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tv   Bloomberg Markets Asia  Bloomberg  January 9, 2017 8:00pm-10:01pm EST

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♪ rishaad: midday in sydney, 8:00 in new york, i am coming to you from the asia headquarters in hong kong. this is "bloomberg markets." changes at yahoo! marissa mayer is quitting the board. brings brick-and-mortar, with hong kong listed. withma talks business
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donald trump. they say they will create a million new jobs. ready to go in hong kong. singapore, taipei, and kuala lumpur coming online, a day when we see activity. the first trading day of this year, where it would have fallen. here is sophie. the asf's falling almost 1% there with financials and energy dragging on the index. japan also joining the fray in the red. the nikkei 225 down for tenths of 1%. falling, second day of declines for that index. a little change on the new zealand equity index, a little firmer there. futures contracts in china and hong kong hauling ahead of a consumer and producer price data released from the mainland. that will be out in the next
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half hour or so. one of the big things today, in the currency space, dollar strength faltering for a second day. the korean won and the pound are the biggest decliners among major currencies so far this week, but we see the one rally won rally.we see the , strengthening. maintaining its rebound as we see haven buying, following the retreat on wall street. uncertainty.amid oil have a ring around the 52 dollar per barrel mark, recovering somewhat from an earlier decline driven by concerns over opec compliance. take a look at what is happening in the bond space. rise inebt cases the u.s. treasuries, for the third time in four sessions.
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the yield on the 10 year aussie tot fell six basis points 2.7. u.s. 10-year note's looking steady here as trading gets underway, after the yield fell to 2.37%, the lowest level since the fed hike in december. rishaad: let's get to sydney and get the first news. keeping it in the family when it comes to a future administration. that's right. president-elect donald trump's son-in-law will be a senior but unpaid adviser. jared kushner played a role in the campaign and were -- will work with the chief of staff and stephen bannon. leaving his real estate company to comply with ethics standards. kush p statement called ner a tremendous asset.
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freedom of movement and the single market. in her first spell -- policy speech, angela merkel laid out her position as theresa may prepares to launch brexit negotiations. merkel says anything other than full compliance with eu rules would have consequences for the remaining states. india's largest conglomerate resumed its attack on its chairman, accusing him of altering representation of its directive. a filing from lawyers say he reduced the number of directives on the board of other companies. they are accusing him of raising concerns about problems at the group's operations and being slow to react to losses. james packer is returning to the board of his company. he has a privately held investment company. the current chair will step down. brown is increasingly focusing
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--crown is in recently focus increasingly focused on australia. ,lobal news 24 hours a day howard by analysts and over 120 countries. this is bloomberg. the top getting back to stories, yahoo! announces changes once the deal with verizon is complete. they include the departure of marissa mayer from the board. is going? who else is leaving? >> marissa mayer is one of six board of directors who is leaving the yahoo! board. she has been there for four years. she started in 2012, and she will not 2017 as her final -- she will notch 2017 as her final year. others departing, cofounder david philo and maynard webb, as
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well as x chairman eddie hartenstein. interestingly, i have the yahoo! filing to the fcc in my hand. thatmade a point to say for all the departing board members, it was his or her intention, this is a quote, to resign, is not due to any disagreement with the company. it is saying, these folks come on paper, are leaving of their own accord and not of any ill will. with marissa mayer, it is unclear as to what she might be doing in the new company, if at all. there have been reports that she has a severance package totaled as much as $55 million, including stocks and options and other benefits. bloomberg intelligence analysts say this is the end of the plansa mayer era, and the is to complete the sale of the alternate -- the operating company. rishaad: with the core of the
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business going to verizon, when the deal is completed, the bulk altaba. what is this about? >> the name is out there, but the pronunciation is not. if you check the domain registry isine, it turns out yahoo! since owned altaba october. is the new name. it will be the shell company for -- assets,ian acts like alibaba. it has a 35% stake in yahoo! japan and a 15% stake in alibaba . it will keep five directors from yahoo! staying on at the new company as it prepares to become the shell company for asian assets. there are huge tax implications.
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yahoo! has not told us about that yet, but if you are a user of yahoo! mail or tumbler or unclear as to what might happen with those properties. yahoo! bought them for about $1 billion, and they are valuable properties used by many around the world. you mentioned verizon, there is still a question on whether the deal with verizon will actually go through. we are talking about the risk goingerizon isn't -- is to incur if deal does not go through, related to two security attacks revealed. verizon has been trying to a cheaper price, or maybe a possible exit. a lot ahead. name changes and departures, but this is still in the beginning stages. rishaad: let's find out more. is big's founder delayed
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business figure to roll up to trump tower. jack ma and trump discussed how to create a million new jobs in the u.s. over five years. that is what we know. what else do we know? >> jack ma's promise to donald trump for creating one million jobs is based on the assumption put many small business brands onto alibaba's platform, and that will bring it to one million. rishaad: if each of them creates one job -- >> many of them are doing it already. selling on000 brands the alibaba platform. they might come into direct competition with ebay, which has 10 million sellers. there will be a lot of overlap in that space. they have a lot to do to do the promotions and marketing, to create awareness to make them willing to sell on alibaba. rishaad: how is this playing
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out? it is seen as important. >> we heard at the end of last year that alibaba was placed on the tory is markets list i the ustr. they were under investigation by the ftc. goodng on double trump's side is essential, because they have so much exposure to the country and also, creating jobs is one of the things donald trump has placed as a top priority. you see jack ma as following a series of entrepreneurs, ,ncluding masayoshi son arranging meetings with donald trump, creating more jobs in the u.s. rishaad: what he has been doing, it was all about clicks. in-time retail is something he wants to privatize, the motivation here? >> they are telling us they are trying to use $19.28 billion in cash offer, and jointly, in
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hands with a company founder and -- and to take private & time. they are trying to upgrade the retail industry to get rid of the middleman, trying to help retailers and brands really link feedback from customers to see what they want and where inventory is lacking. they will have the most timely updates on those supplies. is at a relatively low valuation, so for alibaba to buy them, analyst think this might be a good experiment opportunity to see what actually, they can do, even though they have been saying this for a long time. rishaad: looking ahead, renewed concerns over brexit. pushing investors back towards havens. more details coming up later. china's inflation data is due out in the next 20 minutes. we will discuss the implications.
