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tv   Bloomberg Daybreak Asia  Bloomberg  June 26, 2017 7:00pm-9:01pm EDT

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anchor: asia-pacific markets look set for a quiet day after the tech selloff resumed in new york. concerned about the pace of u.s. growth. says inpresident trump your must do more to open a way for u.s. exports. anchor: the supreme court saying travelers must provide bona fide ties to the united states. anchor: takata's big customer --
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they will pay most of the cost of the costs. a $5 billion hit. we have the world covered here on daybreak asia. we will be live in new delhi with reaction on prime minister modi's meeting in washington. betty: we are watching the latest on the travel ban ruling as well as the latest on the health care bill. with the new version, -- and what the new version says. , am betty liu in new york where it is just after 7:00 p.m. yvonne: it is just after 7:00 a.m. in hong kong. we are going to be staying on top of takata and is bankruptcy. we will here about the stock. howt of questions here on bondholders, the carmakers, are going to be repaid through this entire process and where does takata go from here? of questions to ask after
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that $1.6 billion sale of takata core assets. we have the ceo in just a couple minutes time. betty: that exclusive interview. cannot wait to discuss all of those issues, yvonne, that you just outlined. more ahead on daybreak asia including a closer look at the meeting between president trump modi of india. with the deals mean between the two and what is likely left on the table they need to resolve. much of that having to do with the its one b visa and trade. h-1be going to be -- the visa and trade. how it is inis asia at the moment. slow going in new zealand for the -- we are down about .1%.
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australia, we had an interesting seriousness with gold overnight. at onevolume spike and point, the prices fell just 1.6% in a minute, so a little bit of recovery, but want to watch through the australia session. the aussie not doing much. futures pointed to pretty much nowhere for the essex 200 today. -- the asx 200 today. unchanged for dollar-yen. that has been the theme for the whole week. futures pointing higher. expecting a 90 point gain at the open when it comes to the nikkei 225, up about 1/10 of 1% on monday. what we are expecting the region softer data out of the u.s. that set the tone. betty: that was worse than what economists had estimated at it meant the markets ended mixed.
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we saw them taking a brunt of that. francis and utilities, those sensors gaining in today's trade. i want to get'tis su keenan, who has more on the trade today in wall street. keenan,t to get to su who has more on trade today wall street. su: we had a surge in the afternoon and mainly some positives on the screen. a little green. you see red on the nasdaq, but what is important him and nasdaq 100, it has recouped two thirds of its recent selloff. the big movers, spotlight stocks. big moves. rite aid gained by almost .3% as an unnamed antitrust attorney indicated that the walgreens deal might get approved. nicely is high for the year. we reported yesterday that they took of three point $5 billion
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stake and he is looking to make strategic changes. alphabet does a deal with avis. everyone is jumping in on that one. tesla was lower. left out of the party. let us go to the bloomberg at btv # 410. the attackde -- trade has been wide. look at the top box. that white line is the msi all caps eworld infotech index, 30 day volatility. right where the circle is and you see a huge spike in the whit.
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the lower box shows the spread between the next is. pailhas been the wild swinging around. so we thought it lower in treasury yields as well as the dollar. softer data when it came to factory activity. what is the story there? su: this is closely watched because the durable goods -- that a lot of companies by -- an indication. that was not only more than twice the rate forecast, but the most in 18 months. big negative surprise here for these long-lasting factory goods. a key category. most of the bad news was concentrated in the civil and military aircraft categories. we did have a little bit of an uptick in transportation, so that is a slightly better story. this week, we have a couple of reports coming out. what is interesting is that they include housing, employment, a.c.t. manufacturing, and inflation. want to know how inflation is doing?
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let us look at global inflation. take a look here. this is showing you a brief burst of inflation on the global front. what we are looking at here is the economy year-over-year calculation on the most recent cpi. the bottom panel is the surprise index. he see a big drop lower on each of these indexes. the negative rating means inflation has been lower than expected. is it going to rise? that is a real big question. we are seeing bursts along the continuum, but not in the place we are right now. su keenan, thank you, with the wrap up on wall street. first word news with alisa parenti. warnedident trump has the indian prime minister that his country must do more to reduce obstacles to exports. they had a joint public appearance.
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trump said the two countries must have a trading relationship that is fair and reciprocal with barry is removed. >> and our conversations today, president trump and i have discussed all dimensions of the end yeah-u.s. relations. those nations are committed to a e that willrchitectura take our strategic partnership to new heights. alisa: carmakers fear they will end up shouldering most of the costs to replace takata's lethal airbags. yoda -- toyota and honda say they face exposure for which they are unlikely to be reimbursed. the author bed maker is owned by china's group. u.k. prime minister, theresa may, is being accused of jeopardizing peace in northern ireland by reaching a deal with the protestant group to shore up
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minority government 18 days after the election. the democratic unionist party is ready to support her conservatives at westminster. it includes a billion pounds at west providence denounced by leaders in wales and scotland. the prime minister gave details whohe rights that citizens live in the u.k. post-brexit. that failed to convince brussels. barnier -- michel says more assurances are needed. may insists her offer is fair and serious. i want to reassure people that under these plans, and a citizen in the u.k. lawfully will be asked to leave at the point the u.k. leaves that you -- the e.u. we wanted to stay. alisa: in more than 120
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countries, this is bloomberg. anchor: all right, while the u.s. supreme court handing president trump a partial victory on his controversial travel ban. the justices voted unanimously to allow a limited version to go and affect. joining us now to discuss that ruling is lori asil. narrowerore about this interpretation of the travel ban and of course, what people have been zoning in on, the bona fide ties to the amended dates and what that means. >> what the court said is that for now at least, the government can ban anyone who does not have some sort of relationship with the u.s.. that meaning a job or relative or being admitted to attend a university. people who have that type of relationship can enter the u.s.. also, three justices, clarence neil gorsuch, said
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they would have voted to let the entire band take effect. betty: from now until the hearing in october, what happened exactly? laurie: as the court said, this partial ban will be in effect. it is supposed to be a 90 day ban. the government is intending to do a review of its vetting procedures during that time and decide whether some change must be made. yvonne: we did get that cbs score of the senate health care bill as well. we will dive into that later. tell us what you are hearing from congress so far, in particular, the three republican senators who oppose this health care bill. aurie: right, we just moved headline saying three republican senators plan to vote against bringing this bill up for debate this week. the three are susan collins of maine and dean of nevada, who
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expressed concerns about the cuts the bill would make and medicare. the third one is rand paul of kentucky. his argument is that the health care bill does not go far enough to repeal obamacare. that is putting mitch mcconnell and a bit of a spot because he is having to find a way to appeal to people on both ends of the spectrum rather than just please one side. anchor: and as the congressional budget office, their score on the bill, going to sway it in anyway? when we saw that people were uninsured by 2026, it is one million less in the house bill. can you call that an improvement? laurie: the cbo said by the next decade, fewer people will have insurance that may would under the affordable care act. i know collins said earlier today that that is problematic.
