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tv   Bloomberg Markets Asia  Bloomberg  June 12, 2019 10:00pm-11:00pm EDT

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anchor: trading gains, a breakthrough with tensions in hong kong. the hong kong/dollar, strengthening, and one of the reasons for that is a spike. very expensive. they want to be able to afford to do so, a bit of an ironic twist. anchor: yes. i would imagine that is the case. anchor: yes, the seasonality of the dividend payments and the ipo pipeline, with the alibaba ipo that could strain liquidity, so we are seeing continued strength in hong kong today, and we are seeing risk off across the board, given that the trade headlines not looking any more positive after yesterday. a bounce back when it comes to credit, but not enough, because it was still missing estimates. guys, let's take a look. again falling, about 380
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points here in just about half an hour of trade. to continue the worst two-day loss we have seen in a month when it comes to your hong kong shares. we have also seen a 1% drop across the board, with the kospi, and we are seeing some of the risk-off play when it comes to the japanese yen. we are strengthening about 1/5 of 1%. we are in i guess you could say a neutral pboc, but we are seeing some pressure when it comes to the currency, given the dollar seems to be awakening. let's zoom out and see what else we are watching out, of course brent crude hitting below $60 a barrel yesterday. it has been the volatility that we have been seeing in hong kong , as assets here in the city
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continue to feel the pressure, given the protests we are seeing four day two out here today. we are seeing volatility. 19.54. one-month rate. that got people worried. we are beyond thethe 2.42, high we saw in 2000 eight we will see how things play out in the next couple of hours. , and we are82 seeing the offshore remember he. australia three-year yield fall below one marker for the first time ever. it was actually a bump up in jobs, but we saw unemployment around 5.2%, so there is a little bit of a fall here, and bonds are a buy. perhaps more pressure for the r.b.i. to do something for the labor market, and across stoxx
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in hong kong, the culprits seem to be once again the heavy weights. take a look. the property developers, tencent, some of the local companies seeing intention -- intense pressure. others seeing similar losses. meet,wmakers are set to as we discussed, in about an hour to discuss this controversial bill, despite the repeat of yesterday's mass protests. allegedly, they used tear gas and rubber bullets. let's get the latest with stephen, our chief asa -- asian correspondent. he is in hong kong. steve, what is the latest customer steve: what we are hearing is that the pan democrats are having a conference or scrum right now in the legislative conference behind me. it on youritor bloomberg terminal, as well, at the hong kong anchor desk pretty
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much calling for the chief , to step, carrie lam down. they did use quite significant for us to clear out the protest yesterday, late afternoon, early evening, and into the night as they push them down from here in admiralty toward central, using, as you said, rubber bullets, tear gas, pepper spray, beanbags, even projectiles to keep the protesters at bay. this morning, the weather, there is an amber rain alert, which means heavy rain and flooding. just within the last hour, there was extremely heavy rain. perhaps, that is keeping the protesters at bay for now. they have vowed that they will keep up the fight until the legislators decide, or if they do withdraw it. that is what they want creed but so far, from the chief executive theye lam, they are saying
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are not backing down, in this is had to say when interviewed by television about whether or not she has betrayed the people of hong kong. that i amey said selling out hong kong. how could i do that? i have grown up here with everyone in the city. i have made personal sacrifice because of my love for this place. i was going to be relaxed and keep it light. meanwhile, we are not seeing any evidence of the protesters gathering yet here in the epicenter of yesterday's protest, but the remnants are here. we have, of course, the goggles that were used to protect them from the tear gas. we have the masks to protect them from the facial recognition cameras. was a children's mask found, and the hardhats to protect them from the batons and the rubber bullets that were flying. we have heard from a couple of lawmakers that they could
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reconvene a session of the legislature at 11:00, so in one haves time from now, to another one of these readings. that was postponed from yesterday. however, we heard they have to e, andne hour's notic they also have to have a quorum. i am still waiting to get word on if they have that quorum. we will be keeping you up-to-date. i will be back in the next 20 minutes or so with an update. right, steve, thank you. stephen engle in the business district. let's take a look at the implications perhaps year and the property sector in hong kong. look at our bloomberg chart. , specificallyel this one, your one month rate, which i would imagine a people in the city are tied to. you get a spread of how much you pay on a monthly basis, and does this actually affect this?
