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tv   Bloomberg West  Bloomberg  July 20, 2016 11:00pm-12:01am EDT

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s stolen from imdb was laundered in the u.s. electric trust -- trucks and buses, integrated solar rooftops. elon musk unveils his master plan. coming up, donald trump's is presidential pick addresses the convention. the booze ring out for ted cruz. -- the boos rang out for ted cruz. it is as if nothing is wrong with the world. we say that a lot, but looking at how markets have hit new highs, if you draw the line from , thewe hit a post brexit value of global stocks has risen from just about $60 trillion to $65 trillion at the moment. if you want to draw the line to february, we have gone from $55 trillion to where we are right
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now, almost one full china, if you want to use that as a measure. in any case, it is really about money finding a place to park. looking at asia, nine-month highs. a lot of this has to do with japan really pulling its weight. up 1% there, on the index. down to the japanese yen, we 107, a two dayo charge. as high as 107.48 at one point. now, weunch break right will watch closely. talk is louder about a spending program. we don't know the details, we are hearing reports coming out of japan. coming up with a number, 20 trillion. we will get a final number there, that is not speculation. , we are notupiah
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sure what time, they do not usually come out anytime, we usually get that in the late afternoon. economists are saying most of the 2016 rate cuts in the reference rate, we have a split here. move, not justl yet, but that being said, look at the expectations. , lookingwith indonesia at australia, 92% likelihood that indonesia moves. moving lower, lifting the tide overall. with marketngs up stories of the day, hang seng index, 22,000 points to enter a bull market. we just have to close above this level, and that is 20% from here to about their, 22,000 would make it the ninth market across
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the asia-pacific to enter a bull market over the last 12 months or so. thanks, david. the pboc has strengthened the yuan's daily fixing by the most in three weeks, as the u.s. dollar is rising. we are joined by emerging markets currency editor robin. robin, what is the pboc trying to achieve? doesn't make any change to markets, that expectation? rather odd, isn't it? angie: it was weakening all this time. suddenly, it seems to be very anti-the trend. been lulledts have into a sense of security where the pboc is fixing to follow the market pass moves. it seems to now be going against the market moves on the face of it. the impression is that it is trying to defend this level of
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6.7 per dollar. that is quite odd, because nobody really expects that to be the floor for the time being. there are people who are saying that, but my feeling is that this is a temporary pause. the g20 is coming up in a couple days. theuld like to mention that pboc seems to have developed a itategy of late, where allows a currency to decline, guides the currency lower against the basket, when the pace becomes frantic, they control it, they step into the market, telling everybody we can control the pace of declines, drop ad -- then let it little bit. it is achieving the goal of allowing the currency to the -- to decline, but stepping in when it's necessary. angie: is there a threshold? >> definitely. there is a level at some point, but i don't think 6.7 is that level yet.
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exports have declined for the third month in a row. they are not expected to bounce back soon. depreciation, the you one has 2.8%, 3% for the year. that hasn't really helped x towards -- exports yet. we are expecting further declines, but the controlled decline over the next couple months. angie: controlling expectations. thank you, robin. the malaysian government has with lawfulooperate investigations as u.s. prosecutors seek to seize $1 billion in assets linked to b. theled state fund 1md fund denied having assets in the u.s. movieda amin, it's like a , literally and figuratively. haslinda: you are right. it has taken us all over the
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world. this morning, the malaysian government reacting to the u.s.,ents made to the saying it will fully cooperate, if any wrongdoing is proven the law will be enforced. one minister pointed out that any claim must be treated with caution, it must follow due process. the malaysian opposition making comments, it says the prime minister, who was chairman of must address the country on this issue. reaction coming on the back of u.s. prosecutors saying they will take ask -- actions to seize assets worth $1 billion. civil lawsuits have been filed. here is what lord -- loretta lynch had to say. >> unfortunately, tragically, a officialscorrupt treated this public trust as a personal bank account. a similar statement coming from the fbi. it says malaysian -- the malaysian people were defrauded
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on an enormous scale. werecutors say billions misappropriated from 2009-2015. i want to show you what has transpired in singapore in the last few minutes. singapore has been responding. has revealedprobe a complex international web of transactions. it says the police probes in the lion city targeted individuals. inie: has anyone been named the u.s. complaint? do we know who is involved? haslinda: the short answer is, yes. two people mentioned in the complaint, the stepson of the malaysian prime minister partly owns production company red granite pictures, which backed "wolf of wall street." funding for years ago was not illegitimate and they did nothing wrong.
