlog at ports So this could go a truly horrible direction The other thing is they haven't wanted to stimulate They have not been stimulated We've been saying that for months and months and months But look if they decide they want to stimulate and they've got most of their country under lockdown will it even work So there are some enormous question marks here about the second quarter and what the growth numbers might look like Well you raise a really powerful point potentially When we think of China as being different for us in part because they are a state controlled economy could they lose control effects with control of the economy if they have to be locked down on the one hand as you suggest some of the levers you otherwise might pull might not work Well it depends what lose control means I mean you could see some bad Q two growth numbers and then things get back up I think they want to control everything as they start approaching the party Congress is full So that means this summer there's the run up to the party Congress You don't want to have a crisis then You know I think they want to get things under control And I think the big mistake that western investors and analysts have made is that we've been trained for for years and years that the Chinese leadership wants growth And then they prioritize growth and they prioritize hitting their targets The priority for Xi Jinping right now is not growth It's stabilizing the economy but more importantly avoiding a health crisis avoiding a security crisis avoiding something that tanks his yearend party Congress So there is a totally different set of priorities in China right now and people aren't used to that because we've been trained to think of a very different way for the last 20 years So of course there's this very important party plenum coming up toward the end of the year in November maybe in which Xi Jinping would get a third term effectively I think nobody thinks that that's not going to happen but it could actually limit to some extent his ability to maneuver But potentially you know it's very difficult to you know it's very difficult to know how she is being affected at the margins here If this COVID zero lockdown stuff drains on and the economy's hit and the optics are bad and a lot of officials are being fired for their failures in this then certainly it's going to affect his leverage in some degree with the rest of the leadership But it's such a black box to go into that I think what we have to look at it from outside of China is this yet a threat to Xi's continued rain I don't think that's the case There's no evidence of that So we just have to look and make sure that we're watching the big.
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"And on Bloomberg quicktake powered by more than 2700 journalists and analysts in wall then 120 countries and Leon guerin's this is Bloomberg Anna Leanne thank you very much Let us talk about the earnings season and how it will play out here in Europe European banks are kicking off their earnings season led by HSBC UBS and Santander That certainly one of the features we'll be looking for are one of the sectors we look to this week Now the fallout from Russia's invasion of Ukraine is set to top the agenda there For more on the European equities outlook more broadly and what we're looking at let us set a talk now to bring back Tim Craig who's with me here in our London studio Tim thank you so much for joining us So heading into the biggest week for quarter one earnings results what are your overall expectations Yeah look we've got about a 150 of the stock 600 companies that are going to report this week So it is the critical week As we think about it it's an important week for stated in the obvious that you've got lingering COVID supply issues You've got the sanction issues that have layered on top of that And now you've got Chinese lockdowns So with that we're looking for the assessment of ongoing demand Have we seen any destruction yet If you will what's going on with price increases to offset inflating costs And with all of that that creates a lot of angst it's interesting to note that going into one Q earnings estimates have still been going up We've got about a 3% positive revision in 2022 and 23 earnings for the market heading into the reporting period So consensus hasn't bulked yet Okay that's really interesting then In terms of the broader expectations do you have any sort of early anecdotes we have heard a few companies reporting already of course that are particularly notable in terms of what to expect I was struck last week by how much there was talk about pricing power and companies saying that they still had it but still concerned about what would happen in the future Yeah I would totally agree with you We saw sandwich we saw ABB we saw Heineken So industrials and a beverage company talk about strong demand The industrial companies with big order growth And in fourth quarter results the buzz phrase that I kept hearing was cost to mitigation which is parlance for raising prices to offset costs We're still seeing that so far in Q one maybe it's still a little bit too early maybe that's going to be a bigger two Q impact but I think it's critical to assess how strong demand is and at least the early ones so far are positive The thing I would note is well this week beyond the banks as you had referenced is we get all of the Swedish industrials coming this week that haven't yet reported And that is a canary in the coal mine if you will for the global industrial complex And well worth watching some of those companies In terms of the bigger picture then notwithstanding first quarter results what's the overall outlook for European stocks as we head towards Well can you believe it already nearly midyear Yeah crazy isn't it It's hard to say it on a day like today but we remain reasonably constructive and pro cyclical as we look towards midyear and into the second half We do think one Q two Q are a bit sloppy as we go through this period of our margins risk or are they not surprising holding as demand being destructed and all that sort of good stuff But bad stuff if you will On days like today though when there's a clear risk off with China certainly be in the catalyst for it We'd be more tempted to lean into energy and to lean into materials lean into industrials where valuation is attractive we think earnings momentum will sustain as we go through this year And overall we're not looking for the economy to roll over notwithstanding all of the obvious concerns You're not looking for the economy to roll over the global economy then because this is crucial because this is what markets are wrestling with this morning isn't it I suppose You know we've spent weeks focused on inflation and today it's a different picture It's hang on a second we're now talking about locking down parts of the capital of China psychological effect of that The thinking is then how far does that go through China how disruptive it is this to the global growth story when the world's second largest economy is still stuck dealing with COVID in the way that it is Now and you can't argue with that and certainly there's a bigger story with China if you wanted to take the glass half empty view and that is we've seen Shanghai Well that's financials People can work at home to a degree We have Beijing and yes there's industrials around Beijing but it's the government center What you don't want to see is Guangdong province With all of the manufacturing that happens there be locked down and could that happen But on the glass half full front we've seen elsewhere COVID does pass And with that in mind we'd be more tempted to lean into this And I was seeing headlines around levels of vaccination in China so there is still that of course Tim thank you very much for the updates at Bloomberg's team Craig head With an update on European equities as we head into what's going to be a crucial week on the earnings story There are other stories we're talking about today though and of course one of those is the aftermath of the French election and what still lies ahead as we get to parliamentary elections in France in the height of the French summer coming up on Bloomberg daybreak Europe then we will go to Paris will speak to Jeremy keres who is an associate Professor of economics and international affairs.
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"You who are looking at Netflix now down 37% down a 130 The price to 18 39 per share That's a Bloomberg business flash Bloomberg markets continues now Paul Sweeney and Matt Miller A lot's going on out there Greg Jarrett Thanks for the update We appreciate it All right we need to get an update on China and when we do that we go to one person and one person only lets Leland Mellon a Miller CEO of China beige book international Leland thanks so much for joining us here You know I guess as we look to China here we really have to start with are they open Are they closed are certain regions open are certain regions closed Can you give us an overview of kind of where we are right now with China and its economy Yeah I think that's the right question to be asking because China just came out with its first quarter results And they surprised a lot of people not us because we had seen some strength in January and February But the real dynamic that people should be tracking is the fact that the economy is just shutting down And it's not because there's a COVID outbreak It's to prevent the COVID outbreaks It's part of this COVID zero policy And you're seeing what a lot of people are saying is around 40% of GDP shutdown almost all the major ports are either shut down or massively backlogged because there's a potential lockdown in progress So you've got a real problem the march data showed a little bit of this But April I've said this before but April 2022 is going to be the most important month for China since January 2020 because the extent of the lockdowns are to dictate just how gruesome economic growth could potentially fall in the second quarter So what kind of drop do you expect I mean can you give us a range Well look if we see some of these big city lockdowns and we're not talking about just Shanghai but two of the biggest cities in down south in Guangdong province are under either the beginnings of a lockdown or a lockdown Already we see this continue and it lasts more than one or two weeks I mean you could see a quarter with negative growth Now that doesn't mean they're going to announce it but it just means that if you're shutting down most of the economy for a huge chunk of the quarter you could have some real problems with trying to get the number out of the gutter So Leland is there any pushback or pressure or from folks saying hey this is not the right COVID strategy here the zero tolerance I mean maybe it worked in the beginning but boy with these increasingly contagious variants maybe not so much Is there any pushback on this policy Well I mean individuals across China don't like the policy at all I mean I think anecdotally it's hard to find anyone who is supportive of the draconian extent that this lockdown has hit But that's not the way China works It's dictated from the top down and Xi Jinping wants to lock downs and he's doubled down on it recently on the radio and senior policy makers in the last few days have tripled down on it So they're not moving away from COVID zero anytime soon no matter what The worries about economic growth and other things are absolutely secondary to the general fears that they could have a major outbreak in rural populations amongst the elderly and particularly underserved populations that don't have hospital capacity and that's what they're really fearing like a disaster during a politically sensitive year So because it matters how much support Xi Jinping has amongst the population but I guess his play right now is I'd rather have them perturbed with me over a lockdown than ousting me over a pandemic that overflows hospitals nationwide Right I mean what he's trying to do he's looking at the worst case scenario and trying to take that off the table And then the next priority is to take the next level of bad case scenario and try to take that off the table I don't think people understand right now because they're obsessing over the growth rate and GDP targets and things like that Is that that's just not high on the priority list right now That's usually what the leadership in Beijing is obsessed with But during this year during a time where the outbreak could spread out of control and cause havoc in the run up to the party Congress this fall that's not economic growth is not the priority stability is security is safety is and getting COVID under control Do they feel like they can always bring back economic growth with the right kind of stimulus and have they been enacting stimulus programs that you would expect Yeah that's so interesting So they have not been doing stimulus About a year ago we said look the economic gross models changed the stimulus playbooks changed You could see this in our data There's just nothing percolating underneath the surface in terms of them getting ready to do a more active credit policy And a lot of people fall back and say no no no we understand the way China works We understand that this is a party Congress year They always go big at a party Congress year And that was the wrong call This is a different regime This is a different kind of economic policymaking Now the problem you have on top of that right now is if most of the economy are a big chunk of the economy is locked down How do you stimulate it even if you want to They have a question Do they want to stimulate But even if they choose to which they have not yet chosen to can they make it work Leland just 30 seconds left Is there any risk to she right now I know you mentioned it's a political year Yeah I don't think so Look there's no evidence that this is affecting she's standing but we're on the cusp of very very big things happening right now So he needs to get COVID under control and they need to get economic growth back up the second half of the year But no I'm not seeing any immediate short term threats to his governance All right Leland good stuff Thank you very much for your time Again when we want to get the latest on what's going on in China politically economically we turn to Leland Miller He's a CEO of the China beige book international and boy they have some of the best datasets Proprietary.