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♪ .ishaad: we are back the latest business headlines, a japanese pharmaceutical company expanding in the u.s. it is by an area for 4.6 billion dollars and will give it access to blood cancer and experimental lung cancer drugs. they will pay -- that works out as a 75% premium to the friday closing price. rhs surging by 70% on the news of the deal. up 1.1%. u.s. prosecutors said to be planning to charge high-level volkswagen figures in germany over the emissions scandal, following the arrest of an american manager. the omissions compliance executive is accused of conspiracy to defraud the u.s. this lays out a roadmap to
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charges against officers in germany. the u.s. has learned of the device in 2015. one of 2016 biggest hedge fund startups posted losses in its first trading year. george soros-backed len point 5%ital shed, offering a reversal in november. volatility was spurred. it was a number -- one of a small number of hedge funds to raise money last year. quarter past, we should be getting the yuan figures out of the pboc. back to shanghai, the china conference taking place with our very own tom mackenzie standing by. tom: we are hoping to drill into the sectors and stocks we have been looking at. -- the head of strategy in china, you have released your
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most recent note and you say play the cycles, what conclusions have you come to? >> for longer-term investors, they should stick to the trend. that means structural trends happening in the chinese economy. we are talking about the growing middle class, urbanization, higher demand for services. these are the longer-term trends. we have observed these trends for the last few years. it seems like it will continue. the economy structure is shifting. i was going to ask about the sectors, on a sector by sector paces. -- on a sector by sector basis. , we arehinese consumer not talking about consumption and growth factor -- faster than the over all economy. it is about the structure of consumption. --ple have more demand of it
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for discretionary items and services. goods, someonsumer brands, good brands, including domestic rants. those are the things we are talking about and the other thing is looking at spending on health care, which is growing faster than overall consumer expenditures. health care is an area you can find fast-growing companies. have the yuan fixing come up stronger at 6.9 two. a lot of volatility in the yuan in the past few days. analysts expected to come down again, but in the 2016 range of between 2-3%. how do you factor the yuan ?eakness into the strategy you are looking at financials, i know you think financials could see some positive earnings this year. deposit seeing domestic strain out. you have exporters to benefit.
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how does this play into this? >> the pressure on r&d against the u.s. dollar will be a consistent. sometimes you see higher volatility, because under some conditions, for example, now, very strong u.s. dollar for example, we have availability of new quote is for individuals starting this year. when the periods pressure intensifies. the central bank will take some extra actions to stabilize it. overall, we are expecting 5% depreciation against the u.s. dollar. asia, it is not export oriented. it is mostly serving domestic demand. you have a segment of the market that is export oriented, especially higher exposure to
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the dollar area. exports to the u.s.. i think these will be beneficiaries. the other thing we are observing, the last couple growth for has been investments. we have a big emergent multinational company, lots of operations outside china. the impact of domestic manned on these companies will be smaller now, and they will benefit from a stronger dollar. you expect the property sector to weaken this year, but you are bullish on the consumer sector. they are linked, because the higher the property prices, the more money people have in their pockets. how is it that you have to been diverging views? if you observe consumption patterns over time, it has less correlation with the housing sector than a lot of people expect. looking at the housing boom last year, retail sales, they were flat. effect, like the wealth
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we have this boom-bust in the stock market in 2015, and you don't see a lot of volatility in consumption, either. i think consumption is fairly steady. -- andess effective affected by housing markets. that is why we think consumption, it is not going to be a huge growth rooster, but it will be steady for us. earnings toect increase by 5.7% by the end of 2017 and part of that is the financials, you are bullish on china's financials. i was speaking to the former deputy managing director, he said that is a chief concern, financials haven't the leveraged to the degree he would like to see. de-leveraged. attactically, if we look
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financials, especially banks, they did well last year. npl formation stabilized. going to this year, i think one big change is, last year, we saw the interest margin get squeezed to the magnitude of 30-50 bits. this year, we are projecting flat stabilization. we didn't have any rate cuts last year. most rate cuts were in 2015. the ethics -- the effects were felt last year. that will stabilize, as well. adding them together, you will see earnings rebound. tom: thanks very much. the to get your insight. look to the consumer cycle and consumer sectors, particularly technology, entertainment, health care, but maybe avoid
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property. financials is another thing he is bullish on. alibaba breaking news, retail group, the department store operator, they want to freeit private and the market auction coming to an end on the hong kong stock exchange. group, china'sl biggest online retailers group seeking to deepen its integration with rick and mortar stores. that is the deal at the moment. stores. and mortar that is the deal at the moment. ready to rebound. a look at the outlook for the ringgit. ♪
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♪ rishaad: the ringgit raising bringns that malaysia may
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back capital controls to stem the slide. -- whatt to what tom top bankers say. it is having to rebound from a a detergent view on the prospects for the currency? haslinda: definitely, i divergent view. a survey shows the ringgit is expected to trade lower, 4.52 versus the dollar is the project and -- is the projection but if ,ou speak to a top banker president of the financial markets association of malaysia, he will tell you to get ready for a ringgit rebound. he says measures implemented recently by the central bank will prop up the currency, like requiring companies to convert at least 75% of proceeds into ringgit. also, funds with more than $200 billion in direct investment abroad made look to -- may look
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to gain before the evaporate. you how the ringgit has done. down more than 20% since the start of 2015. the worst-performing currency in the emerging asia. low commodity prices, not helping. lasteached 4.50 per dollar week. not looking pretty. rishaad: the thing is, what are the risks to the ringgit? what may drive it lower? haslinda: several issues here. hikes faster than expected, it may mean bigger outflows from malaysia, which will weigh on the ringgit. one of the main factors. rishaad: thank you. let's have a look at what we have coming up. the economic indicators out of may show how factory
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inflation has risen for a fourth month. we have the numbers when we return. the market open in hong kong and shanghai, the markets showing a flat picture for the hang seng. ♪
