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other wartime allies have stayed away. trying toobama protect his nuclear deal with iran. tehran says u.s. oil companies will be welcomed when the sanctions are lifted. the new ambitious china on parade today in beijing marking the 70th anniversary of the old of -- end of world war ii. most of china's wartime allies had stayed away. give us a taste of the atmosphere. >> it is full of pomp and circumstance if i have to speak slowly it is because the up on thehas taken dias along with president vladimir putin of russia.
they are waiting to hear some comments from him. the guns have been firing off any distance. you can hear them, perhaps we can roll some of this video we have. , 2700 chinese soldiers machinery formations, 10 aviation, they will all be parading in a matter of minutes. there will also be 17 other countries contributing about 1000 soldiers for the parade, including cuba, egypt, and of course russia. vladimir putin is here in the stands. is an opportunity to show its firm grip on the military and show the people of china the strength and unity of the chinese people.
it is just kicking off with a bang -- rishaad: quite literally. ok, we go to more details on this story. we want your opinion do tweet us your shot -- thoughts. we have a much-needed reprieve for investors with the stock market closed for two days. >> coveted comments on the u.s., we saw some good gains coming from u.s. markets. that is generally flowing through into the asian region today. ony will reopen tomorrow like in china. we are seeing the first gain in in four days.
philippines, jakarta, malaysia, their secondea had quarter gdp numbers coming through today. up 2.4% on the year. where we are seeing some weakness is in australia very much impacted by weaker than expected retail sales today. some of those companies were already under pressure. mentioned, a you reprieve for investors. they have to look at what is happening in shanghai today. rishaad: right, look at the , getting up early after retail sales fell unexpectedly in july. let's get over to sydney because paul allen is there.
.2% increase was what was slated. it was a nasty surprise, that retail sales number. weak,been traditionally and looks like we are going back to the bad old days in terms of sales. they reverse very strong gains back in june of 2.4%. this week retail sales number corresponds with a growth in household savings. it looks like australians prefer to pay off the debt rather than head down to the mall. that is not great news for the retailers. on the trade balance front, a surprise to the upside there. deficit for july we had been expecting a $3.1 billion deficit. exports, they are down quite sharply. 4.5 billion down to 4 billion this month.
strong, it is holding up very nicely. it is that we got trillion dollar -- that week australian dollar which is helping things along. weak butag, retail is much better than expected on some trade aspects. rishaad: thanks for that. disability data coming out of australia. let's have a look at some inventories. david: megabanks may be regretting their decision to go on a lending spree. the biggest increase in overseas lending in three decades, the nation's biggest lender used to be u.s. j financial. it could weaken the finances of borrowers. 54%, japanese
have focused on expanding in emerging asia as yields fell to record lows at home are now exposed some of the world's worst performing currency. the bill from last year cyber attack on sony's hollywood studios is about to get even bigger. it will settle claims by former employees who say their personal data was stolen in what washington claims was a north korea led hack. the lawsuit was filed in los angeles court. they saved the compromised workers social security and password numbers, as well as salary data. it was widely seen as retaliation for the seth rogen movie "the interview." the picture was about the fictional assassination of kim jong-un. be planning on
investing a million dollars in indian startups over the last year. they held meetings with almost 40 businesses. oxcon looks to expand beyond manufacturing. have seen modest events in the taipei trading today. it is best known as the major assembler of apple products. the company sees new opportunities in india. thehaad: coming up, we have former thai finance minister will be joining us. angie will be interviewing him. have that coming up, and more on the march in beijing.
rishaad: this is the scene in tiananmen square in the chinese capital of beijing. addressing thes nation and indeed the world. his message is one of peace as they commemorate 70 years since the end of the second world war. dignitaries and heads of state, most notably vladimir putin of russia. this is the scene in tiananmen square. he is addressing people there. let's take a look at some of the
other news being made. president obama's nuclear deal moving closer to law with the news he has enough votes to support it. a maryland democrat becomes a third. iran says it will welcome american companies back into its oil markets. >> the doors are open. companies, because we want technology and we want competition. projects we want .eal competition
the still unnamed man was arrested to the cambodian border they say his fingerprints match those found on the bomb making material and a apartment. police said the man is linked to the bombing. totralia has added its voice land reclamation by beijing. they made the comments during a visit to india to boost security ties. resources.is rich in china says history proves it earns more than 80% -- phones than 80% -- owns more of the area. about the landd reclamation and construction activities and other claimants in the region. those comments coming
as china started this grand parade -- a military parade to mark 70 years since the end of world war ii. maybe a bit more impetus to push his message of the chinese dream to people in china. let's get more and join john. thank you so much for joining us, 84% of the weaponry on display in this military parade will be brand-new and not seen before. what message is that sending out to the world? john: good morning. first of all, i'm not so sure about that claim. it won't be too many surprises about the military equipment being on display. the message, what is, there are two major messages, one internally to the
domestic population in china. the communist party of china is in control, that the president is in control, and his ability to project power is still very strong. that is an important message within china. externally, the message to its neighbors internationally is artainly that china is now serious force to be reckoned with. the military systems that will be displayed will encompass a number of major developments for chinese defense industries. these will show that china has the capability to project its power, to deter and respond to any threat that it perceives. that is a serious -- these are serious capabilities that china has developed.
