pooled its representatives in australia's board. but since then, virgin australia cut this deal with hma, didn't tell them because they were not on the board. this effectively removes one potential buyer, maybe one of the few buyers, for air new zealand, and about the shares directly from the airline. speculate that they are not very happy about this deal, and we aren't seeing anything about it today. angie: certainly cannibalized potential buyers for their deal. angus, thank you so much for that, live out of sydney for us. we will be speaking to the man himself, virgin australia ceo, later on in this show. that interview is coming up in about 25 minutes, at 11:30 hong kong time. 1:34 you watching in sydney. stay tuned for that. let's take a look at some other stories making headlines right now. saysaft leasing company -- its hong kong ipo is nearly 40 times oversubscribed. the company is scheduled to debut on wednesday after losing more than $1 billion with an initial offering in asia's second-biggest ipo. malaysia's troubled inves

what about australia? the key mechanism is not just interest rates for australia, but what is going on with the currency. that is what is a major driver of them cutting interest rates today. are having tohey cut interest rates because of the rest of the world being at such low interest rates. we are getting sucked into the global center of gravity of lower rates and low inflation and we cannot continue to maintain those higher rates, otherwise we will get a higher currency. i think monetary policy has been very effective so far, and it can go further. tom: thank you so much for being with us. all tool lay lay, thank you so much as well. what a show. australia. they will be on bloomberg television, "bloomberg surveillance." tomorrow, what a time to speak with adam posen. ♪ david: ubs shares are plunging. the ceo warns of paralyzing volatility affecting the markets. jonathan: the aussie dollar drops as the bank of australia cuts interest rates to a record low. stephanie: hedge funds under attack. more inve

>> here in australia, we are spending more time looking at japanese capital flows into australia. investingjapanese are equity capital, not in japan, in the asia-pacific region, and more and more transactions are starting to point to greater flows from japan into australia, because we have enormous opportunities here and we are in their time zone, so we have to continue to watch that. that will be the flow of interest to us. it's not just the commodity flows that have affected chinese trade flows with australia. there are other flows to have nothing to do with commodities, and many of these are to do with japan, and financial services will be one of them. at some stage, they will start to make acquisitions down here, and we need to watch that and be ready for it because it is highly predictable. rishaad: great talking to you. have a fantastic weekend. these are the stories making headlines around the world. upald trump has picked enough backing to clinch the republican nomination. the associated press that a small number of unbound delegates said they will support trump, putting h

australia is officially in election mode. will see all seats in both houses of congress up for grabs for the first time animals 30 years. it's going over to paul allen in sydney. if a private after had called this vote a few months ago the government would probably have been it assured that the now it is a lot closer. paul: that is right. he began a long honeymoon. with many voters who are very pleased to take action. that honeymoon. has been squandered somewhat. the government was unable to push through the sort of taxation reform that it wanted to. that is mainly because the senate is divided. it is very difficult getting anything through that upper house. the balance of powers held by small parties. the ruling party has since been changed. on his malcolm turnbull way to visit the governor general and call an election. the government obviously hoping it gets reelected. with a more useful set of circumstances. angie: one of the latest polls issues jesting -- suggesting? paul: it is very very close. one poll shows the governm

clearly dangerous in australia, because there's so many poisonous creatures in australia, you could die at any minute. >> jimmy: what a great thing for tourism. >> so the dogs were obviously a problem. >> jimmy: was that -- who wrote that? >> um -- [ laughter ] >> a genius. >> jimmy: and who directed that, that presentation? was there anybody kind of telling you what to do? >> you know who directed that? >> jimmy: who? >> um, the iphone. >> jimmy: the iphone directed it. [ laughter ] >> jimmy: was there one take or more than one take? >> sometimes you have to giggle a little. >> jimmy: and did you watch it back after before releasing it? >> no, because i didn't want to kill myself. [ laughter and applause ] >> jimmy: are you and amber free and clear in australia or is there still trouble if you try to go to that country? >> i think the choice they made to utilize the taxpayer's dollars to globally chase down a couple of teacup give them 50 hours to live, i realized the badness of my ways. >> jimmy: sure. i would hope so. >> i was kind of repenting in that. >> jimmy: isn't it heartening