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the leading index, we have record highs there. anchor: that is correct. and the other headline that we do want to note is the bottom panel. the highest level is 2008, and the tensions in the city have seen one developer already to social and economic instability. ouraad: let's get to bloomberg intelligence analyst with us. is it already affecting things? as we know, the market, it can react on an absolute turn of a coin. hi,rter: yes, from the year that is also -- from the year high, that is also something.
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[indiscernible] be a concern.ld that is a real concern, especially now. means a loss. so we have to see what is happening. anchor: the fed might cut rates this year. the reason i bring it up is because you bring the prime rate up. yes, in the past, we have seen the gap, and libor is currently, wend also have a couple of ipo' is coming in, like alibaba.
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so it is quite interesting. for the u.s., it is coming down a little bit. very strong over the past few months. especially with the sentiment that the interest rate is coming down a little bit. and the sentiment could change. rishaad: ok, what about commercial here, as well? have seen the slight far from the record highs that we have had. how does it all play out? market, yes, for the the fourth quarter of last year, the price was coming down a little bit. and there could be further expansion. in terms of the demand, we see that. and then picking up the space. and picking it up in the whole office buildings. from oneo coming down
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or two years ago, so overall, it is better. demand, and it is challenging, so maybe there is but in the end, it is still quite challenging. also, coming down. thank you.rick, our research analyst. let's go over to beijing with selena. chinese vice premier says the economy is facing pressure from abroad and is experiencing something he describes as a huge structural shift. speaking in shanghai, he says he wants to accelerate reform and introduce greater safeguards for intellectual property. he also says the government tends to promote -- intends to promote shanghai.
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a ballooning of a deficit in the first eight months of the fiscal year, more than 200 billion dollars larger than a year earlier despite the revenue boost from president the congressional budget office expects the deficit to come in by around $1 trillion by 2022 and remain at that level for at least seven years. inflation remains below target in india, as well, where consumer prices rose, matching forecast, but below the r.b.i. goal. it is the 10th consecutive month that inflation has been below target and provides more argument for rate cuts. passenger vehicles also declined last month. global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. i am selena wang. this is bloomberg.
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conditions taking the spotlight. we will discuss how the pboc could actually react. rishaad: but next, market views. this is bloomberg. ♪
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♪ trump says hedent has no official deadline for china returning to trade talks. negotiations, of course, broke down next month, with washington saying beijing had reneged on the terms of a tentative deal. david: and the president also talked about mexico, phase two, a much tougher phase of the migration argument. he did not offer any details. trade tensions continue. we have a guest from a regional head of equities who is with us. we have got to start with trade. is this still number one, with
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the people that you have talked to, the number one risk? >> absolutely. and every piece of news was able to move markets because of the very uncertain market outlook. the word, isn't it? it is the "uncertain" outlook. that is more damaging than the deal. that delays decision-making and will impact corporate and what they do next. that will do more damage than actually having tariffs in place. we do have tariffs, but actually knowing that there is going to be no deal, right? ine: precisely, and if you look at market valuation, currently trading at about 12.6 times earnings, and that is actually about 3% above the average valuation, so if you think about it, the market has not exactly priced in the
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scenario that we will have no deal at all between china and the u.s. let me justne, interrupt you very quickly. we will get back to you. ,e have some breaking lines shanghai, the central bank governor, and here is the line for you, that shanghai will be removing ownership limits for foreign brokerage and foreign funds, and the pboc will support this ownership limits removal as a trial. that is the operative word there. rishaad: reaction to that, corrine? this is more evidence of china opening up and also putting itself as the defender of globalization? yes, the reality is that china is increasingly less and less dependent on exports as it is trying to open up its economy and its service
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industries. that would be the new growth driver for the chinese economy in the longer term, so they have a lot more levers. in addition, there is also government fiscal stimulus, monetary easing policies that they can do to soften the impact in the event that there is no trade deal with the u.s. in terms of just fundamentals, because we have talked at length, i would imagine, about sentiment. how does it look? you have mentioned 12.6 being the multiple right now. where do you see it going right now? corrine: the market has been trimming down their earnings estimates for the last 18 months. we are looking at about 5% earnings growth for this year. numbers, there is