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that is the score people were waiting for. most likely, people supporting the bill were hoping that number would be lower. asseo, thank you. more later on in the program with michelle from the center for american progress. betty: up next, we are going to hear from takata's new owner. how key safety systems is this deal playing out. this is bloomberg. ♪
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yvonne: we are counting your down to asia's first major market open the 20. japan's tutors were up about 60, but we have not seen a whole lot of fireworks. of the summer.l looking ahead to takata. that is supposed to start later on in the u.s., later on here today. this is daybreak asia.
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i am yvonne man in hong kong. betty: i am betty liu in new york, and as she mentioned, takata, and remaining -- remaining suspended today. to sell its business to key safety systems. complete this deal in the first quarter of next year. automakers may end up shouldering most of the cost of takata's lethal products, the airbags, faulty airbags. joining us now almost line for michigan is key safety systems cfo joe perkins, in this exclusive interview. thank you so much for joining us. joe: thank you as well. i appreciate you having us on today. this is an important time for the industry. anchor: absolutely one of the biggest corporate takeovers of a japanese manufacturing company that you are right in the center of. first off, we heard some of the details of the acquisition, the
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movement of the headquarters, the non-closure i guess you could say of japanese plants. what about some of the executives? are you going to absorb any of the takata executive? will you be absorbing kss in this acquisition? joe: some of those details, we will work out as you go through the integration process. our communication has been very clear, consistent, that our plan is to take substantially all of the employees from takata. management talent and we view them as having a very strong and dedicated workforce, all of which we very much value. a very robust listening session with the takata team as we work to our integration plan. although we do not have specific
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details yet, we plan to take substantially all of the work force including much of the leadership team. betty: the central issue here is , who is going to pay for some of these liabilities, massive liabilities, by takata? shielded by this. how confident are you that you're going to be shielded by any repercussions from this recall? joe: good crush him. i mean, look, this has been a very dynamic process. our intent in this deal has been to ensure that we ar architect and industry solution to protect supply of our valued customer base. we have similar customers between product safety and takata. in doing the deal, structuring, which has been a complex process, we have insured the transaction structure results in perfection for the new company.
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it is critical in the context of maintaining supply for our customers that we have a sound structure that protects the new company going forward and we are very confident of that. anchor: can you tell me, given takata's troubles, how much has your business actually been helped by what happened at takata? give me a sense of the financial position of kss. were their direct benefits to seeing clearly the implosion at the bottom? joe: well, you know, just to that,ore context, around we see this as a merger of two very strong companies, combining the strengths of both. we are interested in their management talent. they have a very dedicated workforce. declined,usiness has we benefited from some of that. ss is a very strong,
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growing organization on its own. as we bring these companies together, our goal is to take the best of both. we will be listening to our new takata colleagues, and developing a detailed integration plan. in the end, the result will be a strong global player focused on serving our customers with great delivery, great quality, great technology. this is a very nice complementary fit. it will position the combined company for very strong glue growth -- strong growth. yvonne: do you think you have overpaid for this business? chinese companies tend to have a bit of a premium when it comes to buying technology outside of the country. why wiki safety systems pay such a high premium for takata, looking at a loss of ¥80 billion. where do you see the potential? >> look, we have been through a very rigorous global process.
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we have assessed valuation of the country very strategically and assessed other factors like strategic fit. certainty of closing and numerous other factors. in the end, we have come up with a value we think is very fair, indicative of where we see the overall valuation of the country -- the company. we do not see ourselves as paying a premium. we are comfortable with where we are at sue a diligent process that had left it almost one year. anchor: just show quickly, will you stop using the takata brand for all your products, and what? joe: good question. have yethe decision we to conclude on. in the end, the most important thing is to unify the companies logo.a safety some of these marketing topics
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in branding decisions, those are items we are going to decide in the integration process. we are very focused currently on ensuring that we get to signing a definitive agreement over the next couple of weeks and we will be focusing on those integration plans, branding and marketing, and we will get into that here in the next month or so. anchor: i'm curious. i know that it is the early stages right now, as you mentioned. an agreement to shield your investors and company from any liability, legal and otherwise from this recall, but what could -- as you look out at the first quarter -- what could cause a wrinkle in this deal? if so, what happens? joe: right. i do not anticipate
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any wrinkle. rigorousad a diligent process and are comfortable with respect to the asset we intend to buy. to solve a very significant industry issue. we do not think this lightly. this is more than just a deal to us. this is something we want to solve. we produce a safety product. takata has been through significant hard times. we need to protect the safety of the public. we protect ourre customer base through production of supplies. we went into this knowing what we needed to a conversation on this industry issue. that is what we intend to do. yvonne: we have got about 30 seconds left. what is the planned for producing inflator's for the new company?