have national australia bank. we will have commonwealth later in the year. -- stocksese starks have healthy dividends. 94 $.94 per share. angie: thank you so much for that. checking other headlines for you right now, they are expecting to -- it'sate is bankers bankers. several employees and dubai have left the bank over the past few months. ceo bill winters said that is going tortered up its compliance. opec and other oil producers are still considering a deal to freeze out. analysts are warning that oil will tumbled to $30 a barrel because of the supply glut. i don't think you need a freeze. i think the market will handle it. -- remember the demand for oil continues to rise. on recount globally has down. -- gone down. the supply has to diminish despite what is happening. the demand will continue to rise, maybe one or 2%. the combination of this means that we are going to see a higher price going forward. watch more of his interview on bloomberg markets: middle east. 2:00 p.m. for those of you watching us in sydne

n am a great believer in virgi australia. the team have done eight fantastic job investing a lot of bettern making it a far airline than qantas, so going after the business market and the back in the of it. australia has a spirit which i think qantas does not have, which the public enjoys. we are completely supported. -- supportive. if there are other opportunities that come up, we will have a look at them and make a decision. rishaad: right, if you don't buy it, who would you be comfortable taking that stake in said of you? -- instead of you? >> obviously we would love to have other airlines involved in virgin australia they can bring something to the party. i will have to leave you to guess which ones they can be. , there havehings been approaches from airlines that are considerable, and i irgin add a lot to v australia. those discussions are going on, so i am afraid i can't go into detail. rishaad: you invited me on your inaugural flight to chicago a few years ago. dealt the has taken a subsequent 49% stake from singapore

we only get quarterly inflation releases in australia. our forecast is they probably won't cut again. ifhaad: indeed, why cut it you say growth is ok and there is no inflation? there's no real urgency. >> that's the point. i'll central banks are challenged by low-inflation. the rba has always had a very 3%, ande target, 2% to has time for inflation to move back. it's not just a case because inflation is low that i'm mu st cut rates. rishaad: is there going to be a change at the rba? stevens, remarkable run he has had. would we know about the new guy coming in? >> the central bank governors judge themselves on 2% to 3%. he has a tough challenge. i think there is continuity with the rba. they are one of the few central with the most internal people. i think it is a real strength of an institution that you do that. him to be similar to stevens and the way they think about monetary policy. , aread: the aussie dollar they comfortable with that? he gets high 70's, the heat is on, isn't it? once to bentral bank the chief currency at the moment.

australia with an interest rate cut. we'll bring you the market reaction. >>> ceo tim cook has a message for wall street why he said the iphone isn't dead and neither his is company. >>> and low on gas? there's an app for that. bringing fuel to your door step. it's 5:30 a.m. you're watching "worldwide exchange" on cnbc. good morning, welcome back to "worldwide exchange" on cnbc. i'm sara eisen. >> and i'm wilfred frost. good morning from me as well. let's bring you up to speed on the markets. a decent day yesterday. in fact, the best in all three indices in three weeks. the dow down 99 points. s&p and nasdaq expected to open by 0.5% lower. the ten-year note at the moment at 1.82% earlier. and it's at 1.82 still now. >>> in asia overnight, australia's central bank cutting interest rates to an all-time low of 1.5%. this is the rbi's first easing in a year. surprisingly low inflation, subdued wage growth and subdued outlook. as you can see the aussie dollar's sharp reaction falling more than a percent to the u.s. dollar. ab

commodities producers in australia, investors prioritize safety over stimulus. and the government hoping that stimulus and the new budget will bring victory in july with anticipated elections. you can't take anything for granted. let us know you think of the top stories. don't forget to include the hash tag. let's tell you about the markets, it is a day or your seeing a bit of a selloff in china and hong kong coming on in 30 minutes. here is david. david: all of this global selloff, emerging markets. down 2% on the embassy i gauge. you look at the world, places that the big hit, turkey, argentina, brazil, and a lot of markets we are waiting for in southeast asia likely to take that you. global selloff, you look at embassy world, some of the world's biggest companies in that index, half $1 trillion, and the bank of japan is still closed for greenery day. gold at 1285, 1300 yesterday. old on the way down. it was under pressure as well. u.s.than it was up was the dollar and the u.s. treasuries. having a look at the euro, 116, should be above that level at the momen

it is going to give them a sizable chunk of virgin australia. they intend to expand that over the coming years to about a 20% stake. hna full also be invited to nominate a director to the board. the deal is still pending. timemes at an interesting with air new zealand saying in march he wanted to get out of their stake in virgin currently holding about 26%. we do have virgin shares up, very healthy, 5.3% this morning. it has been an underwater -- underwhelming investment for air new zealand. virgin is off about 38% year to date. , they are as forhna conglomerate that owns china's fourth-largest airline. they are involved in supermarkets, hotel chains as well. it looks like hna will have a piece of us trillion as well. angie: thank you. coming up next, unfinished business, our interview with india's finance minister. we discuss economic reforms and policy plans when "first up" continues. ♪ angie: welcome back, you're co---ng "first up your "first up here -- speaking exclusively to bloomberg, they say more economy boosting reforms are in the pip