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downside risk with this location of the supply chains and the impact on the labor markets that could potentially impact next year's numbers, but the earnings outlook is also a mixed bag. autos, like tech, trade-dependent industries will likely see weaker earnings outlook. in comparison, you have more domestic-oriented sectors, such as the real estate industry, consumer sectors, the utility space, which will be more insulated from all of this. defensive,oking into cash flow, as well, and i suppose your hunt for yield also continues. corrine: yes. with investors looking at the current situation, i think there is a greater demand for companies with higher-quality
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balance sheets and healthy cash flows and higher yields. taiwan, singapore, and markets which command an average yield of 4.7% or 4.3%, which is quite attractive, and also in terms of sectors, you have the real estate sector, the reit's, which are quite attractive for investors at this point. last question, very quickly. the taiwan story you just mentioned, when is it a good time, or when would it be a good time to start buying on these dips when it comes to the some conductor story or what have you? unfortunately, the earnings revisions are still in a downward trend for both korea and taiwan. if you look at taiwan, it would be safer to stick with the tech
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industries, where demand is more resilient. for example, the materials space, the financials, those are still doing relatively better compared to the tech sector, but come at the same time, we are groundaring a lot on the about basically manufacturing facilities progressively being shifted out from china, and some of that is actually going to taiwan as well as to us he ought markets, like vietnam, thailand. -- as well as to asean markets, like vietnam, thailand. rishaad: corrine png. david: there is plenty more ahead. we will look at japanese markets. this is bloomberg. ♪
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♪ and we are back.
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this is "bloomberg markets." having a look at some of the bloomberg flash headlines, a government notice about an external monitor. instructed after pay on the anti-money laundering and counterterrorism compliance, and it is cooperating fully with the notice. david: and these cybersecurity company cloud strike soared, knocking another one off its perch. at one point, it was up 90%. closing at about 71%. the company raised more than $600 million in an ipo valued at more than $6.5 billion. the company had sold shares above its already elevated target. and owners of nomura holdings are being urged to vote against.
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penalization for leaking marketed sensitive information. shareholder services should be responsible for the incident, and it is said reelection is not warranted. more scheduled for june 24. david: china released credit numbers for may, showing a pickup, with a slowdown, continuing to have impact. let's bring in james, our china economy reporter. what do they say about credit conditions right now? james: well, as you said, the pickup in lending in may, which is a good sign for the economy. based on the headline numbers, but when you look down into the details, it is more concerning. limber economists identified and looked at an actual slow down in long-term lending. a lot of the things that happen
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in may were short and medium-term letting. it is not a good sign when the trying to reduce the ability to borrow, and that long-term lending and long-term borrowing by private companies is slowing. indication that the increasing credit is actually going to places where it would have the most economic benefits. anchor: we were speaking to someone this week about how there is that kind of like effects. lag at what point would we see these filter through into gdp growth? james: well, we should get a better indication about how well that is happening tomorrow when we see retail sales data and more. been a big increase in credit earlier this year. not seen a bige
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or strong reflection of that in the numbers in industrial production especially, so that has been weaker for much of the year. going forward, if we do not see a pickup in those numbers in the data that comes out tomorrow and then the june data later, that will be very concerning, and for the government, especially if you're getting more tariffs from the u.s. going forward. it goes up, and you get more tariffs, you may well see a response from the central bank. anchor: james, thank you. our editor. and a risk off session here across the region, of course, with the hang seng with steep losses, down 436 points or so. arebig ones we are watching some of the heavy weighted andks, like tencent, hsbc, more. taking a look at some of the tech stocks, we saw some of the chip stocks really hit hard in
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the u.s. asia tech, also talking about chips. samsung down some 2%. the demand in memory chips may not pick up until the second half of next year. we have got more to come. this is bloomberg. ♪
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is 10:29 in beijing. i have the first word headlines. notakers say debate may continue on the extradition bill. headquarters will remain closed for friday. there are continued demonstrations. streets around the legislative capital remain calm. a cleanup continues following the wednesday clashes with police that left 70 people injured. president trump is stepping up his criticism of germany, threatening berlin with sanctions over support of a new gas pipeline from russia.
