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tv   With All Due Respect  Bloomberg  May 30, 2016 8:00pm-9:01pm EDT

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♪ angie: sales tax on hold, reports from japan say the prime minister has ordered next april's increased to be postponed. good news from the latest data shows industrial reduction picked up in april. buy virgin to australia. classic cartoon characters could see disney taking legal action in china. up."me to "first
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we are streaming on your mobile and there has been economic data coming out of japan in the last 30 minutes. we have had rosalynn taking a look. one key surprise, industrial output beat expectations. not a huget was up amount, but still better than the forecast which was for it to fall i 1.5%. -- by 1.5%. this came as a surprise because economists have seen april is a week month for -- weak month for output. this was seen as perhaps a factor that could have affected just your production. it looks like he did not affected as much as some thought it would. there was also some flash
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manufacturing pmi from may that came out last week that pointed to a weak performance. are from the data today that the picture does not look as bad as expected, at least for industrial. angie: also job figures. showedd: jobless figures up limit was 3.2%, in line with excitations. -- expectations. also that is no change from march. the job to applicant ratio previously, and now it is 1.34. the labor market in japan is tight. it is close to what the bank of japan calls its structural unemployed it right. -- unemployment rate. the problem is that wages are not going up as fast as, i'm guessing the people would like, but also the government would like if they want to reach their
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inflation target. that is an issue. we're looking at household spending. that fell 0.4%. the estimates were 1.3% of a fall. not as bad as expected. perhaps the japanese economy is not as doom and gloom as that. however, a lot of discussion about the tax hike. -- one report shows the prime minister agreed to delay a sales until october of 2019. angie: thank you. let's see how traders in tokyo are digesting this data. here is david. : we are looking at fairly favorable data. in some cases it can be bad news for the markets. we are in the midst of these
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debates and conversations on the sales tax. yesterday, the nikkei was above 17,000. we are giving back most of the points that were gains yesterday. we are holding on to that level. still at a one-month high down about .40. we are down about six point for the topix index. .26%. yen is down about it was that 111. -- at 111. we were slightly above that before the data came out. good news might be bad news as far as stimulus. that is an argument. that is how the markets look in tokyo. korea,hift gears, south also up in factory output. not exactly the best set of data.
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it fell more than expected, it dropped by close to 3% in april. that is the function of exports continuing to fall. weak's also a symptom of external demand. because the index is down almost .40%. spi index is down almost .40%. let me look, alphabetical open look --alia -- have a watch out for these gold-mining stocks. it is down, longest streak of decline in 10 months. we are roughly about $100 an ounce cheaper than the start of may. no lead from wall street. let's see however thing pans out this tuesday. angie: chinese stocks look good
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in the u.s. faces another milestone today. 13 adrs will be added to the indices. engle: it is leading up to what will be the full inclusion, full value of these 13. most of them are intact and services in the chinese sector and limiting more of the state owned enterprises in the industrial and financials. there is 153 stocks listed in the china adr index. 13 of them will be fully included as of tuesday's close in the u.s.. six months ago, half of their free float was added. , is up 7% in the last couple of days. the other company is up more than 8% in the last week. this is the shanghai composite,
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down 18% since they added those 13 companies. that is half of their pre-float. i index hast the msc done. it is down 8%. we don't have a custom chart. the 13 stocks are still down about 5% over the six months. you know what happened? lots of market turmoil. a lot of risk in the china market. u.s. investors kind of paid really close attention. this will broaden the investor base for u.s. investors wanting to get into chinese stocks, kind of passively. etfs will invest. angie: mostly down. what impact will this have on the stock -- these stocks? stephen engle: alibaba in the last six months is down 3.7%. it is up 33 percent since
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february. we have one quote from the chief executive from one of the exchange traded fought -- funds. who said u.s. investors are a low chinese adrs valuation because of the china risk. would be full inclusion hopefully a global investors will be able to buy them as part of their mandate. that is the hope. another question in june, which mayns tomorrow, the msci include a shares. the mainland authorities have been trying to do to restore confidence in those because of the turmoil and trading halt, because of all of the missteps. they are limiting the ability for chinese companies to halt their stock for reasons that are undocumented. relaxedfebruary they
