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tv   Charlie Rose  Bloomberg  November 2, 2015 9:00pm-10:01pm EST

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india has plans to rival singapore and hong kong. we have a special report. do follow me on twitter. that is my handle. don't forget to use the hash g.gged -- ta any tradingt have in tokyo. it is culture day, so it is a public holiday. here is david. david: joining the party we are seeing across asia, the equity markets, and we are seeing decent volumes, as well. coming off with inflation earlier today, picking up, which is an encouraging sign. and having a look, singapore, down in the index.
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the rest are on the way up. galaxy hong kong, leading the gains in there. every single sector is on the way up ahead of the rba rate decision, which should be out in about an hour and a half. not a lot, but it is still ticking upward. new zealand, about 6000. record high. the records kept back in 2001, 4/10 of 1%. of course, jakarta getting underway. eric quickly, let's have a look. up,u.s. on the way malaysia. the yields are on the way up. and it is a bit curious. you look at what is happening in the equity market. the aussie dollar is on the way up.
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chance that the rba cuts, so very complex. in any case, yields are on the way up. markets, we will get some movement when the rba does decide and comes out with that decision. very quickly, one stock i went to mention here. it is a coal mining company based out of session one, china. it had already had a warning. essentially, what it is, they are negotiating, to restructure 182 million u.s. dollars, and that note, i believe, is due tomorrow. toy have already talked their bank to allow a delay of the repayment or some interest. shares are down. these levels. i will leave it there.
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back to you, rish. this vw diesel scandal is expanding, with the luxury brands, and they environmental protection agency in the u.s. is saying that some kerry emissions cheating software. carrie -- carry emissions cheating software. it does draw in the porsche and audi names, and there was the man promoted to deal with the scandal, and vw is now saying that the epa is alleging that a software function in some engines had not the adequately described in process. now, vw, of course, is denying it. they say no software has been installed in those engines to thate emission results in
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way. whether or not the latest allegations are true, there is the reputation in the u.s. at the time when other carmakers are doing pretty well in that market. nissan just raised its full-year forecast with a boost and demand from north america. the net income target was less than 10% of $4.4 billion, and the operating profit forecast up more than 8%. back to you, rish. ofh: the reserve bank australia coming out with the latest policy statement. they are not really looking for a change, and they do expect these rates to remain at the record lows, but we will look at the arguments for and against. in sydney with expectation, not really any change, but i guess there is a lot to be talked about. it should be a fairly lively meeting anyway.
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reporter: it should be. for the first time this year, it is in the balance. 17 of the 29 economists spoke to say it will change for you there also pricing in a cut, as well, so it will be one of the more interesting meetings of the year. the arguments for and against, we have heard them before. is thetshell, it rebalancing of the gust really that remains sluggish, and the , still largely absent, and inflation is very, very benign, so the scope is therefore the rba to cut, should they wish to. and one of the reasons they have been holding off recently has been the housing market here. banks have all raised their floating interest rates for mortgages, and the australian well, so very weak, as much of the work is being done,
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so the rba has plenty to consider today when they meet, and we will have to wait and see, i suppose, and then how markets react to that, rish. thanks, paul, in sydney. a little bit of tech and m&a. reporter: well, we could be about to see one of the largest semi conductor industry acquisitions in china, with a group of agreeing to buy a $1.1 billion stake in another company , from an affiliate company, and they say they will buy a 36.4% stake. the shares have been suspended on october 12. it is one of the most acquisitive companies in the industry. in september, they announced to purchase the stake in western digital, while earlier this year, the company expressed interest in buying a u.s. memory chipmaker.
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aig,e also looking at which has posted a third-quarter loss and announced plans of cutting positions, about 1/5 of its management level. of $.18ted a net loss per share. that compares to last year's profit of $2.2 billion. investment results contributed to the loss. and there are restructuring costs and other things that came in at 52 cents per share, so that is about half of what the market was looking for. all of this comes after about a week of carl icahn, getting restrictions imposed on large firms. he has a 2% stake in aig, and cuts, rose on planned job which are expected to save up to happen billion dollars annually. singapore, a billion-dollar loan was from some banks.