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echoing previous comments about the chancellor merkel support of the projects that it would leave germany hostage to russia. also, there is the relatively low spending of berlin on defense. measure of u.s. inflation trailed forecasts today, reinforcing the fed cutting rates. it removed energy and food costs and rose 2% from a month earlier, lower than what was predicted in a bloomberg survey. commerce secretary wilbur ross says the fed has been wrong in its approach. >> where most economists have been wrong, particularly with the federal reserve staff economists, they have been believers in the idea that as unemployment goes down, it inherently has inflation becoming a problem. well, they have been simply wrong in that thesis.
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reporter: spacex has launched three satellites. the falcon 9 rocket took out from california -- took off from california. the space agency says it will provide 250 thousand images about the environment and help with natural disasters. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. i am selina wang this is bloomberg. david: thank you. hong kong pushing down the equity market, not a big surprise. volatility index pushing higher, on the back of everything going on. 36 hours here in the city. rishaad: indeed. we do expect a debate about this extradition, the controversial legislation which has sparked all of the riots and
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demonstrators. stephen engle is right at the scene. steve, what do we know about what will happen today? mixed signals coming through. steve: yes. there was some speculation that perhaps the legislators in the building behind me, the legislative building here in admiralty, would reconvene today after postponing a reading of that controversial extradition bill yesterday. it is a much more calm situation here. this is the epicenter of really the protest yesterday, and right now, it is pretty much just a bunch of street cleaners cleaning up the garbage. it was much worse earlier on this morning, but the cleaners have come in and picked up all of the garbage for the most part, but no sign of protesters yet this morning. i am sure they are reconvening elsewhere and deciding what next step to take, but as far as reconvening, we are getting word
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that it is very unlikely. we are hearing that it could have been at 11:00 this morning, but they had to get a quorum. there are 70 members. they had to get at least 35 members to come and talk about it and debate it. whether they got that or not is not sure, but they also had to give an hour's notice. it will likely remain out of session today and tomorrow, so through friday. we have just gotten some comments coming from the pro-democracy side of the legislature, the pro-dems, which and we are4 members, getting comments saying, from the chairman of the democratic party, criticizing again the use of force yesterday by police against the protesters. as we have seen yesterday, he said the force the police used was completely disproportionate. what they confronted were all unarmed people, all hong kong
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citizens must get together and fight this tyranny. tonight, the chief executive of m, iskong, carrie la similar to what happened in 1989 with the then-chairman -- excuse me, the premier of china, widely blamed for the crackdown in the tiananmen square, but some strong and harsh words coming from the pan dems. it that, could call but it is a very tense calm. rishaad: stephen engle live in admiralty in downtown hong kong. david calling joining us on the line is a legislative council member and a leader of the pro-democracy party. he joins us on the phone right now to talk about the issue. good morning. thank you for joining us on the program today. i think our first question to you is we were getting mixed
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signals about if this debate was going to push through, and it is 30 minutes until the suppose it start. what do you know? is it going to push through? >> it is unlikely. for any meeting, there has to be a notice, and for this very special and rare circumstance, there has to be a reasonable time given so that they could return to the chamber, and right now, we are less than 30 minutes, it is unlikely that we will have a meeting at 11:00 today. we do not know when they will have the meeting. got to: ok, you have debate a lot of amendments to this controversial legislation, alvin. is there a chance, at the end of the day, it does not get past, if it is not shelved beforehand sed, ifoes not get pas it is not shelved beforehand? everyonerrie lam --
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knows it is a matter of governance and how carrie lam is going to handle this for more than one million hong kong people, and we are still seeing that those legislators, they should vote not because of their position but simply on conscience. yvonne: you know, alvin, it is yvonne here. we are flashing from the scene from yesterday, and it is hard to not connect it to what we saw and the violence that a rep did back in 2014. do the same tactics that these protesters doing now, are they going to work? at what point is it hurting their influence if we see this in the streets? 2014, people in hong kong, especially the younger generation, they got
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upset and frustrated by what happened over the past years done by the hong kong government, and when hong kong people took to the street on sunday in a peaceful, and extremely peaceful manner, over one million people on the street without anybody hurt, but do you know what happened? the hong kong government issued a statement as if nothing had happened at 11:00, and so there were some confrontations that took place later that day on sunday, and yesterday, people were on the street for a couple of hours peacefully, but again, the government were not listening, and it is understandable that some youngsters, they were not happy with the government, and they cannot resist some taking some offensive action. we know you are opposed to this current legislation in its form and revisions. help me understand that. is there a change that if it was
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put in place would make you change your mind, and if it was, what amendment would that be? way we couldis no accept any sort of amendment right now. the message is clear from the hong kong people. this administration has to scrap this bill. they have to listen to the hong kong people once again. this is wrong, and there is no way we could accept anything other than a total withdrawal of the bill. rishaad: alvin, ultimately, is it about this bill itself or the mishandling in the way it has been presented, and that is one thing that he criticized, suggesting that the whole thing has been a total tobacco when it comes -- total tobacco -- debacle when it comes to what they are trying to accomplish?
