tv Bloomberg Markets Asia Bloomberg February 28, 2018 8:00pm-9:00pm EST
the first day of the month. asia-pacific stocks entering with declines across the board. february proving to be one of the wildest months in years. the worst month for equities since the u.s. election in 2016. china's leaders agreeing their choice for top positions -- in hong kong, i'm rishaad salamat. haidi: here in sydney, i'm haidi lun. talking tough on trade. president trump says he will do whatever is needed to stop china from undermining global competition. this is "bloomberg markets: asia."
rishaad: the volatility coming out of the model in february -- coming out of the bottle in february. does it stay out of the bottle this month as well? plunge at the u.s. stock right at the end of the session, sending equities down on wall street. the stage is set again for congress. testiwell and his second mony there. will he be able to rile the markets as he did last time? we will have a look throughout the program. haidi: the man to watch for a second day. will he walked back some of the perceived -- people looking at his personal views on the economy and talking
potential for four rate topics -- hikes this year. a sluggish start to the month of march. traders will be happy to put february and most of january behind them with wall street closing out its worst month in about two years. take a look at how asian markets are tracking. sophie: the mood islam as we kick off -- is glum as we kick off march. taiwan coming back from a wednesday holiday. the taiex sliding. last month, the taiex saw the biggest foreign outflows among major asian peers. we are watching for reaction to noble group announcing a near $5 billion annual loss. expectation of further write-downs. shares falling 5% at the open in singapore. maybank is in the spotlight
after quarterly profits fell and the ceo spoke of challenges ahead for the malaysian lender. we are watching tonight a -- watching tenaga shares. the stock on the rise. in australia, stocks falling for a second day while the aussie dollar is sinking, getting a two-month low after the catex -- capex miss for the fourth quarter. it is not lifting the mood in tokyo. stocks are weighing heavily in japan, as well as the rest of the region. steel players in australia, as well as in tokyo. among the casualties today, japan's steel industry warns of -- cautioning of a pandora's box of retaliation beyond steel. alas look at the risk radar. -- a last look at the risk radar. the dollar trading near a
three-week high. gold extending losses. oil tumbling on the increase in u.s. supply and output. rishaad: sophie kamaruddin there. looking at unprecedented levels of u.s. debt being held overseas. here is paul allen. paul: thanks, rish. new treasury data shows overseas holdings of u.s. 30's rose to a record 18 point -- u.s. securities rose to a record $18.4 trillion. holdings rose by 8%. japan was the largest investor with $2 trillion followed by the cayman islands, the u.k., and china. luxembourg rounded out the top five. brussels is telling the u.k. it must pick up the pace of brexit is to succeed. michel barnier published a draft document on the split, setting out in detail how it sees britain's withdrawal.
prime minister may said she could never accept some of the passages, raising the prospect that talks will fail and the u.k. will crash out of the bloc with no deal. >> if we want to succeed in these negotiations, and i want to succeed, we must accelerate. on the 30th of march, 2019, in 13 months, the united kingdom will no longer be a member of the european union. that's what it wanted. by that day, we should have organized a withdrawal in an orderly fashion. paul: india expects to grow faster than initially thought this year,k offering a lift to prime minister narendra modi ahead of elections in 2019. 0.1%s seen rising at 6.6%, above earlier forecasts, but slower than the 7% climb last year. slower growth forced modi to offer an expansionist budget.
president trump is warning china that he will use all available tools to prevent the state driven model undermining global competition. this annual trade policy report says beijing hasn't lived up to the promises it made when he joined the wto in 2001 and actually seems to be moving away from market principles. sent a topi has advisor to washington for talks with senior administration officials. global news, 24 hours a day, powered my more than 2600 -- by more than 2700 journalists and analysts in more than 120 countries. i'm paul allen. this is bloomberg. rishaad: china's leaders have approved top nominees for jobs. our correspondent is in beijing. these seem to be pretty important decisions here. the question is, what are we expecting to hear in the week ahead? npc will be rubberstamping these decisions
around nominations for some of these keep hosts -- key posts, very likely the new head of the pboc is expected to be announced. there is some speculation that could be the top governor advisor to president xi, who is currently in washington. there is speculation according to one source close to the pboc that he could take the pboc role, but also the head of this regulatory risk -- financial risk oversight body as well. change is a top the banking regulator -- changes atop the banking regulator. those could be merged. other pboc contenders, the current banking regulator. there are a couple names in the mix. it seems that liu he has moved close to the top. we will find out next week. we will also find out decisions on the targets when it comes to gdp targets, deficit targets, military spending, but we should bear in mind that they have been
throwing out some of the norms. we shouldn't be surprised if there are some unexpected changes next week. haidi: very much staying in charge. tom, these reports that certain funds have been told not to net sell -- this is standard playbook stuff going into sensitive political events, right? tom: yeah, haidi. you know this very well, of course. i'm tempted to quote alanis ironic?"te, "isn't it the central committee just came out, saying they will ensure the market plays a decisive role. they will remove any obstacles to the market playing a decisive role. they should have added a caveat -- except during political events. we are hearing the security regulator has told funds not to do any net selling during the npc. that's likely why you see some of these stocks selling off in the last few days. the shanghai comp is down 2.1%.