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have you been expanding supply now that takata will no longer be producing this? joe: good question. as i said before, safety is growing significantly. that, we haveh been expending our own inflator capacity. we merge the two companies. we continue our strong third-party supplier with a valued supplier was ourselves and takata. we continue to leverage that important relationship as well. anchor: joe perkins, appreciate the time. on the phonestems from michigan. breaking news out of brazil at the moment. the president has been charged with corruption according to a global report by the prosecutor general. report,after the police accusing temer of obstruction of
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justice. he has denied the accusations, but the charges need to be approved by two thirds of the lower house to proceed. we'll have much more, coming ahead. stay with us on daybreak asia. this is bloomberg. ♪
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anchor: a quick check of the latest business flash headlines. the final announcement of the sale of toshiba's chip unit may be delayed. toshiba had hoped to finalize the deal by wednesday, but sources say the buyers are conducting due diligence and are in no hurry to close. the arrangement could yet change depending on western digital, which is contesting the sale. the rally enjoyed by this company is underlying the disconnect. shares jumped by a 10%
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daily limit at the close, bringing the rally to 26%. developers shares of have risen by 5% and are now at a tony
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yvonne: taking a live look out of victoria harbour this morning. it pretty clear day out there. fingers crossed we don't get any rain. no doubt we could see distance over the next couple of days or so. betty. betty: indeed. no rain here. it is 7:30 p.m. monday evening in new york. onkets are closing, flattish the s&p. further declines in the nasdaq shares. i am betty liu in new york. yvonne: i am yvonne man in hong kong. you are watching daybreak asia p first word news with lisa
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parenti. lisa: president trump says the supreme court's partial review of his travel ban is a clear victory for national security. they said it had gone too far by blocking the 90 day band. people will be banned unless a genuinehow relationship with a person or entity in the united states. the court will consider whether the executive order is constitutional. results president michel temer has been charged with -- brazil's president michel temer has been charged. in the car caught up wash. he denies wrongdoing and said on monday than of the could destroy his -- that nothing could destroy his government. italy says it will not have to save anymore banks after the last-minute rescue of two
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lenders over the weekend. pierre carlo reject did that this is the intervention that regulators were trying to prevent. ,e insisted it is not a bailout but within you rules and will be the last -- within e.u. rules and will be the last one. >> we are only considering as i have said cases in which this with newin theory cases. we do not expect new cases to come out. alisa: hong kong's exports missed estimates in may, rising 4% on the year against economist expectations of an almost a percent jump. .7% in april. imports jumped 6.6% on the year, with a trade deficit. that is bigger than anticipated.
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news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. anchor: it looks like we are going to get a slightly higher asia after the mixed session we saw on wall street. reporter adam haigh in sydney with more on what to watch. msl authentec, that gained momentum that we saw in the u.s.. is that going to be a worry in asia? now, youh, i think for know, asian tech looks ok. closing at ag record yesterday. there is plenty of buybacks for that company. it is not a huge selloff. in the u.s. session, we did open fairly high. .5% on the s&p 500. about this point in the open.
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i think elsewhere, interesting to see that the u.s. 10 year treasury yield is around the 2.13 level. will be interesting hearing janet yellen. i think people will be focused on that tuesday morning in europe because with the bond markets where they are and given the u.s. durable goods number overnight, it was a bit of a mess. to thes play in argument that the fed is walking them into a policy era. that is a topic up for much discussion lately. let us wait to hear what yellen says in terms of policy. we have the european central bank room and big central bankers including kuroda from the boj. we will be looking at those pretty closely. anchor: the central bank bigwigs e.l ther we also talk a lot about the explosion of popularity when it
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comes to the etf showing no signs of slowing in the u.s.. goldman saying most of that growth is coming from overseas. indeed, yvonne. i think it is pretty well encapsulated if we bring up this terminal chart here on the bloomberg. just how muchg us of a year 2017 is shaping up to predictions, they to be purchases of etf more than 2015 and 2016 combined. they expect things to tell of a little bit in the second half of this year. they say that indeed the demand is coming from overseas buyers coming into the u.s. etf's, and that maybe he'd a little bit of the deficit continues to mount around the trump administration's ability to deliver favorable economic willies in the u.s., so it be closely watched i think in terms of the next few months and
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how we see this purchases progressing, but certainly, just no shortage of people wanting to get into this asset class. we reported extensively on how much of a boom it has been. that shows no signs of abating as of yet. anchor: thank you. , they willith takata have to end up shouldering most of the cost of the bankruptcy with toyota and honda. they fear a bill of around $5 billion. takata is selling its business to key safety systems for 1.6 billion dollars, vastly less than the $10 billion in the claims and liabilities. discussing all of that now with robert, at the university of southern california. professor, thank you for joining us. a lot of people impacted by this just be on the secured creditors. the most obvious that comes to mind are going to be the victims of the takata crisis and the cases as well as the customers
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and car manufacturers. as we look at the bankruptcy proceedings, how likely do you think each group will be compensated? robert: $1,000,000,006 seems a lot of dollars. the first $850 billion is going atgo to the restitution fund takata agreed to fund in selling the criminal liability. that is going to leave you may be another $700 million and that will go first to the priority claimants. up goingthat will end back to the carmakers, so at the theof the day, i think lion's share will go to the carmakers. the victims are going to end up probably still pursuing their remedies against the carmakers
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themselves. yvonne: right. is there a way that these claimants can climb up the priority ladder? know you her the likes of honda and toyota, there are going to be provisions of this. i they sitting ducks? robert: an american law, when you are a tort claim and, you come after the secured lenders and priority claims. they are down there near the bottom. anchor: it only seems to be the case, which is very unfortunate. if you take a look at the human side of all of this. robert, how long do you think this could drive on for now? you have the end of the chapter with the bankruptcy proceedings. moving forward, could this drag on for some time? robert: from what i understand, they are going to go out and wind that up i 2020. as then, dividing up the assets , you hopeeft from kss
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it goes quickly. we have seen some cases drag on for years. given that the biggest claimants here are really the car manufacturers, they are probably able to wind it up relatively thin, at least in bankruptcy terms. betty: professor, i am kind of curious a little bit about this case. it has been so unusual. you coulde closest say is the case that a similar -- in terms of the complexity to this bankruptcy proceeding? robert: the sands one of the more complex cases because they are trying to buy a worldwide company. that is what makes this very complex. this to use general motors. general motors is easier by comparison because they are able to do that solely in american big live feed proceedings. here, they are trying to thread the needle. iny are having a proceeding the united states, in japan, and
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trying to grab up all the other takata assets scattered across the globe. anchor: before we go, i'm curious. we just had this conversation ofh joe pertinent come cfo key safety systems. he says he values the talent at takata and they will be bringing over pretty much all of the people, the management. how much of a risk is that? because when you imagine there's going to be more and more lawsuits, perhaps, are those executives shielded from that? and do they have any kind of liability when they bring on some of the senior managers from takata? robert: at least for the american perspective, i think are structuring this transaction wall to give them a good level of comfort and they are not going to get any of the liabilities. going to put one point is billion dollars on the table and that will be divvied up to
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give to the claimants. kss has going forward, structured this will to inflate themselves as much as possible. yvonne: as legally ironclad as possible. much for joining us, professor at the university of southern california, on this takata ongoing story, bankruptcy proceedings. let us get back to the meeting between president trump, welcoming india's prime minister. security helping the agenda. ramy inocencio has the person who trump called a true friend. >> they are trying to find out if he is a true friend. it is interesting because so far, what we are seeing, as they are sticking to the script we all expected. commonssues of shared interest, democratic values. with defense, we are seeing if
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there are going to be a couple deals that might drop, another ofl with the production f-16s that would move them from the united states production and india. india to himself wants buy as much american goods as possible and he really hit home this point earlier when he spoke to the press at the rose gardens. take a look. forward to: i look working with you mr. prime minister to create jobs in our countries, to grow our economy, and to create a trading relationship that is fair and reciprocal. it is important that various be removed to the export of u.s. goods into your markets and we reduce our trade deficit with your country. hop: on the trade deficit, into the bloomberg with me. i want to show you g #btv -- what you are seeing in red is basically the growing trade deficit between india and the united states.