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rishaad: this is bloomberg markets: asia. we will get you close of the breaking news coming through. we will have those figures. we want to tell you about a couple of things dominating the day. weday. we have marissa mayer resigning from the board at yahoo!. it was taken over byday. we have marissa mayer resigning from the board at yahoo!. it was taken over by verizon. looking at that one, and the markets have been dominated also
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by this failure for the dow to get above the 20,000 level. it is at not a technical level. we finished up the new year shy of that figure. we also see that the hang seng will be opening pretty much flat in the premarket auction period. looking at that, and also looking at china's gdp. we also have, of course, inflation numbers in. let's get straight to steve. 5.5%: we're looking at year over your game in producer prices. i will start with the factory gate inflation because we are seeing a much sharper rise. this will be the fifth straight month of rising prices after four straight years of deflation. december,rices in year over year, higher by 5.5%. the estimate was 4.6%. i haven't seen an inflation figure this ties since october of 2011 when we had a 5% gain. that is more than a five-year
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high for producer price inflation in china in december. it really spells out what we have seen in the china market and that is the global rise in commodity prices feeding into the factory gate prices. we also have capacity cuts in china. they are getting more efficient and the weakening yuan in driving up costs at the factory importeduse of those raw material costs which are more expensive with a cheaper currency. again, 5.5% year-over-year gain in producer prices. consumer prices gaining 2.1%. that is slightly below expectations. again, consumer prices fairly bening now. -- benign now. 2.1% in december. we will look at the bloomberg food price inflation tracker and that tells the story. even though it is wintertime
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where vegetable prices go up, it is a benign environment for food prices and that is why because food is the biggest determinant in cpi inflation in china. that is why it is fairly benign. well below the governments full-year target of more than 3%. recapping, ppi, the prices at the factory gate, higher than expected -- 5.5% gain. rishaad: we will be looking at that. indeed, looking where the market reaction is. not really taking this news well, but it can be counterintuitive. >> let's check in on how the yuan is reacting to the latest cpi numbers. the offshore yuan rising in the wake of what we saw with the pboc setting the daily fixing. we will see whether or not we will see more action coming
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after that data dump we got out of china. let's see if there is any reaction to the data on that front. the aussie falling 1/10 of 1%. let's take a look at the equities market to see the direction in the stock space. we are seeing a fall of 2/10 of 1% in the chinese mainland. some other stories we want to focus on today happening with market movers, moving on to japan. armaave seeing a rise in ph stocks with the deals we are seeing out of takeda and the news. advancinging 1.3%, for the six day after announcing a deal to buy a u.s. based company for $4.6 million. 10.5%, to the
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highest in over a year. it will be added to the nikkei 225. another big deal we're looking at was around alibaba. deal forl operator, a $2.6 billion. incoming shares surging about 30% earlier on that is. -- news. much.d: thank you very let's get to what is going on and have the first word news headlines. haidi is in sydney for us. yeah, yahoo! has announced management changes as it transitions to investment company. marissa mayer and five others are resigning from the board which will ultimately be reduced to five directors. their resignations are not due
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to any disagreement with the company. t operationhe -- the operation with eric bon as chairman. shares are up slightly after-hours. jack ma meeting the president-elect. they will discuss how they can help u.s.-china ties and how they can have new jobs in america. addays the company plans to smaller medium-sized companies in the u.s. which would hire one person. the philippines central bank governors says it can hold rate unchanged for the next six months barring any surprises while keeping inflation within target. he does not see anything on the horizon with most risks to the upside. the 64-year-old is near the end of his second and final term and says his successor should come from within the bank. a movie about email
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mathematicians has ended rouge one's three-week run on top of the north american box office. beat the 22.1one's million rate by rogue one. it is a runaway hit for disney with more than 477 million dollars in north american ticket ales alone. global beat news 24 hours a day powered by more than 2600 journalists and analysts more than 120. countries. rishaad: thank you. let's get to this word. it is coming up and causing renewed concern. it is hard brexit. sending investors scurrying for cover. it has led to yields higher across the world. kathleen hays has details. why all of a sudden the focus
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back on brexit? kathleen: you can thank the u.k. prime minister. she gave her annual television interview on sunday to the people of the u.k. and the world. what she said is that she sees a need not just for tapering but a new relationship with the european union. they are hearing we are heading for a hard brexit. may also said, i reject the whole idea of a hard or soft brexit but i will get the best deal for the u.k. let's take a look with listed with the british pound because reaction came over into monday trading. let's look at the pound because he can put it into perspective. 92. what you can see on the far left, the very far left, you can see the brexit vote. see how far the pound fell and how that. when theresa may takes power,
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she gave her first speech to the conservative party conference. look how the pound got bounded. not quite as severe but this new year interview leading to more loss. this creates more concern about inflation, consumer spending, etc. angela merkel giving her first public speech of the year. she says, hey, i have some demands for you. the u.k. has to adhere to the eu's freedom of movement, freedom of capital, freedom of goods and services and workers. she says if you cannot agree, then the u.k. will have to settle or less. >> we cannot let negotiations take the form of cherry picking as otherwise this would have fatal consequences with the other 27 member states. such consequences, we cannot let happen. kathleen: this is what has been worried about a hard brexit.
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brexit back on the radar screen now. rishaad: ok, treasuries rallied with the u.s. yields back to 2.6%.' is there a chance of this trump rally -- what are people telling you about this? kathleen: since donald trump got it elected, we saw this big selloff on bonds. but, bloomberg news team got a analysts our bloomberg and what we found is that their view is that you will not see the bond market, bull market more than 30 years long ending until the u.s. 10 year treasury gets above 2.8%. it is a ways from that. we will give you a long perspective. i love this chart. it goes back to 1987.
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see that channel? we were up to 2.6% or so -- excuse me, 2.4% and back down. see that channel? until that line is broken, the story from our analysts we have surveyed is, hey, the bull market and bonds is not over yet. look, it is moving above 218. it is very important to keep in mind. fedwhole question of the rate hikes in 2017 all the more important. big surprises. two speakers today -- did we learn anything near? kathleen: it seems to me we have learned beneficial it is in line for rate hikes. 2%. 3%. based a gradual. rosencrantz talks about the balance sheet this year. very important -- thursday, janet yellen, four other fed speakers. this will focus on the fed.