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some restrictions on foreign funds investing in the mainland. angie: takata has ruled out bankruptcy as a way of reducing their exposure to liability from their worldwide airbag recall. sources tell us the company is seeing buyers take a controlling stake. it is understood and advisor will meet financial firms in manufacturers finding a suitable the third quarter. takata shares started trading in tokyo, down nearly .5%. close to 1% down. shares overall, down 627% in the last year -- 67% in the last year. botraft leasing company aviation says their hong kong ipo is nearly 40 -- 40 times oversubscribed. the company is set to debut on wednesday, after raising more than $1 billion. 's new and existing
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shares in asia's second biggest ipo this year. -- asia's second-biggest ipo this year. there was a default by one mdb in april. fei company is being investigated around the world for alleged money-laundering. db consistently denied wrongdoing. shares in virgin australia are searching at the open on the asx after the airline announced that china's would take a 30% stake. let's go to paul. what are the details? paul: it has been called a strategic alliance. is h and dayhat buying a 13% stake in virgin. 139 million us trillion dollars worth of new shares. they are paying $.30 per share
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for those. it is going to give them a sizable chunk of virgin australia. they intend to expand that over the coming years to about a 20% stake. hna full also be invited to nominate a director to the board. the deal is still pending. timemes at an interesting with air new zealand saying in march he wanted to get out of their stake in virgin currently holding about 26%. we do have virgin shares up, very healthy, 5.3% this morning. it has been an underwater -- underwhelming investment for air new zealand. virgin is off about 38% year to date. , they are as forhna conglomerate that owns china's fourth-largest airline. they are involved in supermarkets, hotel chains as well. it looks like hna will have a piece of us trillion as well.
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angie: thank you. coming up next, unfinished business, our interview with india's finance minister. we discuss economic reforms and policy plans when "first up" continues. ♪
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angie: welcome back, you're co---ng "first up your "first up here -- speaking exclusively to bloomberg, they say more economy boosting reforms are in the pipeline. once implement it, the government can turn to the task of boosting infrastructure and numeral economy -- laurel economy. -- rural economy. : i think we took over at a stage for the rest of the world has almost started disregarding india. we were off the radar.
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the government started with a clean slate of an image that india entered in a phase of policy paralysis. fortunately decision-making had become easier. over the last two years we have consistently moved in one direction step after step. theory of steps opening markets, rationalizing taxation, having a more nondiscriminatory system of resource allocation, making entries into businesses easier, making exits out of business easier. i think we have reached -- we have crossed those barriers one after the other. i have a little bit of an unfinished agenda of the reform process still been -- pending. i think we are still in a phase of bringing down a direct tax, the corporate tax down to 25%
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while phasing out the exemptions. this will be completed over the next few years. we don't want to take the provision new -- the revenue shock suddenly. i hope to clear the goods and services tax. we have some changes to the company law come a which are in the pipeline. the health of the banking system -- we have started a program in more than one way of repairing that situation. i think once that is done there are three big priorities. mainly spending a lot on infrastructure. bridging as far as possible the infrastructure deficit that exist. secondly, a lot of expenditure will be diverted towards the rural area in the next few years considering the distress there. thirdly i think the government
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has taken several steps for creating a larger framework for social security. these are the initial steps we have taken. i think we intend to go on that route. angie: no signs of a slowdown. can india outperform other emerging markets in the next year? joining us is the executive director at peak asset management. what you think? -- do you think? >> we are all doubting. we do agree that the reduction in the corporate tax is down -- down to the 25% from 30% will boost equities in the short time. at the same time, in australia, deregulation, it is all part of these steps. we do believe there is an upside in india in the short-term. and to grow politics could make things murky, especially if the central bank governor is not reappointed?