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1.7, nearly $128 billion in our most recent quarter. red you see, the more on the deficit. the top exports to india include precious metals, machinery, agriculture, and mr. trump did tell mr. modi that he was pleased that india is going to buy some 100 new american plans, potentially many going to india's jet. he wants india to sign a deal to buy american natural gas. he jokes -- let's be honest, he wasn't joking. he wants to get the price up on that before he said yes. defense technology seems to be the area of common ground. what can we expect when it comes to what each country can deliver at the end of the day? ramy: we are looking ahead to things that fly, things that , and things that shoot. with general thomas, what you're seeing is one of the drones that
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san diego-based general thomas makes. there is news here that 22 guardian drones will be bought by india and the f-16 joint production with the us for potential of some $15 billion for the region. we have to wait because the official news has not yet dropped. in their dinner. a few hours yet until mr. modi has to take off from washington. anchor: ramy inocencio, thank you. we will talk more about treasure in -- about president trump travel ban. the fallout, just ahead. this is bloomberg. ♪
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anchor: we are looking outside of so give this morning. counting down to asia's first major market open. futures firmer, up .5%. this is daybreak asia. i am yvonne man in hong kong.
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betty: a little more gain in tokyo. i am betty liu in new york. one of the top stories in the yards, the supreme court clearing much of president trump travel ban to take effect this week, and agreed to hear the argument in the fall. the decision gives the president at least partial vindication for his claim of sweeping power over the nation's borders. let us bring in michelle, the vice president at the center for american progress, where she covers legal issues. she joins us from washington. michelle, tell us -- in your best legal expertise and advice -- how do you interpret this, you know, this term, "bona fide ties to the u.s." what is legal entry and what is not? >> what we see with the decision october, we will see a showdown between presidential power and quite frankly, religious discrimination.
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the narrow provision, bona fide connections to someone in the u.s., means any person or entity that knows someone that has a family member, a relative, but it could mean, and there are many advocates who are going to look to this, refugee into the organization, so if you have a connection to them, you are allowed to enter. there are many people who see this as a narrow decision. and are calling on the administration and many others to have the broadest interpretation possible, and one of the reasons we say that is there is a two plus year vetting process for many individuals who come to this program. women, fathers, parents, students, fleeing from the most -- from horrors we cannot even imagine any countries. having a connection to the united states often happens with working with different agencies. a numberhere will be
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of people allowed in even under this order. betty: does that make this travel ban ineffective or more effective? michele: you know, that is the great question, but i think one of the things we find with this travel ban is, listen, if we go back to the words of the president, he wanted a muslim ban in this country. what the supreme court is going to have to ask itself, and what you saw lower courts all over the country speak to, it does is itxecutive order -- based on religious discrimination, and if? is it narrowly tailored to meet our national security needs? you had other appellate courts saying this was too broad. that is what we are going to see the showdown, is run to be about in october. this is just one step to get us closer to that point, and we will hear the oral arguments
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later on in the year. yvonne: michelle, what happens in the meantime? this is a temporary ninety-day band. the hearing is not until the fall. could that impact the arguments on both sides? michele: it will impact the argument. something that is interesting about the decision today, you he --stus gorsuch, justice thomas and justice alito joined together -- they would have the fall dan stay in place --. there were ban stay in place. they looked to justice gorsuch. that is very clear based on the decision today that that was not the case. this is step one. we are optimistic. many advocates and organizations look at this and say the supreme of octoberhe ability to say that this is a discriminatory ban based on language and religious animus and must be struck down.
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betty: i think you bring up a great point. this may be one of the first rulings we are hearing from justice corsets. look at thisf you as a proxy to how the justices and particularly gorsuch, how they are going to roll on other issues? michele: i found it so fascinating for those of us that our court watchers. when you look at justice corsets, he is going with justice thomas, who many consider to be the most conservative justice. when you think about where the ideological balance is of the court, when you think about the fact that many people said justice corsets was going to be -- gorsuch was going to be a moderate, the truth is not demonstrating that. when you look at many of the cases around religious discrimination and gerrymandering, you will begin to see that he is of course in
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the conservative bloc. said were many people who that during his confirmation period, people are going to believe it, but he is showing you who he is. anchor: absolutely. before we let you go, we just broke these lines a couple of hours ago about three gop senators opposing this health-care bill, saying that should be enough to block it. your response to that, and with the cbo score, which sends a message that there is improvement from what we saw from the house bill, when one million people left that would be uninsured, will it have much sway? i worked in the senate for many years, and the cbo score often times was the make or break question for your bill. and when you look at this cbo damaging.t is you saw others like gop senator susan collins saying that it was troubling. i hope that that would give
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of theo read at the end day, we are talking about 22 million americans who will lose coverage. there are countless stories of mothers, young people, older americans. americans inder nursing homes rely on medicaid, which is severely cut in this bill. i am hoping the cbo score, as these numbers continue to show that how many americans will be heard, that will give pause to members on the hill. jawando, thank you very much. joining us live from d.c. you can get a roundup up of the stories in today's edition of daybreak. go to dayb under terminals. it is available on a smart phone in the bloomberg anywhere app security can customize your settings and only look at the news, assets, and industry you care about. be sure to check it out. dayb . this is bloomberg. ♪
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betty: this is daybreak asia. i am betty liu in new york. i am yvonne man and hong kong bureau north american insurers hunting for yield, turning to australia. resulted in a jump in all the countries barring from the u.s. private bond market. ruth.rom we flew -- from what is prompting insurers to lead more to companies outside of the u.s.? insurers are some of the most conservative investors around the world. their money is tied up in fixed income or bonds, but they aregot around -- yielding less than 1%. you are seeing a lot of incomes being squeezed. for life insurance, they have to
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broaden the horizons and as a result, the private bond market is one where you can get more of that. betty: but why do they like us drilling companies? ruth: -- why do they like australian companies? ruth: it has a stable economy, a really good regulator. businesses function very well. they like the diversity that australian companies provide to their portfolio. really proves to be a good proposition for them. anchor: what are some of the risks when it comes to run into aussie companies in the private bond market? ruth: it is important to recognize the fact that aussie companies can cap public bond markets but choose to do the deals with big insurance for example to secure longer data debt.