under way inng australia and south korea. david: let's set this up and really have a look at what happened overnight. one of the biggest drops in one month. that is europe overnight into midnight. a look at the americas. brazil, 2.5%. i think what's really interesting here is that the reasons people are selling is building an part of it, some of the reasons like a weaker u.s. dollar, was a trigger for risk appetite and has become a reason to sell. disappointing earnings coming through. financial stocks wiped out from the u.s. to europe. and you have earnings as well. watch the top line. markets open in asia. tracking the losses we saw on wall street. japan is still closed. .25%.korea down about a double dose of stimulus coming from the ibm. we will check in on a lot of these stocks, which analysts have a flag of the main beneficiaries. cents.dollar, 75 u.s. check out the dollar yen. we are still trading at around these levels. we heard from several fed officials overnight. june is live.ng don't discount it might happen. in ch

australia is also going and they will vote on july 2. let's head on down to sydney and the prime minister called this a few months ago and it would have probably been assured that but it is a lot -- what have probably been a sure bet but it is a lot different now, isn't it? >> that's right, that was when things were still fresh but things have since faded. there are a number of thought theyes on tax returns and have all been shot down. the government has looked pretty timid since malcolm turnbull has .ook over polls andg to the cleaning up both houses, the government is gambling that it hopefully withn, a better set of circumstances. rish? rishaad: what are the latest polls suggesting? 50-50 onlooks about the two party preferred, and so it looks pretty even on first blush, but it is not like that and the system is taken seat by seat. they need to win 19 seats or the government will lose 14 of them which would put them in a position to have to negotiate to stay in power. if you look at it that way, you can understand while the bookies --

as long as that is going on, australia will be soft. and we are looking for this to pick up and to get confidence in the business sector. alix: how confident is the mining side? guest: it is about 5% of gdp. we were worried about it a few years ago, but it is a lot to digest on a small economy like australia. alix: and with iron ore prices, they are at $50.51. oliver: and goldman had a report that there will be a further surplus, so what effect will that have from the supply side? guest: australia is lucky that we of the -- we are the lowest cost producer of iron ore credit and we are picking of a market share, so we are making money out of it. even with the low prices we have right now. alix: where is your biggest weakness in the commodity sector? guest: we are worried about the price side, it is making it difficult for the government to work on the budget deficit. scarlet: idea part of the problem? you are still producing supply, even though you are taking market share, but it is hurting income and australia, but is about perpetuating

from australia. rba reserve bank raising its quarterly policy statement. rish, the headline is the expectations on inflation. the rba cutting is inflation forecast to between 1%-2%. the forecast was between 2%-3% in february. deflationary the cpi industrial you a couple of weeks ago prompting the reserve bank to cut the cash rate to 1.75%. in the statement, they are seeing that saying that the cuts they made on tuesday would improve the economic growth prospects by further easing. forecastsemployment are little changed. the aussie dollar on the release of this statement has fallen almost .5% down to 74.25. the market deciding that there is more easing in store from the rba on the back of this monetary policy statement. out as what baruch that well. it is not often that the rba is one and done. there is nothing in this statement to suggest otherwise. the headline -- rba cutting the inflation forecast to between 1%-2%, well below the usual numbers. rishaad: getting reaction from this as well. three-year bonds down to record lows. the fx market is also in foc

mightaland said it offload its entire virgin australia stake. economic data coming out of australia. we just put a bit of flame under the aussie here. david: we typically do see the aussie react more than most other currencies. 7227. taking it back above 72

the national australia bank moved its variable interest rate . we think the reserve bank will move because one of the things a of the keyto do, one mandates is to target inflation. .nflation is no longer an issue they can further stimulate the economy. rishaad: what does it mean for marginal rates? and the balance sheet of those banks -- they have not been passing on cuts. have done, andy you touched on it, is that over the past year they have moved outside of the bank cutting cycle to dictate their own pricing. we have seen them pass on what the reserve bank has announced. they have increased that time. the standard variable rate for most mortgages in australia is between 4%-four .5%. different things are doing different things based on volume, pricing, and competition. if we see a cut, it at least 15-20 basis points will be passed on by the majority of banks because they wanted to drive volume. westpacsaw today is coming out and missing market estimates because of the compositional earnings in the only way you get to beat the market is to crozi

