5 Burst results for "Lee Jong Su"
Bloomberg Radio New York
"lee jong su" Discussed on Bloomberg Radio New York
"To stay home almost a million people. U.S. Secretary of State Antony Blinken is calling on the globe to send united message to China about any use of force regarding Taiwan exclusive Bloomberg interview. UK prime minister Rishi sunak told the House of Commons today that he is delaying the economic strategy announcement until November 17th, Chinese leaders omitted from an official account of how Xi Jinping chose new leadership team. They're saying it's an apparent plan to change policy from including black elder I'm sorry party elders in major decisions. South Korean defense minister Lee Jong su says Korea needs to be more aggressive and in stance of saying that if Kim even attempts to use any nuclear weapons, it will bring an end to his regime. In San Francisco, I'm at Baxter. This is Bloomberg right back to Sidney Paul. All right, thanks very much, Ed, I guess this half hour is max pandori. He is CEO of SG MC capital and max when we left off you were talking about how a rise in unemployment would be one of the key things that causes the fed to make a dovish pivot. Should that happen though? Other risks come into focus as well. What do you consider to be the risk of a recession in the U.S. and more broadly? Well, we believe the U.S. will enter a recession. And the unemployment rising is really the only way for inflation to come down. Because you need to get a demand down and need to get growth down. And that's the only way that inflation is going to come down from the current levels to roughly in line to what the fed thinks. With respect to economic risk, of course, that means that there's going to be less growth and there's going to be less demand. But that's what you need in order to get inflation down you need to cool down the economy. You need to push on the brakes. And the fourth, that's what we think. And that's actually going to be that he was also for leading standards overall, because if unemployment increases, that's never good news. But again, we believe that this period of pain will need to materialize in order for fat to reach its objective. Max, I'd like to get your view on China now that we have the party Congress in the rearview mirror and we know now that Washington is using the kind of bans on U.S. chips and chip expertise as a way of exporting that technology to China, which has the potential to really stifle a lot of development of advanced Chinese technology. Give me your sense of how significant this is and what the repercussions could be. What it is definitely very significant. First of all, in terms of relationships between the U.S. and China, clearly here we are escalating on the negative side. And in terms of actual profits of growth for the industry within China, that's also negative news, especially given that one of the plans and the objectives of China is to improve their technological if you want the advance. Obviously, if you don't have the correct access to semiconductors and microchips that becomes extremely hard, developing domestic alternative we all know is not that easy. And therefore, in this fast paced environment, even losing out a few months of normal growth and then development probably means light years and then other industries. We think it will have an impact. It will have an effect. The question is China will definitely try and see some domestic alternatives, but it's not so easy. So the question is really, how much of a help and support they're going to try and give to this industry in order to figure out some of our challenges. How do you view the investing environment in China at the moment? A number of stocks and other assets are very, very cheap, but there are a number of risks as well. Are you looking at the space? We're definitely looking at the space. So it is true that from an absolute and relative point of view valuations are cheap. But it's also true with especially after the recent Congress uncertainty is very high. Visibility is extremely low. Geopolitical risks are very high headlines remain high. We have seen that it's unlikely that they're going to turn particularly market friendly anytime soon. The four not having a Chinese exposure is we believe not correct, but also we have been trimming down of our exposure given the recent news and keep in mind that yes, valuations in China are cheap, but after the recent fall we've seen in other markets where you'll definitely have more visibility. You're also getting some cheaper valuations elsewhere. Therefore, we do keep looking at it. We are in the market, but we have been scaling down, also because now a number of alternatives have started to appear. So max, when you have the morning meeting later today at SGM capital and you talk about the strategy between now, let's say in the end of the year, give me 30 seconds on what that looks like. Short term, you could see a further bounce, but we think that the market is likely to go back and test June lows again. There will come a time of buying and there's going to be great buying opportunities, but it's not now yet. We need to be a little bit more patient, more payments to happen within the U.S. economy. So we're probably looking at you want you to over next year in order to really start deploying the remainder quarter is probably still the time to be cautious. All right, max pandori will leave it there. Thanks so much for joining us on Bloomberg daybreak, Asia. Max von der is CEO
Bloomberg Radio New York
"lee jong su" Discussed on Bloomberg Radio New York