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"From Bloomberg's European headquarters here in London I'm Caroline Hepburn with this Bloomberg radio business flash So futures at the moment are looking more positive sheets is up two tenths S&P 500 even if you also are gaining a tenth of 1% European stocks yesterday fell two tenths of 1% PMIs showed the Eurozone economy faces a huge surge in inflation from the war in Ukraine Speaking of which world leaders gathered in Brussels to discuss their response to that war and there was a U.S. EU gas deal but of course it's going to take time That is the bottom line Oil prices this morning have pulled back just a little bit breadcrumb now trading at a 118 WTR a 112 JPMorgan says that demand destruction has already begun IE high prices mean that people are holding back As for bond markets U.S. benchmark yields at two 36 with down by a basis point treasury yields at treasury seeing modest gains but of course still on track for one of the worst coarsely routes since the early 1970s on the hawkish pivot form the Federal Reserve The Japanese yen has also been unraveling in recent days dollar yen seeing only the 5th down day this month In March we are at one 21 48 for the Japanese year That is able to be big radio business flash Now here's the angolans with today's top stories Good morning Caroline good morning and thank you Let's start with the latest on Ukraine and President Biden is calling for Russia's removal from the G 20 He told reporters in Brussels that if other members do not agree then Ukraine should be allowed to attend the group summit later this year Biden's comments come after Russia confirmed that Putin is planning to attend that meeting Now European Union leaders suspect that China may be ready to supply semiconductors and other tech hardware to Russia Bloomberg has been told the EU was concerned China is ready to help president Putin weather an onslaught of global sanctions U.S. officials have also warned that Beijing may provide help to Putin and China's potential influence on the situation in Ukraine was a central issue in NATO talks yesterday And finally in top corporate news SoftBank is said to be seeking evaluation of at least $60 billion for arm when the chip designer does go public sources say SoftBank is aiming for a higher amount that it would have received from its failed sale to Nvidia and is poised to appoint Goldman Sachs JPMorgan and Mizuho to lead the lone transaction Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in 120 countries I'm leann gerrans this is Bloomberg Caroline Thank you so much Lee and Gary's Now we continue to analyze the war in Ukraine President Xi Jinping and Vladimir Putin declared a no limits friendship between China and Russia before the Olympics began two months and a war later Beijing's envoy to the U.S. though has added an important caveat So the ambassador king gang told state backed broadcaster Phoenix TV that the relationship does have a bottom line in his words Now Bloomberg has seen it executive editor for Greater China John Liu has been discussing what that actually means with our colleagues Ed Baxter on daybreak Asia I think it speaks to there is some I would say there's not a consensus on how China should exactly handle this and I think it's important to note who said that shingon is in the U.S. his responsibility is to maintain that relationship between the U.S. and China and so in a lot of ways he is trying to speak to an American audience when he says that I think he is sort of there's probably a range in terms of what China thinks its relationship with Russia is and I think that is Qing on pushing on the more pro western pro U.S. pro Europe side of that range It was earlier this month and the month of March that foreign minister Wang Yi said that China is basically ready to act as a mediator between Ukraine and Russia Is there a role that China can play in trying to deescalate this situation and maybe bring it to an end I think without a doubt China has more influence on Russia and mister Putin that I would think any other country in the world has at the moment Whether or not China is willing to use that leverage to force mister Putin into some sort of deal He's not ready to sign yet I think his questionable She we noted this in a story yesterday has not yet had a spoken to president zelensky of Ukraine I think as a mediator there are certain things about China's position that will make it difficult for Beijing to do that top of that being its relationship with Ukraine at the moment We've also had the United States warning of consequences for China if it has seemed to be supporting Russia's invasion of Ukraine and at the same time the U.S. also reinstating tariff exemptions on some Chinese goods near perhaps normalization of trade is the U.S. China wedge China here I think that the granting of those waivers was actually a sign of Washington trying to keep the pressure on Beijing Because though the tariffs were imposed by Trump Trump also gave about 2000 waivers exemptions And so the Biden administration most of those waivers expired at the end of 2020 the Biden administration is only giving a small subset of those waivers and extension And so you actually have the business council for U.S. China business Coming out and saying great but we wish there had been more And so I think this is Biden trying to continue to pressure Beijing to not support Russia So we know the war has triggered just an incredible move higher in the rate of inflation as a result of the elevated commodities prices And I'm wondering whether president Xi has the fortitude to kind of hang in there and let markets kind of adjust or whether he feels particularly given the critical year that this year is for the Chinese president that he needs to have some kind of resolution to this situation I think energy security is front and center for president Xi this year Not only because of the knock on effect for inflation here in China but also at the end of last year we had an energy crutch electricity crunch where China didn't have enough coal to fuel its power plants And we actually had rolling brownouts in Guangdong province which is sort of the manufacturing center of the country They're keen to avoid that The pressure might not be as great as for Europe and the U.S. because China is still buying Russian oil At some point So there will be some inflationary pressures for sure That was Bloomberg's John new.
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"And compromise within the party next week 16 and 17 year olds have been cleared to get the Pfizer BioNTech booster shot CDC director Rochelle Walensky says the urgent job now is to get as many people vaccinated as possible to stop the omicron variant spread J&J says it has an ocron specific shot in the works but wants to finish collecting data on its current vaccine COVID-19 hospital admissions rising quickly in many parts of the eastern U.S. Singapore has found two more omicron variant cases Russia has said today that the escalating tensions over Ukraine could lead to a repeat of the Cuban missile crisis U.S. dismisses the statement and Chinese hackers this year targeted military and civilian organizations in several Southeast Asian nations particularly those with similar territorial claims or infrastructure projects And Donald Trump has lost another bid to shield his January 6th insurrection records In San Francisco I'm at Baxter This is Bloomberg Rituals Thanks Ed Well let's get more and talk about the defaults from China evergreen and Kaiser group the embattled developers officially labeled to filters for the first time And join Andrew Collier economist a global source partners who joins us from our Hong Kong studio Andre I guess in a sense This was only kind of a matter of time We have seen high yield dollar bonds rally What does it mean more broadly though for the property sector in China Well people may have been expecting it but if you had asked said a year ago China's largest developer is going to default nobody would have believed you So certainly the market is to change its tone over the past year and even a couple of months ago I saw some quotes from people Now the real issue is how much stimulus will they provide How much local stimulus will they provide among local governments And will we know about it And over the longer term is there any way that China can find new growth strategies outside of the property sector What about the rights of mortgage holder developers I mean there's concerns here about whether or not they're going to be uphill I assume yes The main concern in Xi Jinping and the party is stability And that means that if you've got a large number of people that are going to be hurt by the default the government is going to try to help them in some ways That means that you've got hundreds of thousands of people who may have prepaid for flats or you have mortgages outstanding and even to some degree some people have some of these wealth management products that were sold by evergreen However the recap is likely to be piecemeal among local governments and not so much directly out of Beijing with a massive stimulus Let's talk as well about what we've been seeing from the PBOC really moving to weaken the currency and we saw this week of reference rate again today sparing some fresh declines in offshore trading What kind of signal do you think this is sending given we had that three Ohio or in the week I was a little surprised at that I don't know why there's so much variability There's a lot of suspicion that there's a lot of banks that have been holding offshore dollars because some of the data does not match up in terms of foreign exchange controls So at this point what the PBOC is intending as a signal is unclear I really can't tell you what their strategy is because we've seen a lot of volatility in the currency We know that we're going to get that big monthly data down for next week And then we had the CPI and PPI yesterday showing that that gap is narrowing somewhat I guess signaling that we could see some further easing from the PBOC after the triple-A cut this week too What kind of expectations do you have from further policy moves Well that's the big question I mean the triple R cut injected ¥1.1 trillion into the economy And the reporting has suggested that that was against the wishes of the PBOC that that was a crammed down by the Communist Party itself Further stimulus measures don't seem to be happening yet What's really going on is that the Central Bank is telling the local branches of state banks and the local PBOC to try to find local ways to inject money into the economy to handle the default of a lot of these evergreen projects And a lot of this is being run out of the Guangdong government because that's the home of evergreen They have a lot of their assets there And they're well capitalized So I'm very curious to know what Guangdong is going to be doing because I think they're really running the show more than Beijing at this point All right so you have these concerns in the property space You have this slowing economy too but we also have the attack or the regulations on the overall tech sector how much of a concern is this and do you see a potential bottom for some of these companies that have been hit hard Good question I'm writing a book on this that I hope to get out early in the year It's very clearly that this is a party driven thing The regulatory crackdown was necessary but a lot of the measures they've been doing really are more intended to strengthen the hand of the party and the overall economy than anything else I don't think there's a bottom yet in sight for this because at the end of the day their attitude is they don't really need the Uber of China to be that large Amazon they felt was getting too large They needed to have its wings clipped And financial the online bank basically was reduced to a shadow of its former self And they've hit the gaming sector So I don't think all the platform companies could suffer further regulatory downturn because Beijing's attitude is that these are not These are more of a threat than helping the Communist Party A threat and also perhaps some symbolism as well in terms of the crackdown Symbolism in what way In terms of just trying to show the upper hand and how strong the overall Chinese government I guess is I think it's more than symbolism I mean I think they genuinely believe perceive Jack Ma and the Alibaba as a threat he'd raised all short capital He was making a lot of noises about the inadequacies of the government regulatory situation He was pushing and financial as a new model for lending which threatened the state banks So I think in many ways the party reacted in a very understandable way given what their imperatives are Let's look ahead at what we can expect in 2022 as well as we continue to see the common prosperity theme play through too And I guess the effect of the ongoing COVID zero policy in China and what impact that's going to have on the economy Well the COVID zero policies hits close to home since it's very hard for me to leave Hong Kong But common prosperity is a great populist campaign but doesn't have a lot of meat on it Essentially you have to readjust the entire fiscal nature of China to achieve the goals of better equality of income And that's difficult to do given that the tax base relies on an inflated property market So I don't see a lot going on The idea of charity of getting the big tech companies to throw money at poor people is really not going to do much to change it You really have to restructure the state system There's a lot of indication that they're doing that I think the key point is that at some point the local governments are going to have to help small businesses because they're the biggest employers 80% And they also can generate growth So I don't know how they're going to adjudicate that because that means starving some of the state firms of capital and that's a tough one You mentioned your own personal situation there and it's something that all our colleagues in Hong Kong face I mean if you leave it's very difficult to come back you face at least what three weeks quarantine perhaps one in a state facility how much of an impact if this continues do you see on the Hong Kong economy.