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you have got the risk from holding onto debt technically longer in nature and liquidity debt. coming from anchor: ♪
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asia pacific markets look set for a quiet start. there is concern about the pace of years growth. think takata's customer they will pay most of the cost of the lethal airbags. they will take a $5 billion hit area yvonne: brazil's widening corruption scandals widens. salutingesident trump
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india as a true friend of america. yvonne: this is the second hour of "daybreak asia." it is just after 8:00 a.m. in hong kong. betty: is just after 8:00 p.m. in new york. so much on tap that we have seen over the last 24 hours. our continued focus on takata. we just had a conversation with the cfo who says he has thegement -- kate in management of the company, but looking at u.s. markets having a sluggish close and how that will play into asia's trade. yvonne: that will be key, the u.s. durable goods data. some going so far. take a look at the opens with shery. was one key point, u.s. durable goods.
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here in asia, little in terms of economic data on this tuesday. investors will be looking forward to what fed chair janet yellen has to say in yellen. in london. take a look at what asian stocks are doing. they are at the highest levels in nearly two weeks. we are seeing japan's nikkei gaining round. this is happened by a weaker japanese yen which is holding steady right now. cost is onlyean .2%, but only after again closing at the highest close on record. gainingh korean yuan strength again for the third consecutive session. not much in movement when it comes to the asx 200. -- we zealand, not much saw them posting a smaller than expected trade surplus of one
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billion kiwi dollars instead of three times that amount which is what they were expecting. when it comes to the u.s., let's talk about those durable goods numbers. it fell 1.1% instead of a much smaller fall of 0.6%. is going to put a little pressure on the dollar. has been losing ground for the last session, holding steady after seeing some gains. the fact is that we are seeing this chameleon oscillator holding below 1200 right now. it previous times we saw fall under the zero level, we saw the dollar fall to the lowest level of that month. we could see some pressure for the dollar coming ahead. gold traders were shaken
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up on monday. what happened exactly? shery: that was pretty interesting. we are seeing gold in the asian session holding at 12.42. but take a look at what happened in london in the previous session. let's see if we can go back to it. if you see what happened in london, at 9:00 a.m. today, we saw a huge plunge. it is right here. 1.8 million ounces of gold traded in one minute. surprising given that we have seen this sleepy market in terms of gold. volatility was near record lows just before that price drop that we saw on monday. although it did recover from that. it still sat below its 100 day moving average. in the asian session and is also falling for a second consecutive day. watching gold other
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markets moving today. with the board. let's get to paul allen in sydney. paul: president trump has warned the indian prime minister his country must do more to reduce obstacles to u.s. exports even as he offered purchases of american-made equipment. in the public opinion -- appearance after the white house meeting, he said they have to have a trading relationship that reciprocal. >> in our conversations today, president trump and i have discussed all dimensions of india/u.s. relations at length. we are committed to a bilateral architecture that will take our strategic partnership to new heights. paul: theresa may is being accused of jeopardizing peace in northern ireland by reaching a
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deal with a party to shore up her minority government. the government -- democratic unionists party agreed to support theresa may's party. it includes one billion new funds for the region. the prime minister also gave details on the rights of eu citizens in the u.k. post-brexit. receive thewill same thing as british people. more ambition, clarity, and guarantees are needed. the level of protection found in eu law. they say there offer is fair and serious. morgan stanley's chief global strategist says the backlash on global trade integration is a multi-decade trend. he told bloomberg television the pendulum has swung too far in favor of globalization. the also said the next markets for stocks will be significant.