"Right now, ANZ banking group shares down a little more than four and a half percent off session lows, the bank reported profit above estimates, full cash profit from continuing operations, a little more than 6 and a half billion. That's Aussie dollars, but the stock is I mentioned showing some weakness. We are off the low of the day with a drop now in ANZ banking group or up around 4.6%. More on markets in 15 minutes. Head Baxter next with a look at global news headlines, Eddie. All right, thank you, Douglas, U.S. Secretary of State Antony Blinken is calling on the globe to send a united message to China about any use of force regarding Taiwan exclusive Bloomberg interview. He says they continue to accelerate accelerate their move to a unified. UK prime minister Rishi sunak told the House of Commons today that he is delaying the economy's strategy announcement until November 17th. Chinese leaders omitted the elders that is from an official account of how Xi Jinping chose his new leadership team in an apparent plan to change policy from including party leaders as important members in major decisions. South Korean defense minister Lee Jong su says that Korea needs to be more aggressive in adopting a stance of saying even if Kim attempts to use nuclear weapons that it will bring an end to his regime. It appears that the rosters of the Philadelphia Phillies and Houston Astros will see no black players. It is the first time that has happened since Jackie Robinson in broke in in the 50s, and a Tesla is being investigated for misleading claims about capabilities of its autopilot driver assistance system. These are criminal allegations. I should say Jackie Robinson actually broke in on the late 40s, but the last time that this has happened was 1950, the World Series. In San Francisco, Ahmed Baxter, this is Bloomberg. Yeah, thanks very much. Let's take a closer look here at Samsung. Third quarter profit missed analysts estimates and joining us to discuss the earnings is Peter L strum, Bloomberg executive editor for Asia, technology. So operating profit for the chip segment almost cut in half, yet Samsung is not cutting back on CAPEX. We saw that from SK Hynix yesterday for next year, but as one of our colleagues said, Samsung has deeper pockets than most. Your thoughts on this earnings report, Peter. Yes. Well, these have been rough days for the semiconductor industry and particular in the technology industry more broadly. We knew that there were going to be some weak results here this had been pretty well foreshadowed by Hynix, as you mentioned. And micron even before that, they've been pulling back on their expenditures high next yesterday reported weak earnings and said they're seeing an unprecedented downturn in demand. So expectations were pretty low for Samsung. As you mentioned, earnings are down sharply. They did miss estimates. That was largely driven by the chips business. As much as Samsung, Samsung really makes its money from the chips business, even though it's it may be best known for its smartphones, but ships really make the difference in terms of profit or nonprofit. And as you mentioned, the difference here is that Samsung is saying it is going to keep spending on factories and new fabs to make more chips. Because it sees opportunities ahead that's both in the memory business and it's also pushing into the foundry business, which is making chips for other people the way Taiwan Semiconductor does. In the memory business, it is expanding in a few different areas, including into the U.S.. So it's expanding very aggressively at this point, which is pretty contrary to what its peers are doing. Yes, Samsung, a major producer of the world's chips, obviously. Producing more chips into a market that admits already got a glass. Most of the impact on the broader market are going to be with this. Yeah, there's some parallels to the oil industry, I think, in the OPEC countries where some company, some countries continue to produce very aggressively because they want the revenue. Samsung is acting aggressively. They're investing even though prices are falling pretty sharply in the memory chip market. They're investing aggressively. They see opportunities here. They're expanding geographically also. Into a few different markets. And they do want to become a bigger, more competitive player in logic chips, which are microprocessors as they build up this foundry business. They want to compete with Taiwan. Semiconductor, which is now the most valuable chip company in the world and has built a very, very strong business as a foundry for other companies. So we've seen these new U.S. government rules on exports to China, particularly having to do with very high level chips for AI and such. I think a lot of people are curious what Samsung is saying about these new rules. Have we heard anything on that yet? That is the big question for the chip industry over the past two to three weeks. That's really the only thing that everybody is talking about. What are these U.S. export rules mean for the industry broadly and especially for doing business in China? Samsung, of course, sits in a quite challenging spot in South Korea. It has many factories there. It also has a fab in Mainland China. And the Korean government has very close ties to the U.S. also. The conference call hasn't started for Samsung yet. So they haven't gone into details on how those chip export rules are going to affect them. But they have been able to secure a one year exemption so that they continue to ship equipment and supplies into China to supply that fab that they've got in China so they can continue to produce memory chips at that facility there. Yeah, that conference call you to get underway in about 5 minutes of Bluebird subscribers will be able to follow the details on our blog top live go. But talk to us about smartphones as