china is considering some of the softer data that we got out from china, the manufacturing pmi data also in the mix. it seems the funds have been told to ensure they are not doing any big selling over this political event. it is always about trying to maintain an aura of stability during these events. haidi: tom, thank you so much. lots more to talk about, all about china. credit agricole's dariusz kowalczyk will be joining us later in the show. does it reflect the poor numbers we had yesterday, rish? rishaad: plus, our next guest expecting more volatility in chinese new economy stocks this year. we will be meeting ken wong next. this is bloomberg. ♪
rishaad: i'm rishaad salamat in hong kong, looking at the latest business flash headlines. noble group says it's very survival depends on a controversial restructuring plan -- its very survival depends on a controversial restructuring plan. had, quote, "no magic pill for investors facing a debt haircut." haidi: the operators of southeast asia's biggest gaming platform reported mounting losses in the last quarter and said the president would leave at the end of the year. tosaid that losses tripled $263 million u.s. nash helped lead the ipo last year. he now intends to start a private equity fund. it sees maybank saying
a challenging year ahead as it posted lower fourth-quarter million falling to $543 after a one-time gain helped boost earnings the previous year. the ceo said the bank remains cautious of sudden shocks to the environment. smaller rivals boasting improved earnings in the quarter. chinese funds are rushing to sell stocks before an informal ban on selling during the national people's congress kicks in. let's talk more with ken wong, eastspring investments. we are talking to tom mackenzie. this was just release rishaad: -- released. for all the rhetoric about being more market-oriented, this is still a pretty tight group that the -- grip that the party has over markets in china. ken: you're absolutely right. we have seen this happen time and time again. this is nothing new.
it is not news that should move the market. we believe some of the correction you are seeing right now in the market place is a fact that the markets have gone up quite a bit over the past couple months. people are using this as an excuse to take some profit. again, it's nothing new. haidi: it's nothing new. let's talk about the bigger picture, of course. a pretty momentous few days when it comes to news flow out of china, this news looking at the repealing of the presidential term limits. xi jinping around for longer. is this a net positive for investors, looking from the argument of stability and decision-making by one man going down? ken: well, it has its positives and negatives. i like what you mentioned earlier. you do have stability. but at the same time, individuals and investors like ourselves do want to see a bit more -- having some type of changes every 10 years to see how a new person could come in and potentially make some changes
that they want to implement into china. it does have its merits, but, at the same time, we feel that having some new leadership sometimes is also a beneficial to a large country to -- also beneficial to a large country like china. rishaad: absolutely, ken. does it move the dial as far as strategy goes in your view, because it also increases sick insecurity, does it not? ken: we don't want to focus on some of the market noise. rather, core pmi reading. there are some macro hiccups that could happen. at the same time, you want to focus more on corporate earnings. what we are seeing this year in 2018 is the corporate earnings in china is potentially going to be at one of its highest levels in the past few years, actually leading asia. when all is said and done, china
is actually still on a very good upper trajectory -- upward trajectory. rishaad: any specific industry groups that you look at? some of these traits are looking distinct the crowded now. -- trades are looking distinctly crowded now. ken: tech has moved up quite a bit over the past -- especially in 2017 and over the past few years. with that said, what we expect is in 2018 you will see a lot more volatility happening, especially in some sectors like the tech sector. that moves up quite substantially. potentially in some of the real estate stocks. when you look at some of the morning -- underperforming sectors, some of the old economy sectors in china, china banks, china energy companies, there is a lot to like morning -- underpg in terms of having these stocks underperform over the past couple years. earnings are gradually coming back. the market we are in right now, having less volatility in some
of these names could be beneficial to meeting the long-term investors. rishaad: ken, tell me something. looking at your research, you are suggesting there are things people are missing, i.e. tightening liquidity and how that may not be an impediment for stocks to keep going up. ken: yeah. we've seen that over the past 20 years, when there is a bit of tightening liquidity, markets don't react very -- don't react suddenly. in the mid-1990's and the mid--2000's as well, we did see a bit of tightening liquidity, but markets didn't have a very big negative impact in the short peter of time -- short period of time. it took a while for the market to digest this. when all is said and done, the markets will tighten liquidity. there is still room for markets to continue to go up, especially if the underlying from an -- underlying fundamental data continues to support good earnings growth. haidi: more than one person we