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"So we are expecting a pretty good day here Brian Texas leading U.S. equities to their biggest rally in 9 months Hey Jules let's get over to Doug Yeah It's been a while I hope you're doing well in Australia I think it's the important to distinguish between trading a market and investing in it We had a pop here in U.S. equities today and that seemed tied to the story on investing as opposed to trading Some early analysis when it comes to the omicron variant suggests of yes more contagious than earlier versions but it's not more severe and causing harm One example GlaxoSmithKline saying that research on its COVID-19 antibody treatment is effective against the full combination of mutations on the new omicron variant So you can add a little bit of bullishness when we consider the U.S. deal on raising the debt limit We'll have a closer look at that momentarily In terms of the equities space today it was all about technology We had a rally in the NASDAQ composite picking up about 3% S&P today higher by 2% where the Dow was concerned again about just about 1.4% An all time high for Apple CEO Tim Cook has reportedly struck a $275 billion deal with China to ease a crackdown on its business there and Intel is planning to list shares of its Mobileye self-driving car business in the middle of next year We had shares in Intel today up about 3% as well Ten year treasury last quoted in New York up about four basis points where one 47 now as we get set for trading in Asia and a little bit of dollar weakness I think we're going to have to deal with that as well Brian Well that will be pleasing to many investors in Asia for sure the dollar down like that about a quarter of a percent and we'll see this mood this was a very strong mood yesterday too So I'd call it day two of investors assuming that the omicron variant is not as deadly as feared All right let's get to some of our stories here We are hearing that some of China evergreens bondholders have yet to receive over to coupon payments $2 notes sold by the unit scenery journey were due on Monday and the 30 day grace period has now ended while a default has not been declared S&P said yesterday that it is inevitable Let's get to Bloomberg Steven engel on what the big question is Can Xi Jinping can Beijing if they're not going to give a bailout Will they be able to contain a potential contagion Already ten developers smaller developers in Guangdong province and other parts of China have defaulted and more are lining up The PBOC said last week that the risks from immigrants debt crisis can be contained and it's the developers own poor management It said that got it there Well Republicans and Democrats in Congress have agreed on a deal to raise the U.S. debt ceiling Bloomberg's Kathleen Hayes tells us what the key point is here It's going to allow them to raise the debt ceiling Ultimately a series of steps without any Republican votes of this deal Mitch McConnell saying it's in the best interest of the country and in the best interests of Republicans and Schumer saying we don't want a long wrangling out here Democrats will would carry on this deal The burden of raising the debt limit but there is some procedural gimmickry And the gimmickry essentially involves two bills The first bill sets up the debt limit process and would need ten Republican votes in the Senate to advance but that itself doesn't raise the limit A second bill to raise the ceiling can then be passed with just democratic votes All right the time is 5 minutes past the hour coming up in a few moments We'll get to Frances Donald chief macro strategist at manual life asset management to get her outlook on the markets Well it is time now for global news.
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"Afternoon here in Sydney I'm Paul Allen And I'm Brian Curtis trading is underway throughout most of the markets in the Asia Pacific It's a day of selling pretty much across the board although a couple of markets are faring okay the CSI 300 is up by half a percent and the streets times index has been surprisingly strong this morning But most of the other markets trading down not least of which the Hong Kong market the Hank sing index of 1.2% The Hank sang tech index down 2.3% And you have companies like Dede and Alibaba and evergrande group are kind of sinking investors in Hong Kong market I should mention before we get to expanded coverage on evergreen that Alibaba is trading down about 7% And SoftBank a big holder of Dee Dee's stock is selling down about 7 and a half percent in the Tokyo market And that brings us to evergrande It's trading down 9.3% this morning So we had a flurry of activity on Friday just to summarize really briefly They came out with a statement saying that they would work with creditors on restructuring the Guangdong government summoned Cayenne who's the founder of China evergreen group and so we are in a little bit of a muddle Joining us to explain that muddle is Rebecca Chong Wilkins Bloomberg's team leader for China credit So investors didn't really like the sounds I suppose of either of those developments I just mentioned What's the latest on this Monday morning Well I think ultimately they're this consensus that ever grand is moving much sort of more closely towards a potential restructuring And the lower of statements as you say it's super unusual to see so many different authorities issue statements in that way and particularly interestingly issue them in English Indicates that we are reaching a sort of new critical point Now precisely whether that means we're going to see a restructuring plan or whether that means we may see the first public bond default today on those two coupons That obviously remains unclear But I think given this sort of emphasis on active engagement with offshore creditors it does seem like we have sort of turned a corner and ever grant now this sort of a fundamental change in its disposition in terms of initiating and moving forward with that restructure Yeah in terms of immediate issues that bond payment you mentioned the 30 day grace period expiring today on $2 bond interest payments with collectively about $80 million over grounds got out of this at the last minute before We're going to see that today or is this the denominator Well I think given the kind of statements that we've seen that does look less likely there are certainly some concerns that evergreen may choose not to make this payment If it is indeed ratcheting up it's crisis I think the other kind of really important thing to sort of manage or think about is ever ground is at the same time also trying to manage this 260 million opaque or largely hidden and unknown about debt that was guaranteed the so called jumbo Bond And so everyone is in a very tricky position because it's trying to manage these two obligations simultaneously and although one doesn't necessarily directly affect the other Of course if it can not pay on one it doesn't necessarily make sense to sort of allow wonderful I'm just one note Well and it has the heavy hand of the government both the Guangdong provincial government and also the central government not wanting the little guy to get hurt in this restructuring Absolutely I think that's fundamentally key I mean there are some questions about whether the government coming in is it actually ultimately taking over management of evergreen But I think what is very clear and what we've seen so far is the making sure that late stage developments are completed making sure that there's no run on banks for example and the ultimately the ordinary home buyers are protected is of the utmost importance for regulators and really will be the thing that kind of is the focus In fact just making sure that supplies and contractors and people just keep coming to work is sort of an issue So you're guaranteed at 12 hour work day today is what you're telling us Every day going forward 24 yeah All right Rebecca thank you very much Rebecca Chung Wilkins there Bloomberg's team leader for China credit Well I mentioned a little bit of what was plaguing markets this morning The hawkish pivot by the fed is a big part of this too And clearly the only crime variant although you get a lot of views on the Macron as though yes it's very transmissible but it's not as deadly and it's not even leading to as high as a number of hospitalizations as what we've seen in the past So that remains to be seen And then the delisting saga that I briefly highlighted earlier that's also weighing on the Hong Kong and China markets Alibaba will there's part of that there but then there's also that they have done a kind of management reshuffle here The long-standing chief financial officer is being replaced And they are also reshuffling the leaders of the commerce businesses and these are some of the biggest changes that we've seen at Alibaba Well certainly since the antitrust investigation was carried out by the regulators Alibaba at the moment down a little more than 7% Tencent is down 2.2% That's in line with what the Yangtze tick index down about two and a half percent and as mentioned a couple of markets that are a little bit higher The CSI 300 up a half a percent The tych in Taiwan is flat The cost B is flat and the straits times index is up about 9 tenths of a percent Bitcoin was throttled over the weekend down 20% down below 43,000 per coin trading now at 48,800 and change Gold is up about two tenths of a percent oil surging 67 80 a barrel for WTI up 2.3% Paul over to you All right thanks Brian One 36 now here in Sydney ten 36 in Hong Kong time for a check of global news.
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"Trading is underway in a couple of key markets around the region largely buoyant today The kneecap more than 1.1% and the Cosby is up a little more than 1% The laggard the SX 200 with gains of about two tenths of a percent We have a COVID zero policies in Hong Kong and China and any movement at all would be cause for excitement And so we see reported in the South China morning post this morning that people from Hong Kong could be a lot of visit China as soon as next month without having to quarantine with movement limited to Guangdong province initially So that's a story When we get time we'll take a closer look at that And we'll also get to the markets in a moment Some other stories now top stories of the day Paul And the top story of the fade will begin tapering asset purchases at the end of the month that will reduce purchases of treasuries by $10 billion and buying of mortgage backed securities by 5 billion Regarding interest rates fed chair Jay Powell said policy will remain accommodative for now Our decision today to begin our tapering our asset purchases does not imply any direct signal regarding our interest rate policy We continue to articulate a different and more stringent test for the economic conditions that would need to be met before raising the federal funds rate Pal said it wouldn't be a good time to raise rates because he wants to see the labor market heal further He also said the fed could wrap the tapering process up by mid 2022 but the pace could change depending on the economic outlook Well Citigroup is about set to apply for an investment banking business license in China Bloomberg's nabila Ahmed tells us why and how The country opened up to the foreign banks last year This is a huge opportunity for them This is a $54 trillion financial market They're following in the footsteps of Goldman Sachs and JPMorgan They want to be able to underwrite nominated deals and also look after their private wealth clients there as well We're hearing that city will submit the application in the next couple of days They'll also apply for a futures license in the next few weeks Immigrants troubles are unlikely to constitute a systemic risk for auditing in Hong Kong and that's according to Hong Kong's accounting regulator the watchdog started an investigation last month into evergreen and its ordered at price waterhouse coopers Kelvin Wong is chairman of the financial reporting council He said the council doesn't see a single case becoming an industry wide risk but he did flag that firms with high debt levels should take extra care and calculating the health of their businesses One also declined to comment on the progress of the probe or whether it's looking into the books of other Chinese developers All right let's take a closer look at market action here particularly in the Asia Pacific Let's get to our colleague Bloomberg's Doug Kristen So things are looking pretty positive but as our guest pointed out in this last little segment if things are looking so good why are rates still so low Well as long as you have a Central Bank buying I guess that's the reason enough right There's a bit in the market You know somebody was saying earlier on one of our programs to call it a bond market really is a bit of a misnomer because it's been so distorted by Central Bank activity I mean you have very little in the way of kind of market forces actually playing out Ten year treasury was at one 60 at the end of New York trading were at one 59 in the Tokyo session We've got the kneecap pushing higher by about 1% gains here in the Japanese equity market being led by information technology and healthcare and so the cost being now rising 1.2% In this case it's consumer discretionary out in front and in Sydney the ASX 200 better by about two tenths of 1% Information tech rising So a lot of that information tech positivity is undoubtedly tied to the forecast on revenue from Qualcomm after the beld O shares popped about 7% The company is saying that the revenue for the current quarter will come in between 10,000,000,010.8 billion The street was only looking for 9.73 billion so a lot of positivity And if you look at the E mini futures for the NASDAQ 100 that contract is pushing up by about three tenths of 1% after a record setting session here in the U.S. across the board for the Dow the S&P NASDAQ even the Russell 2000 Crude oil right now has been fluctuating just above $80 a barrel We do remain weak by about 7 tenths of 1% We had indications during New York trading that the EU will be talking with Iran on a nuclear deal those conversations will resume on November 29th We also heard from Electronic Arts after the bell forecast on revenue was broadly in line with estimates This may suggest that the new game battlefield do out this month will perform better than some of the earlier reviews seem to indicate in the stock popped by more than 4% in late New York trading We'll take another look at markets in 15 minutes Paul All right thanks very much Doug 8 35 now in Hong Kong 1135 here in Sydney time for a check of global news And the U.S. Pentagon saying that China is expanding its nuclear weapons capabilities more rapidly than previously believed It backs to Scott details Yeah Paul this is the annual report from The Pentagon It says very quickly growing Bloomberg Steven engel reporting These are.