well. We have had some weak growth in that division. The market doesn't seem too troubled though. Yeah, it's interesting. Samsung is probably better known for its smartphones than its chips because that is a consumer facing business. It's just that business was pretty strong, which is a little surprising. The overall smartphone market is falling this year, there has been some weakness across the board. Even Apple has shown some signs of weaknesses and they sell at the very high end of the market. Samsung has sort of pushed the envelope with their flip phones and their foldable phones. They say that demand has been relatively strong and they're optimistic about that business going forward. Is there a glut in that business at the moment? Well, the real glut is in the chips business as we talked about. That's challenging for people because during the COVID pandemic there were chronic shortages of chips. That led customers to over order because they were so anxious to get chips that they needed into their facilities. And now all the chip makers are really saying that inventories are a problem. They've been piling up. And that means that customers are going to use their inventories before they start buying new chips from Samsung or Hynix or micron or the other companies. In terms of smartphones, it's a bit less of an issue. The problem with smartphones is that they become obsolete a lot more quickly that's a business that's very has to be very, very timely. So Samsung is facing some uncertainties that are also. We have seen a very weak one over the past few quarters as well. How's that altering our perspective on these results? Well, they say that the strong dollar did have an effect that strong dollar of the weekend did have an effect on their business. Largely Samsung benefits because they are selling much of their products abroad and bringing that revenue back in either dollars or other currencies. So
Bloomberg Radio New York
"lee jong su" Discussed on Bloomberg Radio New York
"You about the dollar was weaker yields were down the bank of Canada had a smaller than expected rate hike. All of that speaks to perhaps, the fed will be less aggressive, maybe to slow down the pace of its rate hikes that will get the meeting from the pet next week. And that's a check of markets. Let's get headline news with Ed Baxter, Ed. All right, thank you, Ryan, a U.S. Secretary of State Antony Blinken is calling on the globe to send a united message to China about any use of force regarding Taiwan. This is an exclusive Bloomberg interview. UK prime minister Rishi sunak told the House of Commons today that he's delaying the economy strategy announcement until November 17th. Chinese leaders were admitted from the elders from an official accounting of how Xi Jinping chose new leadership and apparent plan to change policy from including party leaders and party elders in major decisions. South Korean defense minister Lee Jong su as Korea needs to be more aggressive in its stand saying if even if Kim attempts to use any kind of nuclear weapon, any kind, it will bring an end to his regime. Moderna is close to clinching a deal with a U.S. Department of Defense to develop a messenger RNA vaccines targeting a range of biological threats such as the Ebola virus. And Kanye West, who was a just dropped from Adidas endorsements, was escorted out of skechers headquarters today in Los Angeles, CNN says illegal filming sketcher says it has no intention of working with west and doesn't know why he was even there. In San Francisco, Ahmed Baxter, this is Bloomberg. Right back to Hong Kong, Brian. All right, thanks very much, had ten minutes before the top of the hour just a couple of quick notes here in the media review from the global times. It has a headline that says overblown national security concerns pushing China and the U.S. closer to Cold War. And goes on to say that an expert on U.S. China relations says that ties with Beijing could be severed if Washington pushes for closer relations with Taiwan. That comes from Qing war and he says that Taiwan policy act will have a disastrous impact on U.S. China relations if it's passed. And also this one as well from the global times that the Federal Reserve can not ignore rising criticism of what he calls the fed's malign policy and it refers to a letter written to Jay Powell from the Senate banking committee chair, sherrod Brown. Brown said that the fed needed to be cautious when it comes to tightening monetary policy. The global times says that brown's comments reflect anxiety over the economic costs of what the fed is doing. The paper says it shows the ineffectiveness of what it calls the feds increasingly reckless policy. Let's check if the media Rashad and dug to you. All right, let's get Edward Harrison blue mixing markets editor discussing at the market's news of the day and what a day it was, but of course there's going to be some positioning taking place ahead of this Q three GDP read and give us a sense of what your witnessing. Yeah, what I'm seeing is that it's backward looking in the shot. If you take a look at the numbers, GDP now that came out, they just came out with their latest update, which is 3.1%. That's the Atlanta fed's tracker, that's a number that will confirm that we're not in a recession now. But really, if you dig into the data and you think about the data that we've seen since then the numbers are relatively weak because the numbers are really about net exports. And if you look at personal consumption in terms of the actual Atlanta fed numbers underneath, it's only 1.2% for Q three and Q four is down from there. So this is all setting us up for a Q four that potentially could push the U.S. into a recession and definitely