have spoken to over the past couple weeks still reelign from the selloff -- reeling from the selloff in the fed. you maneuver around the risk by going into the big and boring names. is that a strategy that makes sense for china? ken: it does. volatility is definitely going to come back. there is a group of investors who definitely love to have volatility. in that situation, you will have a large upswing -- have large upswings and large downswings. you don't want to be in defensive names, but maybe some of the more defensive cyclical names, where they provide a fairly good sustainable growth and where they provide a fairly good amount of dividends as well. when all is said and done, we want to focus on those particular companies that are probably going to be a bit less volatile at least in the short-term, to ensure that the capital growth and ensure the gains we achieve in 2018 can be achieved. haidi: ken, talk to me about your bullish call on parole
chinese banks. -- on rural chinese banks. some of these smaller rural lenders have been ones where you take a look at their balance sheet and some of the bad loan situations they are in. you've got to be pretty risk appetite strong to go into that. ken: yeah. at the beginning of the year, if you are member what president xi was saying, he wants to abolish absolute poverty in china in the very near future. if that happens, he does need to have the royal banks to come out and actually help quite a bit -- rural banks come out and help quite a bit. we actually expect a lot of these rural banks to increase to bump up their lending, get a lot of capital injections from the chinese government in order to sustain this. in the short to medium term, we do expect potential for some of actually dobanks to
a little bit better, because they are going to have to push up their lending, which should help their overall bottom line and help increase their overall earnings capability. rishaad: ken, what are your thoughts on the chinese on market and also -- two questions in one. h shares or a shares? they're bothoment, in a similar type of addition. when you look at overall valuations, they are both similar. when you we look at overall price-to-earnings and price-to-book standpoint, the gap between the two markets are pretty much at 0% premium. given that particular fact, both markets do have a lot to like. in particular, when you look at some of the a share stocks, there are quite a bit of pharmaceutical companies. there are the hardware tech names which look a little interesting. they do complement each other. both markets have their merits.
when you look at what's going on in the bond market, we think that yields are probably going to stay at similar levels, no matter what's happening with the u.s. the chinese government probably wants to have a bit more of a tightening -- a bit more of a tight control over their interest rate. to matter what happens with the u.s. bed and so forth, we probably expect the pboc -- the u.s. fed and so forth, we probably expect the pboc not to make too many changes, given the fact that the president wants the economy to grow at a fairly good pace, at 6%. haidi: prudent, of course, from the pboc is what we are expecting. does the politics of trade concern you with regard to china being exposed? ken: um, to some extent. but when you look at overall trade policies and what's happening between china as well as the u.s., china right now has very little trade impact with the u.s. when you compare china with other countries in asia, for
instance japan, south korea, taiwan, singapore, where a much larger portion of their exports goes to u.s., that has a much bigger impact. given the fact that china only has about 6%, 7% of its trade to the u.s. -- even if the u.s. and china go through more trade wars, that has a very minimal impact. when all is said and done, we actually believe that -- it's going to be a lot more diplomacy talks. there will probably be, i would say, just both sides having jabs at each other. at the end of the day, you're probably not going to see a lot of things coming out of some of these harsh talks between these two countries. haidi: ken, appreciate your time and inside. ken wong, eastspring investments. lots more to talk about on these markets as we kick off a brand-new trading month. not exactly on the right foot, are we? later on, we will get the views from robert rennie. sam will be on the
haidi: this is "bloomberg markets: asia." i'm haidi lun in sydney. rishaad: i'm rishaad salamat in hong kong. the open for this thursday trading day is nearly upon us. this is how we ended about 5, 6 minutes ago. 1.2% fall back. futures also reflecting what's going on, another day of equity weakness here. looking also at perhaps more pressure on equities, particularly in china. let's have a look at this chart. it is emblematic of the shortselling situation which may well coming to play next week.