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aey fended off an attack from u.s. bank three years ago, muddy waters. there is the state investment fund. saw its bonds returned 6.7%, while those of the rival commodity traders slumped. now that they are flush with cash from the loans, a billion-dollar investment by mitsubishi, it plans to take advantage of the commodities, calling it a 2 billion-dollar acquisition opportunity. back to you, rish. and wen our website, take a look ahead of a japanese listing tomorrow. you can have a look at it. it is on bloomberg.com/asia. coming up later on the show, money at record levels, bypassing the beijing
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rules, and the biggest trade credit insurers. asia has gone from being a bright spot to facing a dull future. ♪
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rish: well, for the last six years, the number of companies worldwide declaring insolvency has been falling, but that may be a bat to change, warning of growing uncertainty, saying asia may see its first rise in insolvent is next year. chairman of a group joins us. thank you very much for joining us. give us an overall idea of a realistic view of what is going on here, and tell people what you actually do and how the credit trade actually works? what weell, explaining do. we are ensuring the payment of
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invoices between companies, meeting we are covering the risk of insolvencies. so, overall, how is the global market? wilfried: we have seen a steady year on year decline. this now has come to an end. at ais why we are looking u-turn in global insolvencies. andill see a rise in 2015, we will see another rise in 2016. so this naturally brings me to a point of where we are going to see these rises, and which industry groups are the most vulnerable, too. lfried: to be semantic, we will see rise of insolvencies in asia-pacific and in latin america. we will see stabilization in the rest of the world, notably
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europe and the u.s. so some hit the wall of fame, and now some will hit the wall of shame. and then there are the bric countries. ilfried: well, out of the famous bric countries, the ones doing the best -- when you look at brazil, they are in deep recession and will continue to be in deep recession next year. inc. about russia. the impact of the u.n. sanctions will continue, and we forecast another deep recession in russia in 2016. would say further, there will be a negative impact in the decline of energy prices for russia. if you think about china, china we all know that gdp growth will further decline in 2016. it does not really matter. what is important for china is
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we have seen a 25% increase in and wete insolvencies, forecast another 20% increase in 2016. days about the number of still outstanding, which means the number of days for companies to pay their invoices. it has increased by 28 days over the past five years. rish: what would it be normally on average? in china, we are heading to 28 days, which means in china, you have to wait one month longer to be paid than in the rest of the world. that is quite telling, i suppose, but tell me, when is an insolvency and insolvency in china? sometimes you just get a company shutting their doors and saying, goodbye, i am gone. first ball, the insolvency laws are less
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sophisticated or less experienced than you would see in other parts of the world. indeed, where companies just shut down and disappear. that means you will never get paid. so where is this coming from in your view? wilfried: it is what we call the and corporate and public debt is huge. but the point being, shortly this is something industries,ecific surely. which are the ones which are the worst question mark which are the ones that are doing the best? ed: those doing the best are related to private consumption. private consumption in china is doing pretty well. these daysblematic
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is everything is linked to exports. falling, and is everything is linked to construction, meeting heavy industries like metal, steel, all of those industries are hurt pretty bad in china these days. no man is an island, and no company is an island either. it goes down the supply chain when you see this happening. absolutely. think about countries who export raw materials to china, like australia and malaysia. a will be hit badly. on the other hand, there are those exporting electronic components, like taiwan, like korea. also there, you will see a further drop in gdp. gloomkeeping it on the and doom in this part of the world, in particular, but which are doing well? will they raise interest rates?
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how is the u.s. doing less work how is your doing? is europe coming out of the woods? europe is improving. it is far for -- or from where it was in gdp growth, but i think all of the recent decisions by the european central bank definitely helped. they came in late, but it has helped. regarding the u.s., we will continue to see positive growth in the u.s., anywhere from 2.5% to 2.7% gdp growth, so the u.s. is climbing. rish: but on a micro level? : you will see in europe, on a micro level, the country doing the best is the united kingdom. the u.k. is doing pretty well. we also see countries that were in deep trouble, but portugal, like spain, climbing up, and they are much better than they ever were. lfried, thank you for
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coming to join us on this tuesday morning. wilfried verstraete. on the russian airline plane crash in the region, they said it disintegrated in midair, and metro jets declines to blame terrorism and said impact was the only reasonable explanation. the airbus crashed after takeoff, killing all 224 people on board. slowed, but they made no attempt to work with an emergency message. angerere is continuing over a new constitution. at least one man was shot dead after rioters set fire to a police post. they say the new constitution discriminates against them, and they have been blocking border crossings since august. at least 45 people have been killed.
