31 Burst results for "Stephen Engle"
Hong Kong unions call for general strike over China's law, US threatens sanctions
"Kong Hong Kong police official tweet writers are black a number of roads with rubbish and nails and attempt to paralyse traffic it says that it is restoring order federation of trade unions number of student groups have called for a general strike in Hong Kong this could bring the biggest day of protest in months Bloomberg's Stephen Engle reports their media reports thirty five hundred riot police have been deployed head of China's military garrison Hong Kong says soldiers will safeguard the country's national security interest in the region the trouble but restoration is considering sanctions on Chinese officials businesses and financial institutions this in response to proposed China slash Hong Kong security measures the president says an announcement by the end of the week a Chinese president xi Jinping says the virus outbreak has had a profound impact on China's national security and is demanding troop
"stephen engle" Discussed on Bloomberg Radio New York
"Twenty summit now bloomberg's stephen engle is covering the proceedings in osaka and joins us live ahead of the highly anticipated encounter stephen between president trump and she tomorrow your time set the table for us how are the u._s. and china positioning themselves a head of the talks yeah that's a great question that's the question we're putting to everybody we'd need including i just came out of a few minutes ago with the russian provin wealth stuff on the head dmitry off he doesn't necessarily know if a truce is in the works even though of course vitamin putin is already met with donald trump net with season he might have an idea but we're putting that question to everybody and that's what we wanna know and in fact those two gentlemen i didn't hearing i have been seated next to each other for the gala dinner tonight i'm talking about she's in pain and donald trump perhaps they're working on something at the dinner table while robert lighthizer v._s._a. tentative is said to be in last-second meetings with yoho the chinese on boy at the u._s. hotel that's what we're hearing possibly they're working on something to deliver when they need at eleven thirty in the morning for what's being called now a working lunch here at the g twenty in osaka the final day tomorrow interesting to call it a working lunch almost downplaying it with the label but ahead of that lunch stephen we've been hearing i guess sort of mixed signals from president trump as far as his stance on tariffs and the chinese leader you know putting some of the more firmer footing on what he's been saying rhetorically yeah donald trump kind of playing both sides of the coin there and she'd been thing going into this kind of taking a harder line even though he didn't name donald trump didn't name weights physically but she didn't pain couldn't be more specific without naming it though he said we are calling for fair and equitable market environment and for upholding completeness and by tally of global supply chains that is directly to of course the black list lighthouse has put on weight as trump cheated on one hand he hasn't thomas you know to hold off on new tests but at the same time teeth is a good chance of doing something with china on trade in tomorrow so he's leaving the door open but again it's a guessing game right now you've been talking to other world leaders are they putting pressure on the president's to get back to the table to get the trade talks back on track yeah i think there are two main issues that world leaders who are here though soccer putting pressure on these two gentlemen that is solve or at least giving clarity on the trade one because it is dragging down potentially global growth this year next year and for the foreseeable future it's putting huge pressure on global supply chains in the technology space so get something going on the other hand as well they want more you know damping down the rhetoric and the tensions over iran so those are the two points that they're trying to get more clarity as we are in a bloomberg news we are spread through out the main venues here and trying to get both answers as well you mentioned iran of course there are other know broad agenda items for the g twenty in osaka but is the trade story just overwhelming the proceedings absolutely and especially when donald come today with asked about yvan he said i absolutely no time pressure to deal with iran issue so as european leaders they were said to try to get together an emergency talks today to try and see what they can do to damp down the rhetoric and the pressure in detention and and he what can they do to salvage what's left of that twenty fifteen Elaine. the iranian so i still though trade is number one and that's what everybody wants to know is there going to be a truce or is they're going to be continued to be an ice age scores between china and the united states will let you and your team get back to trying to find answers to the many questions that we have for world leaders at the g twenty bloomberg's stephen engle joining us live from osaka thanks for taking a bit of time for that debrief here with us on bloomberg daybreak as we look ahead to the open on wall street traders looking to make some gains here with us in p futures up seven points now dow futures ahead by seventy eight and nasdaq futures up almost eight points we're coming up to six twenty five on wall street straight ahead fed stress tests come out positive for just about all the wall street banks plus all the latest news in business economics and finance on this risk on morning ahead of those key trade talks between president trump and she at the g. twenty.
Nissan CEO sees no big downside to FCA-Renault merger
"Renewed. One of the big corporate stories, Nissan CEO says he's interested. To learn more about the proposed merger between new and fit cries that when the French automaker briefs it's Japanese partners today chief Asia correspondent Stephen Engle joins us from Tokyo. Steve, good to see. So the Nissim says that could be -tunities but it's this is just another headache for the company, which is roiling from from the gome saga. Yeah. There's a number of ways you can look at it. First of all, I might just say the alliance has put out a statement. That's of course, I'm talking about the Renault Nissan Mitsubishi alliance. We had open and transparent discussions on this proposal. Keep in mind, of course, this proposed merger is a separate entity from the current alliance be Renault and Fiat Chrysler merging. And for he wrote the psychology the CEO of Nissan. Yeah, it's another headache. But it could be a good opportunity for him. And if he plays his cards, well, he could come out with what he wants keep in mind. He is rebuffed the overtures of Renault to merge. He wants a more equitable partnership within the alliance and a merger doesn't accomplish that four Nissan. That's what we're hearing. Now this new challenge comes at a time, of course when there's a great disruption. Because of electric occasion and automobile sales are declining around the world. So psychologists on as you see, here, he has lots and lots of decisions to make. The one good thing could be though this new merger could give very needed distraction, and that could buy psycho Assan some time to get his ship. In order get those sales turned around there and get a new plan in place in the post gone era. Stocks are down. What about thirteen percent so far, this year, you look at the options that the Nissen boss has besides being given a lot more pressure. What else does he really have to play with? Yeah. I mean again it's, it's, it's you can look at both sides of this. I mean he's been seeking a more equitable partnership keep in mind Nissan owns what fifteen percent of Renault, but no voting rights and Renault owns forty three percent of Nissan with voting rights. The French government owns fifteen percent of Renault with double voting rights. Now this new entity would give Nissan in that entity. More of a say seven and a half percent stake with one board seat and voting rights. However, you flip that around and look at what the new entities car sales would be they would be what eight and a half plus million vehicles, a year that would dwarf Nissan on its own five million five point six million in two thousand eighteen and declining and profitability, declining one great strength of Nissan and the current alliance is that they had the key markets of the US and China, they had better profit. They had better sales. Now, this new entity comes in all of a sudden Renault do they have the upper hand it's a question to be asked. Steven great catching up. Thank you very much for those insights, Stephen Engle alive out of
"stephen engle" Discussed on Bloomberg Radio New York
"Conversations from Bloomberg television. Here's Stephen Engle. Always great to talk to you. Of course, metals foundation had how hard is it to convince the wealthiest in Asia to contribute to philanthropic efforts. Like, you're doing at the foundation win. They are also planning contingencies for the worst-case scenarios in a nutshell. What you've got is a very short term attitude, if we just why about things like North Korea pathetic little mythology still or Donald Trump tweet if we step back and look at the entire world and look at what the answer is going to be like in say fifty one hundred years off even take a second to look into any child's eyes on the straight and say what kind of world too. I wanna leave you then you'll actually stop being so short term. And I say this to only Asian entrepreneurs of strategy isn't so great at philanthropy and whip out of Asia. And if we as part of Asia all become much more philanthropic than I think we're going to address these really big issues because in five years. Time tenure time. They're not gonna care about a missile test or tweet. They're gonna care that the oceans were full of plastic which you let happen. They're going to care that modern fried. We got out of control they're gonna kid that you didn't stop cancel when you could have these are the things which is bigger than a tweet or taste. Hear more interviews like this one on Bloomberg television, streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings markets.