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it has goneld say beyond the bill. is verye, the bill important. there is the fear of the hong kong people against the chinese system, where the human rights are, and the mishandling of this , withoutation consultation, without proper dialogue with the people, and bodies,legal affectional bodies, and the chief executive and other officials, they do not speak directly to these professional bodies, and so this method has gone beyond the bill. the governance and a great mistrust between hong kong people and the hong kong government and the hong kong people and beijing. : alvin, we heard from carrie lam yesterday, and it
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seemed like a very emotional carrie lam with what we have seen over the last couple of days or so. i want you to take a listen to that interview. >> they said that i am selling out hong kong. how could i do that? i grew up here with everyone in the city. i have made a lot of personal sacrifice because of my love of this place. i was going to be relaxed and keep it light. yvonne: do you have a response to that response, i guess, alvin? it seems like there is a sense here that she is not guilty about putting it forward, and yet she still maintains this was not a mandate from beijing. how would you respond to a comment like that? was gettinge lam emotional because she thought she was played for selling out hong kong. this is highly personal. she did not get emotional for over one million people who took
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to the street on sunday. she did not get emotional seeing youngsters, the young men and women who got hurt by the hong kong police, so it is self-centered. you cannot see any leadership in her speech or in the field. she did not try to comfort hong kong people whatsoever. she is simply saying that "i will keep doing whatever i am doing, and if you disagree with unsound."s totally that is what she is saying, and that is not what leadership and good government is supposed to be. quickly.vin, very there seems to be a contradiction to what you said a couple of minutes ago. you say it is not about the bill, but at the same time, you are saying essentially most of the people off the streets yesterday misunderstood what they were protesting for. so is it about people misunderstanding, not knowing what they are fighting for, or
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is there an innate problem in the form and provisions of the actual bill? which one is it? alvin: i am not saying that people were not understanding things. everybody knows what is going on , and people yet on the street yesterday, they know the gist of the bill. they understand the bill, and the bill is about removing the firewall between the hong kong system and the chinese system. this is the gist of the bill. what i am saying is now the matter has gone beyond the bill. it is about governance. it is about how this government is handling our anger. david: point taken and well understood. alvin, thank you for taking time for us. and we arein yeung, continuing to reach out to all sides to expand our coverage of this issue. rishaad: next, we are joined by analyst, talking
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about relocating his company entirely. find out why. this is bloomberg. ♪
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yvonne: higher inflation and a strengthening currency have made hong kong the fourth most expensive location in the world, up from number 11 last year. rishaad: yes, this is from an annual study that compares the consumer services and almost 500 locations worldwide. yvonne: let's bring in our guest joining us here in hong kong. numbers.dy have these should everyone be concerned nott this, the fact it has actually come down at all? >> well, if we look at the factors behind the hong kong rise in rankings, it is a couple
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of things. one thing is currency strength. we know the hong kong dollar is pegged against the u.s. dollar. the u.s. dollar has strengthened and themost currencies, other thing is prices. we have seen inflation in most major locations. that has been relatively benign over the last months, but inflation in hong kong has been relatively high compared to most locations. we have seen inflation hong kong based on our research about 1.3%. that has been higher than locations which were previously ranked above hong kong last year , location such as tokyo, shanghai, which hong kong has overtaken in the past 12 months. big reports, with rankings also climbing up. the methodology you use?