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we will see which direction they go. rishaad: thank you very much, kathleen hays. the prospects for the donald trump presidency. we will talk to the campaign advisor for florida senator marco rubio. this is bloomberg. ♪
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rishaad: a quick check of the latest business flash headlines that is amended is buying surgical care affiliates. deal bellowing them at $57 a share. 17% premium to the friday deal e and gives the biggest u.s. health insurer an outpatient surgery chain. it improves its health care delivery business. serving one million patients a year at its 205 facilities. microsoft and qualcomm backing
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the security firm by israeli veterans amid growing concerns of hacks. the value has not been disclosed that t8 has raised more than $19 million. it is more sophisticated with russian attacks on the u.s. election. russian attacks on the u.s. election. the headline is amongst many from last year. toald trump tweeting thanks ford and chrysler for financing new investments in the u.s. they canceled plans to build a factory in mexico and they said they would build a range of to ford and chrysler for financing newpickups and sport utility vehicles in michigan. the chairman of ford saying he is encouraged by trump's policy plans. >> i have a really good relationship with him. i talked to him last week when we announced our plant in michigan. he is very interested in all the things. trade, currency manipulation -- all the things that affect american corporations.
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very encouraged by what i have seen by his policy potential. rishaad: donald trump also in the headlines for naming his son-in-law as a senior white house eight. aide. taking you back to the ubs you areom mackenzie, with an advisor to senator marco rubio's presidential campaign. tom: that is right. we will be setting our attention to the politics in washington and the geopolitics, what it means for china and the region. i'm joined by a research fellow of the hoover institution and a former advisor to both mitt romney and marco rubio. we have the latest nominations in therubio's presidential camp. trump campaign which is kushner as a senior advisor to trump. that is following on to nominations with pretty
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anti-china, very strong anti-china opinion. andng that all into the mix talking to your contacts in washington, how do you think plans have happened and what it means for china? >> the first thing to know about trump is he is nominating people that he is comfortable with. it is someone who is actually family. people he has worked with and has a certain level of trust with and understands his world of you. with respect of china, it is interesting because i think trump is an economic pragmatist. he is a pragmatist when it comes to u.s. foreign-policy generally. i think what you will see play out is a sense of i'm interested as the president and stuff that will affect the american people directly. anything outside of that, i am less interested in. he will focus in his american first foreign policy. i think china will be one of
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them. tom: it is a very singular mindset, taking into account the complexities of geopolitics. in terms of his nomination and the tweets we have seen and his interactions, how does that set things up in terms of a potential u.s.-china trade? what risk are we at? >> i think the level of risk is significant for a couple of reasons. first of all, if you return to the premise that trump is interested pragmatically in the economic issues that affect the relationship, really at core, the trade issue is the one thing there has been conflict even in past administrations and we should expect that conflict to continue. more broadly, the engagement with taiwan -- donald trump is not about the new wants of foreign policy. he is about communicating the big message. the big message here is we are no longer going to allow china to dictate the united states. how we interact with other enemies. i think part of his interaction with taiwan was specifically to
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get that point across, but also because he sees the relationship with taiwan as a larger wh ole, understanding the long-standing relationship with china. tom: we talked about him expecting to label china as a , and the other one is with tarriffs. you expect them to be broad? >> i would expect there would be activity in that area because it was a prominent campaign promise. 35% tariffs. for him to pull back entirely and go to nothing would be very difficult for him to sustain politically. i would anticipate there would be some activity. my sense is it would be a little more narrow. also, it might be more symbolic in nature. the issue of labeling china a currency manipulated -- every president has talked about this.
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in reality, one has to wonder havely how much that will even if he makes that designation. at the end of the day, donald trump is very cognizant of the interrelationships between the u.s. and china. there would have to be some political posturing. in the long run, i think he recognizes the importance of the relationship. tom: his team is prepared for the pain that would come about or as a result of this trade spat? we know the chinese are lining up a list of targets essentially if trump goes ahead. there will be a lot of pain on the u.s. side as well. >> the u.s. secretary of commerce now was communicated. for trump, the campaign was more fun and games. a little more about posturing, demonstrating he was tough. now that he is elected, he has put himself in the company of some advisors that will give him a sense of what the impacts of this will be.
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it is not mean he will devoid entirely because there will be pain. i think it is more important for the u.s. to stand tall and strong from an image perspective than short-term policy fallout. we will see what happens. i would anticipate that to go away because some of the said there would be a lot of pain. tom: turning our focus to the trade and tpp, he says he will s crap that. that plays into china's hand in terms of its trading relationship with allies in the region. do you see that as something china could profit from? >> i think the chinese recognized the potential u.s. withdraw from the tpp creates a huge vacuum of economic leadership and create a vacuum of geopolitical leadership. i think the chinese are eyeing what it would mean with the u.s. to be less involved economically in the region, to turn away from a so-called rebalance to asia the obama administration but in
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place. i think holding back is probably the best thing china could hope for. tom: quickly your thoughts on russia and the hacking scandal. is there -- an divergence between the u.s. agencies and the president escalating. >> there has been a significant challenge between the u.s. president-elect and the intelligence community. you have senior republicans like john mccain breaking with donald trump. the relationship between u.s. and russia has always been difficult. remember how the russian reset for obama and clinton a few years ago. we will see if this goes the same way. donald trump does value a closer relationship with putin and the russians. tom: thank you very much, a former advisor to marco rubio and romney, giving his thoughts on the implications of trump's presidency and the key question
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around a potential u.s.-china trade conflict and the implications of that as well the markets and trade. rishaad: thank you very much, tom. next, an $86 million bargain. how a hong kong buyer dodged this beach site mansion. ♪
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rishaad: we're back with markets. $86 million is a hefty price tag for a home. that is the estimated amount of a seaside mansion that was just sold. via managing to avoid paying property taxes. we have the details. how did this work? >> it is quite simple. the property in question was held by an offshore company, all this guy had to do was buy the offshore company. the transaction takes place
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offshore so it doesn't attract any local taxes whatsoever. rishaad: do we know who this buyer is? frederik: we know that he is from hong kong, an experienced buyer. which means -- rishaad: he had been doing it before? frederik: he had been doing it before. this process is actually pretty common when you get up into the more than $20 million. rishaad: do we know if this individual was someone local? frederik: we know he is a local. becausegood question had he not been local, a foreigner and already own the property and the property changed hands in the last six months, he would have been liable for 45% tax rate. rishaad: wow. frederik: we know he is local so the most he might have had to
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pay was $26 million in taxes which would be 15%, which is a value-added tax. an additional 15%. rishaad: you said this before that this is a common practice. it has been reoccurring in properties above $20 million. frederik: you need to pay a lawyer, do your due diligence. making sure they are buying it. rishaad: with that in markets. mind, is that a loophole? frederik: it is hard to go after because it is taking place onshore. with every of these major deals, it is bragging rights for them. all of these things are happening and we will not find out about it. the government doesn't know, so it is impossible to go after them. rishaad: there must be a way. frederik: if suddenly the government said no properties
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can be registered and companies names, only individuals then fine them. rishaad: thank you so much. coming up more, donald trump ratcheting up the rhetoric on china. ♪
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rishaad: almost 10 a.m. in singapore and the 9:00 in the evening on monday in new york city. coming to you from bloomberg asia headquarters in hong kong, this is bloomberg markets. ♪ rishaad: diverging data -- china's factory day rising fast as in five years while consumer price slow to gain. alibaba more links to brick-and-mortar. the retail for a surging of privatization.