we are looking at the open to japan and australia. we have reporters to say what they are looking at. juliette: i'm looking at our state energy in australia. mitsui can be making final bids for origins assets in this space , 50% they are trying to offload. a final bid due in the next three weeks. it has not done well over the past year. using my pink calculator, 11% gain on the open. i should have done that hello kitty sticker. >> they had a great beat the comes to profits. avenue percent year and years ales read business going to japan, almost linked to year on year as well. very little impact from the stronger yen. they are also forecast 23% up. they are a part of this great premium pt story expected to hit $120 billion by 2020 with asia with the skincare, which is what they do best. complete a different type of industry, they make chipmakers, panel displays, and pharmaceuticals. it has a four-year operating forecast profit forecast by 60% to $100 million. and the profit for nine months was $116 million, which is better than the sam

also, the reserve bank of australia came out surprisingly well. they had a 25 basis point cuts, with a record low for the cuts in australia. one of the things they cited was the situation with china at the moment. they support of their short-term outlook and of course that fed into what we have seen today out of the rba. we have seen signs of stability, signs of weakness. we have ubs coming out. manus is all over this one. ubs? manus: thank you very much. yes, let's get into the numbers in terms of ubs. money is coming into the bank in the first quarter and america and they are taking additional responsibility to cut costs. this is what drives the heart of , $15.5 billion came in with a net income of 7.7 million swiss francs. wealth management, pretax profits. that is the wealth management number there in terms of that. they are taking responsibility for cost cuts. this is the big piece of news. the investment bank, pretax profit there up 253 million swiss francs. so, it is a myth on the net income numbers. the estimate was for 735 million swiss f

australia central-bank cut its interest rate to a record low today. the unexpected move was came to counter disinflation. the aussie dollar weekend. despite biggest bank ad loan searches charging -- charges surging, billionahead of a 4.3 average estimates, charges for bad loans double to $1.6 billion. ubs first-quarter profit fell 64%, missing estimates. as all divisions reported a drop in arteries. .et income fell to that fell short of the average estimate. the chief executive told he kindrg that a higt uncertainty and volatility led to more pronounced risk aversion. >> it looks like we are seeing a very challenging environment because none of the issues we have been highlighting of the last few quarters are disappearing. macrok this cocktail of issues, macro economic issues, geopolitical issues are now coming on. we are going to see soon a vote on brexit. other major,to see we see the escalation coming from the u.s. elections. potentially you see a lot of factors that may affect market sentiment. sent cc volatility but it is not the kind of villa to

[laughter] so the family departed august 23rd from victoria canada for australia twain had survived the grueling schedule he made $4,000 which was about one and a 20,000 of most of it went to travel and dining he was convinced his wife deserve to stay in first class places then bought first-class tickets is that -- tickets that literally cost half as much so he and the major had gone shopping that morning he bought 500 cigars in four panels of tobacco for a 25 day voyage and you can do the math and 26 cars per day in later the number was put at 3,000 twain said he is not an interesting liar he is destitute for his sense of proportion fully his parents had taken pains with his training. [laughter] he loved cruise ships a former riverboat pilot he liked whale watching and the fact you cannot get newspapers are telephone and it was a remote oasis nothing was ever easy for him. on this voyage the captain strictly enforces the role -- the rules against smoking and he wanted to smoke in the state remain he needed to in order to write he once tried to give it up lending to one cigar per day bu

. >> people listening are going to wonder why someone from australia loves america so much. >> it is good question but very simple. what is good for america is good for the world. whether america is strong, the world is strong. when america is weak, the world is dangerous. that is not a nick adams hypothesises. that is the reality we are living. that is why every person, no matter the color, sexual orientation, everyone has an investment in keeping america robust and as powerful as possible. there is a whole tradition of people around the world have to inexplicit desire to get to the united states. i think it is something about the energy in america, the optimism, the feeling anything is possible. this the land where magic can truly happen. that is really, what i kind of subscribe to, and i have to tell you i have never been disappointed. i think this is still the land where anybody can rise above the circumstances of their birth and go on to achieve whatever it they want to achieve and that is an elegant and beautiful principle and one we have to preserve for as much and as long as

the first video takes place in australia at a barber shop. the guy pulls up. smashes right up. >> yes, smashes right into the front of the shop. now this video happened in january, but the folks returned again in february. they smashed the window and broke into the shop. >> did they get a bad hair cut or not paying protection money. what's going on >> i asked for frosty honey tips and i got blonde highlights. >> they are about to start throwing flames inside. looks like a monthlotov cocktai. >> it engulfed the entire shop. >> there's product in there that's highly flammable and this fire has fuel for days. >> was anybody hurt? >> thankfully nobody was inside. this will cost the shop owners some big money, $374,000 in damages. >>> the second video takes place in denmark at a bakery. a guy comes in and starts pouring gasoline all over the bakery. >> the cash register is sitting open as well. i don't know what's going on here. >> two incidents where people are not interested in stealing anything corre anything, they just want to trash the place. >> you see the pe

