tv Bloomberg Markets Middle East Bloomberg November 2, 2016 12:00am-1:01am EDT
♪ >> the fed wraps up its two day meeting later on when they. farmers -- on wednesday. emerging markets are ready for a rate hike this year. angie: stocks fall on u.s. election jitters. gold strengthens as investors seek haven. dhabi's mobile the law in terms -- in talks with softbank on joining. and prosecutors moved to
replace the president's friend as she replaces the finance chief. is 8:00 a.m. across the emirates, 4:00 a.m. in london. in hong kong, just past noon. welcome to "labor markets: middle east." let's take a look at the state of play on the markets. we can't ignore what is happening in the u.s., because that's what's driving the sentiment we are seeing across the board in asia. trading for almost 20 minutes, down close to 1%. as you can see, despite the topicshaven of the yen, is also down more than 2%. it really is all about volatility as a result of the latest paul showing trump in the lead. manus: yeah. c onink if you go to ele
your terminal, you can pick up the sentiment. this is very reminiscent of what happened in the 10 days before brexit. if we look at the bank of america volatility chart, you've mentor --rump-all trumpometer, dollar-peso. this is in the five days. i took it back a little bit further. if we go back as far as june, you can see volatility is nowhere near where we were on brexit run ups. there is still a believe that markets are holding onto that clinton will succeed. but the volatility index is up for five straight days. that is the longest run of indexes since brexit. if the s&p is right, it predicts tot properly what happens
the rate hikes, killing all the way back to 1984. we will talk about this later on. as we go from the eighth of august, my birthday, from the eighth of august on, s&p down 3.6%. correctly predict the outcome in the election and 86% of occasions since 1928. more to come on that story. let's get you up to speed. it is two hours away from the middle east markets beginning their trading day. bloomberge benchmark gcc q2 hundred index. you can see it is 5822. barely unchanged. abu dhabi, dubai, q atar. the qatari index up i want 20%. we will talk about cyborg later on. some first word
headlines. shery ahn is with us today. good morning. reporter: the south korean president has named a new prime minister and finance chief as she seeks to restore confidence over an influence peddling scandal. her prosecutors want to arrest her, defenders of the allegation. he was an advisor to the former president. chiefnancial services comes finance minister. disappointing earnings in tokyo. operating profit trailing estimates i about 75%. sharp is expecting its first annual operating profit in two years. it has been boosting efforts to cut costs after taiwan's false con gain control of the company in august. shares have doubled since then.
charger may have more reason to sell its private equity business. the division posted a $30 billion loss in the third quarter and had negative revenue of nearly 200 million in the first nine months of this year. the ceo is said to be weighing a sale of the unit to its managers after writing down billions in loans and investments is the commodities crash. dubai is hoping to develop the world's biggest airport as government has hired hsbc to help raise money for the expansion. dubai international will grow to serve 146 million passengers in nine years. the master plan is for capacity of about 220 million. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg.
shery ahn, thank you very much. the fed wraps up its two day meeting on wednesday evening. while most with the central bank would press the pause button again, it is expected to keep rate hike in for a december. but an economics professor at the university of chicago school of business and a former federal reserve governor seems to think the fed should act sooner rather than later. probability is quite high in december for rate hikes. my guess is as the data comes out over the next six or seven weeks, it is likely to suggest that the probability is even higher. i think they are largely ready, both in the u.s. and world wide. but what is driving the markets right now? for the latest, here's haidi lun. as you said earlier, asian markets have been relatively protected from the growing political anxiety in the u.s.