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it all changed and yahoo! -- marissa mayer is resigning after the sales strategy. trading day getting underway in jakarta. coming from what happened in new york, 113 points shy of the 20,000. we keep coming back. that is one of the stories dominating this session. let's have a look at what is going on in this part of the world. asia broadly following the oil driven retreat on wall street. shares down 2/10 of 1%. financials also down for tenths of 1%. sentiment feeding a rise in gold. an uptick in oil following the ministers comment around opec oil cuts. space, comes to equity we're seeing stocks leading in asia, down.
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this is a change from it being the recent one in the equity market on monday. the nikkei 225 in the red. the topics erased losses earlier due to the jump in pharmaceutical stocks by the likes of the deal that takeda s truck and the inclusion of otsuka in the nikkei 225. having a closer look at what is driving. retailing down over 3%. the biggest two-day drop since june 27. we are seeing the logistics player falling after recording a drop in the nine-month operating profit. after what we saw in china, it was down a quarter of 1% of the factory data -- the data we got off the mainland. the onshore rate opening
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stronger than yesterday's close. the pboc fixing the yuan at 6.9234. more on what is happening with consumer prices -- rishaad: thank you. let's get to china's reflation story. the factory game prices climbing. steve is with me. these latest inflation numbers -- we had 54 months of ppi be a negative. suddenly, this is amazing. steve: hello, world. this will eventually factor into cpi down the line as they pass it along. or five months ago, we had deflation at the factory gate. now the fourth straight month of inflation and we're expecting
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4.6% rise in december. we had a 5.5% rise. it was 3.3% the previous month. there is a lot of reasons why. commodity prices are up. there is reduced slack. a lot of the overcapacity has been reduced and the weaker yuan. more expensive. look at these numbers. we can run some video of some old factory footage we have while i run through these numbers. rishaad: those are new factories. steve: robots, no longer people. producer goods, mining goods up 21% in december. raw materials up 9.8%. manufacturing producer goods up 5.1%. a couple of months ago, these were in deflation and we can look at purchasing prices. feel up 10.1%. 10.1%. metals up
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rishaad: there you go. steve: chemicals up 5.3%. all of these figures were by more than 2% inrishaad: there y. deflation in july. yes, we are in reef lading territory. rishaad: there is a correlation between weapons with these companies -- between what happens with these companies. gate rices gotory up. expect a rise in industrial profits which has been sinking. rishaad: blue line. steve: as producer prices, they didn't have enough pricing power. power andd that profits -- rishaad: september of 2016. steve: the power of the bloomberg terminal. you want to talk about tpi? rishaad: i do. steve: it is boring. cpi, we are going to start to see these numbers hold up.
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a lot of variables. it could favor the united states. that could really deflate prices, but you can see down the road cpi inflation in china going forward. it was rather benign. rishaad: you have got the industrial companies lift prices, etc. and that feeds into it but it is negated to expect t happens with porjk? steve: the biggest the terminator -- is that a word? rishaad: determinant. steve: i was thinking arnold schwarzenegger. food is a big component. the bloomberg food price inflation tracker, a mouthful, clearly shows that food prices have an coming down even though it is winter and vegetable prices usually go up. cpi right now, 2.1%, below expectations. rishaad: stephen engle.
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let's see what else is going on in the world. let's go to sydney and get the first word news from haidi. haidi: hey, rish. yahoo! has announced management changes as it transitions to investment company. marissa mayer and five others are resigning from the board which will ultimately be reduced to five directors. they say the resignations are not with any disagreement with the company. up slightly after-hours. india's largest conglomerate has accused him of altering the representation of his directors. a filing from lawyers said he reduced the number of his directors of other group companies. the accused him of never raising concerns about the operation and being slow to react. on freedom a month
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of movement if they want to have access to the market. chancellor angela merkel lay down a position as the u.k. counterpart launches to have brexit negotiations. locals say anything other than full compliance will have further consequences for the remaining states. president-elect donald trump son-in-law is to be a senior but unpaid advisor. kusher had a leading role in the campaign and work with the chief of staff. he will leave his company to comply with government standards. a statement from trump tower describes him as a tremendous asset and a trusted advisor. global news 24 hours a day powered by more than 2600 journalists and analysts. i'm haidi lun. this is bloomberg. alibaba's founder is
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the latest figure to roll up to trump tower. jock modest guessing u.s.-china ties and talking about creating one million new jobs in the u.s. over the next five years. what do we know about this? promise iss based on the assumption they can attract millions of jobs. they have a long way to go. rishaad: this was in place beforehand. lulu: they have 7000 brands on their platform so still a long way to go from u.s. brands. they made $15 million last year. the plan for when million jobs is for across five years and alibaba will have to do a lot given the recent reputation for a haven of counterfeit and being put back onto the market.
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convincing that alibaba is the right place for them to sell and to reach a wider chinese audience. rishaad: he has been meeting so many people from all different industries. lulu: jack ma is holding on to the belief that 50% of the revenue will come from overseas in the future. if they want to make that happen, the u.s. has to be a part of the plan. getting on the good side of trump is essential for them. also, they are listed in the u.s. they are under investigation due to accounting problems. working with the regulators on theyand with the u.s., have to settle the issues of being a counterfeit haven. a lot of issues with regulators. meeting trump maybe one of the ways for them to showcase that they have -- showing goodwill to the u.s. regulators. rishaad: lulu, right. fact, he is also backing his
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cliques with brexit. lulu: they are investing, along with other investors, a total of $19.8 billion in cash. retail atowing of 27 billion hong kong dollars. again, part of the rhetoric they will upgrade these off-line retail players. the retail of 27 billion hong kong dollars. market in the past few quarters, not thealibaba cog to breathe some life into the traditional sector and combining them with the internet way of thinking. rishaad: thank you, lulu. still ahead, we have gm's mary barra refusing to hit production plans. plus, the possible most stellar performance we have seen. fallout between the worlds top two economies.
