toshiba's troubles. the japanese firm risks a de—listing after risking earnings without a sign of from auditors. and we find out what china's latest inflation figures tell us about the country's economy. hello and welcome to asia business report, i'm sharanjit leyl. toshiba's shares are down more than 296 toshiba's shares are down more than 2% at the start of trade in tokyo this morning, the conglomerate from japan could face delisting from the stock exchange after it listed results without the endorsement of an auditor. it's unprecedented for a majorjapanese an auditor. it's unprecedented for a major japanese firm, they an auditor. it's unprecedented for a majorjapanese firm, they are going to sell their crown jewels, the chip business, to offset huge losses from its nuclear division in the us westinghouse. earlier i spoke to rupert wingfield—hayes and asked him about the likelihood of a de—listing. about the likelihood of a de-listing. every stock exchange around the world has rules over what com

that's the root of toshiba's current financial disaster. toshiba is not alone. 0ther disaster. toshiba is not alone. other famous japanese names have been through deep crises. last year sharp was sold to a taiwanese company. now toshiba will be broken up, its best bits sold off to the highest bidder. a fabulous report. can i tell you, we are all loving that report here! thank you. also, the 70s, i was right with you, unfortunately! thank you. i know you will keep across those numbers. we will see if any more information comes out. thank you. that was rupert wingfield—hayes, joining us from tokyo. be prepared — she's coming to a ford car near you. alexa, behave yourself. ford has partnered with amazon to integrate its alexa voice assistant into its latest line of cars. it includes the ability to remotely start the car, just by asking. dave lee tested it out for us. alexa, asked my ford mobile for my tyre pressure. your vehicle's tyre pressure is not currently showing any warnings. ask my ford mobile to start my car. 0k. say your pin. what's my pin? 5678. sending start comman

that is the root of toshiba's current financial disaster. toshiba is not alone. 0ther disaster. toshiba is not alone. other famous japanese names have been through deep crises. last year sharp was sold to a taiwanese company. and now toshiba will be broken up and its best plants sold off to the highest bill. the top e—commerce firm in india has raised 1.4 billion dollars in its biggest everfunding 1.4 billion dollars in its biggest ever funding round. the 1.4 billion dollars in its biggest everfunding round. the news comes amid speculation that they are looking at a potential takeover of a smaller rival, snap deal. what does this tell us about e—commerce in india? india's flip cards is getting bigger and bigger. less than three yea rs bigger and bigger. less than three years ago it purchased an online fashion retailer and last year it took over another company. now it will own the ebay operations in india with as ‘s it is an talks to buy at another one. small players are selling out to bigger ones is getting bigger in the e—commerce space. as far as this deal is concerne

we start with the troubles at toshiba. the company is expected to publish its results for the last quarter of 2016 today, after postponing them twice. and they are expected to be disastrous. the numbers have already been spilled twice. —— been postponed. we hope to no mere after a press conference scheduled to start shortly. recently toshiba announced that its losses would triple as a result of difficulties faced by its us westinghouse division. the company's us new—clear division has suffered huge cost over—runs at two projects in georgia and south carolina. since toshiba told us these numbers would be awful... take a look at what investors have in doing. they have been sucking their money out of the country. and their money out of the country. and the company. the company's share price has more than halved. there are fears that toshiba could be de—listed from the main tokyo stock exchange if it reports another set of disappointing financial results. the issues faced by toshiba highlights japan's problem with so

if they decide toshiba does not choose to might delist toshiba, which would be a big hit to anyone who owns shares or wants to trade shares. that is what they will look at next. from what we can tell, it seems the possibility is remote. stepything the tsc next will bump it down from the first section to the second section. the first section is the blue-chip topix index. if they bump or shiva down, anyone who owns the topix index will have to sell toshiba because it will be dropped and shares will fall off. that is what investors and analysts are looking at right now. rishaad: what are people telling you at the moment? , it had a load of accounting problems and would take a year to sort them out, didn't, and then earnings delayed twice, then earnings come out without the auditors signing off on it. are people saying it is time out,company sorted itself delisted, and got its house in order? >> i think that might the the clean way to go about it. toshiba has shown us time and it does not have its house in order to over years , but the company does employ over 100,000 people. taking a big