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international space station is marking an important moment in its history, 15 years of continuing human presence. on first crew moved in november 2, 2000, from 17 countries coming and going since then. meals have been prepared and eaten, and they have gone from three worms to 13. nasa and its partners hope to keep the station going until late 2024. up next, pinning their hopes on high rise. india is starting to build a high-tech city, and how it has got local landowners thinking big. ♪
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♪ all right, we look at asia's largest oil refiner. it may be keeping its target flat for the coming year. that is all according to be with knowledge of this. sinopec has increased refining every year for the past decade, but it expects it will keep that i'm change with weak demand and increasing competition. the target may not be officially released until january, and that is from the sinopec state owned parent. and a last attempt in the devices market, said to go on
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sale this week running on android operating system, that it does include some blackberry security features being they have released a number of new phones in the past two years, but nine has stopped slumping sales, and the chief executive says it will exit that business unless it becomes profitable. and telling bloomberg that the government may except some demands that do not change the overall structure of the situation. they are set to have a deadline to implement it. a country or a state decides to found a completely new capital, but it is happening in southern india. they have laid the foundation for what the government intends to be a smart city, to rival singapore or hong kong.
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it is an ambitious project, and it is creating local people who are dreaming. reporter: the people are hoping to hit the jackpot. having handed over their properties to the state government for the new state capital. many are expecting to see a once in a lifetime payout. >> i am very happy. before the government came, the land was worth about $23,000. now it is worth a lot more. is just athe land small portion of the 33,000 the stateected after was split last year. the government is now trying to convert these plantations into a high-tech metropolis that they hope will be a gateway for south asia. >> it will bring it for indians. there is a crisis. we wanted to create an opportunity.
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i wanted to be talked three in the country. reporter, the plan calls for the construction of everything, from government headquarters and a sports city. it is arguably the most ambitious urban planning project in the history of independent india. singapore and other potential rivals are lending a hand to make that vision a reality. high standards of infrastructure, so it is in our interest to in part some of this knowledge to some of the other cities of the world. aporter: however, with deadline to finish phase one by 20 18, some are skeptical be state will meet its target. >> they can compare it to that of singapore other major cities. the problem i think for the government will be for the financial resources.
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so for filling the promises of the past, that is not an easy task. reporter: even so, that does not stop local people pinning their hopes and futures on a dream that remains. haslinda admin, bloomberg. up next, hsbc is banking on china. we have got the details. ♪
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♪ a look at our top stories, asia playing catch-up after the s&p 500 reverses all of the losses. and before the august yuan devaluation, helping to snap asia's longest one of declines in a month. the rba deciding on interest rates later today. the man who led his company to the top, china's money manager, a late target of a stock rally.
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-- there is a question for insider trading and stock manipulation. the investment is yielding impressive returns despite the slump. and the vw diesel scandal is expanding. u.s. regulators are looking at models from porsche and audi, saying they feature equipment to alter emissions. denies that they have installed this. -- vw denies that they have installed this. we have got positivity elsewhere. in the markets. >> we are looking at gains really. but that market just usually dancing to its own tune. don't put too much into that. the rest of the region seeing green. let me get you some movers we're following. we've been following all morning. the shares leading the gains
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here in hong kong. we've seen an improvement. it's not that bad when it comes to revenue. we could see some, i guess, the short of it, positive egulatory environment there. basically they see this positive shift when it comes to these visa regulations. transit visa. so currently you're only allowed seven days if you're traveling through macau on your way to somewhere else. that could be extended to 14 days and i guess the idea the longer you spend the more you will spend over in macau so we're seeing very nice gains across these names. sjm comes out with earnings at some point later on today. now, let's look at south korea. up 5%, the south korean steel maker there. we had positive sales numbers, talking about domestic sales
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within south korea. we're talking roughly about 570,000 if i'm not mistaken. very, very -- yes. 520,000. my mistake. sales in south korea. very nice there. flipping over to australia, up 1.3%, getting an upgrade. crown resorts up 2%. perhaps on the back of this news when it comes to the casino, transit visas, down about a fifth. story there just fairly pessimistic view when it comes to earnings there. they see full year, the low was a street estimate. before i go i just want to mention i almost forgot. baby related stock here in hong kong seeing some declines. did see a big pop in shares friday following the lifting of
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the one child policy. good example would be child care. it's down further 2% or 3% last i checked. oh, it's not up. my mistake. off 4% now. in any case, is that china is basically telling the china to -- the public to wait and hold off. don't yet make the second baby. wait until it becomes law and then you can go for it and multiply. just to get that clear and out there. back to you. >> so hsbc may be close to obtaining what its global peers have not and that is control, a vital word, control of the securities venture in china, beijing hoping to ease access of foreign companies in an industry that has seen a tumultuous year. others have tried, actually whittled down their stakes. >> that's right. hsbc no stranger to the chinese market but it is beating the wall street banks here taking this majority equity stake and it gives hsbc essentially if approved a regulatory license.