we have seen not a lot of convictions in terms of strong positions being taken. we are less than a week away from that vote. we are seeing a lot of risk aversion across the board. up by 2%. 225 these are session lows we are looking at. we have a stronger yen on the back of the steep selloff of the dollar overnight. we also have reaction to the bank of japan not adding to further stimulus yesterday, as well as the timeframe weighing on sentiment. with new zealand up, they are having really good jobless numbers coming through. the economy seems to be doing very well. still, you can see how negative the sentiment is. by 1.5%. down that positive feedback we had from that all-around pmi beats coming in from china is one off. we are seeing the u.s. headlines, trump taking the lead in some of these polls starting
to weigh on sentiment in asia. starts here, slumping to an 11 week low, the hang seng down by one and 3/10 of 1%. ofis a broad spectrum sectors. sinopec financial and is big losers. take a look at what we are seeing in the currency spectrum. the dollar weakening overnight is playing out across asian currencies. , of course, they have their own political anxieties, the leadership replacing the prime minister, the finance minister replace as well, but president park is still battling this influence scandal that has been developing. close ton won down by 1%. you have the kiwi dollar looking like this as well. jobs numbers family told on to much of those gains. finally, if you are looking for some optimism, commodities continue to build on the back of potentially [indiscernible]
those economic indicators doing very well. of course, it is these safe havens. silver looking like gold, up by another quarter of 1%. manus. fors: thank you very much running up those markets for us. there is a pretty big story down in this part of the world, the commercial bank of qatar has a $411 million rights issue. bank the first of many issues to calm? joining us on the line is the senior director of asset management at al rayon investment. thank you so much for joining us. in terms of this story, commercial bank going for rights issues, first of all, what does this say? should we be more concerned about the capital buffers in the qatari banks? anna: good morning --
guest: good morning, manus. should we be more concerned about the capital buffers in those banks? probably not. are apart from commercial bank, which is clearly having to take action to increase its equity. the rest of the country's banks are relatively well-capitalized, so that should not be the worry. a number of them have been issuing tier one capital in terms of bonds or sukuk over the last couple of years. from a capitalization perspective, we are trying. liquidity is clearly more stretched in qatar and in the gcc as a whole. ofus: as you say, that sort its that one to bed. i am wondering about the appetite this rights issue. i havesometimes when been here, we have talked about the nonperforming loan issue in a number of countries in the region. give us an update on the health
check, the nonperforming loans slide -- loan side of this equation. what i really want to know, do you expect the uptake in this rights issue to the full and plan to? -- and plenty? guest: commercial bank has a loss of one million rail because they took a 500 million rail provision. that took the nonperforming loans of a little more than 5%, and they were a little above 4% at the end of 2015. to put that in the context, the nonprofit loans were about 2%. this is very much a commercial bank issue. yes, we need to be aware of what other banks are doing and look , but theeterioration commercial bank is clearly an outlier. appetite for the rights issue, it is a 30% discount to the current share price. i guess some of that will depend
on what happens in the next few days and weeks in terms of global risk as well as how well bank ceo layscial out his story and convinces equity investors to write him a check. rishaad: the -- is, right nowng we are seeing bond markets underperform as people think and feel a little bit better about the global markets. commercial bank is certainly not the first to expand its core equity capital. uae equity banks have done the same. but what are the risks? good morning, angie. you are absolutely right. the islamic bank had a sukuk issue, and their rights issue -- it wasis year executed very well. the risk is that the rights issue does not get done. the risk is that investors don't
have the confidence in commercial banks that many would like them to have. i would be surprised, to be honest, if that was to happen. it is a risk, but it is an outside chance rather than something to really worry about. is this a symptom of what we are seeing more broadly in the oil markets here, especially ahead of this opec meeting, whether or not we will even get a deal? so you mean it is commercial bank to do with the oil markets? well, really, the issues we are seeing, the need for capitalization, the need to aek liquidity, is it really symptom of just the general feeling of whether or not the oil markets can support a growing economy? you are absolutely right. we have had almost two years of falling oil prices. that sucked a significant amount of liquidity.
that liquidity resides largely within the banking sector. across the region, banks have suffered has oil rises have fallen as government deposits have dropped, and even private deposits have come under pressure. commercial bank is obviously struggling with that, but i think the other issue is also to do with risk management. rme of the banks have come -- two years into this and doing very well. andrs, the music stopped they are paying the consequences for not -- for being perhaps either more cavalier when times are better, or not really being conservative as they should have been in terms of the provisioning. angie: it's like that old children's fable, the aesop fable, they still need to get a lesson from that. thank you so much for that.