at the same time, we are --ually seeing china stocks there we go. it is red. we are seeing money coming out of china at the moment as people perhaps are running away from what's going on there, perhaps finding value elsewhere, too. we are looking more and more -- weakness coming up. lots of it will be contingent on what happens in the u.s. rather than here. haidi: we are also looking to the private reading of pmi, whether that will be any brighter than what we had yesterday. thisad: let's bring up chart 2411. small and medium-sized enterprises are doing better than others of late. the greenwood suggest that -- green would suggest that these are doing better. official numbers have been better than the unofficial ones most of the last year or two or thereabouts. that's what we are looking at.
>> looking up to victoria peak in hong kong. u.s. stocks, traders unloading materials and energy shares, a second day of slumping commodities possibly to blame. look at the treasury market. that has been absolutely key as well. the 10-year bridging 8.7%, fueled by russia by. as we getting a list here have some windowdressing from end of the month portfolio adjustments. opening the day for what should be closely watched around to of
testimony before congress. meanwhile, talking of central sayingsses, parliament the boj easing will help sustain growth, talking of wages and inflation. also at the same time as being weak as well. thatasing their position the japanese economy finds itself in at the moment. let's get to the open. >> the specter of trade retaliation hanging in the air ahead of u.s. china trade talks nbc this thursday. we do have stocks on the mainland under pressure. the china's index of small caps ad tech stocks snapping three-day advance. in hong kong, we see behind sink slide over 1%, after suffering a whiplash in february, you have shares continuing the fall, sliding 1.5%, as we could chinese manufacturing data joins
a list of hurdles. the cell of is expected to continue at least until mid-march when big companies report earnings. looking at what is moving and hong kong, we just have a few .right spots coming in but we are seeing a decline. very much weighing on the hang seng. stocks on the decline, led lower by wh group and a co-maker leading losses among the resource segment. let's check in on some stocks moving in the early session. chip-related stocks rising after results despite missing estimates and wh group sliding almost 5%. deutsche bank resumed coverage of the stock this week. checking and quickly on macau
casino operators, this after year ingdp grew year on 2017. plus, we have s jm earnings on the decline despite delivering a beat and full-year earnings. heidi? heidi: thanks so much for that. we stay with china because beijing may still have it trick up its sleeve or two when it comes to cracking down on virtual risk. regulators planning curbs on the trillion dollar money market fund. we're looking at this with bloomberg editor emma o'brien. what sort of restrictions are we looking at here? emma: the curves are targeted at this money market industry, which has grown over the past decade or so because of the high-heeled and returns these products offer compared to sort of the rock-bottom rate they are offered on bank deposits here. limits on include same david tensions up to 10,000
yuan, just over $1500. these funds in china, people are allowed to withdraw from them to pay fornt apps everyday things, and the limits will apply to those withdrawals as well. heidi: we hear a new curbs and new restrictions almost day by day. how does it fit into the wider risk crackdown that has been ongoing? emma: you are right. 2018 really got off with a bang in terms of de-risking, deleveraging, and this is yet more evidence that china is really intent on cracking down particularlyyear, the more sort of consumer-focused side of things. the regulators are very intent on making sure that every day consumers, retail investors, are not as exposed to some of these debt risks that they see in the system. some of the things we have seen this year -- the crackdown on
using leverage in bond trading, a lot more curves to deal with entrusted loans, and of course, last week, we saw the seizure of used a lot ofat sales to mom-and-pop investors and life insurance products to fund its acquisitions offshore and which now looks to be having to be sold off as china takes control of the company. they really are sort of wrapping it up, and it is really a focus, given that it has been given by xi as something of a priority over the past year. >> does this timing have anything to do with china tearing up for the national people's congress, or does it have everything to do with the mvc? anna: i do not know if it is particularly related.