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a securities license to operate in that market like the local players do. certainly those local players have the big advantage. they have scale. they have reach into the smaller tier cities and hsbc wants to offer things like corporate bonds. they see a lucrative market there. stewart gulliver commenting on the conference call yesterday saying it is significant in terms of what it allows us to do. they can underwrite denominated bonds for companies in china, even back shares in the shanghai stock exchanges. >> they took a stakes in a lot of these banks and over the years they have not the leverage they wanted so they whittled them down. realized some good profits but then again we have the earning story as well from hsbc yesterday too. all part and parcel of that. >> we have to remember this is europe's largest bank, a major player in hong kong and in ayesha. 2/3 of its revenue coming from the ayesha pacific region but it facing significant challenges. >> and will it stay in london
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is another thing, that is an ongoing discussion and a document being prepared and we maybe won't know when the full year earnings come out next year either. >> i'm sure it is top-secret internally at hsbc and certainly the public won't know -- >> they may not even know next year. >> yeah. they've delayed it and said they're not issuing or guaranteeing it but they -- that they will issue an update in february when they have their latest results. we'll watch this closely. that is a challenging decision to leave london or return. >> thanks very much for that. going to move now to a new survey of financial havens and the united states comes in third in the world in terms of secrecy. what does this all mean and how serious is it or is it serious? >> it's serious in the fact that if you have a high level of secrecy then you could help people or companies hide their financial assets which could mean people evading taxes.
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now the tax justice network which has compiled this black list is not saying that but is sure saying that the u.s. does have one of the world's highest levels of secrecy. of course they campaigned for greater transparency in finance and compile this list every two years and the u.s. now trending only switzerland and hong kong and even coming above the cayman islands there. so this list is based on factors such as bank secrecy rules and cooperation with other governments and what pushed up the u.s. up this ranking was the fact that they refused to take part in a global information sharing system created by the oacb and that weighed heavily on this list. >> okay. well, the u.s. has its own system of collecting data does it not, so hasn't this helped? >> the u.s. has the largest banks of the world reporting details about american account holders that try to dodge the i.r.s. but what the tax justice
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network is saying is that although washington has pioneered in ways to defend itself against foreign tax havens, their independent minded approach risks tearing a giant hole in international efforts to crack down on tax evasion, money laundering, and financial crimes. what they're basically saying is that the u.s. has now seriously addressed its own role in attracting elicit financial flows. >> thank you. we'll check in now with some of the other stories we're following. nissan jumping in new york the company raising its full year profit forecast. we don't have share reaction in tokyo this morning because that market is closed. expected to rise 17% due to stronger demand in the u.s. and the weakness of the yen. all of this helping to offset weaker sales in other markets including at home and in china. demand from there falling by more than 2.5% in the last quarter despite some tax cuts.