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it is the first time all u.s. asset classes are simultaneously expensive. >> the next bear market will be a 50% roll down. when that long economic activity remains on an evil -- even keel, the natural tendency for stocks is to keep grinding higher. paul: global news. 24 hours a day. powered by more than 2600 journalists and analysts in more than 120 countries. i'm paul allen. this is bloomberg. ♪ yvonne: carmakers fear they will end up shouldering the cost of replacing terra-cottas airbags. takata's airbags. they face $5 billion of exposure and are worried about not being reimbursed. let's go live to tokyo. spoke to the cfo on how
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they plan to move forward here when it comes to takata. how will they managed to produce enough airbags to replace all of use?still in >> that is a key question for them. one part of the strategy is to build up partnerships with other suppliers. the key component of the airbag was the inflator. that is the hard part for them to find replacement. they will be working with a rival here. they will be expanding their partnership there to increase their supply. the cfo told us a few minutes ago, they will also be expanding their own capacity to produce those so that they can keep up with demand for all of those replacement bags and the inflator is needed to supply them. has reported three consecutive years of massive losses. how can the company stay afloat to take all this liability? >> this is still an ongoing
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question for them that will have to be worked out through the bankruptcy process. if you're are at a terminal, go to the takata ticker. 44 customers, the vast majority of them are automakers. there will have to be negotiating with those companies on a company by company basis about the recall. this is just getting started on the bankruptcy pass. there are a lot of moves ahead. -- major automotive use automakers have said they do not expect to get any of that money back from takata. takata does not have any money left. they have had a series of losses. the sale price was 1.8 billion compared to 10 billion in liability. that is a huge gap. they will be unlikely to fill it. betty: i just pulled it up here
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on my bloomberg. you can see the 44 customers of takata. great function here. it illustrates the connection and relationship with takata at the center. yvonne: what are the takeaways when it comes to the auto and auto parts industry is now? the takeaways is that china is emerging as the larger power. look at this company key safety systems. it was acquired by a chinese company last year. now they are becoming the second largest of fire of safety related -- largest supplier of safety related auto parts in the world. that is a massive shift in the balance of the auto world's within the parts industry. that is a factor of globalization of the auto parts supply business. there is also a question of safety components going ahead. one of the reasons a company bought takata is they were
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anticipating the growth of autonomous driving and the safety concerns related to that. this whole debacle underscores that they have to spread their risk by making the suppliers take some of the risk for these key safety components that when there is a recall for them, it can spread far and fast. it can involve injuries and even death. liabilities can be huge there. they will be looking to spread their risks as we extend into autonomous vehicles. yvonne: big lessons learned from this takata bankruptcy. we will talk more about takata next. the are joined by somebody who says the industry will benefit from takata's bankruptcy. betty: also president trump and the prime minister of india have both been promoting the same
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things. we will be live in new delhi to hear their perspective. this is bloomberg. ♪
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yvonne: this is "daybreak asia." greg -- airbag not trade again after filing for bankruptcy in the u.s. and tokyo. they agreed to sell their business to key safety systems. we spoke to their chief financial officer about how much of, it is going to -- how much of takata they are going to absorb. >> our plan is to take all of the employees from takata. we value their management talent. review them as having a strong
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and dedicated global workforce, all of which we very much value. in robust listening sessions with the takata team as we work through our plan. the substantial part of the workforce, including the leadership team. who is going to pay for some of the massive liabilities by takata. key safety systems is shielded by this. how confident are you that you will be shielded i any repercussions from this recall? >> good question. this is been a dynamic process. our intent in this deal has been achieve an that we industry solution with the goal
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that we protect the supply of our customer base -- key safety .nd also takata in doing the deal structuring, which has been a very complex process, we have ensured that the transaction process results in protection for the new company. it is critical in maintaining supply for our customers that we have a sound structure to protect the new company going forward. we are very confident of that. yvonne: that was the key safety systems cfo speaking to us earlier. the group that has not been shielded by all of this is the carmakers. we have to get a look at that angle. we have a reporter joining us from tokyo. perhaps you can join the program. no matter how you do the math for the last couple of years we ite been following takata,
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seems to be more likely that the carmakers are going to take the brunt of this bill. they don't expect to be repaid as we learned from honda and toyota over the last 24 hours. how big of an impact does this have on the industry? >> this is a critical step towards ultimate resolution of this entire affair. the bankruptcy and the a position -- acquisition of most by keyassets of takata safety systems is an important step to making sure the ultimate getumer for the car owners the vehicles repaired in a timely fashion. we saw the silver lining of all this. it comes toach when cost that can't be recovered for honda and toyota, that is a sizable amount. learned about ford or
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gm yet. they are refusing to disclose their impact. is it still too early to wentify the lost none of still see 50% of vehicles in the u.s. have yet to be recalled? a huge amount. it is a huge liability. as was pointed out earlier, the acquisition amount is probably just a small percentage of that. resolutionwill see over time of this. is that we have a company, key safety systems, that is making a calculated that -- bet that purchasing most of takata will give them a substantial foothold into the safety market. that is the big story. that this will be the foundation of growth as they look 5-10 years into this market
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as they get beyond this particular unfortunate incident. pointed'm so glad you that out. it is a piece of the larger puzzle. itscompany is creating with portfolio of companies -- a not just interested in takata alone, but they want to build an automotive behemoth. they want to be on the cutting edge of driverless cars for instance. pull up this -- whicherg function splc shows you the different suppliers and customers of takata. ford is thehonda, next biggest, general motors, the topounding out four. tell us about the customer relationship not just between butta and its customers,
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key safety systems and how that might give them more leverage with these customers. >> you bring up an important part, the price of business. the base of customers that takata is quite substantial. that is almost lost in all of the discussions about liabilities. number one, it is the basis customers. never two, which is hard to replicate quickly, the takata base that this production base that takata has worldwide. my preliminary assessment is that it is pretty smart for them to acquire those good assets of takata and then grow from there with that customer base. betty: should they never use the brand takata? >> that is up to them.
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but it is probably something that should be put in the past for them. betty: certainly don't want to have that legacy always reminding people. thank you so much for joining us. asia-pacific managing director at ihs automotive. yvonne: coming up next, apple hires new self driving technology. this is bloomberg. ♪
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betty: this is "daybreak asia." a quick checkdo of the headlines. final announcement of the sale of toshiba's chip unit might be delayed as they work out the structure of the deal. toshiba hoped to finalize the deal by wednesday.
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they're contacting do -- conducting dude diligence. nomura plans to strengthen internal controls after it reached treaty laws with the company it took public last year. a is knowledge -- >> -- knowledge that it violated local laws. last month it was reported that they mishandled a company. yvonne: googles self driving unit says avis will manage its fleet of vehicles. it is a new partnership. avis shares close up 14%. apple is leasing a small fleet from hertz to test its own self driving technology. rtz closeded up -- he
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up 13% on confirmation of the apple story. apple and google are driving further into the realm of autonomous vehicles after leasing small fleets of cars. has struck a deal with avis. let's take a look at our tech editor. let's talk about this apple/h ertz deal. it has resulted in a 13.5% increase in the stock of hertz. what are we talking about? >> it is a deal that just involves half a dozen cars. this indicates that these car rental companies can have new relevancy in an era of autonomous vehicles.
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though stocks were getting battered over the last 12 months. that time 75% over frame over concerned about what their role would be in this new era where apple and google and the car companies are rushing headlong into autonomous driving. the question was, what about the car rental companies? ast today we started to get glimpse from two of the biggest companies in tech and how they might partner with the car rental companies to give them a new lease on life very no pun intended. it is interesting because it is like the new economy with the old economy partnering together now. i we likely to see more? came to waymo and google, it was not exclusive with partnership. stillht now we are talking about small numbers.
