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tv   Trending Business  Bloomberg  March 23, 2016 9:00pm-10:01pm EDT

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♪ f thursday the 24th of march. this is "trending business". i am rishaad salamat. ♪ we take you to sydney, look at what we are looking at. and am a 70ss --rs, squinting the balance squeezing the balance sheet of the biggest trading houses.
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a $75 million blowout in bad debt charges. eye in the sky, and index based on satellite imagery. one of several showing a modest impact. think of know what you our top stories. follow me @rishaadtv, include #trendingbusiness. and 30sion underway minutes, singapore, taipei, coming online. a pretty lackluster session on the street of dreams. a quick rap of what happened overnight, europe next, , the s&p 500rated closing near the session low. just to bring up the risk
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aversion we are seeing in asia, have a look at what is happening in brazil. retreats been a next o from equities. the currency worst-performing currency globally across the majors, leading the losses across emerging markets. likeunsurprising, looking this, second day in a row that we have seen the asia-pacific benchmarks in the red. is happeningt what in australia, financials and the mining stocks taking the biggest hit within those two spaces. you have the banks and gold-mining stocks, which brings me to my next point, a stronger u.s. dollar again putting downward pressure on commodities, especially gold, time inn for the sixth
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seven days. if you look at the aussie mining space, all seeing declines. the mission in the biggest mover ,n japan, big right down there shares down 6.5%. rishaad: having a real rough time of it in cindy -- sydney. charges 75 million dollars more than anticipated, all due to weak commodity prices, let's get to sydney itself, paul ellen -- alan. they are hurting, aren't they, that is for certain? they won't comment on particular customer names, but other people, two people who have knowledge of the matter, according to bloomberg, peabody coal as one of the drags, the other an australian steel and iron ore producer. has $20 billion worth of
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exposure to the commodity sector, so where commodity prices go, an fortunes follow. zthis comes a month after they already announced that bad debt would be $600 million, so the news gets worse. we will learn more when anz releases first half results on may 3. the stock taking a pounding, off 5.5%. rishaad: thanks for that. were covering that story. also looking at other stories. here is a roundup. createllionaire wants to chinese biggest giant in the semiconductor industry, big enough to take on some some. like samsung. a $30 billion investment plan to help achieve his goal. he says he is focusing on memory
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chips. he estimates this business could generate $20 billion in sales. china has been drying to reduce reliance on foreign technology, and semiconductors are seen as title to national security. china is an important market for the chip industry, almost the biggest market, a world-class chip company may appear in china, currently we are focusing on design and we hope to set up a memory chip plant in china. last year, we sell revenue of , and 200ion yuan million in profit, almost 10% profit. credit suisse, taken by a surprise and a buildup and liquid trading positions, sparking a loss in the first quarter. the global markets unit will lose money, revenue dropping 45% from a year earlier. debt,gs of distressed
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leverage loans, and securitized products, triggered $258 million of write-downs in the third quarter. there will be deeper cost cuts, ,ncluding another 2000 jobs bringing the total headcount to go to 6000. the bank was to cut risk-weighted assets in the global markets business by 20% to about $60 billion this year. the coffee chain starbucks is not shy of a challenge. it wants to make tea a hit, and in china, no less, a country that drink's more tea than any other place. starbucks will introduce its products there later this year. and 2013,t t vonn boosting revenue by expanding beyond its core coffee business. it's sales jumped 70% to almost $1 billion, led by growth and iced tea.
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in china, starbucks up against a stivers local tea brands and fast food chains luring customers. starbucks also was to take it to the u.k., another big tea drinking nation, france and germany, this year. rishaad: coming up later, find out why one of japan's biggest trading houses could be about to see its first loss in more -- in n 17 years. we are heading to a conference, talking to a major production country about attracting investment and entering a market that is tough to crack. ♪
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rishaad: china's movie markets a desert has the u.s. and a couple of years, and many moving to cash in, that includes american film and television studio stx. let's get over to the balfour pet --them, how are they
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making bets on china and hollywood? >> good morning. boao for him. the we have a full slate of guess we will get to this morning, including the chairman and ceo of stx entertainment. thank you so much. thank you for joining us today. is your studio shaking things up, how is it different, and why china? to form a newoing entertainment company, it's not going to look like the existing six major studios. and thed has changed, six major studios do something better than anybody else, which is they make market and to be these giant behemoths. >> you do everything. >> we take advantage of the vacuum in the middle, where the $20 million to 80 main dollars
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range, nobody was living there, so we went to that space. that if yourlso going to form a new company, china has to be part of it. we went to one of china's largest private equity firms. tpg and not group over there, our largest shareholder. we put this together, and as we started going, we radically underestimated the appetite on the part of these big stars and big directors to make these movies. if you're not doing a sequel, a remake, or a big tentpole, a traditional film, there is not as much opportunity to tell the story. >> is this about money or meshing of stories? there are cultural differences between the slate of chinese movies that come out, a bunch of census of issues, etc., then the hollywood blockbuster.