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and that the lawsuits will not impact operations. a malaysian financier was mentioned along with two officials in abu dhabi. are seeking banks help from the u.s. on investigations. to what extent are swiss banks involved? haslinda: wider than we initially thought. bsi wasswiss bank involved. it's singapore operations are shut down because of that. u.s. prosecutors have identified other banks they believe are , includingmdb rothschild bank. seeking helptor from their u.s. counterparts to gather information. we know 1mdb, the money trail takes us from singapore to switzerland, abu dhabi to the u.s. it continues. the probe continues. you.: thank
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to repeat, the monetary authority in singapore seized 240 million singapore dollars in belation to the 1md investigation. you can get that story and the rest of today's news at you can find in-depth reports and data, and watch the interviews you may have missed. checking in another stories, turkey will impose a three-month state of emergency as the government pursues those responsible for a failed military coup. a new low wasit the prime minister blamed the uprising on followers of a us-based cleric and said the threat was not over. the bbc says nine thousand people have been arrested and 50,000 have lost their jobs. grantedcutive has been ale after being arrested in a
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long-running investigation into fx trading at global banks. mark johnson, the global head of foreign exchange castrating in london, p court on wednesday. he had to surrender his passport. johnson and a colleague are front running a currency transaction using inside information to make a billion dollars for the bank. -- $8 million, rather. oil search has declined to enter . counteroffer enter oil offered $2.5 billion for the company in july, topping a joint bid. the initial $2.2 billion offer was said to represent fair market value. donald trump's take as vice president is speaking to the republican national congress. he has outlined what he calls a need for stronger leadership of the united states. a live look at the convention
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floor in cleveland, ohio. one pence kept up the attack hillary clinton. 'srlier, trumps -- trump former rival ted cruz was booed off the stage after failing to directly endorse donald trump. the vice presidential pick number right there. we will have more on that speech later this hour. we will be live at the republican convention in ohio, in cleveland, to run through the highs and lows of day three. just ahead, speculation that he be oc is intervening to prop up the you want against the dollar on the rise. this isop up the yuan. bloomberg. ♪
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angie: quick check of the latest's nest headlines. shares, smart shares jumped the
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most in two years after thomas a offered to buy the company out for 800 $80 million. the proposal values the rail operator at nearly to the -- $2 billion. smrtcurrently own much of but maybe taking the company private. a subsidiary of inmas x -- of temasek november. the government is likely to approve a three-year exemption on local rules that have except -- that have kept apple out of the market. foreign companies are required to by many products locally, but india will make an exception for cutting-edge technology. bloomberg big investors may have had enough of its costly fight in china. pass big investors may
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have had enough of its costly fight in china. investors will discuss a deal. are bleeding cash. and in -- an indian billionaire says his goal to grow the family business tenfold in 10 years is on track while india is grappling with a slowdown. will be past reform good for business and consumers. >> it is a good reform. one of the most important reforms ever for india. it added two percentage points to india's gdp growth rate. and becomes difficult once gst is in place. costs of production come down. cost of logistics will come down. product will get more affordable for consumers. more affordable projects will --
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products will mean larger consumption, and that means employment and it will be excellent. angie: asian stocks are at a 2015 hi -- 2016 high after a record close on wall street. the head of asian trading strategy, what is driving this right now? >> we think what is happening is that into the brexit vote, there were high cash fences that were raised. i was talking to fund managers and a u.k. and everyone was sitting on record amounts of cash. angie: they were worried internally? one interested -- click save are looking at the ua -- the u.k. -- >> a were looking at the deficit numbers in the u.k.. they were saying, asia doesn't look that bad. people were looking again at asia, and that capital, those
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cash balances are being deployed into the market, even though earnings are falling, they are having to spend the money and have the markets move higher. they are chasing the market. angie: the perception is the result of brexit, that is what london money managers may feeling but outside, people weren't feeling too badly about brexit. it will take a while. edb and the u.k. are probably going to have to do something, something that actually will smooth a transition that internally, they feared. >> people in the markets are quite negative about the outlook . the feeling in london was very much one of this bond and see. the feeling among clients is, you are seeing the growth forecasts being taken down. one interesting thing is, the central banks are using the touse of brexit to step up stimulate packages.