with dan petrie joining us the latest going on in australia. ever since we got that weaker than expected negative number on cpi, the market has been resetting its expectations but if you look what happened to the currency many were wrongfooted. >> we did see that very surprising drop in cpi last week and in a sense i think analysts would then have us conclude that we know there were different -- disinflation there he pressures we know that the aussie dollar had appreciated so that was amplifying those disinflation rate fears but the question was how with the rba react to those in how would it moderate their forecast going forward. there are still some element switch cause some concern you would assume due to the degree of consumer leverage the resilience of the housing market in both of those will be potentially amplified by this move but it seems to be the case that the rba were mindful of needing to cheapen up the currency to try to provide a boost to the economy going forward and to benefit or increase important deflationary pressures. in a

relationship with australia. australia's one of our closest allies and we work with them on a range of issues and i'll let the australians describe the concerns that they may have or the impact on their national security that the tensions in the south china sea may have, but obviously the australian glut y is affected by the of capacity in the steel industry. much in the same way that the u.s. is as well. i know that the prime minister has indicated his own priority ensuring that international trade is conducted fairly. and that common ground is the basis for the kinds of conversations that president obama and he have on a fairly regular basis. these are, i think at the same time, the other thing that underlies all of this, is we have been able to work with china in pursuit of other priorities. we've talked about north korea and the influence that the chinese government has with north korea. the sanctions that were imposed by the united nations that went further against north korea than any other set were only po

australia, asia, australia. did i say australia? >> yeah. >> so, whatever one i'm missing, say it. >> africa. >> oh, god. not africa. >> reporter: handler, of course, made her name on e's "chelsea lately." >> i think a lot of my fans that came from my own show are probably like we want more celebrity gossip but i am not feeling that anymore. >> reporter: she's trying to make it feel different. >> i think you show great promise, chelsea. >> and you want to have those kind of flashy, high profile people because people are interested in them. i had a great interview with gwen stefani because we have like 12 minutes. in talk show world, it's a lot of time. >> i heard you want to hit a big note. >> reporter: christina aguilera's on the show giving chelsea a singing lesson. >> i have my work cut out for me. >> reporter: her thumbs are very odd. >> are they? >> reporter: hers bends -- because mine don't bend back at all. >> you're is freaking me out. at least you can hitchhike. i bet you're a big hitchhiker. >> reporter: i meet a lot of pe

david: more of my interview with kevin rudd, former prime minister of australia. up next, bernie sanders continues his quest against hillary clinton. what he is saying too many washington insiders may surprise you. many washington insiders may surprise you. ♪ david: this is "bloomberg markets." donald trump addressing the annual meeting of the nra in louisville, kentucky. folks gathered there have already heard from the head of the nra ila. that group involved in legislative action has endorsed all comfort -- has endorsed donald trump for president. we've also heard from wayne lopp erre.-- wayne la pi donald trump: she wants to abolish the second amendment. we're not going to let that happen. we will preserve it and cherish it and take care of it, ok? they talk about the magazines, the blitz -- bullets. david: joining us from washington -- how big a forum is this for donald trump? this is where donald trump solidifies the gun rights wing of the republican party. this election, this general election will be one of the most consequential elections for gun .ights h

counting down to the opens of australia and japan, futures and australia pointing to a higher open. 10 point pop at open. japan, trading was very busy this weekend for japan. and futures in chicago pointing to a lower open. focusing our attentions on the yen over at the g-7. promising to boost growth been yet while championing the poor. he and his coalition were seen as having the strongest electoral mandate in 30 years, sparking optimism that he would be able to introduce much-needed reform. rosalind chin here is here taking a look at his record so far. has he been able to sustain momentum? some would say that the spark which he ignited may be heating up. things -- you cannot always push through. let's take a look at what he has done. people are hopeful that he could actually get something done after years of basically not much progress being made in the indian parliament. those looking for emerging markets might now be looking at south america, brazil. it was the fourth biggest emerging-market currency so far this year. sovereign bonds delivered the fastest returns. they started to l