Boeing, China And US discussed on Bloomberg Daybreak
"Is being led by Boeing the planemaker suffered a second deadly crash involving the newest version of its best-selling 737 jet. That's prompting China's government and Africa's biggest air carrier to ground all flights of the aircraft. We get more from Bloomberg's Stephen Engle. In Hong Kong. Twenty percent of seven max is worldwide deliveries through January have been to Chinese carriers. They're a big order of this aircraft. Boeing is the largest US export an aerospace. The United States has a major surplus, of course, with major trading partners, including China, it could be a significant blow to Boeing if this is a domino effect. It has shares of Boeing down more than nine
"stephen engle" Discussed on Bloomberg Radio New York
"Can we begin in the UK where we're getting word? Brexit could be delayed beyond the March twenty ninth deadline. That's according to the Evening Standard. The pound is strengthening sharply on the news now trading at a dollar twenty eight twenty and it's comes as analysis from the BBC shows that prime minister encores for the biggest defeat in the history of parliament Kelly Jones strategic council at Cicero group and former spokesperson for Theresa May, the government strategy would normally be something where you would see the whole of government every department contributing to the way forward and yet actually being prosecuted very very narrowly. So you have a situation where it's Downing Street the whips office a maybe a bit of Dixie as well everybody else in the combination. Just watching a golf does they see the prime minister and her colleagues heading for a brick wall. Meanwhile, the UK economy continues to lose momentum with growing with growth slowing to just three tenths of a percent in the three months. Through November right here in the US. One key word is emerging from the Federal Reserve patients were in a place where we can be patient and flexible, and we didn't see what does evolve. And I think for the meantime, we're we're waiting and watching fed chairman drone pal preached patients and comments to the economic club of Washington yesterday while vice chairman Richard Claritin did the same saying the FOMC can afford to be patient as economic data. Evolve. We're getting positive signs on U S China trade relations with the next round of talks already on the books, the vice premier Leo high will most likely come and visit us later in the month. Treasury Secretary Steven Mnuchin speaking to reporters late yesterday since those remarks, Bloomberg news has learned there's now a date for those talks, it Chinese vice premier meets with Mnuchin and US. Trade Representative Robert lighthizer January thirtieth though details have yet to be made public. Well, socks in China rose on the news helping Asian equities round out their best week in two months. Bloomberg's Juliette Sally joins us from singer. Support with details. Good morning. Juliet Friday price action was driven by optimism affair the breakthroughs in the US, China trade, tension and views the fate could move towards a slow at tightening path. Japan's Nikkei five index rose one percent the CSI three hundred gained seven tenths of one percent while they were gains to in Hong Kong, South Korea and Taiwan. Australian and Indian stocks edged lower or the repay appears to have missed the fed inspired rally to turn into Asia's worst performing currency in Singapore. I'm Juliet Sally. Bloomberg daybreak. Kill you. Thank you. Meanwhile, China is setting its growth target for twenty nineteen at sixty six and a half percent. That's according to Reuters. The new target shows policymakers in Beijing accounting for an ongoing economic slowdown in Japan. Former Nissan Motor chairman Carlos has been indicted for a second time. Bloomberg's Stephen Engle reports from Tokyo despite Carlos goings pleas of innocence in court, Tuesday, Japanese prosecutors are adding to the serious charges against him gone fellow ousted these on board member Greg Kelly. Ali and Nissan itself have been indicted for breach of trust. Now. Going legal team says it will apply for bail now that he's been indicted, but prospects for that to be granted are slim at best Stephen Engle. Bloomberg news Tokyo, right? Steven thank you twenty nine. Teen is looking good for oil bulls at crude heading for its biggest weekly gain in two years Bloomberg's Alex Longley as more from our London bureau has been reversal of everything we.
Crypto rout drags bitcoin toward 14-month low
"A turnaround. He discussed his confidence with Bloomberg's Stephen Engle. Take a listen. Economies work where if there's enough miners going out of business that equilibrium is near. And would you look at how markets overshoot both up and down. You can probably say close to the bottom. So where do you see prices in the short term going? So it's very difficult to tell. Initially. I thought towards the end of the year they were always a run up. You could see that last year. See that. A year ago from a lot of people predicted that it would go back again later this year starting from November and December obviously November came in passing. And it was one of the worst months for bitcoin and December right now, there's nothing new. There's no catalysts that will potentially shoot it up. So I will look at it kind of flat. And then started from new year. That's when I think with a new sentiment and momentum. Okay. What is going to be though, the catalyst in two thousand nineteen because in twenty eighteen you had a number of high profile hacks here in Japan, especially coin check in earlier this year. You had a exposed Ponzi scheme a number of different issues and potentially new regulation coming down the pike. One thing in Japan is the Japanese regulators are starting to open up again. So they're starting to approve new exchanges. They're also going to approve new listing. All of these things will start from the new year. Now would also the FSA recently gave oversight. And regulatory oversight to the operators themselves. Yes. How is that going to change? Yeah. So almost every exchange. Registered in licensed in Japan received an improvement order from governance compliance security customer assets secretary's day, these are all to protect the end retail consumer and all of the exchanges are almost complete with their improvement order. So starting new era is going to be a new beginning. How does it really work with the FAA giving you more regulatory oversight? Does that kind of close the door a new entrance though? Yes. And no. So I. A lot of the exchanges. The people who start for the garage or a startup. That's very difficult to do. Now. New entrance is extremely difficult at the same time you need to keep up with what's happening. Global and innovation is key. Especially in this industry is started from cryptocurrencies it went to ICAO's. And now it's going to security token offerings like STO's all of these things. Innovation is an evolution died. You need to continue on and you need to have that. Right. Balance isn't the Versi as well. Looking at regulation on security, tokens, exactly. So the FCC Japan was the first global economic powerhouse to regulate cryptocurrency. Now, they're looking into security token offerings, and they will probably be the first nation to specifically look at security token offerings and put legislation in particular trends, are you looking at from your clients and your customers on your exchange liquid. Are you seeing more increase in institutional participation or retail, and what side shot to that question would be the implementation of high frequency trading? What impact is that having so liquid? We're open to casual traders too, sophisticated institutional investors as well, but our sweet spot are these professional traders, and these are all high frequency traders as in any any financial product from equities fixed income. The global trend is to accommodate these high frequency traders. And obviously we provide full API's for that. So our main customer base are these professional traders and November was our biggest month in our history. In terms of transaction volume in bitcoin and also US dollars does bitcoin of a chance of getting back to the record levels nineteen thousand five hundred and change. I think you will surprise surpass it by at least. Well, that's very difficult. But I would say by end of next year. I think it will surpass the all time high. Coin CEO, Mike Maury there with Bloomberg's Stephen Engle. Well, Microsoft is calling for new legislation to govern and facial recognition software in a blog post Thursday, Microsoft, president and chief legal officer, Brad Smith advocated for human review and
"stephen engle" Discussed on Bloomberg Radio New York