this will be a strong message to certainly china's neighbors in the asian region. rishaad: they developed all this, it all looks very good, but is it? of: china has made a number great advances in its defense industry over the last two decades. mainly inbilities are areas such as missiles, land systems, and these are now world class. certainly, the missile system china has developed over the past decade will be of high interest today in the parade. missile systems such as short and medium range ballistic missiles and anti-ship a ballistic missiles. some rain launched missiles, -- submarine launched missiles,
these are all capabilities china has developed. that does present a risk within the asia-pacific region. how closely are these events being monitored? jon: china knows the u.s. will be watching very closely. for the reasons i have just explained, analysts and washington certainly will be looking in terms of the military capabilities that will be on display today. contours andthe the dimensions of the missiles, looking to understand the speed, the perception, the survivability, the mobility of these missile systems. they want an understanding of the real capability of china's military.
sources very little open information about this capability. a parade like today gives to gain an opportunity an insight into how far china's military capabilities have grown in the last two decades. in that important day regard. open source information about these capabilities doesn't exist to some degree. to that degree, it is an important occasion. rishaad: we have been seeing some unmanned aerial vehicles now to sendingng this message of key switches will be have at the moment. -- peace which we have at the moment. it is ironic that it's on the 70th anniversary of world war
ii. yes, as far as china is it owns 80% -- or claims it owns 80% of the asia-pacific south china sea. some other the sections of the east china sea. the message of peace is one that , as long as everyone in the region agrees china's claimed territory. of course, that is not the case. countries such as japan, the philippines, vietnam, and other countries all have claims to the same territory that china has. that, and the of context of the military capabilities being developed, there is a risk -- we have a number of countries making claims to the same territory. china is saying it is ours, and
of course if other countries agreed to china's claims than that is where the president is making reference to the peace and there will be peace. but the problems arise when countries dispute those claims. at the moment, those countries are disputing those claims. rishaad: i want to give you some of the headlines, reassuring words that china would never or expansion. there will also be cutting 300,000,personnel by making that announcement will me have this gigantic military parade taking place. he is backing up his words was an action it would seem. jon: well, you know, the reductions in the size of the people's liberation army will be mainly in the land forces. that is significant. we are seeing significant
investment in maritime and air capabilities. that doesn't necessarily mean boots on the ground, that means investment in capabilities in mission systems, a equipment, to that is where the investment is going. are less bootsre on the ground, certainly on the land forces, but that invest it is being redirected into the air and maritime capabilities. china'serscores of securing its claim to territory. the maritime and air capabilities are paramount in terms of securing that offshore territory. these claims are correct, but there is another side to those claims as well. rishaad: if you stick around it would be fantastic. a break, with more
after he makes his speech. he was sending messages of peace saying china would never seek hegemony in the region. he also -- he declare the people's liberation army would be cut by 300,000. let's get back to our guest in bangkok. jon, we were talking a lot this reduction in the people's liberation army and you were talking about how military spending in the redirected towards the navel and air forces. one set of people who are part of the military operations are not marching today, we talk about cyber warfare divisions. do you expect more money to be going that way. jon: without a doubt. china has a long stated priority for what it calls information is ionization,format
this means advance community -- advancement in telecommunications, communications, and china's investment in this area is significant. this is areas such as ever electronic warfare systems on our systems all the electronic systems which china has made great advancement in over the past decade. the cyber issue there has become we are expecting this to ramp up over the next decade or so. china looks to gain greater --
not only access to information, but to better utilize the equipment and capabilities that it has so it's forces are integrated and there is better community desk mitigation. -- communication. certainly investment in cyber and intelligent information remains a priority. rishaad: thank you very much for that indeed. this is the scene, we are more coverage of this massive military parade taking place in the heart of beijing. ♪
♪ events happening right now, thousand chinese soldiers are marching in a parade to mark 70 years since the end of world war ii. aircraft will fly over the 80 and other hardware on public display, some of it for the first time. vladimir putin was among the guests. closed for ats couple of days because of the parades.
