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tv   Bloomberg Daybreak Asia  Bloomberg  January 12, 2017 7:00pm-8:01pm EST

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>> the dollar for its largest askly loss since november, investigators speculate the trump rally was overdone. near a $1at is set to billion with the u.s. over its bag faults. >> a weaker yen helps profits is not assales growth fast as investors would like. toand amazon announces plans add 100,000 u.s. jobs. hour ofis the second
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daybreak asia, coming to you live. it's just after 8:00 a.m. in hong kong. past 7 p.m. in new york. just a quick recap before we in asian markets. we ended lower here because of a lack of a clarity from donald his first press conference in six months. people were hoping for more fiscal policy, economic spending. but we didn't get much of anything. disappointed on that front but you certainly got the fireworks. ining a look at markets asia, we are seeing a similar trend with stocks, especially in the australian market. down about 6/10 of 1%. >> hey. let's start with a quick data on what heowing said. we did see a drop in u.s. stocks, ahead of three major earnings out tonight. the 10-year yield for treasuries, falling for the
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third time this week. as the dollar heads for its largest loss since november, we seeing yen shrink, holding below the 115 level. stanley saying the -- morgan stanley saying it doesn't in trouble. the dollar could remain intact fed policy remains on the radar. it was the first time since november that it was risen about year.far this taking a look at the asian open for japan and korea, we're going shaping up for's the day, check in on the nikkei, up about a 10th of a% there, after falling on tuesday and thursday. given the drag from the health trump'stor following down in the red. a percent.f
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take a look at some equity movers in asia so far. are seeing the likes of minors maintaining the rise, 2.5% there. keep an eye on what's going on entertainment. this, after we had announced a dividend. just a quick point on 1.3%.wealth bank, down commonwealth bank cut to with a, outperformed, target price of 89 a share. at so what we're looking far. >> sophia, thank you. watching fast be retailing shares. just started trading here. upre seeing a pop there, 2.4%. the company posted net income that jumped 45%. let's get more with our reporter, joining us live from tokyo right now.
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investors seem to be quite happy results.e >> actually, you know, it is what theess as investors has been expecting. a bad quarter a year ago, due to warm weather, and they increased price in their domestic market. but this year, they have learned and they are, you know, keeping price lower. they got more successful sales during the quarter. let's look at the chart up there, results now. are -- they, they results are recovering a lot, in income. net but when you look at the blue lines for sales, actually it is -- they haven't been able to momentum, as it august 2015.om they used to have more than 10% growth in the top line, every quarter.
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but now theyare -- this managed toey only grow 1.6%. obviously, it was an okay result retailing. but investors are expecting more from the company. >> if you're relying on cost cuts to increase sales, it's not sustainable. but what does this really mean for its business year ahead then? >> yeah. good point. know, there is real growth -- real growth always comes from top-line growth. right? so, you know, retailing this increase more to sales in the overseas market. stores,, their overseas they added 145 net stores this quarter. number more than 1,000 stores outside japan right now. part, compared with the market in japan, is really overseas. growth part for them is
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onliney can inprove the sales figure. they're really trying to, you know, improve their online sales. that's why they have made -- delivery system for a new warehouse in tokyo and well. the world as online store sales may have another boost. id that's the two things think worth watching for in this stock. >> all right. in tokyo.f, let's get the first word news with courtney. >> thanks so much. first up, anthony, the founder sky bridge capital, is set to have been named as assistant to trump.nt-elect donald it's believed he will take on the advisory role after being among trump's early supporters and a member of his transition team. sell hisen seeking to fund of hedge funds, in preparation for a possible white role.