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i think the hope of that is the thing that is driving people into more growth. yuan: let's move on to the . lots of weakening in the past couple days, except surprisingly, the past two days it has strengthened, suggesting the pboc is intervening. have aged 20 meeting coming up. i think they basically want, this is a path we have seen, where they want stability going into it. there have been press reports that the devaluation of the yuan , or the weakening of the yuan, will be a subject that the g-20 in addition to what is going on with brexit. on thethey don't want it agenda? >> they don't want it to be an issue. if you look at the moves in the yuan, it has been devaluing against the currencies. angie: you think it is temporary
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for the g-20, versus a weaker use foreans better exports and the economy? >> there is something else at play, which is more to do with the recapitalization of the chinese economy. the actual problem with the global economy is a lack of demand. no matter how much you devalue, and this is what the european and japanese have down, no matter how much you devalue, if nobody wants to buy your product at the end of the day, it is difficult to get growth. angie: great point. they are worried about another thing when it comes to the weaker you on, which is weaker inflation and capital outflows. the whole love our investment for the past year or so has a -- has been all about the yuan. economic sovereignty is no longer sitting in tokyo, frankfurt, or washington, it is
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sitting in beijing. you have to understand what is going on with the you want we think the yuan will depreciate, 5-6 percent more. the dollar needs to actually happens andif that the ecb and that the lj will not like it very much, we have seen what you need to do is come up throw out everything you know about economic fundamentals when you are looking at currency markets. it is a big gain theory problem. we need to look at the point at which you reach the minimum amount of pain for the maximum number of participants. -- thebetween the the lg boj and, it's a showdown? of,t's not really a matter one wins and one loses. off,a poor -- it's a point
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what we need to do for everyone to be happy? anything the europeans and the japanese do, they are trying to swim against the tide. communicateo you without talking about it? >> that is difficult. i was saying to somebody on the trading floor this morning, the world is being run by economists and perhaps it should be run by mathematicians. i did mathematics, so i am biased. angie: we will get you to do some more math for us. when we get you back 20 minutes from now, talking about all of that and more. coming up, elon musk unveils his master plan for tesla. why some are questioning his vision for the company. this is bloomberg. ♪
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angie: welcome back, you are ." elon muskia edge
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outlined the future as sustainability for tesla, and it includes making trucks and buses. athave been taking a look the master plan, part two. what does this mean? i ride on a bus rather than an electric car? it may also be smooth, and it may not be cramped. elon musk put forward a vision for sustainable energy future, and essentially, it plays into the theme that he has been pulling on all the time. one of these would be energy efficient trucks and also public transportation, buses that are energy efficient. he is also looking at changing the size of them, making them smaller, eventually talking about self driving buses.
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semi truck and a high density urban transportation vehicle, a bus come are in the early stages of development and they may unveil the next year. it comes as a surprise to some. i -- in 2010. it has one quarterly profit and $2.5 billion in long-term debt. this may be surprising to be embarking on for a company like this. for elon musk, he says this is the way of the future because fossil fuels will run out and this is where we need to be going. this is what his team has been. he says when we have true self driving vehicles, this will play into being able to share your vehicle and make money from it because you can summon your vehicle with your smartphone and when you are not using it, you can share it. angie: what about solar city?
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he talked about plans for a city in his master plan. >> he talked about how solar city would play into it, and what he wants to do is make a solar panel product integrated together into your roof. this plays into his plan. he is going to make vessels that will make -- w's energy, and the solar panels collect energy. investors haven't been so convinced about his plan for tesla to buy solar city, but the tesla website says its mission is to accelerate the world transition to sustainable energy, where it was formerly dedicated to clean transportation. it has dropped the word motors from its website. looking at afternoon business, including tokyo, where today, there is some speculation
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about the japanese government considering a ¥20 trillion package for stimulus. that would double its initial plan. that is according to kyoto news. we will get the latest on japan's reopening after the break. ♪
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angie: the top stories this hour, the hang seng is in bull market territory as asia keeps the rally alive. this is after the dow is up fresh record highs. has added more than $4.5 trillion to world markets over the past three weeks. the u.s. department of justice is looking to seize more than $1 billion in assets it said were handed by money stolen from and launderedd through american banks.