manus: welcome back. you are watching bloomberg. oil is extending its losses, trading at its lowest level in a month. let's get to our energy market editor, aaron clark. thanks for joining us. again, another leg lower, and this all comes down to exemption after exemption of stockpiles. what is driving the move back to the one-month lows? reporter: those are a couple of
the factors. right around $46 a barrel today. over the last three sessions, it has fallen about 6.1%. like you said, the main trigger for that was on friday. opec members met and they failed to come to an agreement on output. they met in september and came to a framework, a basic agreement that they wanted to limit output, potentially even cut output, but the devil is in the details. how much will everyone produce? how much will everyone cut? they failed to come to an agreement about who was going to cut how much and by win on friday. i think that injected an amount of uncertainty in the market, and that's why we are in this bearish trend down the last few days. what about the global glut? is there still overhang of stockpiles? reporter: i think that is the
other factor. the american petroleum institute says that last week u.s. inventories rose to about 9 million barrels a day. that is a bearish number, a big game. bloomberg has estimates forecasting that u.s. inventories rose by about 2 million barrels last week. total u.s. oil inventories are right around 467 million barrels. that is still about 30% above the five-year average. there is still quite a bit of an overhang. there is a glut you have to eat through before you get more of a supply-demand balance. that is definitely affecting prices, and that's why you are seeing this downward trend. manus: the question is, will that trend continue? arron, thank you so much. aaron clark joining us on the latest on the oil markets. and we have the managing director of national bank of abu dhabi securities. there is only one story. whether you think that saudi is
going to produce a role in hold crude above 50 bucks, what is the betting in your shop? i am hearing what has been said. i'm not sure that what is happening with oil process is related to opec. i think the markets are in the extreme because of -- in the bond markets, there is a selloff. what comes to mind is, if they reach an agreement five days ago, when oil prices have gone up? i think my answer would have been no, because i think there is a risk attitude with many and that isw, coming out. technically i think we are still trading in the range. and 45, be the 2046 back to the $51 or $52. i don't think the fundamentals have changed in the last five days, and i think the talk will drag for maybe a few more weeks. manus: another few weeks. they will behat
happy with $50? guest: if this continues, i think they are budgeting for that, and they have put down their expenditure up for the past year, and that could continue. it will be tough times for a year or two, but i think yes that, they can. the issue is not just saudi. the issue is saudis said, we are not going to cut production until everybody does for us. if they back down on that, it will be a very negative statement. i think everybody has to be on board before they come in and they do an agreement. manus: that is the obvious message. you stay with us. we've got much more to discuss. the polls are moving. what happens? we are moments away from the u.s. election. and the federal reserve. all that to discuss. this is bloomberg. ♪
angie: breaking news headlines coming across the terminal, that valiant pharmaceuticals is in talks to sell its gastrointestinal drugs business to japan's cicada pharmaceutical. they are responding, saying it is not the support on valeant. that at anyying time they are in talks with many parties, they are not focusing on valeant, but they are saying that will make a full disclosure with any agreement is reached. those comments coming from takeda, just crossing right now. angie, thanks. we've still got our guest in dubai, managing director of the national bank of abu dhabi. there are two big issues that we've got to talk about. one is the federal reserve this evening. there has never been so much dissent. 7.7% of the time if the fed has
dissented. yellen faces more dissent and greenspan or bernanke. growth going into 2017? guest: everybody is expecting the announcement or statement that may come up today, to prepare markets for that. i think there are also some indications of the 2017. , i thinkcrease is slow it will grow. i don't think you will hear that at me statement now, especially with the things coming with the elections. general, i think that in general is not positive for the dollar. it is not positive for the kind of stability we have seen in the market in the past few months. it is certainly not
status quo. that is one of the key issues in the election, something says ormp, as an outside cat it -- outside candidate, that he represents. i want to pull up the fix index. vix index. anxiety is ramping up. we have seen a decline to the highest -- seeing it climb to the highest since june. what does it mean to outside investors, especially in the middle east? an increase in volatility will mean an increase in volatility on the short term, especially if it spikes at the rate is going up. it really shows that people are being anxious. i think there is a lot of liquidity that is outside, whether it was outside now are outside for a while. we see gold going up.
i think overall, people are just staying on the outside, and that means it could be good and bad, depending on the outcome of the results. if you get a clinton kind of win, we may see relief early that could come back in. interesting.k it's the markets look at 3% upside on clinton and a 20% drop on a trump victory. same kind of status quo for you? guest: i think so. that is kind of the feeling we have at the moment, although the initial reaction may not be the long-term reaction. we think initially, if clinton wins, there will be a surge in the market. so much for you joining us, giving us your perspective on the markets. the managing director from national bank of abu dhabi. dhabi'sp, again, abu
new development is looking towards asia for a big technology investment. futures on the market. we are looking at a softer opening across the u.s. equities. seeing is believing, and that's why we're opening more xfinity stores closer to you. visit us today and learn how to get the most out of all your services, like xfinity x1. we'll put the power in your hands, so you can see how x1 is changing the way you experience tv with features like voice remote, making it easier and more fun than ever. there's more in store than you imagine. visit an xfinity store today and see for yourself. xfinity, the future of awesome. speed always wins. especially in my business. with slow internet from the phone company, you can't keep up. you're stuck, watching spinning wheels and progress bars until someone else scoops your story. switch to comcast business. with high-speed internet up to 10 gigabits per second.