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a c.e.o. asas named chairman. chandra, heown as has been the head of asia's exporter sincee 2009. during his tenure, shares have income hasle net fourfold. fiat chrysler shares plummeted after the company was accused of cheating on diesel admissions. the u.s. environmental protection agency said software was put in certain vehicles, them to exceed pollution limits. met all maker said it necessary regulatory requirements. this comes days after vw agreed $4.3 billion fine for its own emissions scandal. stairs of takata after the company is said to be close to reaching a settlement with u.s. justice department over
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its air bag scandal. up to $1eved a fine of billion could be announced as soon as friday. also faceaker may criminal charges after its devices were linked to at least deaths. global news, 24 hours a day, more than 2600 journalists and analysts in more countries. this is bloomberg. ♪ >> thanks very much. can janet yellen teach teachers and maybe even donald trump about the fed? thel find out shortly, as fed chair is holding a deliverde webinar to her message. you are looking at live pictures right now of her. she's onbe asked if board with three rate hikes this year. look.en is here with a >> well, you know, these are teachers of economics, of and my experience actually, especially when you who to college professors,
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coach teams of kids who compete in these big fed contests, get so into the fed and fed policies. actually, the more i think about not put it past them. it's interesting that she's talking about the mission of the med. fed, theture of the responsibilities of the fed. it's interesting at this is a nationwide, is because it seems to me this is part of an outreach. this is part of the fed saying, here's who we are. what we do. here's why we do it, because right now the fed feels like more than ever, are under attack in congress. donald trump has been critical. some people are talking about changing the structure of the fed. quiet janeter yellen way, she and other officials are saying, hey, wait a minute. this is a way to have an outreach to the public. if you put it in that context, that makes it all the more interesting. i think that janet yellen -- i not quiten she was named fed chair and she was competing with somers, the treasury secretary, people from -- who were there at park were coming up, go,
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janet! they were all for her. she really has, i think, some to people. it is a powerful thing that the fed is exercising now. strikes me that that's part of it. >> well, kathleen, we also heard speak this week as well. and the five fed presidents that spoke earlier really carried the when it comes to rate hike messaging. from how i interpret it, it's should weke, why hike, more so than why shouldn't we? about.'s what it's all the fed knows it's going to hike this year. last year, in time, they thought they were going to hike the rates four times. but they know this is what they agenda.the five bank presidents. let's give you some sense of the numberaid about of rate hikes this year. we had patrick harker, he's a voter. three is appropriate. he said that recently. yes, keep thed, policy focus on rate hikes. it's time to do it. at it. even hint
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charlie evans has said recently he's also a fed voter. he spoke today. two is possible. didn't really elaborate. if you have a terminal, jump in with me now. thateft-hand side, triangle of dots, the middle row, long one, that's six fed officials saying, given my view hoff the economy, i -- of the economy, i see three rate hikes in 2017. there's about a third that don't see that many. this is what we kind of already knew. jim bowler, president of st. louis fed, at the very says, no, rates should remain exceedingly low right now. stimulus, they talked about fed policy, uncertainty. we're seeing janet yellen talking about fed policies dwarfed by big structural factors like productivity. but this question of stimulus is very important, because if succeeds in cutting taxes, boosting spending, several speakers have said i'm
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not counting it into my forecast now but certainly it's an upside risk. think this is another possibility. i'm very interested, because staying on top of current events. this is what they do. they asked her the same difference will donald trump make? do you believe he's on the right track with his policies? looks like we're getting a nice round of applause. now we'll be waiting to hear she gets from her audience at that country in just speaking from washingt, she did mention she will not be speaking about fed policy. forl continue to watch lines coming out. breaking news right now. started trading. take a look at that! we are seeing the shares pop. 6.5% right now. this is surging after third quarter earnings did beat estimates. about the third quarter profit here. 42.1 of, a 3%, about billing and yen. that did beat expectations by billion yen from among
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the three analysts. we did, however, not get the top-line growth as we were talking about with fast retailing as well. 1.42 were falling 6% to trillion yen, pretty much in line with analysts. but the investors, at least today, they focused on that up about 6.3% for them this morning. pick forad, trump's secretary of state. he talks tough. we'll ask the, thinkmanagement why they commodities will continue to rally.