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is this about tapping the pool of money? >> no, it's about taking advantage of where the world is going. china stepped into this opportunity and bridged the two biggest markets in the world, u.s. and china. where releasing one movie a month, and each one of those films is a big global blockbuster. it's about to start pouring down rain. >> we will send it back to you. thank you. absolutely classic. we got steve sheltering from the rain. let's have a look at some stories making headlines around the world. believe one ofs the suicide bombers who targeted brussels airport may be involved in last year's paris attacks. they were brothers who had a record of gang-related crime. police are hunting a ringleader of yesterday's attacks.
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the interior minister from the 28 eu nations making brussels assessment of security and counterterrorism measures. by a attacking brussels, the terrorists have attacked everything that europe is all about, our values and what we represent. you are dealing with a terrorist organization with its strength, its resources, and terror cells. recruiting at the heart of our society, a war has been waged against us, and we must be totally determined and fighting the scourge. airports around the asia-pacific region have announced increase security after the brussels bombing. adding 700 staff for security monitoring and explosives detection. tokyo says patrols looking forces vicious objects have also been strengthened. i'm not strain union called off today's land 24 hour strike by airport security staff.
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tried to reinforce his claim of territory in the south china sea, taking journalists on a two or of an island in a chain also claimed by china, philippines, and vietnam. a rockn it designated as to avoid any exclusive claim on the surrounding waters. the deputy foreign minister showed off infrastructure, food production, and freshwater supplies to show the island is capable of sustaining habitation. powered by over 2400 journalists and 150 bureaus around the world, this is bloomberg news. right, having a look at this crash in energy prices. it has had a huge impact on profits. lowesthina reporting its net income since the 1990's. how bad was it for the company? this is the worst set of numbers we've gotten out of petro china became since it became a publicly listed entity in 2000.
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yes, profit has fallen to the lowest since 1999. this is where we are today. this is on the back of that precipitous decline in oil barrel brent at $54 a last year, coming down from about $100 a year the year before, and we see that reflected for all majors around the world, not just petro china. taking you through the numbers, a $3.8 billion write-down on upstream gas assets. at $100 a barrel, companies like petro china and its other peers went on a huge spending spree, picking up australian, canadian in a g assets not worth a whole lot now given the decline in oil prices. throught to take you this interesting chart which correlates just how closely this relationship between brent and the share price. keep in mind that petro china was the world's first training
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dollar company, so how far has it fallen since then? it is still in the top three by st threehe top bigge companies by sales, but not in net income. down 65%, petro china shares down 55%, so eight lagging effect, but you can see the correlation clearly. they are also expecting production to be year by 5%, rather this year,, china trying to deal with this oversupply situation. if you want to look at the upside, we have that profit warning coming through in january from petro china saying that net income was likely to fall between 60% and 70% on the higher in, but a bright spot. this is what we had in january, that 12 year low for oil prices has rebounded. , ending this week
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on a high. you have seen that direct correlation in the share price, petro china picking up as well. rishaad: thank you very much indeed. let's have a look at the oil makers as a whole. what is in store for them? what are the predictions? says it willchina be a turbulent year. we know that. we have that 12 year low in january, early january come already, but in terms of these layoffs we keep talking about and expecting, they say there will not be in the layoffs. retirementnearing age, encouraged to take retirement, others shifted elsewhere in the business rather than losing their job. there will be increased cuts to investment. he sang in terms of profitability, this is still a focus on cost cutting, so continuing to tighten the belt, if you will, so we will see another 5% cut to capital expenditure on the back of that 31% cut in 2015. that is less than its competitors.