australia, up to half of 1%. the is on the back of planned australian legislation to control rent if the prime minister is reelected. we have had a massive material benefit for players like sonic health and primary health. we are seeing health care stocks higher in the region, but there is a switch up from the oil players and also weakness in the shanghai asian markets after the disappointing economic data over the weekend. the shanghai market down by three quarters of 1%. hang seng, looking better here in hong kong. we are seeing these energy players coming under pressure. we had indonesia down by a third of 1%. looking at the u.s. dollar index, it has been on a tear over the last couple of weeks, high oned at a six-week friday. goldman sachs sees the rally and merrill lynch also expecting that the u.s. dollar will be strong against the pound sterling and the aussie dollar,. the 10 been looking at year bond as well in australia hitting the record low down 2.2%. the strong u.s. dollar on the back of the china dat

and also in australia. the housing market in australia is pretty tight, prices are going up. david: it is a hot market. not happyians are about that and they are putting in place all kinds of rules that makes it hard for them to buy. carol: the banks are pushing back. rolesy are changing their so they are not lending as much to the chinese, and so does the government. the government has a role chinese are not supposed to buy pre-existing homes, only new homes. it is a protectionist kind of attitude about chinese investors and homes. carol: you guys key in on the cloud and specifically take a look at many industries that have been exploiting technology. david: what is block chain technology? >> everybody knows. i think the way to think about it is as a digital ledger that involves lots of different computers. if you think about it too much it might make your head tennis swirl. digital ledger. ,arol: but it is not just financial industries are tapping into it but other industries. >> they are thinking it may replace in some cases regular web services and they are all experiment

mightaland said it offload its entire virgin australia stake. economic data coming out of australia. we just put a bit of flame under the aussie here. david: we typically do see the aussie react more than most other currencies. 7227. taking it back above 72 u.s. cents. data of course. this was down to the building approvals which unexpectedly rose month-to-month. we can reverse some of the losses toward midmorning. we are back above the 111 handle here for the dollar yen. at 658.eeing cny it is flat of a young to look at this with them the context of yesterday. that being said, have a look at japan. we are now up half a percent. gaining a bit of traction over the last 30 minutes. rishaad: paul allen has the details of this deal. i'll, what is going on here? >> the operator of the fourth largest airline in china is paying 159 million australian dollars for the stake in paying a hefty price for it. $.30 per share. if a 7% premium on what monday closed at. the virgin ceo held a media call a couple hours ago. here's some of what he had to say. >> th

australia has been mentioned. in fact, peters comments with specific institute worked with us for water efficiency and the institute for sustainable futures in sydney and we published a report released a couple of weeks ago on the australian experience with their millennial drought and with the lessons are that can be applied to california from that experience. so, what australia did in terms of changes to its policy and the investments made both good and bad can be used as a constructive example for other climate read in areas. israel, of course, is a huge model for us and seth siegel recently publishes the: b water we have been following what israel has been doing for a long time and we will hold a conference in tel aviv to showcase a lot of israel's work. 80% of their water is recycled. they already are doing a lot of what we are talking about here and they have made a sizable and not only national investment, but national priority. i was at a conference once where the prime minister said we want to be the lead

if australia gets nervous, that might affect the growth in china . and we had weaker european markets and all of that translated into a weaker showing on wall street. oil prices down by a good 2.5% maybe also because the global economy might slow a bit and that could mean less demand for oil. >> thank you very much. that is all your business for now. >> thank you. we have the surprise of the year and the sports world. david has beaten goliath in the world of football. -- futbol. fans of the fox's as they are known took to the streets to celebrate in the triumphal stuff -- triumph. >> a fairytale ending to an unbelievable season. the 5000 to one ranked outsiders are now premier league champions . monday night, leicester city became the center of the futbol universal's that >> this season has been a real heart ache. we have done it. >> the man who helped to spearhead the sensational season was the leicester manager. the morning after becoming king of the premier league, this is what he had to say. >> the job is good. i am very happy now because maybe i

asia seeing red, most notably in australia because of the gop listed in australia and china. >>> you mentioned oil as a catalyst, let's take a look at what oil is doing now. actually reversed unchanged from wti sitting at $44 a barrel. brent, we're switching between gains and losses. brent is at 44.97. buying of treasury signaling flight to safety kind of trade. some concerns about global growth that was definitely permeating through yesterday's session which is broad based. the only group to end up were utilities which is a future of yesterday's session. we'll see if the ten-year yield can stay about 1.80. and the dollar getting its groove back. dollar has started strengthening again. we'll keep an eye on that. commodities, 1.1489, with the euro under pressure and bank of japan must be happy to see that change. gold goes in the other direction of the u.s. dollar which is stronger lately and weaker by 0.24%. >> the u.s. dollar having such a big impact on it. >> as for the overall market story, wouldn't you say there's some global growth concern. this idea that sharp rally and rebound