"In Hong Kong. I'm Stephen Engle. And I'm Doug krizner live from the Bloomberg interactive brokers studio in New York, we're seeing a weaker yen now at one twelve fifty eight in the Nikkei is up more than one percent. Overall markets in the Pac rim are trading mixed. We sold down in the states and at one point the SNP was in a correction. So we were down ten percent from the September high. We'll take a closer look at markets in a moment right now. This hour's top business stories. All right. Thanks, doug. While the White House threatening to slap more tariffs on China. We're hearing this would be on all remaining Chinese imports that don't already have tariffs on them. That would be about two hundred fifty seven billion dollars worth of goods starting in February after unveiling them this December and Bloomberg's Brendan Murray in Washington says the new terrorists would impact a much wider range of products. So what we've seen is just a steady escalation of the rhetoric and the punitive trade measures that the Trump administration is putting on China that they are turning the screws on China in a way that can hurt them economically. Well, President Trump and China's president Xi Jinping are expected to meet on the sidelines of the g twenty summit in Buenos Aires next month. Many of the auto stocks got a boost during a European and US trading after we learned that China is considering some tax cuts on auto purchases. We're hearing that the top economic planning body in China is proposing to cut the consumer tax. This is the tax that consumers would pay on auto purchases from the current ten percent down to five percent now these measures. We are told would apply to vehicles with engines of one point six liters or smaller. Well, we have more signs the US China trade war is disrupting global agricultural shipments. As Bloomberg's Denise Pellegrini reports. A ship carrying US. Soybeans is changing course the bulk carrier audacity left Seattle, October twenty first perching dealt with more than sixty nine thousand metric tons of soybean aboard. But now it's headed to Vietnam. Instead, China is the world's largest soybean buyer, but buyers there have been counseling US purchases because of the twenty five percent retaliatory tariffs that Beijing is slapped on US soy, the department of agriculture says Vietnam imports of US soy have risen ninety three percent this year as a result and China's boosting soy imports from South America, even as those prices climb. Denise Pellegrini, Bloomberg daybreak Asia right now in the Hong Kong session shares in ping on insurance are down about one percent right now. This is the or I should say China's largest insurer by market value. It's reporting a jump in third quarter operating profit. We have the story from Bloomberg's Ramy Inocencio. That's right. And that jump in operating profit coming thanks to revenue from banking and a focus on new technology. Jeez. That helped the company collects more in premiums pig on reporting. A twenty percent jump in the first nine months of this year, implying a twelve percent increase for the most recent quarter but net income slid as the value of the insurance stock portfolio declined on is blaming a change in its financial reporting standards for the drop Ramian Asensio, Bloomberg daybreak Asia. All right for a closer look at what's happening now in the financial markets. Let me handed over to Bloomberg's Bryan Curtis O'Brien, obviously, Hong Kong opening up a bit weaker in lockstep with the global turmoil. But China not yeah. Let's take a look here. We had US stocks who were very weak, and we're mixed here in the Asia Pacific. A lot of the of the angst coming from stories that you just mentioned the Trump administration considering extending the tariffs to all Chinese imports. Also, another big story today that is affecting the automakers is China considering a tax cut to revive its its auto market. And we've got Sunday Motors up two point four percent. We've also got Toyota up one point three percent. Most of the most of the Korean and Japanese automakers are up in that kind of range of one to two percent. There was this very interesting story in the South China Morning post, Steve which I think you'd be interested in a lot an influential son of Deng Xiaoping has urged China to quote, keep a sober mind, and quote, no, it's place. These comments are counterpoint to what we're seeing from the leadership in Beijing. And a lot of people probably remember Deng. He's the oldest son of Deng Xiaoping. He's mostly known for being crippled by the red guards. When he was thrown off a balcony and becoming a paraplegic. He said again, quote, we should neither be overbearing or belittle ourselves. So speaking more about balanced than anyone that was one interesting story, another one here is that the AUSSIE dollar may finally dropped below the psychological level of seventy US sense this week as data is forecast to show that inflation is slowing. And at the moment, we're still hanging in there. Seventy point seven three US Dalian one twelve fifty four we've seen a stronger dollar overnight. Weaker yen the euro down to one thirteen seventy five now in terms of the equity markets that just open the Hang Seng index down six tenths of a percent. The Shanghai composite is flat and the Nikkei up three quarters of Steve. All right. Thanks a lot Brian our, right? If Republicans are worried about congressional ratings being tied to the president's approval, they took a big hit today. Ed Baxter has global news in the Bloomberg nine hundred.
"stephen engle" Discussed on WAFS Biz 1190
"Retouched those same themes. He says China will further open itself at a faster pace. Again. This has been the pledges that the Chinese have made dare I say for years, it's all about the implementation. Of course, he goes onto say they will expand market access for foreign companies and level the playing field against local competition. Again, unilateralism is not a solution to any problems. This was a recurring theme throughout his keynote speech which lasted about forty five minutes here at the World Economic Forum in Tianjin, he also, of course, said China he wanted to remind the crowd, which is largely foreign that China is still a developing nation and under WTO roles. Of course, they get to play by slightly different playbook. That is something that Donald Trump has tech China. An attack the WTO for allowing or giving advantageous position to a large economy like China, while punishing the United States. Stephen. Thank you very much for those insights live from the ground bare, Stephen Engle. Let's also get you some additional voices in this conversation because the CEO of the world's most valuable company has spoken again about the trade situation. It's Apple's Tim cook. Take a listen trade is one of those things where it's zero sum game. You know, you, and I can trade something and we can win. And so I'm to mystic that the two countries will sort the cell and life will go on. Let's bring in money. She children. He's the head of Asia Pacific equity research at BNP Paribas, and he joins us from our Hong Kong studio. Thanks for coming on the show, get straight to the state of play in these trade tensions and just for perspective. We've put together a chart put it up on the Bloomberg our clients can access it GT go. This is the situation that really comes from the trade balance as a percentage of GDP, and this is in particular for the United States. We also have one for China was show you this another time. I want to ask you what you make of this Chinese response is it contained is it opening the door for further escalation. Well, we believe that the current level of trade frictions is likely to continue it's likely to persist for some more time. It's least till the end of the year possibly post the midterm elections. All depend on the extent of these. The tit for tat tariff. That's being imposed right now. It also seems to us that the interest of both parties, particularly the United States may not be only in reducing the trade deficit, but it's also to reduce fix yourself. Technology to China. So it's a little more complicated than Schuster, reducing the trade deficit out here. So you know, unfortunate investors would have to brace for this trade friction to continue for slightly longer. The Chinese response may perhaps not be a very visible one. In terms of speech, by Lee Chang, it might be more visible in in certain data. And we we have a graphic that shows what is unfolding when it comes to the holdings of US. Treasuries for China. And those have fallen is the most read story on the Bloomberg ownership of US, bones bills and notes left to one point one seven trillion dollars, the lowest level since January is this is this sending signals under the table. Be careful watch out otherwise there could be consequences. I would think that this is one of the responses that China could engage in they're already doing that. There could be many others because as far as. Tariff imposition is concerned China does Mark really have that much of an imagination to counter the US response. China simply does not import all that much from the United States. But we must keep in mind that there are many US companies that are operating in China. Selling in China doing business in China? So there could be a wide variety of Chinese responses to this and investors would obviously have to tighten their belts in preparation for this wide variety of responses. I mean, here's something for you beneath. She the folks at Deutsche Bank. They're predicting that the so-called national team is going to step in right? So this is a collection of state back institutional investors set up by the Chinese government, and they basically step in when the market starts falling into uncomfortable territory. And would you say that that is perhaps the explanation for the rebound that we've seen in the last forty eight hours in Chinese assets? And then how much does that make it complicated for you to step back into Chinese traits? So yes, I mean the participation of the national team could be one explanation. I would also say that possibly the Asian market as a whole is down gradually coming to terms with this continuing geopolitical tension, we've also seen some attempts being made in this region to ease these geopolitical tensions and some other parts of Asia. I'm referring to the Korean Senator. And we must not forget that we have seen all these markets. Mitch bonds back in unison this morning. So, you know, vile, we believe that the trade tensions would likely continue for longer at the same time. We think the market is also coming to terms getting used to this ebbing and flowing of the trade related news flip that we're seeing and ultimately investors would have to concentrate on companies which offer good quality at reasonable price, which offer decent Catholic being a very soon will be back to those hard fundamental stab. You have traditionally concentrated on. Hard fundamentals those were the days when he she. Right. Chaudhry stays with us. Let's get you a bit of a preview of what's up next states. Not just the DOJ. Tesla has to worry about later on. We take a.