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appointed, not been but he is trying to boost infrastructure, provide additional stimulus to those economies in the rural economies that will push growth. we do see that as a positive. the fact that the corporate tax rate will fall we do a c as a positive -- we do see that as a positive. angie: data coming out of japan, it is still of your favorites. niv: we do like japan, and the last one he four hours we saw that the president said those sales tax will not increase for the next two to three years. that has been lurking on investors minds. we saw the japanese yen fall. that will provide a boost to the economy. overall we still are bullish, japan, especially with additional stimulus driving the archetype -- markets high in the
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short-term. angie: what about maybe we will not see a sales tax increase? thatas we said, the fact taxes will not rise soon does show there is confidence returning to the economy. the japanese yen will probably continue to fall. that will soon relate export growth. japan is finding things difficult in the short-term. stimulus will provide additional stimulus in the new term. we do see upside in equities, especially the bank of japan, if they continue to stimulate the economy. angie: how does the strengthening u.s. dollar help with the and -- yen? niv: we saw in the last week janet yellen did come out saying that interest rates in the u.s. will rise in the coming months. the u.s. dollar has been rising. that has been a negative on commodities overall. overall we are generally bearish
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on commodities, gold, silver, copper, probably a downside in the near term. those economies reliant on commodity might see downside risks. angie: one big thing that investors should be aware of this week? niv: we did read an article this morning in the financial review and also on bloomberg news that short positions in china increasing to the highest level of the last 12 months -- that is a concern. short in the indexes are up as investors face a fragile and stimulus coming through. we are wired about china. we probably see downside risk. angie: thank you. peak asset management, live from melbourne. stories making headlines around the world. a series of bombings in baghdad has killed at least four people.
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-- 24 people. the deadliest was in a northern shiite suburb where a suicide bomber crashed a car into a check next to a shopping area, killing eight civilians and three soldiers. a booby-trapped motorcycle exploded, killing three and wounding 10. forcesacks came as iraqi move into falluja, which has been held by the so-called islamic state for more than two years. activistsdemocracy whose reading was caught by -- -- at on video, make beating by police has been caught on video is in jail, related to the confrontation. he was given five weeks for assaulting police and resisting arrest in 2014. local tv filmed him in handcuffs being punched and kicked. seven officers are to go on trial this week. he was released on bail after filing for an appeal. walt disney says they might take legal action against one of the
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chinese theme parks after snow white and captain america look-alikes were seen at the opening of the complex. they told bloomberg that the characters were from individual stores and did not represent the company. shanghai disney is set to open in two weeks. one have said that disney's tiger is no match for his pack of wolves. journalistsver 2400 in 150 bureaus around the world, this is bloomberg news. delays,p next, dips and the sales tax hike might be postponed. it will take a look at that and what else is moving the markets. coming up next. ♪
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>> hello, welcome back. it is tuesday, may 31, and these are your headlines. there was a holiday in the u k
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and u.s.. in asia, not much movement. dollar yen, 111. japanese currency at about a one-month low. the euro-dollar is just below 111 .50. a lot of this is down to dollar dynamics. aussie and korean doing bad. need key data this tuesday. all of this talk of a fed rate emerging markets tanking. a gauge of this group of currencies is set for the sharpest single month drop in three years. it might not be over. thatare advising clients high-yielding currencies --
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citing repricing taking place. i will show you a chart in a moment. india expected to show growth. up about 7.5%, which would easily place india as the fastest-growing major economy globally. accelerating inflation is kabul getting the policy. meet june 7 to see if rates need to be recalibrated. gdp is due out in :00 p.m. local time. apart from that we have hong kong retail sales. over 60 data points do from asia-pacific. jpmorgan emerging-market currency index, roughly a 18 month look. that is the drop that i mentioned. sharpest drop since may 2013. what happened then -- that is of course when the former fed chairman first uttered the word
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caper, and sent markets spiraling down 5%. only aboutnot emerging-market currencies. have a look at what happened to march -- majors. repricing -- let me look at the one-month. there we go. everything's down except for the pound, barely up. every single major currency, as we mentioned south korea one of the worst performers. so a lot ofshort or these high-yielding currencies. we are seeing a little bit of unwinding. -- close markets, if it is green, this currencies are strengthening. but again, strengthening from multi week or month lows. -- those are the stories arriving your foreign markets.