what is the state of play with toshiba? we are wondering, will they or will they not delay their reports again? itsrter: toshiba is facing third deadline for reporting earnings. they would typically do so after the bell in tokyo later on today. it is important because they come out with the results, we will get a final tally on how much the problems in the nuclear business will cost the company. if they miss this deadline, they have a couple of choices. they can seek another extension for reporting earnings. this is for the quarter that ended in december. or, if the regulars will not give them an extension, then they only have eight more business days to finalize their books or they face delisting from the tokyo stock exchange. it is a significant deal. they have put westinghouse into chapter 11 bankruptcy in the u.s.. they are trying to sell that business.ess -- chip shery: we have heard of significant interest about the chip business coming from overseas. how is that going on? reporter: there is an auction process going o

we mention toshiba top a survey trading week. we mention toshiba top a survey gauges business sentiment and it has gone up again. so business sentiment is improving in japan and that has boosted the nikkei slightly. i will see you soon. i want to tell you about the fact that... more than a third of british people are physically inactive, increasing the risk of heart disease and costing the health service more than a billion pounds a year. research from the british heart foundation reveals that women are more inactive than men and the north west of england is the area of most inactivity. graham satchell reports. harriet had no warnings or symptoms. she was climbing the stairs at home when she had a heart attack at the age ofjust 44. it was like having the rug pulled from under yourfeet. i have a young family, a job i loved and to suddenly be disrupted on such and to suddenly be disrupted on such a dramatic incident was very difficult dog i did not make time for activity or exercise so looking back i was very saddened tree. researc

openingooking at a 210 on toshiba. samsung electronics, this is for the s8f you looking at plus. 31,000 is the price target, more than a 10% drop. we are watching gold prices, alsoin the futures, 1275 predicted. dollar-yen below 110. we might get support from gold-mining stocks when you look at the open here. a big day today across the asia-pacific. a very telling day. -- onming out of china the back of the ppi data from japan. treating gets underway shery: futures point to a mixed day in the asia-pacific. united, one of the losers on wall street, after this video , struggling to contain the damage from a passengers forcible removal. shery: toshiba finally report saying it's very survival is uncertain because of the enormous losses at westinghouse. ramy: those earnings came without the auditors approval. the stock the largest mover on the nikkei 225. shery: this is the second hour of "daybreak: asia," coming to you from bloomberg's u.s. and asian headquarters. hong kong,ahn in where it is just past 8:00 a.m. ramy: an i

that frees toshiba from a loss-making business but not from a mountain of debt. nana yamada, nhk world. >>> japan's population is aging, meaning more elderly drivers are on the roads and a growing number of them are causing fatal traffic accidents. but as our next story tells us, robots could be riding to the rescue. >> reporter: driving under the influence of age, as shown in these in-car videos. here, a car driven by a 74-year-old woman overshoots the stop sign. and almost hits another car. the driver of this car is 64. he fails to spot bicycle coming from the right. professor hirofumi aoki researches traffic accident prevention at nagoya university. his team has analyzed in-car video and test drive data on over 1,000 elderly people. as people age, they tend to experience a deterioration in their peripheral awareness, field of vision and motor skills. >> translator: we're developing technology that can reduce the risk of elderly drivers getting into accidents. >> reporter: professor aoki and his team are developing a robot. it sits on the dashboard next to the