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you have to start somewhere. you have to start small in testing. these technologies are just andg tried out on streets in parts of california and arizona. they are not out there for mass use just yet. is that apple and google with on the technology, they would tinker with the cars, they would outfit the cars. where you have the expertise of avis's of the world is in fleet management. how to pick up the car. where and when you one it. tz also owns zip car. these car sharing kinds of networks. they have expertise in that side of things. the tech companies bring technology. thank you so much.
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our technology editor there in san francisco. china sending message to asian casino operators by jailing members of the resort. this is bloomberg. ♪
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yvonne: dark clouds this morning. 8:30 in singapore. half an hour away from open there. betty: looks like the opening of a horror movie. you are watching "daybreak asia." let's get to the first word news with paul allen in sydney. not so horrible there. paul: cracking day here in sydney. three republican senators say they will vote to block the latest version of the health care bill. mitch mcconnell is still hoping to repeal obamacare. the view from the congressional
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budget office says it would 22 millionditional people off health insurance. republican leaders still hope to pass the bill this week. president trump says the supreme court's partial revival of his travel ban is a victory for national security. said lower courts had gone too far by blocking the 90 day dan. --ple from six mainly muslim constant countries will be blocked unless they can show a connection our reason for being in the u.s.. they will take up in the fall whether the u.s. order is constitutional. estimates insed may rising 4% on the year against economists expectations of an 8% jump. 6.6% on the year leaving a trade deficit of $4.6 billion. that is $700 million bigger than it anticipated. australia's says
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great barrier reef is worth $42 billion for the economy. they recently approved a coal mine to be led by an indian company. they fear it will damage the region. opportunities can be balanced with the natural beauty of the reef. global news. 24 hours a day. powered by more than 2600 journalists and analysts in more than 120 countries. i'm paul allen. this is bloomberg. ♪ yvonne: thank you. let's see how the asian markets are shaping up. let's go to shery ahn. shery: we are seeing losses from disappointing u.s. data in durable goods. with that weakness reversing against the japanese yen, we are seeing the dollar staying near a one-month high against the japanese yen. giving a boost to the stocks on the nikkei. we are seeing 171 stocks on the
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nikkei gaining ground. some of the stocks that are gaining ground are the new japanese banks. remember the popularity of the banks in the u.s. -- facebook, amazon, and so on. pinpointed fast retailing and holdings at softbank. they are gaining ground in today's session. a department store in japan losing more than 2%. income still net rose. that is something you have to keep an eye on. and south korea, we did see consumer confidence get to the highest level in six years. take a look at this blue line on this chart you can only find on our website. it is now soaring. the korean consumer
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discretionary index tracking those gains. we could see further upside for those stocks. right now there is a lot of optimism over the south korean market. there's a new president coming to power. his vision for job creation is inspiring many. but the fact remains that his new fiscal stimulus package of around $10 billion has not moved at all in parliament for almost three weeks. that could be a risk factor there. we are going deeper into the kospi. we are seeing more stocks that are gaining ground in those that are falling right now. including an electronics company which is falling a little bit, more than 2% at the moment. although moody's did revise their rating outlook from negative. we are seeing some pressure on the kospi at the open. remember, the korean kospi has
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closed at record highs this year. i can't even remember how many times it closed at a record high in the last session as well. this is a market that many +++ shery ahn with the analysis of the markets. we had this just about an hour
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ago. the brazilian president has been charged with corruption, that was expected on the countries top prosecutor. he has been cut up in a massive investigation known as carwash. a reporter joins us on the phone -- actually by skype from resilient. -- brazil. this has to goa reporter joins o thirds vote of approval by congress there. chance -- does he have a chance of surviving despite the charges? >> the supreme court has do pass into the lower house of congress. it goes to a committee stage, then it will be voted on. votes toa two thirds take this case to trial. like thement and looks president has the support in congress to block such a trial. this creates a huge amount of noise and diminishes his standing among legislators at a time when brazil is struggling to emerge from its worst recession on record. an -- he will emerge as as a lame duck president. how have the markets done in the face of this? how is the economy doing in the face of this?
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>> these charges, when they revealed, the market really took a hit. thestock market and currency were pounded by these revelations. they have since recovered significantly, not all the way, but there have been significant gains despite the fact that the president is steadily losing support. his agenda in congress is suffering. he is hemorrhaging support. the big question is whether he has enough support to push through his market friendly agenda, in particular highly anticipated pension reform. that outlook is severely in doubt. clearly this will further brazil's painfully slow car -- recovery from recession. yvonne: it seems like he has the overwhelming support now to get those votes in the lower house.
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how likely that is really going to change. how long do you think this process is going to take now? >> the process could drag on for a wild. to government would likely be over as soon as possible, particularly if it means that the president avoids a trial. we are looking into the fact that this case could drag into july or august. it is creating a huge amount of distracting is congress from tackling reforms that were supposed to be the main focus of this government. all of this noise could last for another month or so. appreciate your insight on that. messages sent a clear to casinos across asia. place your bets elsewhere after convicting 19 staff members for
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illegally promoting gambling on the mainland. let us get to a reporter joining us from sydney. good to see you. latest on this. this is one of the biggest and most public shows -- display from the chinese government when it comes to clamping down on casinos that are trying to lure chinese gamblers and investors abroad. what is the latest right now? have is: the latest we the trial yesterday which lasted three hours. that was after an eight-month the tension, the whole group was convicted. five of them were handed ten-month sentences, including whomost senior executive had connections to international highroller operations. others were handed nine-month
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sentences. three walked three. -- three walked free. china has sent a clear message, they will not tolerate foreign casino operators to promote gambling, which were the charges they were convicted on. these sentences were pretty lenient compared to what they could have imposed as the maximum. if it was laundering or corruption, it could have been sentenced to 10 years. light,he sentences were it is still clear that the message to foreign casino operators around asia -- don't promotechina and gambling. that was the message yesterday. betty: was that message already getting out to some of these foreign casino operators? in was thise priced case in sentencing?