shery: oil is extending its declines from its lowest close it over a month. u.s. crude stockpiles have expanded, further extending an inventory glut. supplies rose by 9.3 million barrels last week. in the meantime, opec members libya and nigeria are boosting output, despite the group's efforts to stabilize prices. kong'sshes in hong legislative council. this morning's session was halted after they tried to
retake a note and security guards tried to drag them out. hong kong chief executive see why moan has now stepped forward to vacate their seats. is scheduled for thursday. auto sales in the u.s. could be plenty telling. they were down 4.4% last month from the previous october, which did have to bang extra field days. chryslera, and fiat are also a decline. a fire at fort headquarters delayed the release of its report. a look at toyota, honda, and nissan, all down across markets in asia. breaking news 24 hours a day in more than 120 countries. this is bloomberg. welcome back. i'm manus cranny in dubai. angie: and i'm angie lau in hong
kong. south korea's president is installing a new prime minister and a new finance chief. he is trying to restore confidence in his administration, but prosecutors want to address her close friend at the center of a peddling scandal. she is the focus of all the anger, but her top lieutenants are the ones who are out. why? therter: she is replacing , with the former advisor to another president. he is taking up this symbolic role. she also tapped a new finance minister, who has been chairman of the nation's financial services commission. this comes as the ruling party called for a mutual government to restore confidence, because it seemed huge public furor over
friends werehat allowed to meddle with state affairs. this is along with allegations that she was allowed to make a budget to stop decisions and also raised a business lobby that's created a business lobby to raise money for foundations she was involved with. lobby tod a business raise money for foundations she was involved with. the seoul district court says prosecutors will seek an arrest warrant for her at around 2:00 p.m. seoul time. she did make a public apology last week for allowing the review will of certain documents -- the reviewing of certain documents. we have also seen prosecutors are looking at possible links between samsung group and choice in phil. what is that about?
ofre is a beasley a lot issues in investigations in discussions, but what is this one specifically about? it is being reported that prosecutors are looking of 2.8 millioner euros into a german-based company created by shin-soo choo. they are looking at whether the money came from samsung group. money was transferred to a company in september or october of last year. money may have been used to buy for his daughter. prosecutors have told bloomberg it is investigating its money transfer, but they did not give any further details. all right, thank you so much for that. mubadala of element
is said to be considering an investment in frost bank technology fund, potentially joining cutter and saudi arabia. -- qatar and saudi arabia. what is softbank trying to a cop was? -- trying to accomplish? guest: softbank announced this fund, and it would be record sized if they could put it together. they said their goal was to raise about $100 billion to do deals. softbank has done many deals on its own. it acquired sprint in the u.s. it has made investments in alibaba in china and has done very well there, and recently announced a deal to acquire the chipmaker arm. tos would give them capital do deals that would complement the existing investments that it has out there, but $100 billion is by far the biggest fund like this in the world. would get tot it about 45 billion dollars from
the saudis and would put in $25 billion of its own money. looking for other investors to supplement that capital. it is talking with qataris and the abu dhabi fund as well. peter, not that people will be interested in why this deal has come around at this time. we are at 0% globally in terms of yield. about harnessing capital ratings with innovation, isn't it? does it make sense? reporter: well, it does. has aad of softbank strong track record of making investments that have paid off. alibaba is certainly the star in their portfolio at this point. the stake is worth more than 60 billion dollars, and how it is going to the saudis and abu dobby fund as they look to diversify the odds their oil-based economies and look for investments elsewhere. he is making the case that softbank would be a good vehicle to invest those kinds of dollars sverseas in different kind
of investments and diversify their portfolio. it is a lot of capital, and they would be looking at doing big deals. angie: what kinds of deals is softbank likely to do after it closes the fund? reporter: they have a history of investing in technology deals across a range of sectors. they may be investment in sprints that has not worked out as well as some of their other investments. they have also invested in e-commerce. arm is really a badge on the internet of things. the ceo talked about the
+++ fund would be used to build on that investment and arm and look at other opportunities in artificial intelligence and smart products across the board, probably to complement the chips that arm is looking at in this push into the internet of things. angie: peter, thank you so much. now let's go to the bloomberg nation builders conference in singapore, where we are joined by the chief executive of one of the world's largest independent engineering firms, meinhardt group. it has annual contracts with to a $20 billion, exposed level of regions around the world not only in the middle east. the ceo joins us right now. what do you think of the global climate right now? as we talk about the attack on globalization and this toironment where we seem have tightening from the fed, how does this all had up when it comes -- all add up when it comes to have researcher projects? -- comes to infrastructure projects? guest: thank you for having me on the show. ofee there is a lot potential for infrastructure development in asia, the middle east, and africa. what we are seeing now is, in termsf constraints of funding large-scale