toshiba is not alone. otherfamous producing new ideas. toshiba is not alone. other famous japanese producing new ideas. toshiba is not alone. otherfamous japanese names have been through deep crises. last year sharp was sold to a taiwanese company. now toshiba will be broken up, its best bits sold off to the highest bidder. as you may have noticed, there are many stories tonight that in some way connect with the trump administration. here's another one. there are suggestions that mr trump could commission a new vaccine safety committee and that's worrying some doctors. one of the reasons they're worried is there are suggestions this man robert kennedy junior could be the head of that new body. he's a known vaccine sceptic. we should be clear, none of this has been confirmed, but these suggestions are raising the broader issue of vaccine scepticism and how, for some, it's become very persuasive. i have a report on this now. we've been to washington state to vashon island, it has some of the lowest rates of vaccination in the us. your attention please... welcome

it's a big day for toshiba? a huge day. at the top of the headline i said "they're here". i wasn't misleading. we have been delaying these numbers because they are in so much trouble at the moment. an old household name. a huge conglomerate indeed. we will start with those troubles at the company toshiba. we are waiting to see its latest numbers. this is for the last three months of last year. they've been postponing them. they've been postponing them. they've already postponed them twice. the numbers are expected to be disastrous, with a capital d. recently toshiba announced its losses would triple as a result of the difficulties faced by the us westinghouse division, the company's us division has suffered huge cost ove i’i’u ns us division has suffered huge cost overruns at two projects in georgia and south carolina. since toshiba told us these numbers would be awful, the company's share price has more than halved. there are fears that toshiba could be delisted from the main tokyo stock exchange if it reports another set of disappointing financial results. the issues

toshiba was not coming clean on this. they said we will publish financial results even though the accountant won't sign off on it, and by the way, we might go bankrupt. caroline: roger, we were talking earlier about japan's history in chips, and they used to rule the roost. roger: they really did. i will never forget the late 1980's, meeting the vice chair of toshiba when it was just a chip company, at least in the u.s. they were so dominant. the only american company that showed viability was intel. we were out of memory and we were beaten by japanese companies everywhere. he basically said you can get rid of intel, you don't need to be a semiconductor analyst anymore, because it is over. we are tempted to look at google, facebook, apple, all that way today. what's going on at toshiba gives you a sense that in technology nothing is forever. cory: also they made really dumb bets. betting in nuclear power was just a bad business decision. roger: but big companies make bad business decisions frequently. that's part of what

is there a scenario where toshiba can survive? 0r these losses. is there a scenario where toshiba can survive? or as we suggested, will it end up being broken up and sold off? it is touch and go now. it has reported these big losses, their own auditors, pricewaterhousecoopers, refused to sign off on the accounts. toshiba could be delisted from the tokyo stock market in the next few weeks, which would be a big blow for the company. in order to survive it will have to sell off its best bits, the family silver, if you like, in order to pay the bills. such are the men arena —— memory chip division. it might raise £20 billion in doing that. it is a sought after technology. but it is effectively selling the best bits. what will be left after all this to carry on? we do not know. but it will be a shell of the former giant it was. ribot, thank you. rupert wingfield—hayes in tokyo. united airlines has been heavily criticised after one of its passengers was dragged off a flight in chicago. shocking images, which have been shared acro

an extremelywas chaotic week for toshiba. they took the unusual step of recording december mornings -- earnings without the approval of their auditor. they also gave this warning that they may not be able to continue as a growing concern. the losses are severe. the accountants have not been able to get their hands around how deep that whole is. as toshiba sells off assets, the investors are trying to get their heads around what are the prospects for this company going forward. they have also warned that they will be dropped from the first year of the tokyo stock exchange and may be de-listed altogether, high volatility situation for investors and for employees and everybody else obviously. thank you so much. up next, the u.s. vice president arriving in south korea just hours after we heard about north korea's failed missile test. we will assess the diplomatic fallout and -- this is bloomberg. ♪ from some comments from the japanese prime minister shinzo bay speaking about north it needs tog that pressure pyongyang for sincer