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minister's office says malaysia will cooperate with any lawful investigation. wall street's largest investment banks/their first cap concentrations by the most in four years. goldman sachs, morgan stanley and j.p. morgan chase will money set aside for employee pay by 17% to shore up profits. goldman sachs made the biggest bys, reducing i almost -- almost 30%. global news powered by 2600 journalists and analysts in more than 100 countries, this is bloomberg. it is a raging market across asia, green arrows is all i see. david: absolutely. a lot of risk appetite out there. lots of reasons why. good earnings out of the u.s.. the last 10 minutes or so, the ,np came out with an impressive
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for india's sake, set of project -- projections to india. the market opens in a few minutes. at akong, new zealand is record high. looking at consumption tech stocks leading the gains, money getting out of safe havens, a little of the downside. the yen at a seven-week low. it is happening while the u.s. 10 year yield goes back 1.6%. it is an interesting non-dichotomy. 1.75, 1.5 7% is your yield. be other markets story we are tracking since day one, since the launch of pokemon go, nintendo up 75%, adding 4.2 percent. where do i start? there is a movie coming out starting next year. a friendly reminder from the
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japanese cabinet secretary, mitsubishi jacking up their price target or over 40,000. that is the kicker at the bottom of the screen. everything and everything on the game craze. ted cruz maybe playing by himself in terms of pokemon go. no players are him. he missed out the nomination and has been booed off stage at the republican convention for failing to directly endorse his rival instead of acting donald trump -- backing donald trump, ted cruz urged voters to think of the constitution when they cast their ballot. >> stand and speak and vote your conscience, vote for candidates up and down the ticket who you trust to defend our freedom and be faithful to the constitution. with our bloomberg
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politics reporter who joins us from cleveland. was the ted cruz speech and the reaction a surprise? i think so. this is one of the more dramatic moments we have seen in a generation at a convention. it is unusual to get my five files eking slot is one who has not committed will or hand to endorse. the question was around all week in cleveland, was ted cruz going to actually come around and endorse donald trump? he made a big show of building toto that recommendation people in the hall, and at home, which was to turn out and vote, but vote their conscience. that is a catch phrase that has been used by the anti-trump forces as they tried and failed earlier this week to change the rules so delicate -- delegates would be free. ted cruz was baiting the crowd. it is astonishing to see someone setting him up -- himself up to run in four years to engage that way with the party base.
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angie: we heard from the vice presidential pick mice -- mike pence. what is he pushing? iacks this was very much, think, what donald trump wanted to get out of one of the safer vice presidential picks in front of him. mike pence talking about himself as a contrast to trump in his background. guy with humble roots in the midwest. this, a't seen a lot of conventional career republican politician who has served in washington, in the government, trying to put donald trump in a story of modern conservatism. there was a lot of standing -- sanding off trump's rough edges, saying he is trustworthy, a steward of the conservative reasonabled a very figurehead for the republican
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party in 2016. angie: thank you for that. the reserve bank of new zealand has strongly signaled that more cuts to the cash rates are in store. they released an update on the economy this morning. let's go to paul allen in sydney. what does the governor have to say? >> he didn't leave markets in any doubt. he said likely further policy easing will be required. this is because of it -- low inflation, below 1%. 1-3%.rget band is between a ways to go to stoke that. the cash rate is at 2.25%, a bit of any mission to play with. the next review of the cash rate will be on august 11. it seems pretty likely that a cut is in store. angie: paul, a rate cut would
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risk making hotter the housing market in new zealand. i guess governor wheeler has addressed that? certainly, he did announce new rules on investors buying property in new zealand that they would now need a 40% deposit. there has been low inflation in new zealand and house price in nation. pere prices gaining $3000 week in june, running away. the ceo of a company in new zealand said 40% of investors may not be enough, 60% may be more in line to calm the market down. angie: i guess you don't call an unscheduled announcement announcing guidance on further cuts unless you want to weaken the kiwi, which is what happened. that's right.