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that is next. ♪
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rishaad: we have a look at the latest business headlines. takeda expanding its oncology business in the u.s., buying a riad. it will give it access to a bill and experimental lung cancer drug. that works out as a 75% premium to the friday close. if you look at the share price reflecting that, 70% on that deal. takeda sharing that up at 1.5%. james packer returning to the board of his casino, from resorts. chair will be step
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down to be replaced by john alexander. increasingly focusing on the australian business. 17 employees were arrested in china for alleged gambling related crime. carlyle group said to be preparing its 80 u.s. real estate fund in the first half of the year. bloomberg is being told the private equity firm is targeting $5 billion. it is part of carlyle's and to raise $100 billion over the next four years. anding to replenish buyout approaching the end of their investment. tensions between china and the u.s. ahead of trump's inauguration. a trade war is looming. we will have our guest at the u bs greater china conference with tom mackenzie. i believe it is the asian trade center that has confirmed news on all of this. tom: that is right.
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who is better to talk about trade in the region than deborah allen, the executive director of the asian trade center. thanks for joining us. you've worked with policymakers, institutions in the region on trade, trade policy and trade deals. what is the level of concern about a trade war on a scale of one to 10? >> well, we started off at a fairly low level but ramping up quickly towards 10. we will see what happens as we are closer to trump's inauguration and his policymaking decisions in the week or two after his election. tom: how damaging could it be to both the regional economy, in particular china and the u.s., if trump is the follow-through on some of the policies? deborah: i think it will be damaging, particularly for export oriented economies in the region. they will have built up their economies and livelihood based on exports and integrated supply chains.
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if we get into a true trade war between the u.s. and china, that is damaging not just to the u.s. or china, but to the very region which is tightly integrated and when you start ripping apart those chains and making it very difficult to get into final markets like the u.s., that has implications for all of us. tom: many would say trump is just sending a few tweets. yes, he has made some pretty strong vocal anti-china critics to his team that has cooler heads. they will prevail and he will be a pragmatist. deborah: i don't think so. if you look at what he asked for his core beliefs, his core beliefs going back decades is anti-trade and anti-large trade agreements. his core beliefs -- opposition
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to things like nafta date back decades and when i think if you say what he believes in, he believes in tough trade rhetoric protectionism. om: if he does pull together some of these threats and put them into action. in terms of a sector by sector basis, who is most at risk in terms of u.s. operating in china? deborah: there are a couple of things. the u.s. will start to feel -- and that is the obvious first target. anyone related to, the implications are obvious. tech companies, second, because china knows that is very damaging. almost everyone, again, is connected to tech. i think the ripple effects are going to mount up very rapidly. tech companies,the assumption ie companies will push back and they will force the u.s. change of policies. they could force china to change
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its policies. once one of these things start to unravel or unfold, the momentum picks up and all of a sudden there you are and cannot put the genie back in the bottle and go back to the way things were. i think this is extremely alarming. 2017 is going to be not just loth, but generally -- in a of ways and not just for the u.s. and china. tom: it is fair to say this is not a level playing field. u.s. and european companies operating. -- u.s. chamber of commerce it is not a level playing field in china. you cannot buy a car company here like you can in the u.s. and europe. in that respect, there is a point. deborah: the chinese market is not like the u.s. market is not like the european market, that is not true -- that is true. it is not to launch an all-out trade war. i think you can work with the chinese to think about different
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ways to structure their market, but i think the chinese would respond and say we are not the americans, the europeans in our market is not have to look like they markets either. i think a trade war is not necessarily the best response for anyone involved. i think that is the direction we are headed even though i think this is deeply alarming for anyone in this region. tom: just briefly on tpp, many have assumed it is dead when trump takes office. you don't agree? deborah: i think we will see it pick up. i think the other 11 will continue to move ahead. we are waiting to see what trump does the pull the u.s. out but there is a clause that allows the other 11, i think, to move forward without the americans because it is still a good trade agreement. it sets the rules for the game for trade and it is very important. i think we will see the tpb move. tom: very interesting insight. warning of the very tangible risks to trade relations.
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interestingly, the tpp may still have life in it yet and with the u.s. it is still a decent trade deal. that was deborah allen in shanghai. rishaad: thank you, tom. we will be back at the ubs conference later. we are talking bitcoin and t brian ford. is also a former white house senior adviser for mobile innovation. that is in just under half an hour. gm's chief executive mary barra refusing to change production plans, resisting pressure from the president-elect. ♪
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rishaad: donald trump tweeted ford and chrysler announcing
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plans to build a factory in mexico and said it would build a range of pickups and sport utility vehicle's at a michigan plant. bill ford telling us he is encouraged by trump's policy plans. >> i have a very good relationship with him. i talked to him from time to time. i'd talked to him last week when we announced our plant in michigan. he is very interested in factories, trade, currency manipulation -- all the things that affect american corporations, he is interested. i think i am encouraged by what i have seen with his policies potentially. rishaad: carmakers under continuing pressure to vouch president-elect trump's policy but mary barra remains optimistic. she spoke at the international auto show in detroit. >> there is a lot of
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opportunity. we have more in common with the administration and president-elect been we had. we are working to strengthen the country, strengthen, obviously, business performance. we are a big provider of jobs. we provide 100,000 really good paying jobs. also, looking for reforms. regulatory streamlining and he has made statements -- those are things that will allow us to reinvest. >> it is opportunity? >> i believe there is. people needing to understand this is a very complex business. michigan andt in the traverse we just launched is built in lansing -- and those were decisions made a few years ago. we really need to understand how investors are made and look for opportunities. >> also the supply chain because the parts with orders come back in and the assembly is done someplace else. what is your interest in terms
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of trade, and particularly, if there was cross-border tax, would it hurt hm? >> i think it is too early. i would be speculating. we are very proud of the fact our strategy is to build where we felt over 70% of the vehicles we build our build here. we are the highest u.s. content of of all the manufacturers. we have a lot of jobs here and we will look to make sure it recognizes the significant investment we have already made in this country with the jobs we will provide. rishaad: indeed, we heard from other carmakers in north america auto show in detroit. spend $10hey will billion in the u.s.. >> we understand. we agree with the president that we want to make america stronger. we want to have good paying jobs, a good economy, because that helps my business if i am selling cars. it allows me to sustain our
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future. gomezn's carlos says he does not want to be caught by surprise. >> everything that is done with collaboration of the history -- the industry. it can do a lot of things as long it is collaborating. as long as we have some kind of ability with what is going to happen. we can do a lot of things. the only thing we don't like is being caught by surprise all of a sudden. abilityrishaad: right, well, we got? we have ghosn saying that. we also have emerging asia. what about it, because it has had a terrible time when it comes to the four exchanges. could the worstrishaad: performt -- currency you ready to be rebounding? on a day where we are seeing it
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come through here. let's have a look at the moment. 7. is 4.45 sterling is taking a big hit. one unit of the pound. ♪
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>> it is 10:29 a.m. in hong kong. i have the first word headlines. china's index grows of the fastest pace in more than five years in december, up 5.5% from a year earlier. the four months after the end of multiyear -- it is now poised to be a global inflationary report. december, justin below economics estimates. oig names continue to roll up t trump tower with jack ma meeting the president-elect. they discussed how they can ease u.s.-china ties and create one million new jobs in america.