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shares are falling in extended trading after the company said it plans to sell 7 million dditional shares with fit bit. they beat estimates of a profit of 24 cents a share revenue jumping to $409.3 million for the quarter. fit bit remains dominant in the wearables market holding the number one spot ahead of apple and samsung. losing its contract with ikea to fit homes with swedish palms the swedish company saying it has a new model and is not renewing their agreement on sunday. ikea saying the inquiry into possible stock manipulation at hanergy was considered during the review. the panels were being sold in stores across the netherlands, switzerland, and britain. going to get back to this top story and it is china's investigation into insider trading. its widening investigation here. we're already ensnaring a man
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rejoicing in the nickname of hedge fund brother number one. steve ws me now having a look at this guy. you know, what does he do? what does it mean? >> obviously authorities are intensifying their probes into strategies if you will that may have worsened the stock market sell off down 36%, thereabouts, since that june 12 high so far. and the focus right now of course, a number of people have been ensnared including the head of the largest brokerage, senior official at the securities regulator, a number of star fund managers have been snared, not necessarily accused but at least brought in for questioning, brought in for tea is the euphemism they use. if you ask for tea in china be wary. the gentleman is the head of an investment company, a real star fund manager if you will, only 39 years old. worth $2.2 billion. he and his family on the latest wealth list.
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manages about 28 billion yuan in assets, 4.4 billion u.s. dollars. between june and august, so after this crash he managed four of china's top 10 performing hedge funds. average return's five stock funds have ranked in china's top three since this company was founded just five years ago. the five funds that are managed by him yielded 249% on average through september despite that 36% plunge on the shanghai composite index. rish: that's why he was called hedge fund brother number one. >> yes. both an affectionate and also a suspicious, you know, euphemism. it's year zero for the company right now as it is under review and lots of speculation as to his arrest on sunday. there's been reports that the police had a blockade, arrested
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him. there were even reports that were put up on state media and retracted saying that another associate was shot in the process. again, these are rumors so i'm not going to go any further other than to say there's been lots of speculation nah this. the state media has said he is in criminal detention right now. >> okay. u talked earlier about the head of ag bank also taken in for questioning. >> yes. just the significance of the fourth largest bank in china president -- he has been taken away according to people familiar to the situation. this does not mean that he is guilty or has been accused of any particular wrongdoing. however, he is said to be assisting authorities in their investigation. if you remember, of course, the central commission for discipline inspection, the large body that has been put in charge to root out corruption and wrongdoing in the financial
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markets, it has widened. on october 23 they announced that they're going to be really widening this probe into wrongdoing. people's bank of china, the five biggest lenders, the sovereign wealth fund, the c.i.c., the securities banking and ashaurns resonators among 31 entities that are going to be probed quite thoroughly in this possible wrongdoing. >> wide ranging would be a an under statement. the various tentacles of the financial system, how deep the investigations will go. up next, we're following the money. hat's growing numbers in the billions but where is it all going? we have the results of a special bloomberg investigation coming up right after this short break.
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>> china is a land of big numbers. most people, more millionaires and billionaires than anywhere else and a slow down sending money abroad at unprecedented levels. the senior editor is with me having a look at this and you've been following the money here, haven't you? you know, where is it going? how much is really being funneled abroad? >> well, it's fascinating to watch. we've been tracking these numbers for over a year now. what we're seeing is record levels of outflows coming out of china. we don't have official numbers because a lot of the money of course is coming out in suitcases and other ways that are difficult to track. so what we've done is picked up some estimates from certain people. we had $324 billion in estimates that left china last year. then this year alone we're seeing approximately goldman saks estimated another $200
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billion. >> just the mid point of the year essentially. >> when china devalued the yuan august 11, $200 billion flowed out of china in those three weeks alone. >> just in august. >> then the latest numbers we have from september are showing around $194 billion so we're seeing kind of flows of about $200 billion a month now coming out of china. rish: the point is they're -- they can do a little bit but not the sort of sums you're talking about. how do people actually get their money out? >> as you know, china only allows chinese citizens to convert 50,000 u.s. dollars, the equivalent of 50,000 u.s. dollars to take outside the country every year and yet we're seeing these billions flow out. what they are doing is using all kinds of methods. we have, we looked into this issue of using a hong kong money changer. all over hong kong you see money changer shops. you can go in and trade your u.s. dollars for hong kong dollars. that is not how they make their money. the way they make their money
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is chinese people come over to hong kong from china. they open a hong kong bank account. when they tell the money changer they have a hong kong bank account to transfer the money to, say you want a million hong kong dollars because you're going to buy an apartment in hong kong. rish: you need a lot more than a million hong kong dollars to do that. >> definitely. you go to the money changer. you say i want you to transfer the money nah my account. the money changer gives you an account number in mainland china. you make a domestic transfer inside of china. the money never crosses the border but as soon as the hong kong money changer realizes the money is transferred to an account in china they transfer the equivalent amount into your bank account in hong kong. rish: very similar to the system used in muslim countries as well. does the government want to do anything about it? >> china's government is suddenly getting concerned all this outflow is going out of the country. they don't want this to happen in the record numbers it is happening.