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>> you're watching bloomberg daybreak asia. >> a quick check on the latest business flash headlines. samsung, they are said to have made no comment as they left the
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prosecutor's office in seoul. they report the investigation is due to be expanded to other korean conglomerates, including next week. the major shareholders says it will sell its entire the country's biggest developer. they will sell to the company's second-largest shareholder. the deal offers temporary relief, which has been involved in a battle for control for more year. c.e.o. says his company's proposed merger with didn't come up when he met with donald trump. instead, he says the pair u.s.ed on jobs and making firms more globally competitive. the white house has typically arm's length from but-trust merger reviews,
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trump did say it wouldn't be approved by his administration. >> before we head to our next guest, let's talk about samsung right now. seeing shares falling from 2% in seoul. we are getting lines from the prosecutor from korea, viceg that samsung's chairman has returned home around 7:30 a.m. this morning. special prosecutor's spokesperson saying by phone here that lee had denied most allegations. following for the twopast days, he did undergo questioning. of we saw him running into the courthouse on thursday. of questionslot here of him being questioned as a suspect in this bribery investigation. really further deepening this influence pedaling scandal as we have seen rock the nation in korea as
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well. he has returned home this and the special prosecutor saying he has denied most of those allegations. we'll continue to watch that one. samsung shares still down 2%. let's check back with the broader markets with c.e.o., george, who joins us live from melbourne. we are seeing here kind of here.- losing steam can we see it's over? are we just seeing a bit of a ahead of inauguration day for trump? >> yeah. of profit hiking. obviously markets rally in anticipation of a number of things. rally.conditions of this fiscal stimulus. landscape, a new given the last five years with the sort of expectation that monetary policy takes. the potential fiscal stimulus, revised activity being hire. most people have global growth at 3.5. of that.he upper end
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anticipatione, in of all of that, the market rallied. the profit taking at the moment. the final point is it's truck a good backdrop for risk assets. go lower,markets can on a month to month basis, but thisar end, second half of year, a little more exuberance to those earnings. >> so it's like the animal reawakened, asen some have called this theme, george. been tracking some of the losses we have seen on wall street of late. we're seeing one of the best januaries in three years, i think, as we last checked. tosee yields continuing fall. the dollar kind of in this holding pattern. what are the implications for commodities? are we seeing enough momentum here to continue this rally,
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which has been quite remarkable? >> yes. look, it has been a remarkable commodities. let's just exaggerate, go back nine months. extraordinary event. a thing to highlight is this is a new structural framework. so commodities look weaker and they're going to be specific commodity issues. a structural commodity perspective, when you are variousat upgrades and grades of upgrades of economic upgrades,nd earnings it's supported for bulls and -- structurally, still a backdrop. while profit taking at the moment is warranted, the weaknesswe saw, the six months as well, behind us. there's a good backdrop, a good to evenr commodities reengage and rally in the second half of this year. precondition global upgrades come through, economic activity on the back of stimulus.ptom
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thethat framework takes expectation of possibly three hikes. of excess economic activity. commodities, high by year end. profit taking at the moment. they are cyclical. it's a good backdrop for '17 and ag activity in '18. depending on what you look at. to what degree is this going to risk, and how high is that threshold for asia pack? >> yeah. question. i mean, obviously energy and oil, many different dynamics and opec and non-opec members, et cetera. but this is the rub of it all. when you've got upgrades of stimulusd.p., fiscal expectations, if you have a spark of energy process in that
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framework, that is a true reflection trade. haven't really seen that in the past decade or so. processes spike as you're getting a burst of upward a good that's not scenario. but it's great for high cyclicals and materials and the like. so that is one of the risks. but there are many risks, of course. a separatehy that's factor. but the longevity of high energy process doesn't feel warranted, demand-supply dynamics but that doesn't mean they can't as g.d.p.'s reaccelerate year.me this lar you.ank george, thank you as well. we'll continue on with some of these breaking lines, we are of samsung and the special prosecutor in korea. after that 24-hour questioning vice chairman, lee, he has been sent home. moste has denied
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allegations. but the prosecutor now saying a requestare deciding for lee's arrest, either today or tomorrow. also, we have learned that this probe has widened to not just but now also other companies, according to the special prosecutor. so we have continued to watch of this case and how they are handling some of these things. seen a cozy we have relationship between the government as well as some of these conglomerates. seems not to be the case this around. we're going to watch those. here on bloomberg daybreak asia.