Bloomberg Radio New York
"guangdong" Discussed on Bloomberg Radio New York
"Talk arms Human rights cybersecurity, Ukraine. No major breakthroughs. No meltdowns. Obvious differences in perspective persist. Japan's government has decided to lift the state of emergency in Tokyo and eight other prefectures when the current mandate expires. June 20th. Thailand planning on total reopening 120 days it says it needs to ease the suffering of its people. Moscow has ordered mandatory covid vaccinations as it is fighting hospital ST. Now this applies to municipal workers and the service sector. EU government envoys have decided to include the US to a white list of countries from where non essential travel to the block is allowed. U K House of Commons told the pandemic will last another two years until the Globe is vaccinated, and Democratic Senator Joe Manchin has issued a list of changes that he wants in the voting rights legislation for it to pass. He says he's looking for a compromise that some Republicans can embrace in San Francisco. I'm Ed Baxter, this is Bloomberg. It is tea leaves time, Brian Yeah, and one note to add from Tokyo from from Japan and the NHK organization that Tokyo is keeping an eye on on keeping alcohol restrictions at eateries as part of its adjustments in the restrictions regarding the pandemic. We just got New Zealand first quarter GDP expanding 1.6% quarter on quarter That was much stronger than the estimate of 0.5%. If you look here on your it was a gain of 2.4%. And that was much higher than the estimate of 0.9% in terms of some news stories here that are interesting from the South China Morning Post journalist mistaken for a toilet pervert. Has been convicted of resisting police officers following unrest in Mongkok. Ho Chi yan was found guilty on one count but cleared of resisting three other officers as a magistrate found that the trio's use of pepper spray was Inappropriate and unreasonable. An officer tackling anti government unrest in Mongkok last year apprehended the reporter in the mistaken belief that she was actually a man sneaking photos in a women's toilet. And also from the post At least 150 Hong Kong District Councillors face disqualification next month under new oath taking legislation so counselors who ran In what was organized by the opposition. It was an unofficial primary. Well, those counselors who ran in that or offer their offices at polling stations or threatened to vote down government. They are all at risk of being unseated. Mass disqualification, warning. This thing follows new oath, taking rules for municipal level politicians and could slash opposition representation by more than 40%. So That's what's happening here in Hong Kong nine minutes before the top of the hour, Rashad Alright, well, joining us now is he Shea Bloomberg Bonding. FX reported discussing the news of the day. And, uh, really, there's only one game in town, isn't it? Indeed. Good morning. How are you doing? Um, yeah. The Fed surprised everyone. And with the top part now And so in two rate hikes in Tucson, 23. Even 4 2022. We are only two members shot for a medium and institutional a rate hike next year. You raised the interesting point that this makes the PBOC his job a lot easier with the consequent strengthening of the dollar. It's tapped down the the Chinese currency talk more generally about the Fed, but Thought to get your comments on what we might see now from the PBSI with, uh, you know, with the CNH weakening pretty significantly. Indeed, the PBOC is worried about the appreciation that we wanna become one way street and more entrenched. That is going to hurt the Chinese exports at the time that the momentum we saw that Wednesday the data showing that the growth momentum is already seems to moderating, um from earlier this year. And so they're being like doing Syria's of measures to tinkering like increasing the, um tightening the dollar liquidity on the actual market and of vote verb intervention in the markets. Now that we have a hawkish fat and of the dollar into responding, the higher it takes some pressure for them to do more to reduce our pressure for the Chinese want to appreciate Well, yes. I mean, the appreciation has been quite significant. And the thing is, I'm sure that the authorities they don't want further pressure upwards on it, do they? Oh, yeah. Yeah. They wanted more steady, stable exchange rate that they're being their mentor for quite some time. So we had a little steepening of the yield curve with this as the 10 year yield moved up to 1 57. We've got the two year moving up but up to 20 basis points. How do you think the market will will react to what the Fed has done? Today's reaction was, you know, sometimes they say the first reaction is the wrong reaction to the Fed. But we had two reactions today we had We had a little bit of bearishness. And then we had sort of come back later. What was the reaction in your view today? Right. I think the market is still trying to figure out like how much of credibility you put on the dock. Pause. Um, keep in mind that the Fed stop pause. Haven't been. Uh um um, hadn't have a great track record, They being overstating the strength over the economy. All of the Trick gradually over the Fed policy for quite some time, but as a as a Polo said at the conference, So you have to take the that part with a grain of salt. So this is the market trying to figure out like Do you really believe that the Fed is going to start a tight to me much quicker than the previous envisioned? Well, it's going to depend on the data, and the thing is ultimately with the policy now of inflation. Averaging the fear in the market is that they get left behind and they get behind the curve significantly. Exactly. That's given how much of the stimulus supposed monetary and the fiscal someone's out there. And the labor market seems to be at the moment constrained by the supply issue, But once the pandemic is behind us, and the economy fully reopens. At least there's a risk that the labor market will come back much quicker than they expected. Um, that's why we see the on the projection. Today we see the number of the Had participated. To see the risk on the inflation forecast is on upside has a rich the record high? Yeah, I know. You watch the Chinese economy and we talked a little bit about how what happened overnight makes the PBOC s job much easier now as it was fearing appreciation in the currency. Um, we had Bloomberg economics, reading the China data yesterday as a kind of steadying of the economy. But these were Mrs but I guess they were Mrs in a sort of comfortable range. How do you see the Chinese economy performing at the moment, right? Um, so one of the disappointing part is the consumption retail is still lagging is hasn't been recovering as much fast as people. Had expected with that is part come down to the factor that we still have periodic virus outbreaks now. Currently we have outbreak in Guangdong problems. Has also created disruption in the in some of the ports in in in Guangdong province, which will kind of reduced the export momentum for for for the time being, so Yeah, that's that's retail and the consumption has been a weak spot in the Chinese economy. But absolutely, and that that's a citizen it and very, very quickly, you know? What do you think that the PBOC is looking at here? Very quickly, So, so they're having trying to keep that policy steady. They've been saying that we are not going to turn our policy abruptly. So that's uh That they are. That's.
Podcast RadioViajera
"guangdong" Discussed on Podcast RadioViajera
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Podcast RadioViajera
"guangdong" Discussed on Podcast RadioViajera
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History That Doesn't Suck
"guangdong" Discussed on History That Doesn't Suck
"After south. America's formidable headland this cape horn can best be described as incredibly steep mountainside it slopes seventy five degree angle and it runs about fifteen hundred to two thousand feet above the north fork of the american river. The central pacific needs to carve out a ledge along this three mile precipice wide enough for train tracks. Currently there's no trailer allege whatsoever. No human being can stand here and work on it. How on earthly surmounted standing basket. That's about waist high. A chinese worker holds tightly as two of his colleagues worked the rope attached to the basket. There lowering him off the agile cliff down he goes until he reaches the spot where they need to blast dangling far above terra firma. This son of guangdong province sways in his basket as he hammers in drills a hole into the mountainside solid granite. now he feels it without explosive substance. I invented by his ancestors. So many centuries ago black powder. He strikes a match lights. The fuse goes up the rope and as he's sending at explodes decades from this moment in the early twentieth century. Some will question. If chinese workers really risk to their lives like this to carbon blast allege into the steep slope of cape horn this winter the longest shores that scholars generally accept as true while details of the work cape horner sparks nineteenth century testimony. Affirming that chinese workers do indeed go over ledges in baskets to build. Railroads will turn up so even if it didn't happen at cape horn as we believe it happens somewhere. What is relegated to legend or any estimates for loss of life here. While i am willing to bet many men fell and died at cape horn. He simply can't substantiate any numbers. There are no records. Things only get harder for the central pacific from here. I money is short building up. A freaking mount is expensive between truffles. Bridges and tunneling the cpi legitimately spent more than four million dollars over what it has received in government bonds by the end of eighteen sixty five of the central pacific big four. Charlie might be the most on edge since it's his enterprise charles crocker and company that's contracted to build for the financially strapped railroad but unlike a union pacific's investors dealing with dr thomas durant. Cps big four. Get that these succeed or fail together. Go on we will stand by you. Leland stanford aka the governor reassures. Charlie despite continued cash flow concerns. He and his stern field supervisor stroh do go on but to say the going. Tough would be an understatement. I don't know that any challenge faced by the central or union pacific compares to the construction around at donner summit named for the ill-fated pioneer party. That spent a deadly winter here. Two decades ago. We heard they're telling so thirty. One donner summit is surmountable. But only just are dearly departed former central pacific. Chief engineer tejeda did a great job with the surveys plan to get over the sierra nevada mountains but as his young talented replacement san montague you can tell you seep you'll have to car about fifteen separate tunnels to do so and these tunnels need to be wide enough for two sets of tracks thirteen. Those will go through solid granite seven of which are all within a two mile stretch right at the top. The worst will be at the summit itself here. One hundred twenty four feet below the surface. Cp's workers will need to tunnel through astounding one thousand six hundred.