"stephen engle" Discussed on Bloomberg Radio New York
"I'm Stephen Engle krizner at Bloomberg world headquarters in New York. So we've got the action underway now in Hong Kong and on the mainland in the opening moments. The hang sang is higher by less than one tenth of one percents. Shanghai composite better by nearly four tenths of one percent. What is going on? We'll check markets coming up in a moment with Bryan Curtis right now. This hour's top business stories. What's overhanging all of the markets is this brewing trade war, China, and the US they are counting down to potential new tariffs. We could see twenty-five percent duties as much as twenty five percent duties on two hundred billion dollars worth of imp-. To the US the public consultation period in the US expires at midnight eastern. That is noon Beijing and Hong Kong time, and there's every indication that President Trump will order further measures Fitch Ratings says an escalation in the trans-pacific trade war could knock four tenths of one percent of global growth next year. All right, where are sticking with the issue of trade key Democrats here in the states are threatening to block a post NAFTA deal. That's if they win control of the house as a result of the off term elections in November Democrats have said they will reject any rewrite to NAFTA. The doesn't include Canada. They also want a deal with higher wages for American workers. Now, as we know talks are continuing between US and Canadian officials. However, President Trump has already threatened to push ahead in its deal with the Mexican government that it has in effect. Well here as the head of SoftBank is said to be dangling a carrot in front of potential underwriters for the IPO of SoftBank. Mobile. We're told Masayoshi Son wants banks to lend to other parts of the parent company. If they want a piece of the action on the IPO now, Bloomberg's Alex Barranca says it's not clear why SoftBank would need to borrow. It is a question that I know folks would have if I'm an LPN perhaps asking question to if you're going to get cash or have access to cash, why are you using the cash that we're entrusting you with? But this does come down to this idea of the leverage that SoftBank does have because of its sheer size and become the sheer size of this IPO. Hey, we can squeeze a little bit extra out of these banks. Then why don't we are sources say the firms offering financing to SoftBank are likelier to get a spot on the Elliott management has resumed its push for a change at Hyundai Motor in a letter to Hyundai billionaire. Paul singer's fund called the merger of some of its key units to bolster shareholder value and improved the group's overall structure now our sources say that Hyundai turned down. Elliott's invite. Tation to discuss the proposal citing possible breaches of local rules. Well, Hong Kong has surpassed the Big Apple as the city with the highest population of people worth at least thirty million dollars, the number of ultra wealthy in Asia Pacific. It's expected to rise at a compound rate of eight point three percent a year as for the rest of the list. Tokyo came in third while Perez speed at London likely, of course, due to Brexit weighing down the UK capital tomorrow morning here in the states who were get the August employment report now economists in the Bloomberg survey are forecasting a gain of one hundred ninety five thousand non-farm jobs. Bloomberg's Michael Mckee has a preview the consensus for another strong month of job growth wobbled a bit with yesterday's weak ADP report, but the lowest jobless claims figures since December nineteen sixty nine short up the view that if US growth is peaking. It's not showing up in the payroll figures. Analysts still see August producing the lowest unemployment rate since that same year nineteen sixty nine the question for the fed. However, and thus for Wall Street is whether such a tight labor market will finally produce outsize wage gains that may feed into inflation. Once again, that's not the forecast, which means a strong, August may cement fed rate increase this month, but investors will probably retain doubts about another hike this year in Washington. Michael Mckee, Bloomberg daybreak Asia. All right for a closer. Look now at the action in our trading day in this part of the world. I want to turn it over to my crazy rich Asian Bloomberg. Bryan curtis. Yup. The Hang Seng index gaining little richer here up about forty odd points or so two tenths of one percent. China's talks listed here up a little bit more than that four tenths of a percent. Shanghai composite up half a percent, basically, we saw the People's Bank of China's set a stronger than expected fix on the currency and the currencies actually trading up now two tenths of one percent. So if you just do the math that does support equity prices a little bit. These are not very big gains, though, we're up a little somewhere between a quarter and a half of a percent eight. So it'll be interesting to see what happens with the tariffs today. We're expecting that. As you guys have reported a couple of other quick notes. That are interesting BYU rising about four percent in the Hong Kong market on monthly sales data and also sweeps saying that Julie's August assails indicate some strong momentum there that that continue despite flattish growth in overall, passenger vehicle market and Credit Suisse as a price target on. Julia twenty nine stock said about. Fifteen and change right now. So, but it is up for the day. Let's see what is it up? It's up now about two point one percent. So we're seeing some gains round the rest of the region middling stuff in Taiwan. The Tykes is down a half a percent in Singapore. The Straits Times index down six tenths of one percent. The biggest losses in Tokyo. The Nikkei off more than one percent. We had a report from the F T and the Wall Street Journal, the President Trump wants to target Japan next in his trade dispute with trading partners, and the dollar yen is at one ten fifty nine. So a stronger yen their euro at a dollar sixteen. The AUSSIE dollar seventy one point eight US sense. The yield on the tenure two point eight seven percent. The oil price sixty seven eighty seven Steve to you don't expect President Trump to answer federal investigators questions about whether he tried to block the probe into Russian interference. That of course in the two thousand sixteen election for that and other global news, we have Denise Pellegrini. In the Bloomberg newsroom. Denise that's right. Stephen and the word is coming. From Trump lawyer Rudy Giuliani. He calls questioning in writing or in person in any form a Noko. It's unclear if Giuliani's position those actually endorsed by the president, by the way, speaking at this moment at a make America great again rally in Montana hasn't commented yet though about trade or about the Russian investigation the denial over that out bed in the New York Times criticizing the president calling him a moral are coming in fast and furious. Vice President Mike Pence calling the piece of disgrace and says he wants ever wrote it to resign the.