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he said the platform intends to add many small to medium-size companies in the u.s., each will hire one person >> he has the concerns and he has the solutions and he wants to work with china on how to do better and i advised that we can go through the business community to understand the situation better. central bankerne -- so they can keep inflation within target. he doesn't see anything on the horizon to warrant a cut. the 64-year-old is nearing the end of his final six-year term and says his successor should come from within the bank. to. prosecutors are planning charge figures in germany over the emissions scandal.
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complaintsons executive is accused of conspiracy to defraud the u.s. could be charges against vw executives and germany. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. rishaad: it is getting that first lunch break of the week in tokyo at the moment. number, it inflation is a ppi number that could be sending some alarm bells in the future, but overall how are things being digested? >> take a look at what is happening. we are seeing that energy story
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dence.residents -- prece a drop of over three points when it comes to point some index, but we are seeing health care dropped the most viewed in the region, we are seeing weakness, with australia stock weakening, down over 8/10 of a percent. region, we aree seeing a third of a percent. take a look at the nikkei as they are heading into lunch break. we're seeing pharma stocks in japan rally given the news, a rising as they
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look to expand their footprint in the u.s.. saying there are potentially more deals to come for them. the pharma company is to -- elsewhere, take a look at chow tai fook. 4.3% -- 523%.over this after it has fallen. that route, and is raising concerns about malaysia greenback capital bankers are saying
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that the currency should rebound from the 19 year low. but get to our southeast asia correspondent. behind thisthinking one. ? a survey shows the ringgit is expected to trade lower, 4.52 versus the dollar. president of the financial markets association of malaysia, he says the ringgit is set for a rebound because of measures taken by the central bank to prop up the currency. companies are now required to convert at least 75% of proceeds into ringgit. also, funds with more than $200 billion in direct investment abroad may lock and assets gains
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before they evaporate. let's bring up the ringgit chart. down more than 20% since the start of 2015. the worst-performing currency in all of emerging asia. not helping as the dollar strength, low commodity prices as well. for .5 -- 4.50e per dollar last week. not looking pretty. rishaad: the thing is, what are the risks to the ringgit? what may drive the currency down? a couple of things. if the fed hikes faster than expected, it may mean bigger outflows from malaysia, which will hurt the ringgit. dow jones presidency is the other issue. -- donaldhood of a
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trump's presidency is the other issue. china, chinas to is malaysia's largest export partner. the ringgit is also affected by remains, which some say under downward pressure. rishaad: thank you. let's have a look at what we haven't headlines today. sweeping changes once verizon is completed. let's get details on this. who else is leaving? >> aside from ursa minor, who has spent the last four years at yahoo!, there are at least five other board of directors stepping down. philo andder david
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former chairman a harvesting -- and a former chairman. i was looking at the sec filing for yahoo! today. they took pains to point out the fact that they did not leave because of any ill will. they left because it was their intention to resign of their own free will. isof marissa mayer, it unclear what she might be doing in an company if she does anything at all. it has been well reported that she has a high severance package , as much as $65 million in cash , including stock options and other benefits. made it aanalyst point to say it is the end of the marissa mayer era, and it looks like it could be the sale
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of the operating company as we know it. that calls into question what happens to all of the properties that yahoo! has bought into, namely what happens to yahoo! mail, flickr, and tumbler. -- tumblr. namead: what is with the altaba? i am wondering myself. "the wall street journal" is reporting that the al t stands for alternate and the aba comes from alibaba. that is where is potentially coming from. it has been recorded in online registries since october as being that since yahoo! bought it.
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ahead, see that looking yahoo! will be the shell company for a bunch of asian assets, namely yahoo japan and alibaba, which has a 15% stake. it will have five directors staying on as a gets ready to see what might come of these asian assets that he will still be holding onto. talking about that is one thing, we are also talking about what happens with yahoo! and verizon come up $4.8 billion deal definitely in jeopardy because of the major hacks that happened over the past month. yahoo! is thinking verizon might be looking for cheaper price or exit.cute -- rishaad: could bitcoin be worth betting on as an alternative to the on -- yuan? this is bloomberg.
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rishaad: a quick check of the headlines. --time retails -- retailers alibaba wants to integrate with traditional brick-and-mortar stores. a representative says the deal happen at $10 per share. by alibaba'sked founder is said to be preparing a second round bid for another company. it does sell international rights. the owner owns 23% of the company and has been looking for a buyer. citigroup and qualcomm
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are backing a cyber security firm started by israeli intelligence veterans. it is among concern about hacks. the investment has not been disclosed. they have raised more than $19 million in the past. we have had russia's alleged attack on the u.s. election this year. chinese buyers are turning to alternative assets to head their gains for the week. one option is bitcoin, but the digital asset may be beijing's next target. let's get to shanghai. tom mackenzie is there. it is not just about bitcoin, it is block chain, the technology behind it. increasinglying adapted by investment banks and governments around the world.