ahead of the big legislative meeting of more than 3000 delegates from across china for business politics dissenting on beijing to discuss appointments, policy, all that sort of thing. obviously, deleveraging will be a key focus, de-risking the economy, as i said. xi, sofocus for president there's likely to be policy appointments and decisions made on that front, so this fits into that wider picture, and it's just another chick in the chain -- chink in the chain us china moves to tackle that debt problem. >> thank you for that. the governor of the bank of japan talking about boj pus actions being responsible for where japan is now economically speaking and how the economy is at the moment going to grow faster. another boj board member talking
about the growth rate likely to , sayingween .5% and 1% there is demand to keep growing at 1% to 1.5% this year. heidi: we know this particular board member has been calling for many months for expanded additional easing to hit that inflation target earlier. he has been a dissenter on pretty much every single boj decision we have seen in recent memory, saying additional easing needed to hit that cpi target, but pretty interesting to hear garuda really acknowledging the weakness when it comes to wages and inflation. really, it is the same story we have been hearing, so no change way comes to any sort of shift we might have been reading on that tapering on the long end of the jgb buying in the yield curve control program. let's get to paul allen in sydney. paul: china's leaders have approved nominees for top thernment posts as
government promised changes to the regulatory structure. the committee finalized the names during the regulatory meeting in beijing, and that will be announced that next week's national people's conference. the names are expected to include the head of the pboc and new regulators at banking and insurance. the banking regulator of new york state once deutsche bank and two local lenders to provide information about their ties with jared kushner, his relations, and the family business. he and his wife, ivanka, have taken on more debt in the past year since they were appointed advisers to president trump. kushner stepped down from the business when he joined the administration. canadian prime minister justin trudeau is under fire after a visit to india that became a diplomatic debacle. his governments accused of being separatists.sikh canadian officials say that may roadbeen u facilitated by
-- rogue factions in the government, something denounced by new delhi. krishnan backed mobile carrier air sell has filed insolvency proceedings concerning an earlier bloomberg report. 79-year-old krishnan is malicious third richest man with an estimated net worth of more than $6 billion. spotify has filed for a direct listing on the new york stock exchange in a unique move to become publicly traded. this foregoing a traditional ipo thatkipping the roadshow goes with it. instead, opening shares will be determined by buy and sell orders collected on the day that it lists. global news 24 hours a day powered by more than 2700 journalists and analysts from
more than 120 countries. i'm paul allen. this is bloomberg. >> the tough administration opened the ante on trade, warning china will use all available tools to prevent its model from global applications. jodi schneider joins us now. administration is indeed upping the ante, andcally saying it wants to the chinese adopted policies leading to a misallocation of global resources regarding trade. tariffs, which have already begun to be -- the administration has already begun witht into effect tariffs no on solar products and washing machines, now looking at aluminum and steel. the administration, the president himself said to be looking at a global steel tariff of as much as 24%, the most did
his thing on the table, but this is something under discussion right now as this new report comes out. thenything else administration is looking at in china? jody: they are investigating u.s. intellectual property rights and how the property rights situation is occurring with china. at this time, it's very interesting -- a top chinese trade official is in washington as theing some talks struts for tougher sections come out. heidi: interesting timing indeed. one of the takeaways from the president's annual report to agenda? his annual jody: this was a tough report. in addition to making the comment about the policies, the report indicates china is moving away from a global trade perspective that it was supposed to adopt with joining the wto in
2001, so there is very tough and the here, administration is at least threatening to take some really strong steps. if it and the administration will or not is, , the question, and the other question is does china retaliate? that, of course, will remain to be seen, but china, is, -- the visit of that trade minister, the timing is interesting. >> also interesting, these comments from steve mnuchin, always flirting with the idea open to u.s. could be rejoining the transpacific partnership. is that something that is realistically being pushed forward by some segments? jody: that is interesting because as you know, president trump, upon taking office, basically said the u.s. is not interested in the tpp, and the other countries have been scrambling since then to try to put together that partnership,
but these comments were by the treasury secretary. the president sometimes walked away from comments made by cabinet officials, but he has not in this case. they seem to be very exploratory, but the fact that the treasury secretary made them seems quite interesting. it seems to be perhaps a negotiating posture to really or at restart those talks least some olive branches in terms of the other countries involved in the talks and perhaps do some trade deals involved with them. for those are very interesting, the first we have really seen in some time about the tpp. heidi: thank you so much for that, watching that. up, the npc around the corner will be discussing the implications for the market. this is bloomberg. ♪
heidi: this is "bloomberg markets: asia." the chinese markets just opened about 15 minutes ago or thereabouts. let's look at what we have so far. just trying to get to what we got, 51.6, so slightly better than economists had been forecasting with that. much weaker economic data in the form of the official pmi coming out on wednesday as well. >> yesterday's data was actually quite weak, but it was all blamed on the new year.