is being offered for toshiba's chip business. they also reported the board put in a bid almost as much. thanks for that. still ahead, u.s. china relations firmly in the spotlight. and donald president trump are meeting soon. we will look at what is on the agenda. it is pretty busy. somethinguest says about a&p capital coming up. this is bloomberg. ♪ haidi: this is "bloombers markets: asia." i am haidi lun in sydney. china has one u.s. antitrust approval for a pesticide maker. that brings china's largest forest -- foreign acquisition one step closer to the finish line. deal with three pesticides in the u.s. as a condition for the deal. the european union is also reviewing the deal. chinese authorities are under discussion. --pal and visa are extended extending their relationship. years ofs sponsored store transactions. the visa collaboration allows users of systems to choose how to pay. they have not announced where they will roll in out. a chinese company is said to have delayed paying u.s. workers last month. andf were paid on

toshiba shares are down yet again. that's because of reports that the troubled japanese conglomerate may delay its quarterly earnings report for a third time. sarah toms is in our asia business hub in singapore. talk us through the numbers. as you said, toshiba shares did plunge, 5.4% on monday, and as you said, it is after the electronics conglomerate signalled it might miss another deadline to release its results for the last quarter of 2016. now, toshiba can apply to the tokyo stock exchange for another extension, but still, the delay is bad news for shareholders, delivering another blow to investor confidence, and of course increasing those concerns over a possible delisting. they have delayed reporting earnings over problems at westinghouse electric, its us nuclear unit. westinghouse has been hit by cost overruns and filed for bankruptcy last week, and asa filed for bankruptcy last week, and as a result toshiba forecast an annual loss of a record 9.1 billion us dollars. to make up for this loss, the company is put

will it be third time lucky at toshiba? let's get the latest. reporter: let's start with the fed chair janet yellen says the us economy is pretty healthy and will continue to grow at a modest pace. must sustain progress so far, but also that growth and productivity was disappointingly low, and while policy makers raise rates gradually, they want to avoid being behind the curve. janet yellen: if the economy ends up overheating and inflation threatens to rise well above our target, we don't want to be in a position where we have to raise rates rapidly, which could conceivably cause another recession. so, we want to be ahead of the curve and not behind it. rosalind: the bank of japan is being advised it could avoid the risk of policy normalization by simply changing the game when it is time to tighten. the former boj executive director says in state of raising the yield -- instead of raising the yield target set at zero, governor kuroda could switch the target to yield of bonds on shorter duration. the prime minister has wide a free-trade agreement

toshiba was not coming clean on this. toshiba said we will publish financial results even though our accountant won't sign off on it, and by the way, we might go bankrupt. caroline: we were talking about japan's history in chips, and they used to rule the roost. >> they did. i will never forget meeting the vice chair of toshiba when it was basically a chip company. at least in the united states. they were so dominant at the time. the only american company that showed viability was intel. he said you don't need to be a semiconductor analyst because we have won. we are tempted to look at google and facebook and apple today, and i think toshiba gives you a sense that and technology, nothing is forever. cory: they made some dumb bets. betting on nuclear power was a bad business decision. >> but big companies make bad business decisions frequently, and that comes with the territory. you outgrow your market and look for something else that looks like it will replace it, and inevitably they are not domain experts in the things t

i think it is also important when you look at what toshiba has done. the contracts are so wrong and construction takes so long, that when the company stumbles, it does not have the wherewithal to recover because they don't have the financial backing. caroline: cory johnson, editor at large. a growing global addiction to smartphones, concerned about your own addiction levels, and perhaps you would be right to be. a former google product manager and design ethicist says phones toare creating get people fixated, a phenomenon some are calling brain hacking. we dug into the long-term consequences with tristan harris, now founder of the nonprofit movement time well spent. >> all of these companies are locked into the attention economy. no matter what you're making, you're competing for attention. what i love to create is the conversation about the cost of advertising and attention economy and whether it's created the kind of world we want to live in, both in democracy with the rise of faking news and in terms of how it affects children with these increasingl