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interestingly, the chairman also said that petro china is that a critical turning point when it comes to profitability and ushering in a new era. he says oil prices at $30 a barrel are irrational, seeing prices rising to between $40 and $50 a barrel this year, going up to $80 by 2020. something to think about is that this company, petrochina is at the forefront of these as oe reforms being pushed by beijing, so under pressure to look of profitability, cut overcapacity and inefficiency. we could see in the months going forward as beijing has hinted at, a number of big oil and gas assets will be spun off into independent businesses. they will have a lot of work to do in terms of what they would do it these front-line oil employees that they will need to relocate to different parts of the business. rishaad: thanks for that.
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coming up, the chances of a sharp bankruptcy have gone up. why that could be a good thing for foxconn's takeover deal. ♪
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rishaad: you are back with "trending business". having a look at japanese trading company mitsui. its first loss in 70 years. stephen joins us from tokyo. , the firstraordinary loss in the company's modern era. , what's happening is they had enormous write-downs. there as set value drop significantly due to the commodity route that started two years ago. trading houses tend to buy, or ,hey did, by commodities
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assets, when their value was very high during the boom. when oil was over $100 and copper and iron ore were higher, they would buy assets assuming these prices would continue in that trajectory. when the prices begin to drop about two years ago, unfortunately the asset value also dropped as well, so this is just the latest and biggest write-down for mitsui, and it's really putting a drag on their profit. now what about other trading houses like mitsubishi? are they going to be facing the same headwinds, having write-downs, seeing their profit margin squeeze? -- squeeze. >> that is absolutely correct. of the five biggest also announced a write-down, another might be on the way. mitsubishi, japan's largest
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trading house, will also likely have write-downs. i a lot of the assets that mitsui wrote down are personally owned by mitsubishi, so we might see the same size or bigger write-down from mitsubishi if they were to swing to a loss in the current fiscal year, it would be the first net loss in their modern history as well. so there is definitely -- the area israding house definitely being hit hard by the current slumping commodities. tell me something, stephen, what about the inherent culture of these banks or trading houses? they have been around for centuries, hugely conservative, so do they have to change the way they do business? >> that's a really good point. mitsui has roots dating back to way that theythe operate may not change a lot.
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they will probably have to look at which assets they by going forward and switch around the way that they purchase mines or energy projects. they might put off some purchases, but i think that overall they are good with resources, especially mitsui. they are good at what they do with resources, and there's no reason to change that. what is going on now is that it is part of a commodities slumped cycle. the prices will rise again, that's what mitsui believes, so they will probably continue their strategy. mitsubishi as well, although that other trading houses are less connected to resources, and you're saying that they have parties which, at least in the past, to non-resource commodity businesses, helping them quite a bit. rishaad: thanks. right. let's look at the board. been a final agreement was sharp.
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they are negotiating, maybe pushing the deal to breaking point. what's going on here? >> good morning. let me set the stage. there is a whole list of things that held up the deal. it started off with contingent , next foxconn expressed concern over sharks fourth-quarter earnings, and now we know the thai we niece company is looking to reduce the amount it pays sharks in its banks for control. -- the taiwanese company is looking to reduce him on it pays sharp in its banks for control. sharp has raised the risk of liquidation to 40% from 5%, citing the potential delay is raising the risk of triggering debt cognizance. either the banks, have two choices, liquidate sharp or
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except reduce turns, either way foxconn gets what it's wants -- what it wants, sharp assets on the cheap. sharpd: what is stopping from bringing anyone back to the table? out themo not rule coming back. something has changed. part of the deal was merging with those of toshiba, unfortunately toshiba picked a different china -- partner. rishaad: thanks. we'll get you some breaking news. this ministry of image 370 still 70maining a mystery -- m3 still remaining in history, debris recovered, also the is consistent with drift modeling and does confirm search efforts in the southern indian ocean. this is what we have at the
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moment, saying the analysts have concluded that the debris is from mh370. singapore juggling slowing growth, can they keep all this going? ♪
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rishaad: a look at our top stories. china fiscal stimulus could spur rebound, they do appear to be moderating the pace of the slowdown. shows theimagery rates of decline easing up. officials gathering at the boao forum to discuss china's reform goals. profit tumbling to the lows in two decades, petro china falling 67% to $5.5 billion, writing
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down almost $4 billion of assets. shares premarket getting that price, 3.2% down. it is the open formally in hong kong, the shanghai session also underway. let's have a look at what is happening in the fx space. dollar-yen, a spike off the weaker japanese yen. you have a stronger u.s. dollar. that is the background right now. specifically for the yen, the boj governor speaking before
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japanese parliament at the moment. he is basically saying that the somet of negative rates at point will filter through into the real economy. it something to keep in mind. when we do get something significant, we will get you that. were not really seeing anything as far as the equity markets are concerned. , japanese yen doing that, but a lot of pressure. the nikkei 225. fixing the weakening of the renminbi the most since january, .33%, the follow-on reaction in the offshore renminbi, weaker for a fifth straight session. the dollar index stronger.