rishaad: then why has that not been reflected in this figure gekko >> exactly. i think a lot of that depends on how they seasonally adjust the data. tenant case, do not worry too much about one month, especially around the new year. they need to wait for one more month of official data to -- irm rishaad: we also get that with the trade data normally. >> exactly. i would not be too concerned. china will slow marginally this year, but no need to be traumatic about it. it will not be a sharp slowdown. rishaad: right. internationalt profits, we also look at, of course, individual corporate profits. a better gauge us to what is going on, and that may very well be surprising much to the upside. >> it went well last year, partly because gdp deflated as a result of a necessary capacity.
this year, it will not grow as last year because it seems price pressures are decelerating, but it will still grow for at least half, and it's very important not just for comfort and stability but also the reduction of the debt to gdp ratio. ofhaad: does the motive growth change in your view as well, or is it changing? >> there has been a lot of restructuring of growth, so consumption is becoming increasingly important. the structural growth is better. risks to growth are lower. the economy strengthened last year, so things look very good. heidi: other than the political pageantry we always expect, when we get the economic assessment, will it be another year around
6.5 percent? is there any chance they might draw or get admit -- a bit more vague around what their targets are given the reforms they are trying to put through right now? >> i do not believe they will become more vague. i think growth targets will remain extremely important because they are still bound by dumping by 2020. the good news is it requires growth to reach 1.3% in the coming years. i do believe the economy will slow slightly in 2018 to 6.6% growth. xi jinping essentially security, travel back over the last five years to when
he became party secretary. he became president, and more interesting, i suppose, red is where you saw the pboc embarq on the first of six cuts, and that sharp yuan devaluation. is this an overall net positive when it comes to someone looking at it from the perspective of stability and being able to affect reforms? we will essentially be having one man making all the decisions now. >> exactly. the way we look at it is that the more power he has accumulated gradually over the past five years, the better the economy did because the structural growth improved. he focused on the delivery campaign. last year for the first time in years, it stopped increasing, so he is getting ahead of the risk to growth, and at the same time maintains its pace at the stellar level. what does it tell us?
that he is a very good macroeconomic manager, he and his team, and as a result, the longer he stays in power, the better it is for growth .ustainability heidi: is that political model sustainable, though? in the longer term, should we be worried about this move away from collective leadership? >> when it comes to political structure, i am not a political animist -- analyst. i focus on the economy and when it comes to the economy, it seems the way the chinese have managed it for a long time was you haveure that sustainability and stability of who is leading, and if you have a very good manager of the , the advantage of this is toic sustainability allow them to continue to manage
it, so i think it is positive from an economic perspective. rishaad: the thing is, we have markets loving this pmi data. it has rallied and positive terrain. market perspective, how do you look at what is going on in china right now? i know you are an economist for merrily, but it's nice to look at it from an economist looking at equities. >> exactly. what we are seeing in china now is that those other concerns about the impact of the u.s. tightening and decline in the u.s. market on the domestic market and concerns about continuing deleveraging campaign , but now we are in the run-up to sessions where there is typically more stability. when it comes to the bond market, we are huge bulls on cjb.
onething similar to the u.s. convergence trade 20 years ago because of this foreign money and weclude the indices, are expecting $200 billion per year, so for the five-year probablyound 3.7%, compressed by 100 basis points over the next five years. that nowry committed is the time to purchase cgp's for thethe outlook price structure in china if you look at it more closely is fantastic, especially this year. rishaad: thank you so much for that. thank you. just a feature i want to get up watchr attention, you can
rishaad: welcome back to "bloomberg markets." on the latestk business headlines. the decision to move an online security company from new york sox --ghai has seen the the stocks soar. in july 2016, it announced a november.na last the dramatic rise has boosted the chairman's worth by more than 13 billion dollars, making him china's 12th richest man. rishaad: final bids submitted for the commerce business. barclays has dropped out of the race and a winner will be picked within the month. the bank of the unit up for sale last month. it has scaled back trading and focused on retail services to clients, hoping to complete the
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