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>> welcome back. amazon has revealed plans to hire more than 10,000 people in the u.s. over the next 18 months. actually, that should be 100,000 in a move that could appease
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pushes forp as he companies to hire at home. let's bring in tech reporter, us from who joins seattle. speshes, is there a -- spencer, is there a concrete plan for jobs, or is this just a p.r. move ahead of trump's inauguration? think it's both. there's surely a concrete plan from amazon. this ifldn't be saying they didn't intend on doing this. bunch offiring a different directions from their cloud computing business to grocery ambitions to their video programming ambitions. gadgets, like their speaker.ivated echo but it's already a p.r. move in the sense that the president-elect, donald trump, has made jobs a very important part of his platform. hes targeted companies that thinks are not on board. so this is like a preemptive move by amazon to say, hey, a lot of jobs and be on trump's good side.
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of jobs and where these be? >> it's got headquarters in kind of so it's got all tech industry. workers here, working on its ecommerce business. this kind of brains of the operation. then around the country, it's got this vast network of orders arewhere fulfilled. they do the shopping for you. and they get it to your doorstep. they've got warehouses near all the big cities to store items them and pack them and then ship them to you once you order them. they also have their voice-activated platform. there's going to be attention on that. they've made programming a big part of their prime membership. watching videos, movies. even that kind of production is a big part of their overall company as well. >> thank you. joining us live from seattle. takata shareswith
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rising. are nearing this settlement. struggling japanese air bag find itself footing that $1 billion bill. details, next. this is bloomberg. ♪ >> 8:30 and sunny in
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singapore. just a half an hour away from the opening of trading there. of il sales out at apore also looking china trades this morning. >> you are watching asia."ak here's more from courtney collins. >> samsung's jay y. lee has eturned home after being questioned overnight in the samsung scandal. prosecutors say he denied most of the allegations and
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issue ion whether to an arrest warrant will need to be decided. it may expand to other conglomerates. 2.7% in tokyo after the owner saw a surge in quarterly profit. net income was up 45% in the three months to november. argely driven by cost cuts and the weaker yen boosting profitability overseas. he company says it intends to push costs down further and continue to expand internationally. >> we've been taking same strategy in china as with japan. fix our products at a low price and a special low weekend tactics. sales in south korea and taiwan are slowing but japan remains solid. data'll get the latest from china.rs.
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exports are expected to have hrunk 4% in december year-on-year compared to a smaller drop of 1.6% the hour, it ovement should give exporters some support. infrastructure spending in china continues to drive emand for commodities like copper and crude. and the f.b.i. is being handling ver its of the hillary clinton email investigation. he justice department will review whether appropriate procedures were followed during the initial probe and lso the reopening of the case just days before the presidential election. democrats believe that win, n helped trump with a former clinton the smacalling examination appropriate and necessary. >> obal news 24 hours a ay powered by more than 2,600 journalists and analysts in more than 120 countries.