will make the fed think about downshifting. Okay, so let's say we get 75 basis points in November. Is it fair to say the high probability is of a 50 basis point move in December? I think that it's an even push at this point in time, the question is is what does what does inflation look like? Because even San Francisco fed president Mary Daly who's relatively dubbed. And I would look at her sort of a pivot figure at this point. She's saying that we've wanted to downshift now's a good time to downshift but the data haven't been agreeing with us. They haven't allowed us to. So potentially you could still get a 75 if inflation still is running as hot as it is now. I mean, December becomes in play, doesn't it? Exactly. I think that people will be looking to see what chair Powell says. And I think that one of the key differences between now and say a month ago when we started to have the volatility around the UK is that the fed now is talking in an openly dovish way. So that makes sense I'm sorry to interrupt. But I'm just wondering, we get the PCE deflator on Friday. That's the fed's preferred measure of inflation. So if that reading comes in on the soft side, I mean, it's a slam dunk. They begin to dial back. No? Exactly, yeah. If that comes in soft, then it's a slam dunk if, on the other hand, it comes in aggressive. It's overestimate. Then you have to wonder, will they have the opportunity to dial it back to 50? Or is it going to be 75? The interesting bit is the bank of Canada came out and they did 50. No one expected that we're now at the point, I think, for the fed where they're not going to let expectations lead them and then deliver on those expectations. They might actually surprise us in December. It's hard to say. I mean, does seem as though when you look at the currency markets and indeed the bond market is that perhaps we've gone past peak hawkishness. Yeah, I think definitively what we've seen now, I think the bank of Canada is telling us that peacock is over. The fact that the fed officials are talking openly dovish way that tells you that peak hawkishness is over, that suggests that the dollar was stopped out around the one 14 one 15 level for DXY and it potentially could trade down from these levels. So we've talked about the inflation story, which is obviously key for the bond market. But I want to get into this idea of liquidity and trying to keep it as simple as possible, Yellen, the treasury secretary on Monday was kind of indicating there is the potential for some buybacks of certain U.S. government securities with the aim here of improving liquidity. Is there a real concern now that liquidity in the bond market is dried up to the extent that there would have to be some type of intervention and if so, could you lay it out very simply what that would look like? You know, I did see a piece by Bill Dudley that was talking about extending the standing repo facility that is for primary dealers over to non primary dealers so that they could have a sort of a pass through of the liquidity, but the whole concept is that the fed would be there as a lender of last resort because basically there's not as much flow coming through the dealers themselves. So is that a situation where they have to basically use the balance sheet? I mean, we're talking about a balance sheet roll off would essentially mean that the fed while it's trying to roll off the balance sheet is using other parts of the balance sheet to buy back U.S. treasuries? Well, I think that the UK is a great example as to how this works. The question people were asking, is this QE? Is the Central Bank using quantitative easing, even though it's supposed to be doing quantitative tightening. It's very difficult. We're in a very difficult situation because especially because the balance sheet roll off is something that's not tried and tested in the same way that
Bloomberg Radio New York
"lee jong su" Discussed on Bloomberg Radio New York
"Hour time for global news John air warning the U.S. in its strongest fashioned year show over the risk of war over Taiwan Ed Baxter has the details in San Francisco edge Yeah Julia China's defense minister Saying it's up to the U.S. to improve the bilateral relationship saying these are at a crucial juncture in Bloomberg Stephen engel reports the defense minister's language is much stronger Now it has been long that Beijing's assertion that Taiwan strait is part of China's exclusive economic zone However we're hearing from military sources that it is rarely brought up in military to military talks as a main talking point But increasingly now with the rhetoric ramping up the Taiwan strait is increasingly being called on as a no go zone for the United States by Beijing authorities And that is alarming U.S. defense officials Yeah U.S. has sailed a straight for years U.S. seeking support in Asia over the weekend reassuring nations they do not need to join a coalition against China defense secretary Lloyd Austin saying the country should be free to choose free to prosper free to chart their own course said there's no need to pick sides Australia seems to be taking the same tact defense minister Richard marls and talking with Juliet at the shangri la summit in Singapore said Australia is seeking a path If we engage with energy if we seek to place the interests of the Pacific people first and there are lots of challenges that the countries of the Pacific face in terms of development and Australia in a unique position to assist If we do all of that we will be the natural partner of choice for the countries of the Pacific but it's not something that we get by right We need to earn it Morals tells Juliet the new government is a working very hard and being fully engaged