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angie: coming up, copycat claims. disney says they might take action against a theme park. we find out why, next. ♪
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>> it's 8:30 in singapore. today in asia, over 60 data points scheduled to be released. about half an hour from the opening of trading in singapore. top stories this hour, signs from life in japanese factories with industrials up pretense of 1% in april, compared to economist estimates of 1.5% contraction. unemployment, meanwhile, held steady last month at 3.2 percent. shares in tokyo have opened lower. virgin australia shares are higher after a chinese company
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said it is buying 13%, with plans to increase almost 20% overtime. the company runs a dozen carriers. -- a virginrson australia's biggest possessor, air new zealand, says it makes a 26 percent holding. and global investors are about to get a double dose of chinese equities. valuea will have its full added to the close on tuesday. shares have been somewhat of a haven as they have outperformed the msci china index in the shanghai composite. powered by over 2400 journalists in over 150 bureaus around the world, this is bloomberg news. markets trading here in the asia-pacific, and this is what it looks like. .ikkei to 25 is down 1/10 of 1% we are seeing a mixed picture around the region.
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coffee seeing gains, but just barely. let's see if it hangs on, no, it is not. we have australian equities also on a downward trajectory of 7/10 of 1% down. chinese equities are once again in the cross hairs of short-sellers. of thenterest in one biggest hong kong tracking etf mainland stocks has searched this month to levels not seen since last year's market route. heidi has the story. your we go again? it is certainly starting to look that way, especially if you look at this one gauge. remember, it is not easy if you look at the clampdown of shortselling on the mainland. seetselling this etf would domestic chinese stocks tending up to 6.1% last may, the highest level that we have seen all year. the last time we saw this level of a richness, it proved to be
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well-founded because the bull market turned into that trillion dollars rout. what is driving into this pessimism? volatility has receded. it seems fairly calm, in fact, so calm that trading has been sideways all month, which most analysts say is due to national payments. meanwhile, if you take a look at this shot, it suggests why we are seeing increased pessimistic that's on china. take a look at the u.s.. goldman says there is weakness against the dollar, and this could be coming to an end. they are warning of a renewed capital output. case in point, it is down 1.6% this month. its worst months since the august evaluation was close to a
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five-year low on monday. this will be exacerbated by the likelihood of said rate hikes. that is why we have the pboc setting that daily six at five year lows twice, potentially trying to put pressure off the u.s. central banks. it is said that the piling their bets is an expression. investors here are likely hedging their positions and using these funds to go short on china. south china financial holdings say investors are betting on the kleins when it comes to asia. as the yuan continues to fall, shanghai composite bolland 21% this year, still the world's worst performing index, but shares are still overvalued when you take a look at what they are coming out of. angie? angie: it is interesting that we are getting inside as to how that is set. -- insight as to how that is
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set. -- interest reporter: it's interesting isn't it? every day, 14that contributors sit down, taking him to control a number of things. the overlap movement, the previous days closing price, and the supply and demand dynamics of the market. these are all market makers and conduct the majority of joint trades in the market. , to try to to that shake up market manipulation, they get rid of the highest and lowest quotes that come through. the pboc said last week that they are trying to increase stability, but maintain basic stability. analysts so far have not been convinced. it remains a black box, mysterious as ever. another analyst said she stopped caring about this last year when they had that massive valuation. angie: we've got breaking news out of korea. north korea appears to have
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launch,t a missile citing south korea's joint chiefs of staff saying that north korea apparently fired this missile 5:20 a.m. local time, and it appears to have failed. a source.ding to let's take a look at how the one is doing. little change right now. .t is at 1190.38 as we continue to watch north korea and its latest aggressive south korea's joint chiefs of staff saying that north korea filer -- fired a missile at 5:28 a.m., but that has failed. disney says it may be taking legal action after the wanda city theme park after claims that a character looks like captain america. opening of thehe complex. we have rachel chang joining us live from shanghai. rachel, how did the conflict
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between wanda and disney start? angie.r: hi, ,he conflict started a week ago when wanda's chief, a very famous man, went on a national , and among other topics he talked about how disney should not have come to china, and he felt that disney like innovation, that he does not understand how they spent so much on their part. disney had stayed quiet until then. they did wanted to respond to what long had to say, but after he opened the first of 15 theme parks that his conglomerate has wereed across china, there employees dressed as characters that were registered to disney. this is basically how the conflict happened. angie: totally makes sense, but wonder if disney is likely to
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take action against wanda, or is this a warning? well, disney has made it very clear in their statement, they have not gone so far as to take legal action. they have simply given themselves room. more like a warning shot, i think. wanda has said it is not the company that agreed to have the characters there, but it was shops, retailers, people who admitted out space. -- you had rented out space. -- who had written out space. in intellectual property cases in china, damages are not high. disney might choose to let this focus on opening the massive park in shanghai. angie: so it is tiger versus pack of walls, wanda versus disney. to winne is best placed
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out in terms of theme park success? that was the message the ceo used that got everyone's attention. disney's tiger, the giant park, would be no match to his pack of wolves, the 15 tax he would have accounts -- have across china. while it may seem that disney has the advantage, it's so famous, it is known so well, so thatng the chinese, seems to give it an advantage. the truth is, there may be just enough demand for both of them, and there are 60 other theme parks opening across china by 2020, because the government has predicted that the six under $10 billion tourism industry in china will double by 2020 -- $610 billion tourism industry in china will double by 2020. angie: thank you so much.