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collins, in the bloomberg. >> courtney, thank you. time to see how asian arkets are shaping up so far this morning. we're getting a lot of of samsungws out and takata. what are you watching? >> a lot to take in specially coming out of japan. generally asian stocks under pressure and banks leading the drop following the wall ght fall in street banks that we saw. so in the region, shares in wellington, sydney and seoul, on the decline. equities on the rise, up a third of a percent. retailers leading gains on index. rising since the most in 2013. not a cheerful day for in the stocks pharma space. e have pharma dropping as much as 10% earlier. set for the biggest three day drop since listing in
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2012. this after healthcare company terminated its joint umn to develop and commercial lies the vaccine. $4 billion a impairment charge on this and samsung chairs under daysure snapping a five best falling below the share level, retreating from the high.s samsung the biggest drive. nintendo following 3.45% -- with the unveiling of the nintendo witch to compete with playstation 4 but the switch costs more and it remains to nintendo caner rejuvenate hardware sales with that device. that's what we're looking at for you today. >> thank you. talking about takata, we're eeing sales surging to the highest in more than a year is close lations to reaching a settlement with the u.s. justice
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department. up to aieved a fine billion dollars could be announced as soon as friday. let's go to our reporter joining us live from tokyo. good to see you. the significance ehind the timing of this settlement? >> right. for one thing. the u.s. department of to push outwant a lot of such settlements before the end of the administration, so that they can leave a leaner legacy list to the new administration. but from therspective of now a, the company is aiming to find a buyer by the end of this fiscal year, which is march. so that obviously remains -- one of thesly is iggest road blocks, blocking takata from finding final bidder for its business. with this it will have more clarity with potential
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about its liability on the road. >> what are the remaining issues here and how are they rogressing with finding that buyer? yes. takata basically wraps up the criminal part of the ongoing airbag crisis, but still a lot of remaining sony issues on takata's path for finding a buyer. major issues is the split of the huge recall costs. takata has to decide with automakers., some of the estimates has put -- analysts have put of the cost es to be over, well over one trillion yen. beyond what takata can absorb. ensure thehas to future stable supply of eplacement air bags with
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future buyers. now the takata airbag maker towards two companies which are auto lift, world's largest airbag safetyas well as key systems. if everything goes well, a may be made within this quarter. >> very soon. auto reporter jim reporting. much.s very here in the u.s. some of america's biggest banks are report fourth quarter earnings later today. here's a look at what to expect. we've got is j.p. morgan, banc of america and wells fargo and it will be all about the forecast here. let's go right to j. morgan chase because you had, in terms of stock was a very strong fourth quarter. in fact, j.p. morgan chase the me 23% since election. fourth quarter revenue and eps could rise 2% versus a say and analysts the outlook for business and deal activity entering 2017 key. be wall street firms in general are expected to post the
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biggest fourth quarter the ng haul since financial crisis as the election triggered a frenzy of global market activity reporting been on. fixed incomes dot-com be ing revenue seems to up 18% at five of the biggest investment banks. c.e.o. of the j.p. morgan chase, often ery outspoken, has been supportive of incoming president donald trump. he's praised trump's cabinet picks. and he's said he's "optimistic about the trump administration." we may hear more about that on the conference call. the big k that's key is the guidance, can realistic expectations and not derail what we've seen in the financials. about for banc of america and wells fargo? are we expecting much of the same? >> again, analysts expect to be a very strong quarter, particularly in trading. in fact, they consider this probably the best trading haul that we've seen since the financial crisis.
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et's go to banc of america because banc of america is seen to be the most -- interest rate sensitive larger peers. it's up 33% since the election and a lot of that has to do with the federal reserves comments but nterest rate hikes analysts see revenue going in 2017-2018. higher rates and lower costs keys to banc of america oosting its returns to investors. wells fargo up some 19% since the election. the least boost, if you from the trough in that chart, which was where the news of the fake hit, they candal are better than 23%. again, wells fargo, second by assets is putting an end to a very dark year. outragel and public because of the fake accounts scandal, the $180 million fine. caused investors to bail on the stock back in september. analysts say they need to
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reassure investors about their earnings potential. they are expected along with sector to come n with some fairly strong numbers. back to you. look forward to that coming up, a war of words. china takes on trump's pick secretary of state. tough talk on the south china sea. we'll have the details. this is bloomberg.
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>> you're watching "daybreak asia." hong ing to you from kong and new york. >> consumer prices in india lowest rate since november 2014. the world's most sweeping in ency policy change decades. december inflation came in just short of estimates at 3.4%. line with other data uggesting a slowdown since he prime minister's ban on denomination notes.