infrastructure projects, we see a lot of potential in terms of a , andte sectors stepping up we see that happening in asia and also in the middle east. there is a lot of talk about tpp . i think for that to happen, the structuring has to be correct. there are many available financial institutions, but the structuring has to be done right, and return has to be done properly. more andt happening more often. i do think that infrastructure projects have a bright future. we were talking at the panel this morning that there are $57 trillion of investment needed infrastructure globally. if you had to that $80 trillion of expected investment in the real estate boom across the world, there is a lot of money the construction industry has to put to work. i'm going to ask you to hold on. we've got breaking news to
update our audience on. a hadhave noted, take out just come out saying it was not the source of the information that valeant would sell business to tekada. at 1:36 locald time here. 2.97%.ow, it is down just jump into my bloomberg terminal. you can see this huge edge down here from yesterday's cause and trading. investors are really selling off on takeda on this news that valeant pharmaceuticals was itsrested or is selling unit to takeda. that's according to people familiar with the matter, but takeda has come out saying it is
not the source, it is talking to many parties at any one time, and they will make a full disclosure if there is a deal. investors certainly, on this day, at least, selling off takeda shares. to you inging it back singapore. thank you for your patience as we talk about the potential growth for infrastructure there in china. you know, we talk about the slowdown. we talk about incredible infrastructure development and the investment we have seen from the pboc in the first half of the year. but there is a lot of concern they are going to hold off in the second half of the year. we have already seen property curves in some of the hottest markets here. three cities put in place. are these headwinds for potential growth in china? guest: our experience has been,
in the big cities of china, as far as real estate is concerned, things have slowed down this year, but we still see opportunity in other cities like kind on, where we still see a lot of opportunity for real estate projects as well as infrastructure. china is an interesting market for firms like meinhardt global engineering. typically, infrastructure projects get carried out by state and enterprises. but i see that as the market tightens, there is a work wire meant for global firms -- a requirement for global firms that bring more information to the table and participate. we see the market opening up, given the current circumstances in china. good day to very you, sir. there are stories overnight about the canadians. what you do is about
infrastructure spending. the prime minister of canada tried to set up a new infrastructure investment bank. yourwondering what perspective is from the global move on infrastructure spending. a move like this, do you welcome this? do you see other nations following suit? guest: we do. right here in asia, we see a lot of money being poured into infrastructure. we see a aib as a new addition to the field of infrastructure. in singapore, we have been spending a lot of time collaborating with chinese banks. billione set up a $90 agreement with us to finance infrastructure projects across the one red region. we see a lot of opportunity for infrastructure. typically, infrastructure basis problems at the start. when you're funding greenfield projects.
now with more multilateral banks we seeto the picture, that part of the business now being easier to punt. once the projects are constructed, we have institutions like insurance companies, sovereign wealth funds coming in to take out commercial banks and multilaterals at that stage. manus: omar, tell me this. in the u.k., we are waiting for the chancellor to consider what he will do in terms of infrastructure spending. how important is that in a world where brexit is taking shape and taking form? optimistic are you for u.k. infrastructure spending, and what would that mean to the marketplace? manus: omar, can you hear me,
sir? guest: yes, i can. hello?ust in the u.k., manus: hello, omar. it's manus in dubai. can you hear me? we've got one of these magic moments. guest: yes, i can. loud and clear. manus: amar, stay with us. we will get our communications sorted out, because we don't want to lose you. we will be back with him very shortly. infrastructure spending, what does it mean for the globe? the canadians are building an infrastructure bank. you want the answers? join angie lau and myself. ♪
dubai. three foreign banks are opening in tehran, according to the central bank vice governor. boost foreigng to investment after reaching an international sanctions deal last year, but european lenders have kept their distance. they fear they are breaching remaining u.s. sanctions. bank is said to have its best year advising in the middle east on deals back at least a decade. this as its new strategy in the region begins to pay off. it is now ranked as the top adviser on deals for the middle east, and africa targets so far this year. to dataccording compiled by bloomberg. it was unranked in last year's tables and have cracked the top five since 2009.