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that is what governor wheeler was attempted to do. he said in the statement that a decline in the exchange rate is needed, and he immediately got what he wanted. the new zealand dollar falling , but- reasonably steeply it has been creeping up. taking a look at the kiwi over the past year, it has been performing strongly. governor wheeler saying a strong new zealand dollar was holding down inflation. angie: thank you so much for sydney.ul allen in checking in on other stories, the british prime minister paris onay travels to thursday, talking brexit with the german chancellor. angle merkel said the u.k. must stick to the rules, before britain invokes article 50. theresa may says that will not start till next year. with mynt to work
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colleagues in a constructive spirit to make this a sensible and orderly departure. all of us will need time to prepare for these negotiations, and the u.k. will not invoke article 50 until our objectives are clear. it will not happen before the end of the year. pokemon juggernaut continues. film studio legendary says it is developing a live-action movie franchise based on detective pikachu. the studio says production will start this year. mcdonald's japan has searched for a sec -- surged for a second day after tying up with pokemon go, the phenomenon that has seen nintendo's market cap hitting $38 billion. a slide in energy prices means australia's second-biggest oil and gas producer made less last quarter, despite pumping more. to $825id a percent
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million in the second quarter. last year, they reported the worst results in 13 years in -- when annual profit fell 99%. right now, shares are up 8/10 of 1%. will noth says it counter exxon's bid for gas explorer internet oil. exxon topped a bid by oil search. oil search past executive explained the rationale. phasewe go into the next driving a cooperation agenda between png, alan g, and pop while and gee, was a key part of , we put a good bit on the table, which did not recognize obviously, the full value of cooperation. exxon mobil, who is critical to cooperation, has come along and
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put a larger offer on the table. we think that a good value offer, if you consider is nowtion that inevitable. that largely delivers what we l deal,out of the interoi together,products reduce the time to market, and driving better economic outcome. many of the objectives we saw, and were seeking in the deal, could be achieved should exxon mobil conclude the deal. >> where does this leave you at the end of the day? with a very us healthy interest in png alan g, a good interest. an opportunity to drive cooperation between the project's for the next phase.
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we see at least two more trains this, and of hopefully, with minor appraisal success, a third train. right now, with us driving the cooperative agenda and exxon mobil in both sides of the projects, on all sides, we now see the next 12 months as considerable negotiation between all the parties to see how the projects can cooperate and potentially, at least in the downstream, come together. angie: coming up, suspicion grows that china is deliberately keeping the yuan low. we will get that an moore, next. this is bloomberg. ♪
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angie: quick check of the latest business headlines, volkswagen shares rose the most in three
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months. earnings exceeded expectations. operating profit was $8.25 billion, although that does not include the money for the impending lawsuits in the u.s. trying to recover from the initial scandal -- the omissions scandal. frontan carrier cut the -- the profit forecast for the year, expend -- expecting weaker demand for european travel. look not says revenue is expected to fall up to 9%. --look not suck says rick luftnahss -- takeregulators will daytime flights instead of the current unpopular overnight journeys to the airport.
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delta was approved to begin flights from minneapolis. are the head of the asian trading step -- strategy at citicorp. , flying going to japan money down, raining it down on us. it is interesting what kyoto news is reporting today, that they likely may double the stimulus that regionally, was said to be $100 billion, now it will be $180 billion. >> a lot is being talked about. what is being proposed is not helicopter money in the weight we classically understand it. we are a long way away from it. there are legal barriers to provide -- to prevent that from happening. be crossing yet , the negativen
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interest rate policy. i do not think they will be doing that. not for quite some time to come. ist is being talked about another stimulus package. thember, when the boj did second round of qe in 2014, the idea was there would be a since -- a stimulus package around then. now, it seems they are going around and are about to launch -- >> what do you think is the most likely scenario? the 29th? they will probably cut interest rates again, from -10 height -- two -30. about what do you think this? does the math add up? >> the argument you can make for it is that one of the reasons why the yen has been
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strengthening, and remember this is a component of what is going on in japan, is a japan still has positive real rates. by cutting rates further, you are compressing that. i think they need to look at why in the firstates place. one reason is, because in my devaluingese -- china is why they are talking -- what was talking about early on. anything the japanese do in terms of stimulus, you have to think about whether it has an impact on the currency and whether they can reestablish the links tween the accurate -- the equity market. the stimulus is aimed at providing the boj with more assets to purchase. thee have already seen negative interest rates are having zero effect on inflation. economiste to ask an that. they will probably carry on.