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increase pressure for stimulus measures in the country's budget next month. we're adjusting to the new year so we'll have to plays see how that out. good inflation numbers give us for maneuver. the question is, do they want to use that? >> casino stocks drive things lower. nvestors way whether the gaming forecast may be too high. with china and galaxy ntertainment among the biggest losers. they lowered its ratings on several casino operators and consensus estimates too aggressive as uncertainties remain over policy. apple is facing a consumer lawsuit over claims t tried to monopolize the market for iphone aps. the complaint originally filed back in to 11 said developers were banned from selling the software outside of apple's pp store in the six years to 2013. the proposed class-action
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was revived by federal appeals court in san after it was earlier dismissed by a lower court judge. to e has declined comment on that decision. back na is pushing against comments made by u.s. secretary of state nominee rex tillerson who at his ators confirmation hearing that beijing should be restricted in accessing islands the south china sea. let's hear more on that. china this rom morning. >> from the state media. again, i have to hold up this picture. editorializing in the as well.ection put up your 50's. of mr. trump. we talked yesterday about on the ents he made south china sea. should not be allowed to eclaim more land in the seas and also weaponize the islands. xpectedly china is not taking too kindly to these
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comments. --te media has been more how should i say it -- outspoken than the foreign spokesperson who regurgitated the old lines has a you know, china right to its own sovereignty, land, et cetera. got tate media, you've to love them because it's the propaganda arm but again, it is the mouthpiece basically te and saying those comments from rex tillerson would be abouted up-- acted upon and set up world a deadly confrontation. maybe we shouldn't joke because this is getting serious the comments according to this editorial this morning re not worth taking seriously because they are a mishmash of naivete, shortsightedness, and unrealistic political fantasies. not mincing too many words. global times, another state media outlet, tillerson's comments far professional, and that the united states has no
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powers to dominate the south china sea. they are ramping up the propaganda machine there. had retired marine eneral james mattis, nicknamed mad dog, by the way, he had his capitol hill confirmation hearings overnight. bit more ittle measured than mr. tillerson on the south china sea. to say.hat he had >> international waters are international waters and to figure out how do we deal withholding on to the kind of rules that we've over many years that led to the prospity for many nations. ours.st for >> now, neither mattis nor tillerson offered solutions as to how they would stop china from taking those actions in the south china sea. malcolm davis of the australian strategic policy institute says this. going to war with china, there is nothing the americans can do. so very pointed there. he says this sort of
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off-the-cuff remark by akin to a s tweet. fire.ours fuel on the he likened china's expansion sea like th china russia taking crimea. >> that's all about china flip en we have to over to russia. we just heard from defense secretary mattis. we've had confirmation hearings for trump's choice director. neither appear to be in lock step with the president-elect. > yeah, especially on the russia issue, because you can see both of these entlemen, mattis and also pompeo, the designate to be director, assuaging the obvious concerns that trump is a bit too chummy with kremlin. so taking a harder line with than trump. mattis says russia is a strategic competitor and
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u.s. and russia will find common ground. that echos what john mccain has said that russia will partner.our then we also had tillerson esterday calling russia danger to the united states, and then c.i.a. nominee mike statement before his hearing today said russia has reasserted itself aggressively invading and occupying ukraine, threatening europe, and nothing to aid in the destruction of isis. and on those hacking claims, that the united states has against russia, this is what director designate had to say. >> this is very real. it's growing, it's not new in that sense. but this was an aggressive action taken by the senior leadership inside of russia nd america has an obligation and the c.i.a. has part of that obligation to protect that information. yes, a bit of a rebuff against mr. trump's views on ussia but again, we're just -- we're not sure if ny of this is policy or
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just posturing. >> we're starting to see a little bit of teeth in terms nominees and designates. up next, takata names its top man. conglomeratest chooses from within to lead them past recent controversies. details next. this is bloomberg.