KDWN 720AM
"guangdong" Discussed on KDWN 720AM
"Million while the band was in place, and as we shall see. Those were crucial years the n I. A I D grant money was awarded to ICO Health Alliance run by this man, Peter Dass ack. He established working with Xi Jiang Li, head of the Infectious Diseases unit at the Wuhan Institute of Virology that the 2000 and two SARS epidemic started with a bat coronavirus originating in Guangdong Province, China, the N I A I D wanted to know. Where the next one might come from, and whether there was a chance that it could mutate into a virus that wasn't just do not ick animals infecting humans but could actually be passed from human to human through the air via the respiratory system. Well, David, he's dead man Walking. This guy is I'm doing the first thing I saw. Say yeah. Target on his back. Yes, but this is a classic example of O of the mainstream media engaging and Manipulation by omission. I've heard all of this before. This is public record. He isn't saying anything new. He just nobody's saying it on national national TV, but our Masters Who are heavily in bed with China and whose mouthpieces air CNN and MSNBC in the mainstream networks. They won't bring this up. It would damage business that would have set the world You can't do this. It might even lead to a response and who knows where that might lead to a Oh, Benedict said. They just don't bother to cover it. And create a false illusion. But the truth is is China unleash biological warfare against the West, and we sat area lots and let it happen. I wish I had a bond. I wish I had time to play the next clip clip to do we have time. Oh, yeah, and we probably pay for it. Go ahead and play clip two. If China had acted in a timely manner in that three week window when something could have been done, 95% of the cases of covert would never have happened and we would not know be in the grip of a global pandemic. That situation is what we're confronting day by day. Can you explain further what the weaponization of covert means? First of all, there was the control of the data so that nobody else could say things about what was really going on. Under portion, blaming the way we've been talking about because people simply were not confident about what we knew and did not know it isn't just bureaucratic inefficiency. People in Wu Han's scared of what their bosses in Beijing will say This is a deliberate cover up. Maintain control first and foremost of what's happening inside China. We mustn't underestimate the importance off the Chinese government trying to control its own people on manage its own disasters without of course, the rest of the world knowing, but mostly because they're not sure of how Chinese people themselves will react. Wow. Now this is Australia 60 minutes, which, by the way in Austria, we're seeing from Australia. More truth coming out of Australia in one program. Then we see even on Fox News or all the other ones put together in a week. Well, whatever is going on, They are honest, They're telling the truth. So I have another clip because he's talking about the weaponization of covert. Go ahead, Pat. It's frustrating. I think it's worse than an accidental release being managed. I think this whole thing was done on purpose. Of course, it Woz. And what do we do? We just accept it because we want the results. This is imposing on our society. Some people do any of those. They have chosen this outcome. Get that in your head. It isn't an axle, accidental outcome. They have chosen this course. This lockdown impoverishment of the American people and their enrichment. As a course of action. It was done to hurt you and benefit them. I'm just saying it's true. It's all true. I have been spending the last of threatening 03 or four months of my life. Preparing for bad times. But most importantly, I'm also preparing my my body because I've been eating healthy. I've cut sugar out. Of cut bread out. I'm eating much more vegetables and like taquito diet is what I'm actually on, But I feel better. I had my hands were starting to get a little arthritis feeling in him. It's gone away. I just feel better. I'm losing weight. But I gotta tell you America doesn't want to get nobody wants to get the cove it. But guess what? There is a.
Podcast RadioViajera
"guangdong" Discussed on Podcast RadioViajera
"Golden ohio. Look better in the guangdong sisto yemeni. Those are gun. Japan ltd gave august. What's gas on k. Eight hour limit over the active and this content. What continue oh no. It's so out of a muslim. Bmi those komo's if he us all yellowfin sole martinez said although they ha- bone alleanza ryozo suzuki.
CNBC's Fast Money
Why Casino Stocks Dropped Like a Rock on Thursday
"Casino stocks getting rocked in today's market selloff. Let's CONTESSA brewer for the breakdown high contessa. Either Joe Yeah Wind gave investors some intra quarter color, and it was pretty dark. Though neighbouring Guangdong Province anticipates allowing students and teachers to begin traveling to Macau tourists have not been allowed back so here we are three months after casinos reopened over there corona virus closures and wins losing about two million dollars per day in Macau alone. It just reopened Las Vegas one week ago and Massachusetts is still closed now. Las Vegas Sands to would be experiencing a failure to launch in Macau because of a lack of visitation and its most profitable single property Marina Bay, Sands Singapore is not allowed to reopen. Reopen yet LAS VEGAS SANDS MAKES UP only about ten percent of its revenues. In the US rising Kobe, cases, following states reopening worries about recession and unemployment, maybe tampering down some of that enthusiasm that we saw driving shares higher over the last month. Triple digit gains in some cases the laggards of this day are MGM Resorts Down Thirteen Percent Penn Eldorado CEO told me yesterday. He's feeling a lot of phone calls regarding the merger with Caesar's following the implosion of that Simon Taubman deal. He told me quote. We are still one hundred percent moving forward and expect late June early July Close
Bloomberg Politics, Policy and Power
Toyota to resume China output at three plants next week
"Writer says Toyota plans to restart its planted Jilin province and another in Guangdong on Monday and then a third one will go online in Tianjin on Tuesday production of the plants was idle during the lunar new year holiday period in China and then the Japanese automaker delayed its plan to February third we start for the facilities because of the
Fresh Air
Bat Soup, Anyone? How Viruses Transfer From Animals To Humans - Yahoo News
"Let's get back to the interview. Fresh air's Dave Davies recorded yesterday with science writer. David common about the new Corona Rona virus epidemic which broke out in Wuhan China. Kwame ince's the corona virus is just the latest example of how were increasingly contracting dangerous. Viral infections since from animals in his book spillover published in Twenty twelve kwame attractive viruses spilled over from animals to infect humans with HIV West S. Nile fever anthrax. Bola and another from the corona virus family SARS severe acute respiratory syndrome which also emerged in China China. You know you're right. That as scientists tried to track down the source of the SARS virus back in two thousand three and four. They focused on this practice in southern China of eating and in some cases raising wild animals. Not kind of things that you typically think of as food or or where we don't want to just explain this trend and how it figured you're into this yes There is a vogue. There has been a vogue for eating wildlife wild animals when I was in Southern China researching searching the book only briefly. I got to see some of these markets. Where all form of wild animal were on sale A lot of the trade by the time I got there had gone underground because it was suppressed after the SARS outbreak but then it gradually came back and it had been allowed to continue in you again and proliferate win this new virus began but if you go into a live market and you see cages containing bats stacked upon cages containing porcupines stacked upon cages containing palm civics stacked upon cages containing chickens and hygiene is not great and and the animals are defecating on one. Another it's just a natural mixing bowl situation for viruses. It's very very dangerous situation and and one of the things that it allows. Dave is something that we haven't mentioned. I think so far and that is the occurrence of of amplifying hosts hosts that are not the reservoir host the permanent hiding ground of a new virus but represent intermediates between the reservoir of our host and the human population for instance those horses in Australia. From the point of view of a horse they were ultimate hosts and they were being killed by this virus but from the human point of view they were amplifier hosts the virus got into them it multiplied abundantly it caused them to froth and Chauque and bleed through their nostrils veterinarians and trainers. Were trying to take care of them. They amplified the virus. So that One trainer in one stable form and got very sick from that virus in the case of this new corona virus. One of the questions is was there. An amplifier host in that wet market where these cages are stacked are called wet markets white wire called wet markets. Well assume they're called wet markets because the animals are alive alive rather than butchered and in dead and refrigerated They're also wet. Because there's there's water flowing everywhere. They usually have seafood as well as as wild mammals and birds As I said hygiene isn't great. Animals are being butchered on plywood. Boards blood is flowing down into the gutters in the water and there is just a great Liquidity Mix in these markets at at their worst now when scientists were trying to track down the origin of the SARS virus Severe Acute Respiratory Syndrome which was associated with the virus in in the early two thousands. They eventually focused focused on something called the civic cat What is that? That's right the civic cat is not really a cat. It's more accurately called the palm palm civic the civic type of mammal that belongs to the to the family of Mongooses But it's a it's a medium sized animal and and it is both captured from the wild for food and captive bred and raised for food And it was the first big eggs suspect of In the SARS outbreak It was found that some of the people who got sick very early on had eaten a butchered civic and so in the civic head though the the antibody for this this virus right and they and they tested him civics and they found they found evidence of the virus. They found antibodies. Antibodies or fragments of DNA A. R. N. A.. In these civics suggesting that they had been infected with the virus and That didn't prove they were the reservoir host but it made them the number one suspect until a couple of Chinese scientists did further work and they established that in fact virus was not living permanently in the civic population in the wild or in captivity. It was it had a different reservoir host it was living in bats and it had passed presumably market somewhere it had passed from a bat into one or more sits and they became the amplifier host. Right and the the Chinese government I think decreed that all sits in captivity would be slaughtered. Right that's right. Thousands of sits in captivity were butchered an an electric electrocuted and and smothered and drowned In this I panicked blind reaction in China to the SARS outbreak. Now when you were looking at you actually went to China with and spent some time in the field with people who were investigating this right. Tell us tell us about that experience. I I went. I went with a fellow named Alexi. Kamara was working as a researcher for a group. That's called ECO health alliance based in New York A group of disease scientists who study see these emerging viruses these emerging pathogens in animals around the world. They generally have cross training in Virology Veterinary Medicine Ecology combinations nations of skills so Alexi was one of them Alexi and a number of Chinese colleagues and I flew to a city called Gua Lynn In the province of Guangdong southern China and we went out climbing into into caves that caves in the karst mountains the limestone stone mountains and hills outside of the city of Gwynn Looking to trap Various different kinds of small bats insectivores bats not giant fruit bats Small bats at lived in these caves including Horseshoe bats which is a particular group of bats so that Alexi and his colleagues could draw draw blood samples and test those for Looking for the SAR SARS virus that point or or any other virus that suspect unit. Just describe a little bit of what what it felt like to be trapping bats and these caves well. It was a little bit claustrophobic. It's not for everybody. Had Castle Castro. We climbed through. We climbed on our bellies through a very low hole to get into one of these caves. We had we had to squirm down and then and up through this whole to get into the cave and then the cave opened out and Alexi and his Chinese colleagues had essentially pillowcases and butterfly nets. And that's how we caught these bats. The Bat started flying around and they would catch them in butterfly nets and they were wearing gloves and and they would untangle a bat from a butterfly net and then Drop it into one of these cloth bags that were like pillowcases. And in this case as I recall they they would tire tied the knot often then handed to me and I would go over and and hanging on sort of a clothesline. So that the bad dangle and we were doing this I don't know if we were in there for a couple of hours oddly enough. We were not wearing masks of any sort we were not wearing with the called. Personal Protective Equipment has met suits or anything and and described this in the book. I asked Alexi. Why the hell