China's Yuan Steady After Goldman Signals its Support
"And here's something of a market call. That may give you a little pause for thought Goldman Sachs is forecasting that China's currency, will actually take on an increasing share of foreign currency reserves, globally, because, of growing demand. For the country's bond market details on that story from Bloomberg's rainy, Asensio Goldman says inflows into Chinese bonds have accelerated even. As the u n weakens and it says that showcases the power of, allocation demand for the world's number three bond market Goldman analysts forecast central banks will probably account for about two, hundred fifty billion. Dollars of an estimated trillion dollars of net inflows. Into Chinese, bonds. In the five. Years, through twenty twenty two and they say China's inclusion in global. Bond benchmarks will also accelerate demand the analysts say outflows from Japanese bonds and into China's will total about sixty. Six billion dollars and outflows from US bonds into u. hold Endings. Will likely total two hundred eighty
"stephen engle" Discussed on Bloomberg Radio New York
"Asia and it's seven thirty AM in Hong. Kong Stephen Engle And I'm Doug krizner. At Bloomberg world headquarters in New York kind of a hectic day in. The states from start to finish we'll talk more about what's happened in markets Tokyo Sydney and Seoul will come online at the top of the hour we had a move into the Japanese yen strengthening. In right now to about the one eleven level and as a result of that stronger yen against the dollar Nikkei futures in Chicago. Sagging a bit we could gap down by about one hundred and thirty points or so closer look. Coming up right now this hour's top business stories and. So many headlines out of our interview with President Trump big news, for Wall, Street as well President Trump saying he's considering a capital gains tax break the president telling our editor in. Chief John McLaughlin along with reporters Margaret talev and Jennifer Jacobs in the Oval Office interview that he's eyeing regulation that would index capital, gains to inflation the president also threatened to. Pull out of the World, Trade Organization Trump also saying the US may. Be close To a new deal with Canada. And he rejected a European proposal to eliminate tariffs on. Automobiles because they do a lot more business than we will ever, do in, other words first of all such as tariff barriers up to say about that they'll take the barriers down. And they'll charge us no tax but it's not good enough because they will always sell more cars their cars Their habits their consumer habits are to buying their cars not to buy. Curse, so the president then went onto the subject of China he said he's, looking at a formula for Chinese manipulation of. The we're also hearing the president wants to move ahead with a plan to impose, tariffs on an additional two hundred billion dollars. Of Chinese imports the president confirmed in his interview. What we had been, hearing on the street and that our reporting was not wrong meantime watch for a cash crunch in China as Bloomberg's Ramey in Asensio reports policymakers are about to face a September squeeze next month is going to be a tough, one for China's money markets funding costs usually spike as we move into the fall that's banks hoard cash for quarter and regulatory. Checks on top, of that there's, pressure because of requirement to buy a flood of, local government bonds to shore up infrastructure spending as the economy, slows and a large amount of the central banks own funding is, also mature Sharing all, this means, the PBOC will have the tricky task of adding just enough acquitted. Without so much it weakens the UN again now the. UN has tumbled over six percent over the past three months making. It the worst performer in Asia Ramy Inocencio Bloomberg daybreak Asia we go to the Chinese oil industry next and China the company is rewarding. Shareholders with a higher payout this. Is after PetroChina posted its best half year profit in more than three years the. Oil, and gas producer boosted total dividends for the period by nearly a third, two point eight eight eight eight Yuan per. Share eight of course is seen as an auspicious number in China much like the, number seven is here in states and in. The financial industry China's ICBC reporting its fastest profit. Growth since September of, two thousand fourteen ICBC is the world's largest lender by assets it also reported improving margins an asset quality we're going to get a rate decision in a short while of now from the Bank Korea so while we're on the topic of South Korea bankruptcies there are. On the rise the number. Of companies going belly up jumped more than nine percent in the first, eight months of the year from a year ago putting the total. Number at nine thousand nine hundred ninety. Four the most. Ever for the period most of the companies were. Small and mid sized hurting as the country's economic growth slows and credit titans well. The world's largest gays social networking app is planning and initial public offering we have more from, Bloomberg's, Yvonne, man, Beijing Quinlan tag says. It's grinder unit will list overseas at an unspecified time with, regulatory approval.
Xiaomi's first results after IPO soothe investors as revenue jumps
"Well Chinese smartphone maker Xiaomi reports. Results Wednesday, in Hong Kong for the, first time since going public in July the companies raised five point four billion. Dollars by. Selling investors on its promise of being. A high growth internet company some are starting to lose faith though Bloomberg's chief. North Asia correspondent Stephen Engle has this preview A little more than a month after its high. Profile, five and a half billion dollar debut in Hong Kong Xiaomi is still trying to convince investors it's more than. Just a handset maker a high growth internet, company in, the rarefied air of Amazon Facebook Alibaba or tencent is what they want you to believe, even though still seventy percent of revenue comes from selling smartphones now investors need, more convincing as the stock has traded flat to lower from, what many, say was an overpriced IPO now the quarterly results will give billionaire chairman late June another chance to sell his narrative, of building out its. Ecosystem of services, like video music financial offerings at, home in China will also ramping up offerings to overseas markets. But with, global smartphone demand on the, wane against the backdrop of course of an escalating trade dispute with the likes. Of the. United States show me at least in. The short term faces no shortage of challenges Stephen Engle Bloomberg news Hong
US, Bloomberg and China discussed on Bloomberg Daybreak: Asia
"It's nine thirty in. The morning in Hong Kong Stephen Engle and I'm Doug krizner at Bloomberg. World headquarters in New York so we've got the Hong. Kong market up, and running now hang sang pushing higher by three tenths of one percent and on the mainland the Shanghai composite is better by. One, tenth of one. Percent overall a mixed picture the story was really been about dollar weakness.
"stephen engle" Discussed on Bloomberg Radio New York
"Boomer technology i'm emily chang in san francisco let's return now to our top story hong kong's biggest coming out party in two years as xiaomi makes its public debut shoney's market value is now in the region of fifty billion dollars making it the world's third biggest publicly traded smartphone maker chief north asia correspondent stephen engle has more from hong kong xiaomi shares fell right out of the gates here on its apo in the hong kong stock exchange lot of uncertainty about this company and its lofty valuation put it more than apple more than facebook more than tens and also the true nature of its business is it more of a low margin handset manufacturer or is it like the chairman late june says a broader internet services company oh and also there's a backdrop of growing trade war between china and the united states that has dampened sentiment here in hong kong the company says it's a tough one to pigeonhole we're actually a new species we are an internet company that can do ecommerce and howard well at the same time i don't think there's anything like us in the market this on the one hand xiaomi is now a fifty billion dollar company the third largest in the world for handset manufacturers but it's a far cry of an earlier estimate last year of evaluation upwards of one hundred billion these size of the ipo also really scaled back down to about three point one billion us dollars from an initial estimate or aim of about ten billion dollars one dampening prospect was the elimination of a corresponding listing in china in shanghai of a cpr that's china depository receipt even the regulator in china shared similar concerns as investors here in hong kong about its lofty valuation and the true nature of its business stephen engle bloomberg news hongkong and here's more of stephen angles conversation with xiaomi cfo shows each you where they discussed how he defines the company and its outlook for you us china relations take a listen actually a new species we are an internet company that can do you calmness in hallway will at the same time i don't think there's anything like us in the market before and how are you gonna go from getting but eighty percent of your revenue right now is in hardware and handsets lower margin hands and they joined has spelled out the vision he wants to build up the ecosystem of services and video music and other things how are you going to add over what timeframe did you see the revenue mix changing so internet services for us is first and foremost to provide.
One Hundred Billion Dollars, Fifty Billion Dollar and Eight Percent discussed on Bloomberg Daybreak
"A risks from trade tensions but that won't shake its decision to end asset purchases later this year as according to ecb executive board member corps spoke exclusively to bloomberg from france or we're not complacent on the possible risks fullfledged trade war would be bad for the world economy starting with the us away so the first victim would the us jobs us workers and we very much doesn't happen ecb executive board member corps tells us a further escalation of tariffs could do serious damage to business confidence we also hear from president mario draghi today he makes your march at nine am wall street time chairs xiaomi debuted in hong kong today against the backdrop of those global trade tensions the chinese smartphone maker saw its stock fall more than one percent in its first day of trading bloomberg's stephen engle has more from hong kong shares fell right out of the gates here on its ipo in the hong kong stock exchange lot of uncertainty about this company and its lofty valuation also the true nature of its business is it more of a low margin handset manufacturer or is it like the chairman late june says a broader internet services company on the one hand xiaomi is now a fifty billion dollar company the third largest in the world for handset manufacturers but it's a far cry of an earlier estimate last year of a valuation upwards of one hundred billion dollars stephen engle bloomberg news uncle stephen thank you as for other assets in asia today stocks currencies commodities some bonds all posted solid gains bloomberg's juliette sally reports from our singapore bureau china's currency rose against the dollah one week after the country's officials emphasized they wouldn't be using you want as a trade policy weapon the csi three hundred of large cap stocks in china closed high by two point eight percent to three thousand four hundred and fifty nine points a solid session for japanese stokes engineering and construction firms rallying after the floods damn but nissan took a hitch on reports it falsified inspection data on exhaust ratings the start closing down at four and a half percent in tokyo two thousand and three yen in singapore and juliette solly bloomberg daybreak chillier thank you and we're now getting more details from nissan and press conference this morning the company said it found misconduct in exhaust emissions and fuel economy measurement tests said it's to penn plants nissan reported the results to japan's transport ministry today and says a full investigation is underway futures this morning are moving higher with us in p futures up nine points dow futures up ninety eight nasdaq futures up twenty six and straight ahead we have the latest world and national news this is bloomberg and karen that brings us to five oh seven on wall screech decisions decisions at the supreme court let's bring in bloomberg's michael barr with the latest good morning michael good morning bob he was the first runner up a year ago now judge thomas hardiman seems to be a strong contender to be president trump's second pick for the supreme court that's according to three people familiar with the process other finalists are said to be appeals court judges brad kavanagh amy coney barrett and raymond catholic trump said yesterday as he was boarding air force one daddy would finalize his decision by noon today i'm getting very close decision i believe this person will do a great job trump will make his official announcement at nine pm wall street time tired authorities said.