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let me show you what's happening at the open in china. we could be seeing red across of board, with the exception new zealand, another down day across the asia-pacific. rishaad: taking a look at thatcher share -- at thatcher china share price, tumbling to the lows in two decades. share price,hina tumbling to the lows in two decades. what's hurting petro china the most here? it had that massive write-down of $3.8 billion, and that game -- came in the upstream sector, gas and oil production. it is no surprise, oil prices fell last year to an average of $54 a barrel, and that's what hit profits, and profit fell to the lowest since the company went public in 2000.
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fairly wellt was telegraphed. the company said in january to decline in% to 70% profits, and that's exactly what we got. well what is the company doing to whether the collapse in oil prices? like its international peers, petro china and other chinese oil companies are slashing capital expenditure, spending fell 31% last year, and it is expecting another 5% decline this year. it has also been candid that it will shut down any oil fields that have little chance or no hope of turning a profit at the current price. that means petro china's oil and gas production will fall for the first time in 17 years. come about major cut
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3%, but it is indicative of the sorts of the situations that oil majors are in at the moment. all right, well, i guess we would ask about the trajectory. what is next for this company? >> had tro, the rhetoric from the company is that the worst may be over. predicting a gradual increase in oil prices for the rest of this year, perhaps an , andge of $50 a barrel perhaps to $80 a barrel by 2020. it does say it doesn't expect choice ofes little prices back at $100 a barrel anytime soon. the international energy agency yesterday told us that this unprecedented collapse in capital expenditure and investment by oil companies could be sowing the seeds for the next oil supply shock. estimate the need for $300
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billion to maintain or production at current levels. if we don't see some sort of pick up over the next couple of 2017-2018, there is a very real danger of a price spike. rishaad: thanks a lot for that. joining us from singapore. wetinued skepticism, as always do, over china's official data, but it has led to a new way of tracking manufacturing from space. satellite imagery adding to the growing data. from thehe story bloomberg. no signs of a rebound? juliette: this is probably unwelcome news for the officials meeting this weekend. we know the official data on manufacturing, gdp, on inflation , come with the delay, and there has been so many question marks around it, so now we have this story on the bloomberg. three separate surveys, private
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that what we are seeing in the official data is not actually correct. you can find this story on the bloomberg. this white line is the chinese manufacturing index, edging up to 48.2 in march from a reading of 48.1 in february, so a little uptick there. i want to show you some images of the technology we have. essentially this is a new form of tracking manufacturing in china, so this is the san francisco-based company using satellite imagery to track signs of economic activity, such as transport vehicles parked outside factories. the company is hoping it will eventually take the place of traditional survey-based pmi's, because you can actually see the satellite imagery and whether or not there is any activity going on. line is that
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satellite pmi number, the blue line is another survey, the mni china pmi overall business at 49.9,s, unchanged the second month in a row below , separatingt level expansion from contraction, the first time we have seen that since the height of the global financial crisis. to a ratingey rose of 43.6 from 37.5 in february, worth noting that those february numbers probably impacted by the fact that we had the lunar new year in february. this is what is interesting, when you put the green line on, the official pmi. we are expecting it rose to a reading of 49.5 in march, so below that 50 point level for an eighth consecutive month, but you can see if we move into here on theal point here
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march sector coming through, this is higher than what we are seeing from these private surveys, so once again questions over whether or not the official data we are getting from china is in fact accurate. muchad: thank you very indeed. let's have a look at some other stories. two central banks have decided to keep their interest rates unchanged, thailand leaving rates on hold at 1.5%, the seventh straight meeting they have stakeout, a stronger currency was hurting exports. philippines also leaving its rate unchanged, 4%, central bank they're anticipating a booster to the economy from the elections in may. japan's richest man returning to investing softbank $250 million in a sports entertainment agency. the deal for his the deal pfizer company at $5.5 billion. it says it will use the money for investments, acquisitions, and joint ventures. softbank were down nearly 2%.