equities on the way up on the back of the united states. alsoindustrial, and metal on the move. some early gains after retail sales fell unexpectedly in july and was fueled by index it consumers keeping their money in edeir wallet -- indebt consumers keeping their money and their wallet. what is happening with that rally, some places petering out. here is juliet. juliette: it is certainly petering out in australia. encouraging to see across most of the asia region we are seeing the first to gains in a week. shares bouncing from a one-week a low. moment, in south korea as well. we have seen some weakness coming through in australia following that disappointing
retail trade and the weaker aussie dollar. we want to show you some main movers we are watching in asia, the main focus seeing japan and australia, we see the big retail in australia hit a record low as its shares fell. the electrical retailer also fell and they are coming under some pressure. a one-week high for japanese stocks of that is pretty encouraging after that terrible august. pharmaceutical stocks looking really good and some of the export stocks again playing into that story as well. we have seen quite a bit of positive movement. the chinese market is closed until monday.
somead: we are following of the stories, hong kong stepping and once again to defend -- they spent $2 billion they're breaking out of the strong edge of its peg against the greenback's. the people's bank of china should step back from supporting the yuan by the end of the year according to other banks. ofna needs to give a minimum money to keep on hand to avoid any shortfalls. they estimate central banks to will wipee currency $40 billion off the stock market for the rest of the year. thirds fund has lost two
of its funds. waso's total return fund the largest until 2013 but investors have been pulling out their money for 28 consecutive months. investors are still concerned about this impending said hike -- fed hike. back to the capital markets in kuala lumpur, angie, it is all yours. angie: indeed, thank you so much, we are joined by the deputy leader of the democratic party in thailand. he was the former finance minister of thailand. prime time for thailand right now. toically, we have the june in power, we have all of these
talks of reforms. in the light of this global route we are seeing how are these reforms going? separate big questions in terms of reform, nothing concrete on the surface as to how they will reform thailand. we are all looking forward to seeing significant changes. thailand is at a crossroads, really. we have had 30 years of above average growth rate. we need to find a new formula. we are working on that front. with regards to economic prospects we are a very open economy. that means we are very much tied to global events. basically, global demand is slowing that is affecting
overall sentiment in the country. again, we need to find a solution to that. that they critics say are there to enforce political power, not grow the economy. is that criticism valid? korn: i think they started out that way, the junta, that is. they achieved peace in the streets very quickly. it was overly optimistic to expected military government to be able to develop the economy. but the economy has been so poor that they need to turn their focus back to the economy. speaking, they have a good leader given the circumstances.
he has already been asking advisers for the past year and a half so he is up to date. well-equipped to do what is possible. the question is, what is possible? isie: also the perception this is a very unstable region as well. you just have the bombing, there was concern of what that impact will have on gdp because toryism is an integral part of that. tourism is an-- integral part of that. have been brought be --some areas ihvae have been returned to normal. beon't think there will
prolonged economic impact because of that. ngie: global investors are taking money out of thailand right now. they are investigating other countries here in asia that are deemed to be more stable. how do you change the perception of global investors? think it is economics and politics. fundamentally, we are as strong as almost any other nation in southeast asia. i don't have a specific concern on that, clearly the investing public is confused as to the political direction of the company -- country. they have to have some bearing on the economy, on the investment division. e: where do we stand on the
constitution? where do you stand on elections? korn: there will be a vote by the reform committee on sunday. that is a critical date. pass,ody believes it will in which case it would go to a national referendum so the people will vote on it. that should be early next year. nobody knows how that will turn out. then we can move on to an election certainly later next year. reformno doubt the word will be key and center stage. when you see, how has it been so far? does tangible reform need to happen? korn: it does. we need to improve our competitiveness. most parties have identified that.
areas that need to be addressed is the area of education. that is always the hardest area to reform, but we do need to do something that changes the mindset of the people and gives you a chance to be competitive with relation to the world in the years to come. clay, a fed -- quickly, a fed rate hike is expected. how is thailand prepared for that? : it won't affect us as it might other countries. we have low levels of national debt and international holdings, i don't think it's said that rate hike will have an impact on thailand to the extent that it might other countries in the region. angie: there you have it. a lot more coming from this
the president just gave his address to the people from the top of the railing there. these flyingtting overhead. we have helicopters carrying the it is actually the flag of the people's liberation army. 70 take that signifies the anniversary. we heard the president speak about the chinese in defiance of aggression fought valiantly and finally one total victory against the japanese military aggressors.