Xiaomi's weak debut portends trouble for imminent Hong Kong tech listings
"Foremost to provide a better user experience how users this basis with on this a very highly little source for us as well last year eight point six percent of our revenue internet service as a whole and by the first quarter of this system so the trend is that this is becoming a bigger part of our revenue going forward so they priced the ipo at the low end of the range there have been very low expectations for this but the stock still holding tight near that i feel price in fact we're getting macquarie securities initiating coverage this morning with an outperform rating actually at a price target a thirty hong kong dollars would be almost nearly doubling of where it is now stephen we've been looking through some of the recent ipo's were listed in hong kong and shocking conclusion is that they've all been kinda lackluster and we put this together on a chart clients gt go is the tech listings that have been struggling show me being the latest one here is a systematic than off of something bigger problem well it is a problem because you know twenty seventeen was a blistering hot market for ideas in hong kong but these tech companies which are lining up to come list here in hong kong as they've changed the rules here and also a number of tech companies are looking at hong kong as a viable alternative to places like new york but if you do look at the pipeline so far this year those are the listed i think there were about one hundred and thirty seven or so applications or approvals about one hundred of already listed some thirty seven in the pipeline or thereabouts i might get the numbers a little bit off but it's in that ballpark charles lead the chief executive told me but he said we've found olympic data about fifty eight percent of those listed so far this year in hong kong have are below well below in fact their ipo prices including some of the big tech ipo unicorns from china so this is going to dampen send him a little bit even charles lee either said yeah it might dampens intimate a little bit but again the pipeline is strong and if they don't list now they can always do it next year so he's still seems to bit optimistic stephen excellent reporting thanks for those insights bloomberg's teeth north asia correspondent stephen engle live from.
Xiaomi shares fall after weak Hong Kong debut
"A few six thirty in the morning here in hong kong i'm david english and i'm bryan curtis for about an hour and a half away from the start of trading in tokyo sydney and seoul and three hours before we get the open in hong kong and shanghai got that big ipo coming up here in hong kong we've got futures higher in most of the markets here in the asia pacific we'll take a closer look in a moment but for now the top stories yup sal me of course will be perhaps the most closely followed stock when things get underway here in hong kong the company is expected to start trading of course trading debut in just a few hours from now it's a tiny smartphone maker at said last week than it raises just three point one billion dollars that's after it price it's ipo at the very bottom of the range bloomberg's stephen engle says the company has an identity crisis is it a high growth internet company i'll facebook or is it a lower margin smartphone manufacturer and that's the big question in a lot of investors are not sure the ipo raising less than half let's show me initially sought priced at the very bottom of the marketed range it even had to ditch that planned corresponding china depository receipt again on valuation differences reportedly with each regulator so yeah they've started off life as a public company definitely on the defensive yeah shami looks at the mirror season an internet company you look at the valuation a bit of a hybrid you look at the peon l it's clearly a hardware company it did drop by the way it's plans to list as he cd are on the mainland for now lay jin was talking about it and you mentioned indesit sort of three headed hybrid not only hardware maker and not only the internet company but also an e commerce play too so yeah but the market doesn't see it that way a hardware maker yeah all right let's get ten cent because ten centers planning a spin off and us listing of its online music business the ipo of ten cent music entertainment will let us investors bet.
"stephen engle" Discussed on WAFS Biz 1190
"Fact this summit was going to happen so there is at least on the surface that goodwill let's bring by stephen engle who is close by to the capella hotel right now and we are expecting some type of announcement coming through potentially here steve i think this is a pretty good sign if you're in the camp of hoping for peace which i think a lot of us are that is after the talks after working lunch complete they came out together walk through the garden towards the cameras if there was some ill will or bad blood between these two gentlemen generated over the last few hours of talks i don't think they would necessarily do that and they were seen as well shaking hands chatting quite a bit and smiling as they i'm assuming saying goodbye to each other for now because kim jong un has said he is heading back to pyongyang this afternoon so it looks fairly encouraging because donald trump said a few comments to the press gathered there before moving on fairly quickly alluding to the fact that the talks had been better than expected and that they were going for a signing right now perhaps they're both going they're not saying goodbye for good they're going to each other's camps and then they will meet again i'm assuming for a some sort of signing of a communicate we don't know what that would include them right trump also saying things are going better than expected they are going to assign a no details in what that might be just yet but steve are you surprised by just how quickly things have progressed i mean we've talked about just how long it took to get to this point and that really these to have met for three or four hours i mean less than four hours well i think they have a lot of stake to make this somewhat of a success it would not have made any sense really to come out with the full guns blazing if you will and being really hard on the demands on either side to make this all fall apart donald trump is just coming back from the g seven battered and bruised a bit on the public relations front as well as having that signing of the communicate kind of fall apart does he want a similar result here.
"stephen engle" Discussed on Bloomberg Radio New York
"Your screen there from the president speaking to reporters just briefly after their lunch breaks stroll i guess you could call saying we are going for assigning right now we're not seeing a whole lot details on what that signing means is going to be a joint declaration something on paper here what is going to entail in fact are we going to see a potential peace treaty here or just an agreement for both sides to continue meeting but we've talked about the optimism smiles even there between the exchange as these two groups break apart now how both sides have been quite optimistic and positive about these talks president trump has said look i hope that we have a terrific relationship kim jong also saying we have overcome everything to get to this point even overcoming the speculation that in fact this was going to happen so there is at least on the surface that goodwill let's bring by stephen engle who is close by the capella hotel right now and we are expecting some type of announcement coming through potentially here steve i think this is a pretty good sign if you're in the camp of hoping for peace which i think a lot of us are that is after the talks after the working lunch was complete they came out together walk through the garden towards the cameras if there was some ill will or bad blood between these two gentlemen generated over the last few hours of talks i don't think they would necessarily do that and they were seen as well shaking hands chatting quite a bit and smiling as they i'm assuming saying goodbye to each other for now because kim jong un has said he is heading back to pyongyang this afternoon so it looks fairly encouraging because donald trump said a few comments to the press gathered there before moving on fairly quickly alluding to the fact that the talks had been better than expected and that they were going for a signing right now perhaps they're both going they're not saying goodbye for good they're going to each other's camps and then they will meet again i'm assuming for some sort of signing of a communicate we don't know what that would include though right trump both those same things are going better than expected they are going to.
"stephen engle" Discussed on WAFS Biz 1190
"North korea has tested many of their ballistic missiles over japanese soil but you know james mattis the us defense secretary briefly addressed that overnight he says troop levels in asia will not be or are not on the table for this particular summit in the cappella hotel behind me ongoing we did get those comments yesterday from mike pompeo because again one of the things that the united states perhaps can do if they get commitments from kim jong loan to denuclearize or at least give a timetable to limit its arms is give multiple reassurances that the united states is not trying to overthrow the regime gives some security to him we are prepared to take actions this is what mike pompeo said that will provide them north korea with sufficient certainty that they can be comfortable that denuclearization isn't something that ends badly for them shave watch a little bit there stephen engle bloomberg chief north asia correspondent joining us from santosa islands very close to where the capella hotel is this morning we continue to watch a little bit more about this working lunch at is going on right now markets our seeing a little bit of not a whole lot of reaction i guess to the singapore even though the optimism leading up to these talks to get an update with with high inland a little bit later but take a look at these live pictures outside the capella hotel.