Financial Issues with Dan Celia
Death toll climbs as U.S. tests more people for virus from China
"The virus outbreak in China has gotten worse with the death toll now up to at least twenty five and more than eight hundred people second there's no one second suspect case in the United States a Texas a and M. student who recently returned from China in Wuhan China with the first virus emerged police barricaded roads blocked access to trains and put the airport down in an effort to contain the virus Chinese authorities are ordering similar shut down in the nearby cities of Guangdong and Joe affecting nearly twenty million people for USA radio news I'm when the
Bloomberg Daybreak: Europe
Coronavirus outbreak kills 17 in China; US has 1 confirmed case, health officials say
"Roger so in terms of what we know so far the WHO's has put off declaring a public health emergency of international concern that delaying that decision today that's what we await the death toll remains at seventeen what else do we know well the death toll is a bit of an issue because we were reporting eight more deaths than now seems to be that within the seventeen we previously reported I wonder about the WHL is finding the same problem in terms of getting information clear information on which to base their decision we know do know the Wuhan city of eleven million people effectively has been on looked down I mean that's an extraordinary thing in and of itself he could give us the beginning of the women you yeah exactly and you start to question whether or quarantine should be portion of course some people saying that then you've got the risk of public disorder Wuhan in particular really great column on the Bloomberg by should be run in terms of why yeah this a corona virus originated in Wuhan you say eleven million people that student population is actually nine percent which is more than cities like Beijing what something like three percent to it's a young population it's a mobile population but also Wuhan's really been stepping up its spending on science and research public health spending meanwhile has stagnated school should you rent is arguing is that look if you get a city like this and others stepping up spending in order to pursue China's twenty twenty five industrial strategy you could get more outbreaks like this is just a very interesting take vertically a lot of comparisons are being made to solve and if I'm not wrong that actually originated in Guangdong so very different
Between The Lines
Has China lost Taiwan?
"Taiwan's president secured secured a second term over the weekend started scenes of the woman who stood up to China because China always believe China. Taiwan's recent election is widely seen as a watershed moment a referendum between Wayne. Two very different choices saw in win. She's the president since two thousand sixteen. She promised to protect Taiwan's freedoms from an increasingly assertive. He said he's an autocratic Beijing or the nationalist combing Tung came to the opposition which stressed causes ties with Beijing. The result a landslide two cy and her ruling independence leading Democratic Progressive Party. It was her warnings about China that hit home. We've voters this threat Israel with these respect from China situation has changed you. You cannot exclude the possibility of a war. And it's high invading. Taiwan is something that is going to be very costly fled China Taiwan's president saw in win on the basis now. She scored move odds than any other presidential candidate since Taiwan hi one began holding democratic elections in Nineteen ninety-six. So why has Beijing's efforts to control. Taiwan was it backfired and we'll China Now back off from what it sees as a renegade province remember most nations including the United States and Australia. We adhere to the one China policy which means we formally acknowledge Beijing's claims over Taiwan but what can Washington and camera do to help this vibrant democracy of twenty ninety four million in the face of arising China. Natasha Qassam is research fellow at the Lowy Institute for International Policy where she directs the annual Lowy Institute suit poll. She's a former Australian diplomat. And he wants is emeritus professor of Strategic Studies at the Australian National University and author of how to defend Australia. He's a former deputy defense secretary. Natasha Hugh Welcome to Iran. To be with you thanks for having is time now Natasha. Why has China lost the battle for public opinion in Taiwan? Look I do think there's a real question as to whether China ever had a chance in this respect. You've got a longstanding up position in Taiwan to unification with China. You've got a long standing position to one country. Two Systems the model that China developed in the eighties Fulbari Taiwan and Hong Kong. And of course we see the problematic way that's playing out in Hong Kong today but the most important issue here I think has been the emergence of a unique Taiwanese identity entity. This is what has really changed over the last decade the majority of Taiwanese people they see themselves as Taiwanese and in part this is in opposition to a growing authoritarian -tarian reach from China but in pilots a product of Taiwan's transition to democracy. It's unique history in terms of its different periods of colonization and indigenous peoples. I think today we can say that. This far more that divides Taiwan and China then unites them. Is that growing sense of independence in Taiwan. And Natasha you mentioned Hong Kong and how that was supposed to be the roadmap for China's One Country Two Systems policy the clearly rebuked in these elections hugh. How does Beijing you all these? Well I think they must be very gloomy very concerned and I think getting pretty angry because I completely agree with Tushar I think the elections very significant because it confirms assumes absolutely that the prospect of an eventual consensual reunification of Taiwan agreeing to be absorbed or reabsorbed helped by the mainland looks more and more remark and the problem for everyone including for Taiwan is that Beijing is very unlikely to accept except that Beijing for Beijing reunification as I sit bringing Taiwan back into China is an essential part of their agenda of Xi. Jinping's agenda to for the rejuvenation as he calls it off of China overcoming of that century of humiliation which which began with the opium wars lower back in the forties and which she has set himself to overcome overturn. I think for him getting Taiwan back as he I would say it is. There is nothing more important to him. Nothing more important to the Communist Party and so we have The seats of a real tragedy because as Natasha says it's clear and clear that the Taiwanese don't want to be part of China and it says clearest safe obtain the Chinese determined to make it part of I hear you say Washington Santon. Sorry Beijing won't accept Taiwan's growing assertiveness but hasn't by aging conduct here been counterproductive. I think of John is if it's to intensify military not exercises around the Taiwan Strait. If it's to US light diplomatically. A Taiwan a hasn't that just stiffened the resolve of the tonys. ESO expected. Has I think I think that's been effector I think is Natasha. Says I think what's happened in. Hong Kong has has disabused anyone in Taiwan of any illusions about what one-country-two-systems three two systems would really mean. If it was applied to talk to Taiwan I think the growing authoritarian nature of the Chinese Communist Party ruled in China itself under under Shuzhen Ping Has Added to that. Boils I think as Natasha says again. That that the the the long term development of Taiwan itself Tallinn's entity that the the evolution of a very vibrant democracy there Meant that perhaps. Whatever Beijing done even if Beijing it'd be much less frightening that it has been it still would have been unlikely that Taiwan would move voluntarily to do what Beijing once and it's actually is hugh why wrought out here and he's not alone? We've had on this program over the last few years Professor Jon Meacham from the University of Chicago. The argument here is that not only will China be much more powerful awful than it is today but it will also remain deeply committed to making Taiwan part of China. I think she's deadline. Is this attender of the Communist revolution. Which would be a twenty four nine in other words? Tom Is on China. Saad your response. I disagree that Taiwan is really significant priority for Xi Jinping's China. But I think it's important when we think about what their highest priority is and for me that is always the domestic legitimacy of the potty state and and so by Beijing's policies primarily directed at that domestic audience. They might be failing in Taiwan but suddenly what they ought designed to do is to demonstrate two people in China that Beijing holds all the cards that they have a able to exit military pressure on Taiwan that they can exclude Taiwan from international organizations and that is the highest priority and under Xi Jinping's China. I think the hotline inflexible policies will just continue for godless. The effect that they have in Taiwan. But at the same time I do think it's a self fulfilling prophecy to argue that China will become so powerful so we should roll over and do nothing and therefore it will allow be allowed to become even more all powerful in military and economic times. I think this is almost a given Alpha China. But it's not a given in terms of China's power. China's power has been restricted in the region winslow in many ways many countries including Australia do not recognize the ages over the as traders say. China hasn't succeeded in achieving. Its goals in the South China Sea. It hasn't succeeded in closing bases in Japan. There's that in South Korea in numerous ways. I wouldn't say that time is on China side if anything I I think. China as a rational actor recognizes the cost of a protracted war a much higher than the cost of their patients on that knowledge has as Shea Jingping pink overreach. The embroiled other countries led by the US but including Australia to a newly skeptical view of Chana. I look clearly Thomas. China's Powell grows as system becomes more authoritarian as the way it seeks to exhibit influence throughout the region becomes to put it politely a more assertive a lot of countries. You Niger and beyond becoming more and more worried about what. China's power and hatch on is going to use its power mains over the next few decades but that I think we'd be too optimistic to imagine that China is somehow becoming a self limiting problem. I do think Jonah's power has grown. I think it's influences growing there. It's I still true. Of course. There's Natasha is that there are lots of things at China would like it. It hasn't yet got but I'm more pessimistic than she is that about China's capacity not to get its way increasingly as time goes on and it's worth bearing in mind all the things that China does get that yes Not everyone accepts what China wants to do in the just south China Sea but Australia. Itself hasn't undertaken serious remove navigation operations Australia and self does not acknowledge China as a strategic rival. The United States does Japan treating China increasingly cool. She asleep as it becomes less and less confident about Donald Trump's America. And we'll push you. It's Responsibilities towards Japan onto the treaty. So I think actually China is doing pretty well. I think we've made a big mistake. To underestimate raced tonight. But China's resolve in its capacity to use. Its Influence to get what it wants. I guess. Hugh Watt for my new and Tasha Qassam from from lowy and we're talking about Taiwan and China in the wake of the all in democracies election widely seen as a rebuke to Beijing. The TASHA you say Beijing's going to weaken Taiwan's democracy house. Oh look I think I said that it was going to try and I think it is trying in many ways. It's trying through disinformation Ryan and bypassing more media outlets in Taiwan and then controlling the narrative in that way it is certainly trying to infiltrate grassroots organizations like temple organizations sations and farmers and fisheries groups. The thing is that Beijing is very much moving away. I think from trying to support. Just one side of politics. The Guangdong Minggong which has always been seen as more friendly towards Beijing insofar as has been unsuccessful because the dog is not able to as. We've all of the reasons since we've already outlined. They are not able to deliver Taiwan in any way because of the way of public opinion against China. So now I believe that Beijing is trying to undermine undermine the democracy itself to undermine people's faith in institutions trying to essentially mess it up I think the best expression I've had tended into Crimea so that you have a government paralyzed a government that people do not trust and in that way the system would be much weaker. You Natasha to agree that Beijing is going to try awaken Taiwan's democracy and certainly badging will increase the pressure to open talks on reunification. I suppose the question here is wise. China so sensitive about Taiwan one. I mean think about it Taiwan