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india's finance minister says it's country is on track to beat its growth rate, despite uncertainty. he said exclusively, that india is showing no signs of slowing down. he also stressed that the rupee's poor performance is not a sign that investors have lost confidence. >> i don't think that would be a very accurate analysis. year, thest of last ruby had almost kept pace with the dollar itself. it is only august of last year when there was a lot of concern -- a lot of instability in the chinese concern -- chinese currency, that we were also impacted. since then, we have been reasonably leech-bound. of course, the strength of the ruby depends on the strength of and how much foreign investment we are able to get into the country itself.
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it has been reasonably large. therefore, the reserve bank has been watching the situation and balance maintaining a between a strong rupee and a realistic rupee in which we can continue in the current export environment. global trade is not exactly doing extremely well anywhere in the world. rishaad: you bring up the confidence they are, with people in your government having confidence and the r.b.i. working together. how close is your relationship with the prime minister, and believe he reappointed in september? -- will he be reappointed in september? >> these are not areas where i comment to the media. regarded the r.b.i. it is a very important institution,
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and the government has a very mature level of dialogue, and we continue to discuss all situations and decide what falls within our respective jurisdictions. i don't think the government of the reserve bank has any issues with each other. bank have anyerve issues with each other. we have been working closely over the last two years. policya monetary agreement last year. we implemented major reform this year. hopefully by the end of the year, this will come into effect. rishaad: do you condemn the comments made by some people in your party who have criticized mr. rison? one has gone to say, he is trying to wreck the indian economy. have said that people are entitled to comment on issues,
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but as far as comments from persons are concerned, i have got on the record and said i completely disapprove. rishaad: right, so do you condemn these comments coming through. now, what about the statements of the monetary policy committee? how close are you are getting -- >> let me clarify the position. rishaad: i'm just asking about the monetary policy committee and where you are with that. see, as far as the monetary policy committee is year we had as probation and the legislation itself. year, end of the hopefully the committee should start functioning. some members of your party have questioned the need for an insulation target. the cpirtant it is
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target for india's growth looking ahead? , it is extremely important for us, because we still have a very large section of the population which is means,ng on very average and inflation is extremely important. even within the cpi basket, i think food inflation is something which is extremely important for us, but we cannot , and food prices to rise therefore, targeting that inflation has been a part of the monetary policy between the r.b.i. and the government. angie: that was our exclusive interview with jaitley. it has beenxt, called the apple of pc gaming, and it is valued at 1.5 billion
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dollars after its latest funding round. we will speak to raise's ceo coming up next. ♪
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reporter: 8:40 seven hong kong time, 9:47 in tokyo. reports from south korea say that north korea fired a medium range rocket earlier today that appears to have failed. south korea's joint chief of firedsays the missile was , but the launch went wrong. details are scarce, but the north also failed to two missile launches last month. canada's biggest energy country has restarted oil operations near fort mcmurray. 'sburn to -- alberta firefighters took advantage of
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better weather. suncor says 4000 contractors and employees are back. wildfires earlier this month forced around 80,000 people to leave for mcmurray. and lawmakers in cambodia have launched a petition they claim is government intimidation. they allowed petitioners through to avoid potential violence at buckingham palace. critics say they are stepping up attacks on the opposition that of elections in 2018. local media has been ordered to use its full title, board prime minister and supreme commander. powered by journalists around the world, this is bloomberg news. thate turn to a company has been described as the apple of pc gaming, razer develops ruddock's for pc gamers -- develops products for pc gamers.