"stephen engle" Discussed on Bloomberg Radio New York
"The sp managed to squeak out a gain of about one tenth of one percent nasdaq composite picked up about two tenths of one percent now tomorrow will be the day that we learned the fate of at and t time warner a federal judge will decide whether to grant the request from the doj to block this takeover on antitrust grounds at and t shares picked up one percent time warner better by about nine tenths of one percent we had a fair amount of dollar strength during the new york session some yen weakness to right now dollaryen with a one ten handle the end continuing to trade a bit on the back foot and that's boosted nikkei futures trading in chicago and it looks like we could pop maybe one hundred fifty points or so when the cash market in tokyo is up and running in about an hour and a half from now we will have trading today that would be tuesday in seoul although it is a market holiday wednesday for the south korean market and i'm looking at futures for the australian market looks like we could see the asx two hundred pop by about one half of one percent wti crude oil meantime holding steady where at sixty six twelve after a choppy session in new york trading and the canadian dollar weakened a bit after the greenback against the greenback i should say obviously that's after president trump revoked support for a g seven statement and criticized the canadian prime minister justin trudeau rish yep heavenly the united states saying that the preparations are going very well leading into the meeting in a few hours between donald trump and kim jong un ete bank says go global news nine sixty san francisco newsroom ed yeah they're saying everything looks good we're about two and a half hours away from the sit down trump and kim alone with translators were told a meeting expected now the last forty five minutes to an hour with stephen engle breaking it down to its berra central really going to center around the us assurances of for a kim regime security and for you know kim to give assurances that he is committed as he's repeatedly said to complete denuclearisation kim scheduled to leave some five to seven hours after the meetings beginning good bad well us saying it's because the.
"stephen engle" Discussed on WAFS Biz 1190
"The east coast another to the west and a third in the middle of the the upgraded infrastructure could help north korea realize the value of its vast mineral reserves roughly two hundred essential resources arrest debated to be under the ground in the north together worth in excess of six trillion dollars among them gold oil and possibly the world single biggest rarer deposit crucial for electric vehicles and high tech gadgets bonds a word of caution before potential investors become giddy with expectation san john kpmg says electricity shortages outdated facilities and other infrastructure obstacles put mine you to of below thirty percent still the labor force is a bright spot high literacy rates low wages and basic computer education from elementary school may see north korea become a new asian tiger one day and speaking of the economy a lack of data means it is difficult to quantify the impact of sanctions on north korea although last year killing young said the measures were causing quote a colossal amount of damage to with people as well as development china's role in particular has squeezed the north korea's access to hard currency north asia quantum stephen engle he is on toes island for the shumur for us and st we talked about how divergent these economies are between the two koreas right now talk us through the process it would take for some type of reunification.
United States, Attorney and Trump discussed on Bloomberg Daybreak: Asia
"Radio kim trump summit officially back on the negotiations that continuing in public as well as private ed baxter is covering all the global news enough bloomberg nine sixty san francisco newsroom ed yeah right charge juliet us secretary james madison singapore meeting the fence ministers of south korea and japan korea will receive relief only when identifiable in your step david nice says the glow must continue to keep all forms of economic and military pressure up until that time this is at a time when president trump seemingly walked back his position saying the us might negotiate a graduated dismantling of the north korean nuclear program so hang in there bumpy road to come eight days away and there are media reports in asia that there may be an effort for peninsula peace deal bloomberg's stephen engle we're also hearing from south korean media that moon jae in the south korean president will indeed again it's a media report reportedly will attend the summit as well and that they will try to get a peace deal done between the three gentlemen and north korea's state run news agencies reporting serious president bashar assad is interested in visiting north korean visiting with kim jong un no indication that such a trip that has actually been planned to this point candlelight vigil hong kong tonight the annual event remembering tiananmen square it looks as china's becoming less tolerant of things like calls to end the one party dictatorship although not codified government officials have been threatening to crack down on those participating chris hang high profile pro democracy protesters saying that political space in hong kong is much tighter than it was three or four years ago the legal gymnastics over what power the president of the united states has to end an investigation into himself or pardon himself took a new turn today as trump attorney rudy giuliani said he believes the president could end the investigation but not of any crime such as murder as was purported in letters to the new york times when you argue army the broadest possible point we don't have to go there i didn't i wasn't there then yeah but the administration did now giuliani walking it back a bit he does also say the president does not plan on pardoning himself giuliani on abc has heard here on bloomberg global news twenty four hours a day on air and ed tech talk on twitter powered by.
Tencent shares rise after first quarter profit beats
"The honor of kings core to that success on the company's smash their earnings expectations and the last quarter posting a sixty one percent jump in net income shares rose the most in two years that thursday's hong open before pairing gains chief asia correspondent stephen engle joins us from hong kong steve looks like he estimates were pretty far off warranty yeah this is another cautionary tale don't underestimate tencent this is a stock that has returned forty five thousand percent in the fourteen years since it listed here and all it's been an absolute juggernaut but over the last couple of months since that record high that the stock hit on january twenty third i believe it was the stock has been down sixteen percent and investors had sold off about ninety billion dollars worth of shares they were concerned because of some sentiment that was actually passed on by tencent they kind of signaled over the last few months that that they're willing to sacrifice margins in favor of longer term growth in new businesses that they've been plowing money into cloud computing and also payments entertainment which can be very expensive also physical retail to keep pace with alibaba and they were bracing for a bad set of numbers or at least pressure on the margins but what tencent do again posted record earnings and blew past those estimates netting come up six one percent in the first quarter to twenty three point three billion yuan three point seven billion us dollars that beat estimates by almost a third yes they got some one off gains but again without those one off gains they also had a pretty healthy set of numbers gross profit margin in the first quarter exceeded fifty percent we're expecting about forty seven percent revenue beat expectations up forty eight percent and again gaming is doing really well honor of kings keeps on being the big cash cow for them and the magic number stephen is of course a billion i'm talking about one point zero four billion of active users on each other i mean this is sort of the third and perhaps the most cole also support within within this story within ten cent isn't it yes that's what's really amazing about we chat because this is more than a billion active users primarily in china this is an ecosystem that has grown to encompass of course payments and all forms of things that you do.
"stephen engle" Discussed on Bloomberg Radio New York
"Year for the last eight ten years zero so that's positive i hope it'll continue but the fact is says americans in pretty good shape and then you've got some benefit of regulatory reform some benefit of tax reform i think those things will drive growth a little bit hopefully better than two percent now i read your note to clients in april after the quarterly earnings us a one of the biggest risk is underestimating the potential of the fed raising rates more aggressively inflation could rear its head is this a were trying to spend my sheer hose that you've got to prepare for old possibilities and probabilities so is a possibility the quotes accelerates that inflation accelerates higher than you expect the fed raises rates a little bit more than you expect both in the short end in which my opinion my fourth the tenure up knocked down like in the past as you can easily deal with four percent ponds and i think again it's because america is strong and healthy that's almost more like normalization pointed out by the end of the year the government in total the fed plus the deficit have to finance four and a quarter that's a lot that's a huge shift in the past and eventually the other central banks to reverse they're buying bonds and that those things may cause more volatility higher rates in a way we don't fully understand because we never had qe we've never had a reversal but again as long as the world growing is more important than that okay so i always try to keep a view in both the financial markets are one thing they fluctuate they move race cooper down you know we go up your damn but managed to most the world including the government's is jobs wages stability in the economy not necessarily in the markets that was j p morgan chase ceo jamie diamond speaking with bloomberg's stephen engle coming up we'll be speaking with jim fiddling ceo elect of dow chemical you can see all the bloomberg best stories at best go this is bloomberg there are some moments only the forest can inspire find yours at discovertheforest dot org brought to you by the us force service.