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virgin america and shares soaring on news it is considering a partial or total sale of the airline. the airline backed by richard branson. the carrier is working with the financial advisor after receiving takeover interest. the airline bought five new airplanes last year, with a plan for another five this year, shares getting a bounce, 13% higher on wall street. hands down its budget this afternoon as it balances faltering growth with a promise to stay prudent. the new finance minister on the job six months expected to focus on helping companies navigate what has been a pretty difficult this is environment. our southeast asian correspondent has a preview from singapore. are there any goodies expected here? for an income tax cut, but i don't think that will happen. the senses that companies and workers will get a hand after 4-5 years of handouts and low
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income salaries and the elderly, the government will likely refocus in boosting the economy growth at the slowest pace in six years. exports loving the most in three years, consumer prices down for a 16 straight month, the longest streak of decline since the 1970's. so, yes, a challenging environment. in foreigny relief worker levies. the government imposed tighter rules in recent years. encouragerying to productivity, automation, innovation, also worker training , and many will be watching out for changes in property cuts. as you know, prices have fallen come home sales down. the question is whether the government thinks they have fallen far enough. how much firepower does singapore really have? how much do they have to spend? >> a lot.
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singapore revenue, supplement by proceeds from the likes of state investment funds, also supplemented by the military authority of singapore, the defect -- central bank. country's immediate needs are growing, and the government is bound constitutionally to have a balanced budget. it doesn't borrow money to fund expenditures, so it helps if the country has a robust tax and revenue generating system. --t year, taxes were reason raise for the richest 5%, and had all that contribute in to government coffers. rishaad: thank you for that. up next, assessing the progress of china's reforms. liveeak to goldman sachs
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from the boao forum, next. ♪
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rishaad: these are live pictures coming from the boao forum. there talking about china's path to reform. >> someone who should have been , the prime minister from belgium, supposed to be here and deliver a speech, but just a day before yesterday belgium was struck by terrorists. for all those victims, we extend our deepest condolences, and together we express our commitment to fighting all forms
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of terrorism. we also hope that during this um, all of you will engage in an in-depth discussion, express your insights, so that we can together draw up a new mission for asia. today, almost eight years after the international financial but ripples are still being felt across the world. the world economy is still going .hrough profound adjustment advanced economies are in slow recovery. emerging economies have diverted prospects. global trade continues to , continues to decline. and they prices
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financial markets still see fluctuations. geopolitical risks are rising, and there are more uncertainty and destabilizing factors. in asia, there is still under element, imbalanced development. many countries see their exports declining, debt levels rising, and slowing economic growth, and even at one point they see sharp depreciation of their currency and faster capital flight. the asiane think that economy is at a relatively difficult and challenging time. while things may not look good, we must not lose confidence. from twoemerged financial crisis. asia is not what it was in the
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past. most countries have accumulated experiences and strengthening the real economy and existing regional cooperation has also yielded fruitful results. last year, the growth of asian economies grew faster than the global average and the total share in the world economy continues to grow. asia's trade accounts for one third of the global trade. asia has become the most dynamic region in the world. ,t this time last year president xi jinping at this the call for building a community of shared future and deepening a new prospect for asia. , asia'se of this year new future, new dynamics, new vision.
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to foster a great vision for cooperation and development. asia is an important force for world development. it is also an important engine for world economic growth, and an important contributor to world civilization could -- civilization. asian countries must affirm confidence and work together in solidarity, and we will overcome every difficulties and embrace a bright future. here i wish to elaborate a few points. first, we must work together to maintain peace and stability. when we drink the water, we must not forget the source. asia owes its rapid development overallth to the stimulation and asia.