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lee: it is an assessment of cost of living, and it is used primarily by organizations about whether they need to pay allowances when they move from one location to the next. it is based on a basket of goods of around 100 70 items that a person would consume on a day-to-day basis, so that includes groceries, meals out, transportation, electrical, goods, and so forth. now, for the purpose of the rankings, when we collect the prices, we obviously collect them in local currency, but for the rankings, we do not convert everything to a common currency, in this case u.s. dollars, so if you see, for example, locations moving up and down in our rankings, it may not necessarily be due to price changes but may be rather due to currency strength, so going back to my example of hong kong growth,
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that was partly influenced by the strength of the u.s. dollar or the hong kong dollar and one of the reasons why shanghai, on the other hand, has fallen, down to the number 10 position in our rankings, because of the relative weakness of the renminbi. yvonne: you mentioned about what is in the basket, food, obviously. i am wondering about what is in play. lee: something we do not take into consideration, we do a costs.e survey on hong kong is head and shoulders above anywhere else in rent, but the reason why we do not include that is because normally, the main users of this data are companies when they relocate around the world, they normally compensate the difference in the cost separately, because there values,r valuables -- such as employee seniority,
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employee marital status, so in order to, i suppose, give a much better indication of the difference in living costs, that is why we strip out accommodations, but going back to your point, if we did, then hong kong would be way above everywhere else. there is a word in which -- modern farsi means city of love. yvonne: we are all scratching our heads. prices, tell us why? well, way out of our top 100, in the main reason is we have seen significant uptick in prices over the course of the last month. there has been political and economic turmoil there, and that of resulted in inflation 100%, so a doubling of prices. nowhere near bad as something like venezuela, but nonetheless,
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the reason why it is the most expensive location. and caracas is not? lee: we do not do it because inflation is so bad. it is not -- exactly. rishaad: thank you so much sure coming in. expensivethe most city in the world. singapore, where do you have that in the world rankings? asia, number six, hong kong two in the asia rankings. yvonne: all right, lee. thank you. and the markets, what are you watching? david: issuing new bills again because of hyperinflation, up to 50,000 bolivar. the hang seng index, 1.4%. it is getting quite bad as we approach the latter morning session. inwere down over 1% over
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japan. let's look at some of the big movers we are tracking. the hang seng property index, we were talking about this earlier on. i wonder. we will correct that for you. for jewelry to noodles to taking the subway to trading stocks, under pressure. it is consistent with what we are seeing across the region. all right, so we are about one hour away from the open of the markets in mumbai. the futures, bottom of your screen. let's bring in our reporters standing by in dubai -- in mumbai, rather. excuse me. what about today? reporter: thanks for that. in fact, the singapore exchange indicating a negative start for our markets, like yesterday. in fact, yesterday as well, the benchmark indexes both ended changed about half of 1%. the niftygn with
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trading down from its all-time high levels. and then there is the domestic. , and the a selling domestic institutions, it is not enough to compensate for the and it could be a volatile session because today marks the nikkei options next paris date. date.iry there was the april industrial output data and the retail inflation data for the month of may. david: all right. thank you so much. we will be back in mumbai when the markets get underway in about one hour from now. coming up next, live from sydney up to tokyo for a battle of the charts. stay tuned for that. this is bloomberg. ♪
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rishaad: battle of the charts. our guest joining us today. david: and we will access their charts. on your bloomberg terminal's. let's kick things off in sydney. andrea? andrey: hi, guys. andrea: hi, guys.
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maybe finding a base. as you can see, that chart shows that they are hovering near support, which they also touched in 2017 before they headed higher, and that is around the level they are today. it should suggest that the 10-year lee yields -- 10-year yields could change. they did dip low, and then we got the disappointing u.s. jobs report. this is based on technical indicators, the strong reversal, and it will likely emerge when they go higher, but in the meantime, they have bounced off support ahead of that fed meeting next week. andrea, ok, and let's get to a very confident looking tokyo guest. at iss, what i am looking
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inflows into the chinese bond market. they have reached a record level, looking back to march. i actually have here some numbers that indicate foreign by thes, which dropped biggest amount in may since last year. now, that was interesting, because may, of course, was when the u.s.-china trade war redirected. it shows the downside may be limited. david: all right, chris. i am going with andrea. rishaad: misplaced confidence. my apologies. andrea takes the honors. destination is gtbv -- gtv . ♪
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♪ : i am emily chang in san francisco, and this is " bloomberg technology." coming up facebook under , scrutiny again. ceo mark zuckerberg may have been aware of problematic privacy practices. plus, crowdstrike makes its public debut but shares fall. we will hear from the cybersecurity firm's ceo.

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