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they did say earlier, there is no limit to monetary policy, so they will just try more and more things. day,nk at the end of the what we need is something that will be fairly transformative. again, the problem is one of the demand side. >> as a strategist, how would you play this meeting? buybacks don't really perform, doesn't really come out with the intended outcome in the stock. investors also aren't helping, as well. beyond dividends and by banks -- buybacks -- buybacks,mpanies do from what it does is, it makes the company a lot more takeover-proof. they are not doing something that is rational. you can't force them to be rational. that is one of the reasons why
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shareholders don't work either. i think in japan, there are certain things you want to avoid. obviously, if they will be cutting interest rates further, our view is that what is going to happen, the yield would remain flat. we are much more convicted in rates.ts -- jgb's i never thought i would say that when rates were turning negative, i would tell people to buy jgb at zero yield. >> isn't that dangerous? >> from the time being, you can't fight it. what is clear in japan is that -- >> what if nobody wants to buy your debt before it matures at negative rates? >> we will deal with that problem. >> a lot of people are inking -- >> what is a bubble look like? , look whatck happened to the yield.
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the chinese have been big sellers of treasuries. u.s. yields are hitting record lows. whichis something bigger is going on. i think it is coming as a result of the disinflation instead of from china. i thinkat is stopped, that has to be a priority. we have to get that out of the way before we start looking at that. if you are not going to do that, what will happen is, you will be firing the bullets you've got, and you, it still won't have the desired effect. >> can i ask you about the markets, particularly hong kong, and during this territory? there is more upside in the rally? >> it is a fairly dangerous rally, because what is happening is that the rally has been very much led by hong kong property stocks. the property price fall in hong kong has bottomed. thisnk there has been
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rotation into cyclicals in the hope that the stimulus will happen and it will lead to growth. that is probably the place where fund managers have lost the most money in the past seven years. our view is, this is probably a counter-trend overall, a downtrend for a lot of these. >> is that property downturn over? from a stock selecting perspective. >> some of the names are a bit overbought at the moment. if you look at the hang seng property index, it is at all time record highs. we have been advising people owning hong kong properties is either rotate out of the meat into other sectors which are not so well owned, or put on a hedge against it. to see you.s good thank you for that. coming up, protests against viral in china.
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why they are in the name of patriotism. this is bloomberg. ♪
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angie: welcome back. you are watching "asia edge." chinese tech employees have been handed a patriotic notice that says they will be fired if they buy an iphone. >> this is a chinese tech company that has 50 employees. they have been put on notice, and the letter has gone viral. it's as if they buy the new iphone seven, coming out in firinger, they will face immediately. they are trying to get rid of people who may already have an iphone. they will get reimbursed to the ,une of 1000-2.5 thousand yuan and hopefully, the company may actually help them match the
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iphone in the name of patriotism. apparently, that is extended to kfc. >> kfc has 4000 outlets in china. a lot of the people protesting in terms of national patriotism see kfc and apple as signs of the u.s. the see the protests outside kfc, which chinese state media criticized, saying it is jingoistic and a disservice to the nation. a lot of this is about the international tribunal rejecting china's territorial claims in the south china sea. we have seen iphones being smashed, and also, people protesting outside of kfc. essentially, a lot of people angry about the u.s., and this is the way that they are showing their dishonest action. angie: i guess it is a little concerning that the genie is out of the bottle when you have so many protesters in the name of patriotism, but the state
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doesn't want to see that. ask the state is saying, this is not the way to show how dissatisfied you are. very interesting, that one company told employees publicly, don't buy an iphone. does tim cook have to say? thank you, juliette. bloomberg markets middle east is coming up at the top of the hour. standing by in dubai, what will we talk about today? always, plenty to get through. we will kickoff with the latest developments out of turkey after the announcement of the state of emergency. political developments, but also, on the economic front, the pressure on the turkish lira. perspective on all of these issues from our correspondent on the ground and from an advisor with global source partners. we will jump into earnings in this part of the world, where with the chief
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executive officer executive officer of doha bank. liquidity under pressure in atar. also, a closer look lizard a -- with the ceo of the thei company, in terms of market for jewelry, gold, and in terms of doing business in saudi arabia. always an exciting show to look forward to. .ngie: thanks for that i will see you in a couple minutes. let's take a look at the markets opening in the region. we are seeing hong kong enable market. there you have it. above the 22,000 mark. 2016 losses, as we had for a full market amid a rally in asian and woody's. in japan and south korea, japan is mulling over likely, onerding to kyoto news, a
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hundred $87 billion stimulus package. that is is -- that is it for us on "asia edge." this is bloomberg. ♪
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♪ >> turkey imposes a three-month state of emergency after the failed coup. president erdogan warns against interference. angie: the lyric it's an all-time low. banks delhi second-quarter profits slide. angie: crudte


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