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how much more of an impact is that going to have my casino operators and how they may operate going forward? reporter: it is fair to say that this policy has been in sport for a while. china was not the first to be the victim of it. in 2015 there were two south korean operators who were also arrested and served time in jail. they were released last year. at the same time, if you look around asia, there are more casinos striking up everywhere. it is clear that china is looking ahead and it wants to make sure that the growing market these other casinos see in china and china's wealthiest vips, the biggest gamblers in asia, they want to protect them and protect them market from these other casinos. you look at japan, they have casino legislation.
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that is a massive market for china. australia is building a new market. in sydney will target vip rollers alone. if you look at southeast asia, vietnam, and the philippines, there is a whole lot of temptation there for chinese gamblers to move out of china and take that capital with them. that is what -- chinese authorities want to prevent. betty: thank you so much. on crown resorts and the sentencing of their officials there in china. , president drop meeting with the prime minister of india. was it all the hugs and handshakes? this is bloomberg. ♪
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yvonne: this is "daybreak asia." donald trump has wrapped up his working dinner with the prime minister of india in washington. it is the first time he has of state for dinner at the white house. a special honor their. defense and business ties have been the indians of state for dinner at the white house. a special honor prime minister biggest themes. they must be on desert by now, right? >> we have video of prime minister modi leaving, finally. it started with a handshake, then we saw the bear hug at the rose garden ceremony. pictures ofng at prime minister modi leaving the white house. he is going to hug him right there. betty: look at that bromance.
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wow. ramy: we laugh and smile about this. there is a question if prime minister modi is trying to replicate the bromance that he had with president obama. there was a lot of warmth optically. there were a couple deals in terms of defense and tensions between the two countries. mr. trump was saying he does to anteme minister modi up in terms of trade. listen to this. president trump: i look forward to working with you to create jobs in our countries, to grow our economies, and to create a trading relationship that is fair and reciprocal. it is important that barriers be removed to the export of u.s. goods into your markets and that we reduce our trade deficit with your country.
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ramy: he is talking about the trade deficit there. pop into the bloomberg terminal and look at the trade deficit with india over the past two decades. it has been increasing. #364.s bloomberg $1.6 billion is where we stand in terms of deficit. , $7 billion,ls machinery, as well as agriculture. on the topic of machinery, it turns out there are sales that are going on. american planes are going to be headed to india. they ordered 100 or so, no timeline sent for that. also was india to sign a deal for american natural gas anyone's to raise the price on that. the white house has to authorize a few of these. unarmed drones. as will be headed to india in
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order to control the indian ocean. the other is the joint production of f-16s with lockheed martin. ofre is an export potential $15 billion in the region there. more tensions, immigration, h b --be pieces -- h1 guest: the sets and climate control. those white with house talks and bring in a inlow at the policy studies new delhi. he joins us through skype. thank you for joining us. a play-by-play of the handshakes hugs, do you -- think this was a success for india? ofthere was a lot expectation and how this would go and what the tone would be between the two leaders.
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the optics you're seeing from washington are very positive. we are seeing areas of convergence in their domestic agenda. talking about infrastructure, corruption, tax reform that they are both trying to deal with in their countries. strategic conversions+++
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one was on civil aviation and that it was a fast-growing civil aviation market. the other was natural gas, which they already are trying to do a deal with. yvonne: there were things that were not resolved as well, right? take a look at both of their agendas, they are both math and a listing -- both nationalistic and what they push forward with their reforms and agendas. native india versus america first for president trump. the common ground -- did you see if they are in this meeting? how likely are we to get any resolution on this be set issue and the trade and balances? >> some of that was brought up front and center. you heard prime minister modi mentioned making america great again and how he is there to support it. both leaders+++
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with the u.s. congress and the change in legislation. there's only so much the president can do. part of the reason of that -- this was ultimately about setting a relationship moving forward. betty: how do you think china is going to look at this visit and the tone of this visit, not only just this visit but this invitation by prime minister modi for prime minister trout -- for president trump to visit india. have you think china is feeling about this? u.s./india relationship has been growing. they are motivated by a shared concern about china's rise. some commonality in the broader region. we saw president trump mentioned specifically the fact that there will be major military exercises in the indian ocean. without mentioning china at all. i think it is quite clear what
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they were cultivating, shared strategic convergence. how has this trip been portrayed locally in india? they have mixed feelings. this is prime minister modi's fifth trip to the united states and less than three years as prime minister. it is the first since trump's election. there's a mixture of curiosity. some people are saying why is he investing so much in his relationship with the u.s.? he should be investing in other partnerships. if you take all of these ,imensions put together investment, security, immigration, a whole bunch of issues, we think all of them put together, this is the most important relationship and is necessary for the prime minister to set a positive tractor he --
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trajectory for this new relationship with the new president. yvonne: what about north korea. that was one of the key issues discussed. >> that was an interesting mentioned. it has not been deeply involved in north korea's situation. it did emerge recently that india was the third largest trade partner of north korea. if you look at the list, it was quite strange. it was things like art and antiques. a few weeks ago india agreed to take a closer look at that and scale back the commercial activity. appreciate your time. policy studiesgn
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at brookings india. thank you for waking up earlier. this is bloomberg. ♪
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betty: breaking news from "the wall street journal." sprint and t-mobile merger talks are said to be on hold. the journal also reporting sprint is entering talks with
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charter communications and comcast, the two big cable operators on a wireless deal. the journal reporting that sprint and t-mobile are putting their talks on hold even though that telecomport was more amenable to a deal. with chartertalks communications and comcast. i want to note that the shares of softbank in japan right now as you can see just took a little bit of a dive. now it is recouping those losses. yvonne: not a big reaction here. it is still very early in terms of these merger discussions. this competition for t-mobile has been intensifying with charter as well as comcast. more coming up here from "daybreak asia." i look ahead to "bloomberg markets."
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we have a correspondent. big interviews coming up? >> the theme is achieving inclusive growth. we are going to talk about innovation. from a few guests today. we will get an answer for the age-old question on air hockey like in the 1970's in my mom's basement, who wins -- humans or robots? the humans are winning most of the time. this is bloomberg. ♪
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i'm haidi lun. >> come to from bloomberg's asia headquarters in hong kong, this is bloomberg markets. >> to the asia-pacific -- seleka new york. of the pace of u.s. growth. -- fallingbig loser


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