toshiba warns about its future. we discussed whether the company can recover. 23 and me clears a regulatory hurdle. our exclusive interview with the ceo on the future of the genetic testing market. first, president trump's message to corporate america, job creation is at the top of the agenda. he made these comments with 20 ceos on tuesday. the meeting was focused on trump's $1 trillion infrastructure program and tax policy. in attendnce, gm, pepsico, and walmart ceos, but tech ceos were noticeably absent. in december, trump had a meeting with amazon, oracle, and apple to name a few, so how is silicon valley's relationship with the president evolving? we posed that question to peter. >> i think just staying alive is the only thing they seem to care about. the infrastructure thing is a headline, not actually a plan. relative to silicon valley, the actions they have taken our destructive. the head of the sec has made it clear he will be hostile to the needs of consumers, and by extension entrepreneurs trying to create

toshiba not really coming clean on this. today, toshiba says we will publish our financial results even though our accountant will not sign off on it. by the way, we might go bankrupt. caroline: just to sledgehammer that in. roger, we were talking earlier about japan's history in chips. they used to rule the roost. >> they really did. i will never forget the lady meeting the vice chair of toshiba when it was basically just a chip company in the united states. they were so dominant that time. the only american company that showed any liability at all was intel. we were out of memory and beaten by japanese companies everywhere. he basically said you can get rid of your intel. you don't need to be a semiconductor analyst anymore because it is over. we have won. we are tempted to look at google and facebook in apple that way today. i think what is going on at toshiba gives you a sense that in technology at least nothing is forever. >> they made some dumb bets. betting on nuclear power with the westinghouse acquisition was a bad

let's talk about toshiba now. it has not narrowed the number of bidders in the field for it memory chip business. bloomberg's editor joining us now from tokyo. who was on that short list? toshiba has gone through the first round of bidding for their chips unit, their most valuable asset. they have narrowed it down from an original group of 10 bidders. has put innd hanoi the highest bid so far. they may able to pay as much as ¥3 trillion. there is opposition from the japanese government and perhaps u.s. government, as our reporters said yesterday. mix, andne is in the broadcom, the u.s. chipmaker, has put in an offer. those are the three leading contenders. a partner with, toshiba in the chips business has said, they think any kind of they'll would violate their terms of partnership. so they are disputing this whole sales process and that could create problems down the line here. what is western digital's objection here? peter: western digital and toshiba are joint owners of an important plant here in japan. weste

toshiba warns about its futures on the heels of a earnings announcement. we will discuss if the company can recover. 23 and me clears a regulatory hurdle. our interview with the ceo on the future of the genetic testing market. president donald trump's message to corporate america? job creation is at the top of the agenda. he made this announcement after a meeting with 20 ceos focused on the $1 trillion infrastructure program and tax .olicy going forward in attendance? pepsi, ceos. tech ceos were noticeably absent. how is silicon valley's relationship with the president evolving? theosed that question to cofounder of silver lake partners. >> staying alive is the only thing they seem to care about. the infrastructure thing is a headline. it is not actually a plan. relative to silicon valley, the actions are extremely destructive. it head of the fcc made clear he will be hostile to the needs of consumers, and by extension, entrepreneurs who are trying to create businesses in technology. i am not optimistic. the opportunities for any president of the united st

toshiba wants more leeway. they requested and a new credit line to brief investors on the chapter 11 filing. toshiba will need extra cash to carry through the bankruptcy. separately, a report toshiba may have an audited earnings result. shares fell sharply tuesday. jp morgan's ceo jamie dimon has released his annual letter to shareholders, offering his assessment of some of america's economic problems. he writes, it is clear something is wrong and is holding us back. collective economic growth and opportunity has led to deep and understandable frustration among so many americans. here with more is jenny. was it unusual to see jamie dimon speak out on something like this? >> not so much unusual. if you look to when he first to go over as ceo, he was focusing on how the bank as performed the last year. more active role in politics and public policy, he takes opportunity to lay out his vision for america's future. given that his bank has been doing better and better, certainly gives him a bigger platform to say th