emirates says unauthorized thrown activity in your dubai international airport is disrupting thousands of passengers. airline says it has launched three drone incidents since june. one closed the airport for 80 minutes, diverging were delaying 22 flights. in september, 85 flights were delayed. emirates is encouraging authorities to take measures to discourage further incidents. let's get back to the nation builders conference in singapore. we've got the chief executive of the world's largest independent engineering firm. they bring in annual contracts worth more than $20 billion. the ceo joins us again. thank you so much for bearing with us. let's talk about the u.k. and mr. hammond, the chancellor. we are expecting and often statement. there is a great deal of expectation of infrastructure
spending. is it that the u.k. engages in infrastructure spending, and what would it mean for meinhardt? : well, we think the infrastructure news is welcome. i think at this point in time after the brexit, private investors are a bit more cautious about the u.k. think long-term fundamentals about the u.k. are still very robust, very sound, but i think doesncement like this raise the confidence of private investors to follow suit. we think that the u.k. infrastructure really propels the economy. .e think it is a positive move going forward, i think there will be a lot more private investment that can be raised, also from asia. do you think the demolition of the pound, the
reduced value of the pound will make it more interesting as an international destination for investors? absolutely. in fact, we are seeing that already. whatever worries people had about the brexit is being offset by the fact that the pound has become cheaper, more attractive for international investors. of our clients coming in talking to us, that they are interested in getting to the u.k. the markets, now people are more familiar. we see people looking beyond london to other cities in the u.k. yes, i agree with you. how much of it is this trend towards infrastructure spending to complement the monetary policy that has been happening for years now, and this cry globally that fiscal policy now needs to step up?
well, we were just talking about it in the panel this morning, that the world needs to spend something like $60 trillion on infrastructure. possibleot going to be by the government alone. this represents about 5% of the world's gdp. fiscal stimulus can only go so far. this has to be complemented by other money that is potentially available, and i talked about in a global sort of financial .nstitution, multilaterals all of them have to pay what they oh. all of that is worth $120 billion. in asia, if the infrastructure gap is a trillion dollars, if part of that $120 trillion can be deployed, i think it solves a lot of infrastructure issues or deficits that we have in asia, but also beyond.
manus: welcome back. theirok is set to report earnings after the u.s. bell rings wednesday. mark zuckerberg says he wants facebook to be a video-first company, as video helps few will the growth infuel mobile advertising. scarlet fu has more. scarlet: mark zuckerberg says he wants facebook to be a video first company as video helps to
fuel growth in mobile advertising. into facebook in today's "the numbers don't lie." growth is huge. you've got daily active users, the yellow bars, mobile monthly active users, and total monthly active users. that amounts to 1.7 billion at last count. mobile users are critical, of course, since facebook gets 84% of its advertising revenue from handheld devices. the company has worked from the -- has morphed into the owner of popular mobile apps, such as whatsapp and instagram. each of these has over a billion users except for instagram, which has half a billion. facebook is capitalizing on all these eyeballs as revenue rose. the metric for north america jumped almost 54%, while europe through 38%. facebook not immune from
controversy. last month, you will recall that the company overestimated the average viewing time for ads over the last couple of years. big brandss because are pouring at dollars online with almost half of all spending google andted to facebook alone. one specific area attracting money is instagram. facebook's photo sharing app is expected to see a surge in ad revenue you over the next few years. another potential driver is whatsapp. the number of people using message services globally may top 2 billion in 2018. itsbook has yet to monetize messaging platforms, but if a cracked the code on them, it sets to garner the largest messaging revenue around the world. potential streams of money allow facebook to ramp up its investment in more futuristic initiatives, such as virtual reality. we will break down facebook's earnings after tomorrow's u.s. closing stocks. on thishat is it for us
angie: i have an update on your stories. ae seeks to recover from selling scandal. prosecutors want to arrest her cut close friend close to the controversy. has namedminister a new finance minister for south korea. news washington post survey puts donald trump ahead 46% to 45%. thecrats have criticized surprise release of docu