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china eventually plans to allow the free convertability of the yuan but not until 2020. they want to try to keep the controls on it until then. they've started cracking down on underground banks which is another method people use so in cities in southern china you can go to a money changer, bring them your yuan. they give you a check, a u.s. dollar check. you can bring it across the border and cash that check in hong kong. so they're trying to crack down on that. they've also been arresting people who carry cash. rish: suitcases. >> suitcases full of money nah vancouver, hong kong, various places chinese are traveling now also in record numbers. rish: what about the countries themselves where this money ends up? >> so what we've seen from this money is that it's driving up real estate all over the world. so sydney we have a property bubble. vancouver we've seen prices rise an incredible rate. we're seeing that money come
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into the u.s. property market now. what we have now is chinese buyers in the united states are now the largest number of foreign buyers buying real estate there. that's why real estate is rising around the world. rish: thank you very much. >> my pleasure. >> these are the stories making headlines around the world. the u.n. says more than 218,000 migrants went to europe across the mediterranean in october. a monthly record and more than in the whole of 2014. almost 3/4 of a million people have made the crossing this year. more than half are fleag the war in syria while about 25% came from afghanistan and iran. more than 3,000 people died or disappeared during their sea journey. malaysia's transport minister has told parliament the search for mh-370 has now cost $54 million. the 20-month operation also involved china and australia which has allocated about $65 million.
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thousands of square kilometers of seabed have been searched in the southern indian ocean. apart from the wing segment that washed up in july, no trace of the plane has ever been found. new zealand's world champion rugby team are on their way home after winning back-to-back titles. they were applauded all the way through london's heathrow airport with the cup. the team became the first three-time world cup winners when they defeated australia on saturday. national wallowed pride and wore all black jerseys for a day on the sydney to auckland cruise. >> up next, more drama involving a billionaire founder .f king fisher airlines what have they been up to? we'll get over to mumbai, next.
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>> not looking particularly pretty but we are on an equity rally across this part of the world. definitely some of the fair winds coming out of wall street. nasdaq up, s&p also up and recovering from august losses there. looking forward to that interest rate decision there of course in sydney just over half an hour away. looking nice and clear. the haze seems to have lifted in singapore with the index there just above the psychologically important 3,000 level. here in hong kong some big gains taking place as well. nearly 300 points up. of course we are counting you down to the start of the trading day over in india as well. that's just about 50 minutes away. one of the events we're looking at there is this final decision
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on the future at india's biggest liquor company. this is expected at the general meeting later this month. we're talking about hearing about united spirits now majority owned. we'll go over to mumbai for the details. hat do we know for the moment? >> the billionaire who set it up and used to own united spirits for a few years now, stakeholders off united spirits, india's largest and ts maker now control likely to decide on him continuing as chairman during a board meating on november 24. according to reports the board has informed him the company's majority share holder to review contract obligations of his rule in the company. the current board animalya have been in talks about his
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chairmanship after a majority stake last year. they have been resisting mallya's role in the company for months. in april of this year the board asked him to resign from the board after it was alleged he may have been involved in financial irregularities. the board in fact has stated that mallya has not heeded the board's request to step down as director and chairman and that they may be forced to ask shareholders to vote against him. -- oks like the board has mallya has refused to step down as chairman and we could hear more on that and he is continuing to maintain until he hears from the shareholders he is not likely to take that step. >> thank you very much indeed. a man under pressure at the moment. a few weeks to go before he finds out his fate. that's it for "talking business" and "asia edge" is coming up. we'll recap the big stories of
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he day so far. ♪ ♪
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announcer: from our studios in new york city, this is "charlie rose." charlie: "our brand is crisis" is the new film from director david gorden green. sandra bullock plays jane bodine, a political strategist who comes out of retirement to help reelect an unpopular former bolivian president. "vanity fair" calls the movie "an arresting, quickly -- quirky film -- a character study of a cynic reaching her limit." here is the trailer for the film. >> she is the brightest and most innovative. >> the best campaign strategist

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