in the Pacific South Korea says it will boost its defense capacity to defend against North Korea defense minister Lee Jong su saying situation on the Peninsula poses a global threat and that he wants to work closely with the U.S. and with Japan U.S. Senate is apparently found a compromise over gun safety at least something that can pass the Senate Democratic senator Richard blumenthal on ABC says it can save some lives We can build on it We can move forward with other common sense Hopefully bipartisan proposals after this one is passed our focus right now is making sure we have the legislative language and the 60 votes we need to pass it Now the bill includes giving grants to states to implement red flag laws which could potentially allow courts to remove guns from a dangerous owners and it could provide for more school safety as well as well as provision to improve background checks for younger gun buyers Beijing and Shanghai have resumed mass testing as COVID cases rise a planned reopening of schools in the capital just days after the two ended social curbs that had been in place for a month Hong Kong cases rising as well Latest count day to day more than 800 this is for the second straight day Authorities were numbers could continue to rise with the easing of social restrictions and travel curbs U.S. House January 6th committee holds hearing two tomorrow and the committee member Adam Schiff on ABC says the focus is one There are connections between these white nationalist groups and some in Trump's orbit Yeah Schiff says it will move from there to chance of hang Mike Pence and whether Donald Trump contributed to those thoughts French voters in the midst of election electing a parliament this is a vote will determine how much power we elected Emmanuel Macron will have as p.m. polls have been saying that he should maintain control perhaps though only barely In San Francisco I'm head back to that was a good interview by the way Jules Oh thanks dad Thanks for replaying part of it All right 38 minutes past the hour time for global sports And Dan Schwartzman joins us Dan how much a media rights worth for professional cricket A lot more than I think most of us think.
Bloomberg Radio New York
"lee jong su" Discussed on Bloomberg Radio New York
"Crew is trading weaker this morning off 1.3% and one 1907 That's a check of markets for a shot Okay let's check in now with the global news China is warning the United States and its strongest fashion yet over the risk of war over Taiwan and Baxter's in San Francisco Yeah amped up a bit risk China's defense minister wife funk who was saying that it is up to the U.S. to improve the bilateral relationship saying these are at a critical juncture and Bloomberg Steven engel reports so defense ministers language is stronger now Now it has been long that Beijing's a search and that Taiwan strait is part of China's exclusive economic zone However we're hearing from military sources that it is rarely brought up in military to military talks as a main talking point But increasingly now with the rhetoric ramping up the Taiwan strait is increasingly being called on as a no go zone for the United States by Beijing authorities And that is alarming U.S. defense officials Yeah the U.S. has sailed a straight for years U.S. seeking support in Asia over the weekend reassuring nations they do not need to join a coalition against China defense secretary Lloyd Austin saying the country should be free to choose free to prosper free to chart their own course He said there's no need to pick sides South Korea says it will boost its defense capacity to boost defenses against North Korea defense minister Lee Jong su saying that the situation on the Peninsula poses a global threat and then he says he wants to work closely with the U.S. and Japan U.S. Senate is apparently found a compromise over gun safety at least something that can pass the Senate Democratic senator Richard blumenthal and ABC says it can save some lives We now need to give it specific language and make sure that we save lives It's not everything we want but it will help save lives And that is the key measure of success here And how the bill includes giving grants to states to implement red flag laws which could potentially allow courts to remove guns from potentially dangerous owners and would provide for more school safety as well as a provision to stop to improve background checks for younger gun buyers and look into records of domestic violence Beijing and Shanghai have resumed mass testing as COVID cases rise Planned reopening of schools in the capital just days after the two ended social curves that have been in place for a month Beijing started in several neighborhoods in the Chao Yang district after a flare up and a bar ended a 5 day streak of COVID community spread the quick escalation adds to concern that China's COVID zero strategy may send cities and repeated lockdowns and reopenings Hong Kong cases rising as well Latest count day to day more than 800 This is the second straight day over 800 U.S. House January 6th committee holds hearing two tomorrow and committee member Adam Schiff on ABC says the focus of this one There are connections between these white nationalist groups and some in Trump's orbit And Schiff says I will move from there to chance of hang Mike Pence and whether Donald Trump contributed to those thoughts And French voters are in the midst of electing a parliament the vote that will determine how much power we elected Emmanuel Macron will have as p.m. polls have been saying that he should maintain control perhaps only barely but those are poles In San Francisco Ahmed Baxter this is Bloomberg Brian All right Ed 38 minutes past the hour It's time for.