talking about australia, we will get to the retail numbers. i think that we have a handle on these, paul? paul: we will start with the trade numbers. a little bit unexpected, $2.1 billion, $2.9 billion was estimated. and this compares favorably with the february figure of $3.4 billion. waiting on imports, those rose about 1%. and exports up 4%. a very good trade read for the month of march. and also better than expected, the retail sales. they expected a 3% rise and we have seen an improvement from february. another number, quarter on quarter, inflation removed from retail sales, coming in at about .5%, lower than expected. a good set of numbers from the trade and retail. rishaad: nice. no doubt we will be revisiting that head and david -- --isiting that area and that. and david, what do we have? bloomberg, is the obviously. we are looking at where we are with the aussie dollar. not quite recovering the levels. it is at about $.70. we are looking at a reaction, zooming in. this is the pop that we see. not a lot. there we go. it looks a lot ove

australia futures pointing to a flat the australian dollar is at $.71 u.s. japan pointing to a lower open this morning as we see a slightly stronger yen in play. jobless figures are due out later this hour. continues to be dominated by the prospect of the u.s. interest rate hike, which could come as soon as june. emerging-market currencies on track for the worst month since august. gold falling for the ninth straight day, longest losing run in one year. we will have a market moving him, today, stay tuned for he will talk oil ahead of the opec meeting. chinese equities are once again in the crosshairs of short-sellers. they -- mainland stocks have searched. we have heidi here with the story. here we go again. reporter: it is certainly looking that way. remember, it is not so simple given that authorities have cracked down on shortselling. short interest is what you are looking at now. we are tracking domestic chinese stocks. all year.t level of the last time we saw this level of bearishness was may and june last year. .hat proved to be well-founded what is dr

a lot to watch in australia today. i am paul allen for bloomberg kilby -- bloomberg tv here in canberra, australia. ♪ emily: this is "bloomberg west." i'm emily chang. if you've ever played a video game, you owe a debt of gratitude to nolan bushnell, who cofounded atari in 1972, and created cult classics like "pong," which laid the foundation for the booming electronic gaming industry as it exists today. his biggest focus now is weaving games into the classroom, trying to make education as addictive as an atari game. nolan bushnell joins us live from the milken institute global conference in that way -- in l. a. say, can teach academic disciplines 10 times faster than they would learn it in the classroom with a 90% retention rate. how so? nolan: it turns out that, when games are played, it provides some context. quite frankly, kids learn at their own speed. so, they play to mastery. playing to mastery is really the key. no a-b-c-d. you don't complete the game until you understand it completely. that's really importan

she is now in critical condition at a hospital in australia. it's the second recent act of self-immolation but a refugee on nauru island. the iranian who burned himself there last week died just two days later. senior international correspondent ivan watson has been following this horrifying story. he joins us now from hong kong. so, ivan, what does this desperate act tell us about conditions there at the detention center? >> reporter: well, the united nations high commission for refugees says that it's time to basically end these controversial australian offshore detention centers. it says that in the wake of these two cases of self-immolation, one of which ended up in the death of the 23-year-old iranian who set himself on fire, that it is time for all of the some 2,000 residents of these two detention centers to be immediately moved to more humane conditions. they went on to write, quote, there is no doubt that the current policy of offshore processing and prolonged detention is immensely harmful. arrangements in both countries have proved c

ourry to territories, you're not going to be admitted to australia. largetoo, have a immigrant population, but it is not one that places the foreigner ahead of the citizen. with respect to trade, what you need to do is stop treating people who are indirectly harmed by trade as collateral damage in the willy-nilly pursuit -- a tony blair approach. that means a more robust system and an attempt to bring people to work. need to rethink our social safety net, that, on the margin, says that if you are of low skill, you will get a handout. nothing to help you get really back on your feet and help support you recover some of the income you have lost because of the jobs that we have encouraged south koreans or burmese to have. a republican party that is portrayed, but for a serious way of accommodating the people that are dislocated by trade, letting in the immigrants that we need but only the immigrants that we need, i think that could unite this wing. it requires choice and compromise. that may be something that certain elements of your republican party are

to find out why we have to travel all the back back to 1904, australia. see, in 1904, industrialian investigators realized children in lead-tainted homes were showing the i same symptoms as factory workers who worked with lead all day. soon they reported the findings and everybody could read how dangerous lead was. in 1922, lead paint was outlawed