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fromll get more insight brian ford, who is a senior lecturer in bitcoin and block chain. we have seen bitcoin and 2016 increase around 120% rally, and a selloff in the last few weeks as round concerns set up that the central bank was looking into it as a potential avenue to avert capital controls. how crucial is the price of going? forhe price is important those investors who are investing as an alternative. what is also important to understand is that bitcoin also impacts the security of the block chain. as long as it has a significantly higher value, you will have miners around the world who are essentially protecting the block chain from fraudulent transactions that can happen on the lock chamber. as long -- bitcoin block chain.
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they can apply all of this computer power to protect it, but as soon as it drops to a low level, they might not have the incentive. interesting to know, more than 50% of bitcoin mining happens in china. at one were looking province, the energy is very cheap and labor is also cheap. china is really at the heart of this. >> china is certainly at the heart of coin -- bitcoin mining . as larger companies start to adapt a block chain infrastructure around the world, they will have to think through happening in china and they might have to participate in doing mining in their country to increase the
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security. there is a risk there, too much of the power being focused in china. >> absolutely, the power of decentralized technology. it's like if the internet only existed in the united states and the united states had control, it would not be very powerful. the more geographically it is distributed, the better and more resilient it is. our attentionus to block chain. as i said when i was introducing you, it is being looked at by investment banks and governments. we'll cut of applications can we expect to see built on this technology? >> there are a lot of companies taking away the bitcoin component and only looking at the block chain component. what a block chain is essentially is a letter of debits and credits. what they are trying to do is
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improve their back-office operations to make it easier and quicker to settle trades. goldman sachs has predicted it can save them $6 billion annually in operating expenses. tom: this isn't a threat to the investment banking industry, it is a potential source. >> every threat is an opportunity for a challenger. the application i described is an opportunity for them to increase efficiency, but there could be other startups out there who are building applications and tools to make it much easier for you to trade any form of digital asset. what is interesting is, we think about bitcoin as transferring money from one person to another without a third party, which is incredibly important, but you also have to think about being able to trade any form of digital asset, trade the ownership. for example, if i had a concert ticket and i have a pdf and you don't know me and then you buy it for me on craigslist and i.e.
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military you, i have emailed to a pdf. that is interesting -- and i email you, i have emailed you a pdf. ticket, go to scan the it is like, did he sell us to 10 other people? the first time, you are fully assured that the concert ticket is only your spirit -- only yours. it creates scarcity and people can exchange them around the world regardless of borders. tom: you were an advisor for technology at the white house. what advice would you be giving the team a looking to move in the white house on the impacts of emerging technologies, particularly on the labor force? >> artificial intelligence and
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robotics, this will all have severe impacts on the labor force. while a lot of these decisions, the future is being decided in the united states, for example, in silicon valley, and flying around this country and interviewing on viewers in beijing, it is interesting to see these decisions being made by computer scientists. computer scientists are brilliant at building code and game changing technology, but what about the rest of society being impacted by this? a journalist in the "financial times" said, it is the greatest time to be a consumer it may be not the greatest time to be a laborer, yet we are both. i think what we really have to think about, you look at vw, that was an engineer hard intog, a lack of ethics
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their technology to get around regulators and defraud consumers. are computer scientists taking about? how can we update the regulators and policy makers anything about this on not just a federal but a city and state level? these technologies are affecting everyone in society and we need have a more holistic way to think about this and often times the white house is great place to bring everyone together. my hope is that the donald trump administration ask -- rings all these parties together to think about these hard problems for the future. thank you very much. brian ford giving his thoughts there, not just on block chain and bitcoin but also emerging technologies. brexit isoming up, back in focus.
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risks are driving in advance when it comes to treasuries and really making itself felt on the pound. ♪
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♪ brexit is back in the news with the united kingdom being mourned in must except free movement to enjoy european union access. johnsonmay said boris
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to washington to build transatlantic bridges. what is occurring, kathleen? there is a focus on brexit this week again. the u.k. is facing a deadline, march 31, the prime minister in post this on herself and markets are hungry to get more details on her plan, which has so far been lacking. in the last 24 hours she has made clear a whole new deal is with the u.k. needs from the eu. they will not do this in bits and pieces. the mall, angela merkel making it clear she is making it clear that the u.k. must do it for itself. they want free movement of capital, of labor, of ability to provide services and she says conform to eu norms or you might
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have to settle for less. >> we cannot let negotiations take the form of cherry picking is otherwise this would have fatal consequences for the other 27 member states and such consequences we cannot let happen. kathleen: a hastily arranged --p, boris johnson and former mayor of london, you can see him meet with paul ryan s.e.c. still build new bridges , especially after theresa may made it clear we have to find new trade deals. he also met with others. he met with bob corker. he also met with the ranking democrat on the foreign relations committee and mitch mcconnell, the senator from kentucky who is the majority leader.
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their important meetings for him. he also came to new york from washington for a surprise meeting with the trump team and came out of the meeting saying he is been told that the u.k. is first in line for a trade deal with the u.s. when donald trump text the white house, a clear reference to what president barack obama said during the brexit campaign when he said that britain would be at the --k of the queuq is a voted queue if they voted for brexit. there you have it. real johnson has been a mover for the u.k. pound in markets around the world. rishaad: what about treasuries? there are concerns about britain in the european union and. -- union. bull marketsaid the in bonds is over with, but it is
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not quite that simple, is it? kathleen: maybe not. the thing we're looking at is technical indicators because our bond team did a survey of they wantnd found -- to see more of a cell up. -- sell out. go back to 19 87, that yellow line going down, you have to get 2.8, the bond deal has not hit that yet. it may be the key to what the bond does in the end. ♪ rishaad: we continue with shery ahn.
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♪ >> from our studios in new york city, this is "charlie rose." >> this video captures the moment after shots rang out at the baggage claim in terminal 2 of the fort lauderdale airport. a lone gunman opened fire on passengers, leaving five people dead and eight injured. >> paramedics, lower level, inside. a subject with a gun. >> some of the wounded found shelter outside while they waited for help. hundreds ran for safety onto the tarmac and airport roads, taking shelter near cars and against buildings.


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