or Formosa as it was earlier known. It's only been part of China for something like four out of the past one hundred twenty twenty five years since Japanese colonization nineteen ninety-five four out of one hundred twenty five and those four years when the nationalists who fled to Taiwan. They were running the mainland alien so why the sensitivity. He what. We'll Tom Because one hundred and twenty five years is not very long time in the way of China's paypal and the Chinese government see themselves CBS and has precisely one hundred and twenty five years that I see correctly in some ways as being a very black period in the history and that the the great mission of the Communist Party has been to bring China out of that as I said before the rejuvenation of the Chinese people. It's hard to underestimate. Overestimate the the emotional power Al behind this idea of China returning to its previous position and Taiwan has become a and the Chinese Communist Party has made Taiwan into a a symbol of everything bad that happened to China before and everything that Diane resolved to fix and the way in which they they put Hong Kong back into into the fold the YM which have grown their economy the way in which they have reasserted China's military power and have trying at least to reassert itself the parish cultural pass at a speak. All of that is part of the deal but Taiwan is in a sense that the jewel in the crown for them and so I think the the political political and to a certain extent the emotional fright that the Taiwan issue carries does make it absolutely central to the Communist. Party's not just its own sense of itself but it's confidence that it can continue command. The loyalty and achieved legitimacy in the eyes of the Chinese people as what Communist Party delivers not just in terms of prosperity but in terms of China's dignity and position in the world symbolized by Taiwan that is so central to its legitimacy as the government of China Anna. And does that mean Natasha Qassam. That is now a very real danger that the listen Beijing takes from size relection. Is that the only way. Taiwan will ever a unify with mainland China. As at the end of a gun. Look that's entirely possible but I have to say I'm not convinced that as an argument mainly because we like to think think of China's military palate in terms of it being this very quick victory. RV Taiwan because they are coming late outgunned in that sense but none nothing about this would be. It would be very difficult to take Taiwan in terms of its geography and even an invasion is really just the beginning. When you have twenty four a million people who don't want to be a part of your country you have? Refugees flocking to other countries in the region including Australia. You'll have resistance in the streets. You'll have disruption to global supply chains at which Taiwan lies at. Its hot this is not an easy proposition. It is laden with
AP News Radio
Human-to-human coronavirus transmission confirmed in China
"The Chinese government says human to human transmission has been confirmed in the outbreak of corona virus China's state media reports to people in Guangdong province caught the virus from family members there has been a sharp increase in the number of confirmed cases doctor Natalie McDermitt at king's college in London says it's no surprise this virus is spreading human to human we know of other coronaviruses that spread from one person to another such as Madison solves previously it just means that we have to address this in a different way from a public health perspective in terms of containing human cases of the disease Chinese president xi Ching paying said the outbreak must be taken seriously and government at all levels should put people's lives and health first I'm a Donahue
NPR's Business Story of the Day
British Girl Finds Christmas Card Message From Shanghai Prisoner
"A six year old girl in south London was writing Christmas cards to the kids in her class when she found a bizarre message written inside one of the cards it said in part we are our foreign prisoners forced to work against our will. Please help us. The card was made in China and the message appeared to be written by a factory worker. NPR's Frank Langfitt is watching all of this from London. He frank the high well. So what do we know about what happened here. Well the the girl names Florence Whitaker. My believe was opening up to to write to a friend and Inside the note also said it was it was written I think in caps it said please. He's notify Human Rights Organization. And please contact. Peter Humphry now Peter Humphrey lives in In Greater London he's a he was a corporate fraud investigator. Who served serve time in this exact prison ching-kuo Shanghai suburb now? Humphry was eventually released in two thousand fifteen and the family reached out to Humphry Who wrote about in the Sunday Times of Humphries to be a Reuters reporter The cord was sold by the British supermarket. Chain TESCO TESCO has said they're suspending any orders on on these cards And are investigating so in the meantime the Chinese Foreign Ministry says this is a hoax. They say it's just not true. Are they offering any evidence. Install not yet that I've seen but the Chinese company that made the cards is emphatic. That it never contracted with this prison. Outside of Shanghai and saying the charge of using forced labor is completely fabricated. Now the the Foreign Ministry. Actually this is very curious. Noel actually blames Humphry. Personally don't says that that he's suggests that he's behind all of this. Now there's a there's a past year. The Chinese government said Humphry was imprisoned for illegally collecting citizens information. I've talked to Humphrey Humphry on the phone. He says that Charles Bogus. It was never heard in court and he actually says he recognizes the handwriting of the card as a prisoner that he he knew when he was in the prison and now I asked him about the foreign ministry's claim that he's behind this and Humphry says this is just a typical kind of response that the government uses to any accusations about human rights abuses. This is the kind of opposite you get you get a lie. You get a complete lie in response. The one thing about this message is is a little bit different. Maybe it's very. He's very personal attack on me accusing Fabricating Story But you know. I didn't invent a little girl in south London than her father who have never known in my life and I didn't invent the message handed to me So it's absolutely ridiculous. Okay that was. Peter Humphry Frank. You were based in Shanghai for five years. Did you ever come across stories like this. Yeah it's actually not all that uncommon. These sorts of messages tend to surface in Chinese products. Every few years There back in two thousand twelve. There's a woman in Oregon who discovered an account of torture in Halloween decorations. That were made in China Back in two thousand fourteen. I interviewed on American sociology. Professor is named Stuart Foster. He'd served time for theft and I talked him after he got out From prison from jail actually and he said he'd been forced to assemble Christmas. slights in a jail in Guangdong Province. His quota was three thousand lights. I think a day and he said the prisoners who didn't meet quotas were beaten. This is what he told me. There was one one particular leader during the month of July that was particularly sadistic braided. A few of the Christmas light cores together and e would come up behind inmates that were working slow and slash them across the back. Now now foster told me that he remembered one inmate being whipped and this this inmate was mentally slow foster thought he could actually see the welts warm on his his back after he was struck. And after I did that story no L. I I've been I've received messages on facebook and elsewhere from other former inmates saying that they've made Christmas ornaments and things like that in Chinese prisons. All sounds outrageous. What did human rights groups say about? What's going on and on there? They say that this is kind of standard operating procedure. We're in a lot of prisons. In China. Prison business is prison. Manufacturing and and sort of providing labor is big business. You can find advertisements online's online for this and Human Rights Watch resume estimates. There could need millions working at this. I was talking to your Chiro Wong. She's a research with human rights. Watch and this is how she put according adding to Chinese law that prisoners as long as you have ability to labor. You'll have to labor so you know. Forced Labor is given imprisoned in China in the couple of seconds we have left their labor. Lots in China. Right there are but what a Yoyo says. The prison system is opaque and they don't follow
Correspondents Report
The pride of the PLA
"That's not every day you get to go on a Chinese warship, but for China. Correspondent Bill Birtles the rare opportunity came up during a naval fleet. Review off the port city of ching Tao, and, despite terrible, weather, and heavy handed media management. He says it was a day out like no other. Several kilometers out to sea of China's east coast, watching the pride of the Palay nineties flight go by, at close range from my vantage point on a training ship. Chidi Guang, China's first aircraft carrier. The Liaoning is just one hundred meters away, and yet I can barely see it. It's almost completely lost in the heavy fog and constant rain. The reason I was on a Chinese navy, ship in the middle of a massive international fleet review was because of diplomacy. This actually wasn't my first time on a Chinese warship my very first assignment for the IB see and China was to cover joint drills between the astride Sean's and Chinese off the coast of Guangdong province back ban. I managed to get on a Chinese ship in the port, but this time was different. We were. Being taken out to witness more than thirty Chinese submarines destroyers and the carrier go by president Xi Jinping was on Jason ship observing the review that they were also seventeen foreign ships, including HMO Melvin, which is why we were invited. Astrid was in good company. The Japanese South Koreans Vietnamese and Indians were among the nations that sent ships like Astrid area, all of them had their differences with China yet, this was a goodwill parade. The city of ching, Dow was in lockdown for the event, I asked one tourist retiree if he was excited about watching the naval parade from the shore, he told me he was disappointed that police had blocked all the roads to ching Dow's Haba. So we couldn't walk down and see all the ships himself. He wasn't happy about it. But as I was. Talking to him a couple came over and corrected him sighing the heavy handed security misses a normal and other countries do the same. They were Cain to assure me. It wasn't security. Overkill, Justin necessary safety measure. Of course. If the strategy indefens- falls gathered more than fifty ships in sight. Sydney Haba for a parade and then blocked all the access to the harvest side. I suspect people would not be too happy, but this is China and extreme security is the norm here. So then it was time for what when Cam for the fleet review with my cameraman Steve Young. We convened at the hotel with other invited journalists and began the first of many security checks. All our equipment was meticulously sqauad. We were. Then boss to the port where we went through to lots of airports styles security to get onto the ship. It took ages. But once on board, we will take into a lodge, dining room where we were served a box lunch vacuum packed bheith assaulted Koenig, some cake, and fruit. And then now ship again. Chugging out to see all this was fairly smooth, but there was one very obvious problem. We've come to ching now to get amazing shots of dozens of warships lined up fighter jets in formation flying above us. The might of China's rapidly growing navy on full display and yet the weather was atrocious. Thick fog and constant rain meant we could barely see more than one hundred meters in front of us when it was time for the parade to begin. We couldn't see more than one ship at a time Justice, the Ryan new intensified further, the announcing declared the Liaoning aircraft carrier was going by this was the mine event after all, and yet everyone on day was staring into the grave wondering where the heck it was. West for us is the moment when the astride Ian ships, sail by Steve long couldn't see HMAS Melvin even with the maximum zoom on his camera, you couldn't take a worse style for Nival fleet review and with it over, we scrambled to a pace to camera on dick. This is awesome flexing a celebration. I tonight Melvin from Friday or is here. I thought my summarize something senior Chinese official had said at a function, the night before that the parade, according to China wasn't about muscle flexing. And yet, one of my military minders listening in took umbrage at that as the ship chopped back to poor. He warned us that we must delete that he's the camera or risk access to the navy in future. Such threads and not uncommon in China. But it seemed to me it was a bit light to be threatening us given that all the filming was done in the story pretty much finished the pace the cameras stayed in our report as Dido all ou- shots of the warships lost in the fog. Visually stunning naval parade. It wasn't but a Diana's, see with China's navy is not something you forget easily. The frustrations of correspondence life, Bill Birtles, there reporting from Beijing or ching Tao, more accurately.