rwanda, uganda, south africa, jamaica, thailand, brazil, australia, singapore and norway and my overall vision was to part, one was to rethink some of the fundamentals of our criminal justice system and specifically our prison system by way of other countries and rethink the fundamental concept of which are prison system relies and the other one was that i wanted to broaden our conversation, which i think is certainly a growing public conversation around massac carson ration in this crisis of prison. i wanted to broaden the conversation to include the world and to include especially the impact of america's system upon the world in these various countries. so, each of these country represented a particular issue i wanted to explore such as solitary confinement in a federal super max prison in brazil or prisoner reentry in singapore. the role of arts in uganda and jamaica. forgiveness and restorative justice, which is a fundamental theme of the book in south africa and rwanda. host: there is a special prison philosophy or special prison and norway took what is that prison about? guest: so

they are based in australia. they did not have the pressure from venture capitalists back in the company from the get-go. dina: i think that is part of the question. most think it is not possible for a company to replicate what they have done, at least not to that extent. tlassian is fairly religious about this. they don't have any salespeople, so much so that a customer we spoke to that reached out to them a couple of years ago and wanted to purchase them and they said could you send me a salesperson. they said we don't do that kind of thing. it is hard for other companies to do that. even atlassian admits there is software where this will not make sense. once every 10 year level purchase. it will be a hard thing for them to do. you also have this kind of different model. they grew up in sydney. most of their business is global. they have a significant office and san francisco. they were self-funded off the cofounder's credit cards. they did not have the pressure from venture capitalists who wanted them to grow

i got this shipped to me from australia. it is called a mojo backpack >> he showed me civil service exams he is taking. he paid 60 box and scored high, 92 out of 100. >> this is an example of something i took for train operator were my score was a 92.857. >> he also showed me the picture that he drew that his mother kept of him basically drawing a picture of a train and saying he wants to be a conductor one day. >> of donald trump is running for president he has no experience, i can definitely run new jersey transit. >> because i have the experience in the passion. >> he also has a vision board command i looked at it right next warning a lot of powerball is becoming new jersey transit executive director. >> the equivalent of winning the lottery powerball. >> so perhaps there is a spot for him somewhere. >> and he is open to that but get in the door. keep your nose to the grind stonegrindstone and he knows, maybe intended 15 years he could be. >> you would have to be appointed by the board. an outsider, it's hard to break ina

next hour, australia's trade minister joins us live from sydney. our exclusive interview with the black hawk ceo in about half an hour. up next, we look at the volatility in the yen rate and ask jpmorgan asset management how to play the markets ahead of the meetings next month. you are watching trending business, good morning. ♪ yvonne: some news coming from tokyo. the prime minister says he expects to suspend sales tax next year unless there is serious reason not to. he has been speaking and telling lawmakers he will make a final decision on the hike at the appropriate time. you look ahead to the g7 meeting in 10 days. the promise or says as host, he will take the lead on discussions on tax evasion. we are seeing some wild swings in the dollar-yen rate ahead of the brief from japan this week. the fed and doj will meet next month. juliette, why such volatility? the market is starting to price in next month. policymakers in the u.s. and japan. it is a 0% chance of a that increase in june, but then we heard from the new york president which has it

let's update you on australia. getting a few headlines coming through and if you market moves as a result of a reduced inflation forecast. i've got a chart here. inflation going down under. this is the headwinds, the challenge that faces the rba, like many central banks, hit by this global disinflation. this chart goes back to the 1990's. as a result, you saw the aussie on the move. let's have a look at the risk radar. real weakness coming through in the aussie as a result of this move. yields on bonds lower. three-year yields hitting a record low in australia. eight-week low on the australian currency. the big question, whether the central bank will do more to sperry inflation. i've got the dollar index pretty flatness hour, but it is of course jobs day in the u.s. headed for its biggest weekly increase in six months. the yen increasing against all major peers. wti at 43.84. let's get to arcelor mittal, getting numbers from the steelmaker. this is the world's largest steel maker, contending with slumping prices of

and then we can go to australia. otherwise, i told them, it's impossible. >> the hijackers refused to allow captain abate to refuel at cities along his route. they want him to fly out over the water toward australia. the pilot knows that's a losing proposition so he hugs the coast. >> then he said, why are you flying along the coast? australia is somewhere to this direction. i told him, okay. i turn the heading. now this message came, fuel, low fuel. >> almost out of fuel, the plane approaches islands off africa's east coast. as the plane descends, the hijackers fight the pilot for control of the plane. >> i said, "guys, this is finished now. we are all dead people now. let me do it my way." and decide -- i don't know how they did it. disengaged the autopilot. >> disengaged it? >> he did. >> from this -- >> from that control. >> right. >> and then, i disconnected the autopilot and then i had to start flying it myself. >> in the cabin, passengers start to panic. >> when the pilot first made the announcement that the p