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"daybreak watching asia." >> let's take a look at some morning.s this japan has pledged an almost $9 million boost to business
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philippines over the next five years offering official development assistance and private investment. the announcement was made as the prime minister kick off asia and ast australia tour by meeting the philippine president. trade and on regional security. including the south china sea dispute. japan philippines and have a shared interest in keeping our borders safe and secure from the threat of kind. >> the republicans took first step toward -- dismantling obama may get delayed with many policymakers oncerned about taking this step without details of a eventual replacement. >> president obama has honored his vice president bide within e the presidential medal of freedom in a surprise
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ceremony at the white house. biden wiped away tears as he accepted the nation's highest civilian honor he had "no inkling he would receive that medal." the president said he's the has had and his honest counsel made him a chief.commander in >> coming up in the next few hours. an hour got about we inutes to go before star talking to the luxembourg finance ministe he'll be talking to us about of course, of brexit. is it a lose-lose situation. suck ay the you can the most to lose but there is a growing sense that perhaps the european e.u. to lose.a lot and some comments coming out that they could actually have more to lose with leaving the e.u. we're also looking at the impact of a donald trump e.u. and on the more protectionism, what it means if it does happen for
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bloc as well. moving on to china trade data as well, that's coming out in just about an hour five minutes or thereabouts. slated to come out. it can come out a bit later. sense ould give us a of what's going on with domestic demand. on top of that, the state of he global economy as well, so that's out of that stage and getting into the as soon as those numbers break. a look atthat is, robots. probably fake eggs in china and robots are being used to actually, well, guard the chickens coup, as it were. details e you more on that. that story we've got coming now.n 55 minutes from >> poultry police, i love that story. thanks so much. we'll see you soon. is over.h the group has finally named replacement for oust ed
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chosen one has of its nome to head up the entire empire. here's the story for from us singapore. now?, who is the one >> yep, search is over. it's almost as if we make it seem like a talent contest. anyway, one job is off it's the and current boss of tca. tata consultant services, group gest business tats. he's been elevated to head the parent company. e was recommended unanimously by the selection panel. so, let's take a look. he's been with the company least with the group for about 30 years. he joined in 187. c.e.o. since 2009. during the time we saw rofits quadruple, stock price obviously really outperforming the broader
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bench market in india. know, you look at the statement, he was described as a life. now, he also sits on the as you can see there, of the india central bank. that's that. he's being elevated from tcs. just to mention this as well, some of the other the current cfo will be, he's been in the ob, he'll be promoted to c.e.o. and we're also talking to current vice president. be taking e'll coo of president and tcs. we have officially those officially on the 21st of february. > david, as he takes over, what are his immediate challenges here? well, i mean, it's restoring a sense of normalcy. sending a very strong signal. not just to the market but the stake holders that they put this to to rest or at least all of
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these controversies the ouster. said, at being though, let's keep in mind court. so things are bound to come up. what a lot of people want to really how they address, you know, these claims from mr. mystery that what, $17y faces, billion in writedowns, or as -- it all comes back to this governance issue. lack of it, e if any, does -- sit holding getting a real, i guess assessment of the thesealue of a lot of companies or these legacy companies or legacy units as mystery with you pointing out. as a potential investor, for these , for a lot of funds, they are looking at this and saying, if we're looking at this as $17 don't know. we want to get some clarity. on top of that he's going to
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of the most massive conglomerates globally. we're talking over a hundred units, s, business in over six continents. good luck. i guess. it.they will need >> dave, thanks very much. >> that's it from us, with plenty more still to come. with you leave some life pictures here of yellen r janet continuing her webinar town hall. she's said fed policy is dwarfed by other factors. don't just look at them, she says, look at the u.s. productivity. he's also saying she's not going to comments on fed policy but we know from the at there are three 2017. slated for >> yeah. also, lines coming out of samsung. off some of the lows but still down 2.5% after he special prosecutor in they are wining this probe to chaebol as well.
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midday in sydney. 8:00 in the evening on city.day in new york coming to you from bloomberg's asia headquarters in hong kong. bloomberg markets asia. prosecutors consider

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