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razer says there is still a market for their business. the ceo joins us. you are one of those rare unicorns that could also be a cockroach and survived. -- and survive. why do you think gaming is the future? how are you writing out this incredible growth? guest: right now, gaming is bigger than movies and music, and pretty much everyone is a gamer. gaming has grown geographically. you have seen a lot more companies come online. --is growing hot assault growing horizontally. demographics are changing. we are really excited about this, and we kind of spotted this because we are for gamers, by gamers. yourself, are a gamer and your team designed the new stealth product. tell us what this is. guest: this is the razerblade
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stealth. it won one award, because it is not just an ultrathin laptop. you can jack into an external graphics and the fire. you can play the most demanding, most powerful vr-enabled games and dabble around with the superthin laptop. this is the razerblade stealth. angie: why do you think of this and gamers could save the pc industry? we are seeing slow down as people go to laptops. laptops and pick up a tablet instead, and even my great just to their mobile phones will stop -- mobile phones. guest: pc gaming is growing. you might have heard about the sports -- e-sports. gamers are watching other people play, and we are ready much one
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of the biggest brands in e-sports and pushing them everywhere. casual it is e-sports, or hard-core gaming, that is our area. angie: what is it about watching people play games that is so transfixing? guest: on a certain level, we live vicariously through whoever is playing, and it is fun to watch someone else play. we have done it for ages. it's like when you do it with a sibling. it is fun. many of these guys are becoming superstars. angie: more than the super bowl, more than the world cup. the numbers are mumbling. guest: there were more people watching the league of legends world championships them fee for or in the nba finals. we are not just focusing on e-sports. --have tutored 50 athletes 250 athletes competing for millions of dollars in prizes. angie: and you have lost retail
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stores in tokyo. what about china? us, razer has been building everywhere. we want these stores to be not just traditional retail stores, but places where gamers can come and gather, hang out, play. san francisco is amazing. many camped out overnight. china is pretty much our next destination. a chineseng to have retail store in shanghai pretty soon. angie: you heard it here first. what about an ipo? we remain optimistic. we look at the capital markets, which are not doing well at this point, but for us we are focused business, really focused on delivering the best experience for gamers everywhere with our products, our software platforms, and that's what we want to do in the near term. just focus on the experience, for gamers, by gamers. angie: you are not only as ceo.
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you are a superstar in the gaming world. thank you so much for coming in. it is good to talk to you. razer's ceo. next, a japanese food producer announces plans to buy back shares. all the details for you on the stock exchange, coming up next. ♪
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on whatet's check in
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our reporters are watching this morning with trading underway in asia. reporter: the battle of the buybacks. clearly, someone won. chance. reporter: that was my initial production. reporter: first come first serve, right? 2.42%k here is as much as for shares. 1.2 billion dollars in this company that makes industrial valves. 4000 employees, about $1 billion in revenue. , butu may have won industrial valves are much more interesting. oil thatany makes makes all sorts of things, noodles, confectionery -- >> carbs, basically. think the moves we are
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seeing are proportionate to the size of the share buybacks. they are doing a billion-dollar commendable bond sale, and $1 billion of that is going to the shanghai composite will stop -- composite. angie: how do you feel, david? david: i feel very good. one out of one so far. 100% batting average. i think it is one of the last companies that we will be seeing back the shares. on a serious note, a lot of these companies have been reporting a slowdown in profits. this is a kid's corporation, not a big company, as i mentioned. thanks, guys. that is the verdict from the stock exchange. that is it for us on "first up."
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trending business's next, and rishaad has what is coming up. rishaad: we are going to be kicking things off with what is going on when it comes to australia. we have important economic data coming out at the bottom of the hour. open, and alle these things play into one another. we will be getting views of one of the movers and shakers with a comes to the oil industry. joining me will be an energy adviser -- a former energy adviser to the iranian prime minister. and we are talking to the nest founder and current ceo. he will be joining us. ♪
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rishaad: it is tuesday, the 31st of may. this is "trending business." ♪ rishaad: in singapore this hour, here's a look at what we're watching. asia-pacific stocks are bracing for their biggest monthly fall since the beginning of the year. the index is down by more than 2% this fall, the worst showing since january. virgin australia's shares are gaining some altitude. h in a group is buying a


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