Van strikes pedestrians in Toronto, killing 10 and injuring 15 -- live updates
"Makes it up here on daybreak downtown shot off there you go it's just gone seven thirty in riyadh and we're ninety minutes away from start trading day couple of things to keep an eye on brent is up two tenths of one percent extending three year high the saudi yemen flare up is something we will discuss next you've also got inventories leaving the day dollar it's winning streak there you go i mean let's not make a headline out of it gun zero point two percent but it has halted a five day winning streak and a three month height will continue to question freshman headlines let's get to stephen engle stephen all right thanks man that's well ten people have been killed and at least sixteen injured after van crashed into pedestrians in northern toronto police say the driver has been arrested but it's too early to speculate on a motive witnesses say the van jumped the curb at a busy intersection and hit a group of people before driving away the incident happening as g seven ministers gathering in toronto ahead of their leaders meeting in quebec city in june well nafta negotiations resume later and the canadian foreign minister says the talks in washington are in an intensive phase however president trump has said again that he could make mexican immigration curbs a condition highlighting that a deal is still far from certain on twitter the president said mexico must stop people heading into the us and called for wall funding fast and french president emmanuel macron has arrived in washington for a three day trip which will include an attempt to keep the us in the iran nuclear deal it's the first state visit of the trump presidency and comes after a lavish.
"stephen engle" Discussed on Bloomberg Radio New York
"In hong kong stephen engle and i'm bryan curtis as we look across markets in the asia pacific we've got four or five markets up and running the nikkei trading higher now up two tenths of one percent starting to move up a little bit the asx two hundred up about a half a percent and even the kospi has now moved up about two tenths of one percent we'll get you all the currencies and the bond market and everything in markets coming up here shortly but first the top stories of the hour all right brian well netflix shares jumped more than five percent in late trading this after the streaming pioneer posted the strongest start to a year since it went public sixteen years ago bloomberg's lucas says international subscriber growth is driving those results a lot of growth in latin america brazil and mexico or two of their biggest countries they're seeing a lot of growth in europe they've been very turning the uk for a long time i understand that they're doing better and better in places like france and germany and asia's really just coming online it's still not a significant contributor is growing flicks first quarter revenue and subscriber growth topped forecasts and it's forecast for the current quarter is also way above estimates shares of acacia got severely punished today they fell more than thirty five percent as us clamped down on a chinese company that buys its products more from bloomberg's rainy inocencio massachusettsbased acacia and other obstacles component companies came under pressure on wall street today that's after the us blocked the chinese telecom companies e t e from exporting sensitive technology out of america the commerce department is also accusing z t eta of making false statements related to disciplinary action the company said it was taking it says he did not disclose the fact that it paid bonuses to employees who engage gauged in illegal conduct is t pled guilty last year and agreed to pay as much as one point two billion dollars in fines for violating laws restricting the sale of us technology to iran ramian incensio bloomberg daybreak asia and we just have a headline crossing the bloomberg terminal about that chinese telecommunications companies e t e saying the company is evaluating the us orders impact in other news a warning on china from neuberger berman the.
Saudi exchange counting on foreign funds to aid Aramco IPO, chief says
"To you by the outlet online huge savings on the things you need in one it's a big doc brown's now support holding a vote on the final brexit deal hammered out between london and brussels the yougov poll for the pro remain group best for britain says the public should have the casting vote on whether to accept the agreement the head of saudi arabia's stock index says it's almost ready for the aramco ipo khalid abdullah al hassan told bloomberg that totta a wool will be good to go on the listing whether it's this year or next the saudi market will come this year later that's a decision by the government the saudi stock exchanges making gold necessary i'm changes to be this here by actually the beginning of two godless when the decision will bring and qatar will meet investors later as it plans its first dollar denominated bonds sale in more than two years officials will meet potential buyers in the uk and the us this week and the government is working with credit suisse in georgia bank on an offering that source of say could include five year and five ten and thirty year notes now kochhar last sold bonds internationally in two thousand sixteen when it raised nine billion dollars global news twenty four hours a day powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm deborah mao this is bloomberg thanks so let's get back to one of our top stories president xi jinping will be speaking at the china bow four on tuesday where he's expected to address us tariffs threats publicly for the first time our chief north asia correspondent stephen engle is at the forum in high non steve so what are the initial indicators here as to what a chinese response would look like well we'll know tomorrow well we might know tomorrow when president xi jinping gives his keynote address here and what kind of tone will he strike on the one hand we are already ticipant in that he was going to now some market opening reforms here at the boao forum for foreign access into various parts of this economy a further opening up of the chinese economy forty years this is the marketing anniversary of the forty years since those opened up policies of deng xiaoping so it's a momentous occasion and that's why she jinping is here but at the.
"stephen engle" Discussed on Bloomberg Radio New York
"Good morning from hong kong i'm bryan curtis and i'm stephen engle also here in hong kong lots of news to digest this morning as traders in asia braced for potential losses for look at how things are shaping up in the asian trading day here's my colleague bloomberg's doug krizner alright steven thanks for much yeah lots of news and some tough sledding to we have the nikkei in the opening moments down about two percent loss of more than four hundred points we were looking at futures earlier after a sell off in the states futures on the nikkei implied that we would see much more weakness that we are right now but bear in mind a lot of these stocks are still opening so we'll have to give things some time before we're able to get a more accurate read on sentiment in japan stateside we had the equity market equity market tumbling after president trump escalated the trade war with china tariffs on about fifty billion in chinese goods at a rate of twenty five percent china now pushing back plan tariffs from their point of view on three billion dollars worth of us steel aluminum pork and wine it'll be about an hour and a half now before we can gauge the sentiment on the mainland and in hong kong futures though for the hang sang are down about two percent right now in seoul the kospi down two percent and in sydney asx two hundred weaker by about one point four percent some haven buying in the japanese yen some of this occurred on a headline that president trump is replacing national security adviser h r mcmaster with hardliner and former un ambassador john bolton dollar yen one zero four ninety four that's a gain of about three tenths of one percent bloomberg dollar spot index was actually up interestingly during the new york session by two tenths of one percent but we are drifting lower now bloomberg dollar spot down about one tenth of one percent and where treasuries are concerned some haven buying in us sovereigns the yield on the us tenure two point eight zero so we're down about two basis points from the close of new york trading bryant to you douglas details on this tit for tat trade spat it's intensifying china plans as you mentioned ad fifteen percent tariffs on us steel pipes on fruit on wine.
"stephen engle" Discussed on First Take
"Thank you great team three nine and seven playoffs founded trench is quarterback or thrown you hold them to the super bowl standard we don't need to play that no no not just playoff win standard win in the playoffs and nate for like a deck and by the winter skating five years of whatever fos if he has been now you're going twenty on me in the last five years how many playoff much younger than all of you so it's not like they're an elite team you wanna say they're generic team in terms of results i agree if you look at clay off results they're like what an generic nfl team does but i'm looking at free agent signings so far arizona four falcons three ravens three buffalo six carolina three it cetera cleveland ten of broncos three dallas zero the only other team to not sign anyone is the pittsburgh steelers and you mentioned that as coherent philosophy what you're telling me is what we should do not follow the model the steelers but ball the model of the brown to ten players well actually the browns had a lot of capital in order to make those moves the steelers are not the best team in football are the steelers the best team football the philadelphia eagles are actually last year the best team in football five free agent signings so i'm not suggesting that they need to go crazy here but they haven't signed anyone which suggests they think they're team is ready to go and all they need to do is be wise in the draft and here comes the super bowl you feel the dallas cowboys are that close or should they shore up the roster with a wise free agent signing or three now though stephen engle head for into those questions.