Daily Tech News Show
Tencent Will Sell Switch in China
"Authorities in the southern Chinese province of Guangdong have given approval to ten cent to begin selling the Nintendo. Switch console with a test version of Super Mario brothers in their sources tell Reuters that approval in Guangdong were tencent is registered opens the door to sell the console nationwide. So won't be just in a limited area in China. If you didn't realize the ministry of culture and tourism has oversight over video game hardware. That's why they needed that ministry's approval to sell it. However video games themselves need to be approved by China's state administration of press publication, although test versions of games don't need licenses as long as they're giving away for free. That's why they can bundle in Super Mario brothers. The man there is a backlog because they put a pause on approving new video games last year and tencent is actually one of the companies turning from this because they've started approving them again. But there's a huge backlog so bringing a new game. The market in China right now is problematic because they're still approving games. From last summer. I can't believe that. We're still talking about anything. That's like it's news when China allow something in after all these years is as a business savvy as the Chinese government seems to be I would think that they would like, you know, what this stuff makes money for folks. Let's let it in. Let's figure out ways to make money off of it. And you know, and it's almost as if like they're creating this line just to create the line. So that it's still yell seems kind of the unicorn thing, oh, we'll let you win. It just doesn't make any sense to have this much resistance to stuff like this. Also interested how you know. Okay. So the Nintendo switch pardon me being available in the country for anybody. Who's I dunno it in China or knows a lot about what what folks are are clamoring for is this going to be a big seller?
The Answer Programming
Hope fades in Philippines for dozens buried in landslides
"Typhoon man goods barreled into southern China after lashing the northern Philippines with strong winds and heavy rain, and it left dozens dead. Dozens more are feared buried in a landslide. Correspondent Karen Shamas has more on this story full million people in southern China's going tongue Steffi the massive typing and nearly fifty thousand fishing boats. Back supports the gambling and Clayton cow class casinos for the first time Mankiewicz made landfall in the Guangdong city of Taishan packing. Wind speeds of one hundred miles per hour state television reported that setting waves flooded, a seaside hotel, the storm also break windows fell. Trees told them these scaffolding of buildings under construction and flooded areas. The sometimes waist high
The Mentors
Typhoon lashes south China after killing 64 in Philippines
"Sunday. A Chinese state broadcaster says it typhoon man good as let's at least two people dead after the massive storm slammed into southern China's Guangdong province. China's central television also says that the typhoon has triggered storm surges as high as ten feet typhoon battered, southern China after first battering the northern Philippines where. Least sixty four people
Weekend Edition Sunday
Kurds opt out of first local elections in Syria since 2011
"In Syria, the Assad regime is holding municipal elections today. The first one since anti-government protests broke out across the country seven years ago, NPR's Lama alario reports pulse opened in government controlled areas on Sunday with more than forty thousand candidates competing for over eighteen thousand seats. It's the first municipal elections since the country descended into civil war Syrian troops are now back in control of more than two thirds of the country where most of the voting is taking place, but in the north the Kurdish lead self administration area is refusing to participate in the elections. It's officials say they wanna federal Syria that respects their atonomy from Damascus. Meanwhile. Syrian rebels in it live, which is their last. Major stronghold near Turkey are waiting for a potential government defensive to begin civilians are fleeing to areas near the Turkish border while world powers tried to negotiate a solution. Lemon lion. NPR news.
BBC World Service
Moon-Kim 3rd Summit to Top Trio of Inter-Korean Events
"At advance team of about one hundred South Korean government officials technical staff and reporters has arrived in North Korea to prepare for Tuesday's inter-korean summit meeting. It'll be the third face-to-face encounter this year between the leaders of the two careers, but for the first time, president moon Jae in summit with the North's Kim Jong UN will take place in the capital,
Joe Walsh
Germany and China sign deals, lobby against US trade tariffs
"To foreign investment drawing a contrast with the us stance on three she spoke after talks with chinese premier li chung in berlin i think reliable cooperation is particularly important in times of worldwide insecurity and this is also important to openly discuss issues we are not agreeing are achieving success at the same time correspondent tom mackenzie joins us from beijing tom is this a clear message a clear signal that a united front is being formed against the folks watching well certainly both sides are more clearly singing from the same hymn sheet when it comes to defending push back against what they say is protectionism defending and upholding the global rulesbased system as you may say the proof is in the pudding it isn't just symbolic that's what the germans and the chinese would say they point to this deal that was unveiled in berlin for the big chemicals company in germany to invest ten billion dollars in guangdong southern chinese province an owner fully outright now locals said that was an example of the chinese putting their money where their mouth is in terms of market access on the other side you've got to chinese firm the biggest maker of electric vehicle battery saying it's going to open a factory in eastern germany but there are issues that remain divide these two countries germany and china that i'm reliably to be resolved in the near term around level playing field that something that merckel highlights and also investment from china into germany lawmakers in burling looking to greater is that chinese investment those issues remain we've had a little bit of a spike higher in the nearterm inflation numbers but they're still fundamental concern that ppi or factory inflation is fading number from china what are the drivers behind the numbers on this spike in this month yeah you're absolutely right so we got a number of four point seven percent above the print that we got in may four point one percent some of the drivers the oil price was key today's the metals prices were bit makes so copper with a little bit higher but some of the steel prices were softer as you say though the consensus is that these juicer prices are going to soften in the second half that will make it more difficult for these corporates to pay down some of that debts make that deleveraging campaign a little bit more tricky in terms of the consumer prices those ticked up just marginally one point nine percent from about one point eight percent back in may take up in food prices still aways from that pboc target of three percent so no direct pressure at the moment at least in the short term on the act in relation to those consumer prices but yes potentially looking producer prices is factory gate prices slightly softer in the second half of the making that job a little bit more difficult in terms of the debt telmex reporting a china correspondent tom mackenzie in beijing's and breaking lines any of the bloomberg on turkey again we have been seeing a cascade of decrees being published with the new position of president richard tiber and now we understand that he has been power to name the central bank governor we also understand that there's been a change in the term limit for the central bank governor four years instead of five years this comes down to hide much power does everyone have the markets wanted to see somebody like simsek reappointed back into the cabinet they didn't get that they got his soninlaw he's going to be in charge of treasury who's going to be in charge of finance and that's what's on seeded the market at turkey bars the president from removing the central bank governor and that's going to be that's going to be moderate that's gonna be moderately bullish for the currency that's going to be some kind of framework in terms of the tenure of the central bank ownership and let's see how that plays out on the market for the moment you've got dollar lear virtually no reaction at all we got crushed yesterday done three and a half percent yesterday but it underscores that there's going to be still some sort of independence for the central bank here as much as it is a more powerful position for the turkish president we'll keep a close eye on this for you let's get back to the conversation with pineridge investments omar slim he's still with us from our singapore studio omar i want to get into this china data and we put together a chart that.
America Tonight with Kate Delaney
Mistrial declared for border agent charged with killing teen
"Airlines schedules southwest airlines canceling more flights as it works to complete inspections of engines like the one that failed last week causing a deadly accident the website fight aware says the airline cancelled one hundred twenty nine flights monday or three percent of its total flights and delay four hundred sixty eight other flights in contrast other major us carriers had each cancelled a four or fewer flights monday southwest says the cancellations are wreck result of the announcement last week that it would begin voluntarily stepping up its inspections of the engines over the next thirty days and saying it will work to minimize flight disruptions by doing inspections overnight when aircraft or not flying and utilizing spare aircraft lisa lacerra fox news judge in arizona declaring a mistrial in which case of us border patrol agents after a jury acquitted him of second degree murder charges in the killing of a teenager but deadlocked on the lesser case manslaughter the mistrial declared monday in tucson and the trial of agent lamis schwartz who shot a teenager who was throwing rocks at thirties during a drug smuggling attempt police in the southern chinese city of guangdong have a man who they say is suspected of setting a fire two three story building in that city early tuesday fires killed at.