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neighborshave good can enjoy a well loved life. the past suffering and tribulations have made asian people know better than anyone. the postwar experience tells us that no matter what stage we are at in terms of development, we need to remain committed to good neighbors and friendship, and must not let ourselves be distracted by minor disputes are differences. dialogue and cooperation is the golden key. st treat each other as equals, coexistence piece, and diffuse differences. we can consolidate the cornerstone for regional peace and stability. second, we must work together to promote economic growth. emerging economies and developing countries account for
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40% of the world's economy. past, weint in the contributed to a third of the total economic growth in the world. played a critical role in responding to the international financial crisis in 2008. for the past few years indeed, emerging and developing countries encountered great difficulties, some countries with sharp slowing down in the economic growth, even negative growth. asia is home to the largest number of emerging economies. on the whole, there is a good momentum for growth. last year, developing countries 6.5% economic
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44% of contribute into the world economic growth. as such, there is every reason for asia to be more confident. of course we need to energize and unleash dynamism and offer new drivers so that not only for asia, but also for the world, economic recovery can play a greater role. we hope that countries across the world could deepen cooperation, and hence macro policy coordination, and stand together against all forms of trade protectionism, in particular in developed countries. developing countries need to enhance communication to promote growth and avoid spillover effects as the result of policy adjustments in some countries. of anproposes setting up
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asian financial cooperation association that stands ready to work with others to improve the financial market in asia and avoid another large-scale financial turbulence and asia. deepenwork together to integrated development. the development of asia cannot leave anyone behind. our initiative with the strategies of regional countries and regional organizations so that we can have coordinated planning, production, and growth for the region. light of the real needs on the ground in regional cost-effectivede and high-quality equipment and production lines in areas such as infrastructure, engineering,
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machinery, and the wide-ranging production capacity cooperation. regional comprehensive economic partnership is the largest regional trade arrangement having the most number of participants. completelytry to negotiations before the end of this year. serve developing countries in asia, and prioritize regional connectivity programs, production capacity, cooperation, and other initiatives so that regional people can share the fruits of development. work together to promote openness and inclusiveness. eating open and inclusive is the root of the asian culture. asia has a long-standing history , different ethnicities, religions, cultures coexist
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together and engage with each other, making important contributions to the progress of human civilization. most all religions that have worldwide influence were born in asia. people in asia aspire for peace and harmony. birth to the five principles of peace and coexistence and fosters the asian way of respect, consensus building, and a comfort level of all parties. every year, hundreds of millions of visits are made. we need to make good use of various platforms for dialogue , deepen people to people and cultural exchanges. conference on civilization dialogue in asia
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and welcome participation by all countries and regional organizations. time when regional development faces difficulties, countries need to work together, drug screen from our traditions, wisdom, common pursuit, and champion the asian vision. innovation and dynamism, this is the key. and asia, we have 48 countries come over 4 billion people. in the past, the diligence and wisdom of our people created the asian miracle. today, if asia is to continue with the momentum for prosperity and development, the key still lies in our abundant human resources, which is our most viable. which is our strongest --antage to unbleached\/
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unleash potential and creativity. we need to strengthen education and training, to build a high school labor force, to improve productivity. we also need to intensify input into research and development, science and technology, and use new models to create new platforms for innovation. , build the newce economy and should economy, so that hundreds of millions of people can engage in innovation. especially we need to bring out the full potential of our young people and their communities and creativity, so that regional countries could embark on a faster track towards innovation and upgraded development. ladies and gentlemen, the
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development interest in china and asia are closely intertwined. following closely the performance of the chinese economy, and i wish to take this opportunity to share with you my views on how do we look at a chinese economy and what are we going to do about it. first, how do we look at the chinese economy? last year, china's economic total reached 67.7 trillion renminbi or 10 trillion u.s. dollars. it is fair to say that this -- at the same time, china is in a process of restructuring and improvement of structures, and there are different performances between different regions and sectors. may have different
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views of the same mountain looking at it horizontally or vertically, far or near. and the world economy has also reached the slowest rate for the past six years, and in addition as the chinese economy transforms, it is natural that people may have different views, but my view is that first we need to look at the chinese economy as a whole. last year, china's gdp growth rate slowed down. a 10 trillion u.s. dollar economy to reach a 6.9 percent annual growth rate based on a and in the process of transformation and upgrading is a still hard-won achievement. since the beginning of this
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year, the chinese economy kicked off to a good and stable start, havehey have also -- there also been positive and new changes could we have put in policies and it promoting steady growth, restructuring, reform, and these measures are taking effect. in particular, we are generating creativity of our people and the results of being magnified, and we need to look at the trend of the chinese economy according to the statistics. last year, we created over 13 million new jobs in urban areas. incomewth of people's was faster than that of the gdp. for the first to bring months of this year the employment situation was stable and the registered unemployment rate
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was around 5.1%. that is basically the same as we had last year. in this process, we have accelerated industrial upgrading and the rapid growth in the services sector, high-tech industries, and manufacturing sector. ♪ ♪ >> from our studios in new york city, this is "charlie rose." charlie: we begin with the attack in brussels. two explosions at an international airport. a third struck a train. this came four days after the capture of paris attack suspect abdeslam joining me is john miller, deputy of counterterrorism at the nypd. tell me what you know about

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