this is what you that's the name of this trade, this is all about the president showing a position of strength to the chinese people and the world and chinese unity to the chinese people. --g up david, thisg on, was an event looking back. here almost an anachronism . we saw some of these in the soviet era. it does hark back to the soviet era and this sort of lack of perception gap at the chinese have on how they perceive holding a military parade and how the rest of the world does. most of us look at this and say hold on, why does a country holding military parade.
the united states has no need for them. it belies an insecurity about its own strength and power, notwithstanding the message we got which was when the china wants to uphold the world order put in place after world war ii. rishaad: that was a big headline there decreasing personnel. david: light on detail. said land forces may go down but -- david: exactly. we may have to wait a little bit. this does president -- presage something we saw, and that is the reorganization of the pla two-putted under a joint command like the u.s. style. they bring together the operation of the navy, army, and the air force. of course, china is trying to
expand its navy. that is where most of the budget is covering this year. rishaad: that is where some of the veterans are here. it is still lacking western leaders. vid: we saw kenneth clark just arrived from the u.k. he is the tory leader there. the former feminist or from fans has showed up, but they aren't the leaders. -- the former prime minister from france has showed up but they aren't the leaders. the leaders are still staying away. a little light in terms of heavyweight leaders, vladimir putin is there but he is
returning the favor from earlier this year. rishaad: let's get stephen in here. give us an idea of how this field of the ground. it feels very patriotic if you are chinese. that is but they are hoping to accomplish. the flags, the flag-waving, the pomp and circumstance, and now they have rolled past the veterans from the conflict. most of them on average is 90 years old. page from past a leaders i was here in 2009 celebrating the 50th anniversary of their founding. he said the same thing as he went up and am reviewing the troops.
go to work, he was even wearing a mao suit. i think they are trying to give a sense of stability, you can take 2009 and swap it for this one and it looks exactly the same. the same kind of town being set. rishaad: i have david tweed with me. david: i was wondering about that feeling of nationalism. it makes me think so much differently about the pageantry we associate with other countries that the united kingdom will be likely have royal weddings. there is the involvement of people in the parade. this parade seems to be eerily absent of any crowds, why is that? stephen: this is highly orchestrated.
this is for the masses to watch on television. that is the one of the complaints if you are looking out that some of the social media comments. invited to i been the parade for the people? there are lots of people just right in front of me, ordinary citizens that are waving their flags and wearing red hats. they are playing a part in the choreographed. a made for television event for the chinese people. scriptoing perfectly to so far in that is the way they like it. right, david, this is marking the 70th anniversary of japan's defeat. how do you think tokyo will look at this? is it a message?
david: i think tokyo just has to swallow this. this has been planned for quite a long time. the planning probably took place at a stage of pretty cold relations between beijing and tokyo. what the of seen sense this has ofn announced is a thawing relations. it is an interesting task for the common's party to play up the fact that we will betweenlly see a summit south korea, japan, and china. at the same time, this message that japan hasn't properly responded to its responsibility in history for its activities. rishaad: there certainly is a degree of revisionism taking place to put it mildly. coverage of this
♪ rishaad: this is "trending business." we are having a look at twitter because it still doesn't have a chief executive. the stock has been taking hits. emily chang is an san francisco. pressure on twitter has been mounting to make a decision. we now know the board will be meeting tomorrow to discuss the ceo, they may not make a decision or announcement, but will certainly give some details on the latest. jack dorsey is a leading but he isfor this job
the ceo of square. the twitter board as our to come out saying they want someone who can make the ceo job a full-time job. many investors have said they don't think anyone can do both of these jobs well. the other thing we learned is that the twitter search committee has reached out to outside candidates. spencer stuart has contacted some outsiders. hearing is that many of these outside characters don't think they are being seriously considered because jack dorsey is the ultimate leading candidate. revenue, and chris socko and others seem to think
and somethinger remained in the top job. jack dorsey remains as ceo and adam could be promoted to president. we watch the meeting coming out of twitter's board tomorrow in san francisco and bringing you any details as we have them stop. rishaad: emily chang and separatist go. let's get you back to beijing will stop these images part of an error display -- part of an error display taking -- air display taking place. and a refueling demonstration. that is it for "trending business."
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