i mean the joint venture that we have had with toshiba is 17 years running. i would contend that it's probably one of the most successful technology joint ventures in the history of our industry, so our first goal is let's get that joint venture healthy, it's been very prosperous, for our company, for toshiba, for japan, for the united states, and so we want to protect that and we have got legal provisions that enable us to do that, and that's really our first goal is to protect not only our interests, but protect the long-term health of that joint venture so that it can continue to thrive into our future. >> shareholders do not have to focus on that joint veng chur, but con sen train on what you do? >> that's really our intent. it's been difficult for us to see the challenges that our joint venture partners had in terms of toshiba, and we're in con stachblt communications with them, trying to help them solve the challenges that we have. we know that creates a little bit of overhang in terms of how people view our company and our stock, but we're going to do

toshiba's president will hold a press conference later this evening. all this uncertainty made the firm's lenders and investors uneasy, and toshiba stocks are down 3% today. that's all from the nikkei. back to you. >> thank you very much for that. >>> equity hedge funds have made their best start to a year since 2013. this thanks to a strong performance in european and u.s. equity markets and some of the strongest gains in emerging markets with india and china returning 5.5%. let's talk more about the sector with jason gurlach. how much of this is dependent on what the trump trade does? >> i think there's certainly some benefit to the trump trade, without question. what we've seen with donald trump is a decoupling of markets that were tracking together in lock step. that made it harder for active strategies to succeed. it's a short-term good thing for the industry. the longer term picture is people were shoveling dirt too quickly on the hedge fund industry last year. you'll see what hedge funds do this year and beyond. >> we saw massive withdrawals, a

unit, toshiba's most valuable asset. >> toshiba faces massive losses from westinghouse electric and is scrambling to sell off its profitable memory unit to raise needed funds. toshiba semiconductor is run jointly with western digital and the firm refused to allow the transfer of the plant to a third party. it argued the contract between the two firms requires western digit digital's consent for any sell of toshiba's memory business to a third bidder. some prices reaching over $18 billion. toshiba sees no problem with the process and is set to proceed with the sale as planned. but their partnership dates back 17 years, sharing sensitive technology and depending on how negotiations go, toshiba may not be able to shrug off its partners objections. shares fell 5% today weighing on the nikkei index which hit a new low today. that's all from the nikkei, back to you. >> thank you very much for that. >>> it's finally here. the moment we've been waiting for all day. yep. easter weekend is here. we thought it's only appropriate to talk about the business of chocolate with consumers becoming m

toshiba, panasonic, sony, hitachi. so how did they end up here? first of all, the chinese and korean came along and they could make these things just as well, but much cheaper. perhaps more importantly, these japanese companies lost their mojo. they forgot how to innovate. the country that invented the walkman did not go on to invent the smartphone. inside a vast exhibition hall, more than 3,000 new recruits are being inducted into one of japan's big corporations. a lot of these young people can expect to spend the whole of their career in this one company. it will become their second home and they expect to work hard, long hours and wait their turn for promotion. it is a model that has worked well forjapan in the past, but it has real problems. in this rigid corporate hierarchy, promotion is based on age, not talent. it is a culture that is resistant to change and bad at producing new ideas. toshiba is not alone. other famous japanese names have been through deep crisis. last year, sharp was sold to a taiwanese company. now toshiba will be broken

benneteau toshiba is in the spotlight this week. we'll find out why their troubles mirror what is wrong with japan. andrew rules on this guy. we look at singapore's efforts to control the airspace use for drones. hello and welcome to asia business report. i'm sharanjit leyl. and welcome to a brand—new week. and these are few things we are expecting on the corporate calendar this week. on tuesday, toshiba is due to release its earnings. the troubled japanese conglomerate has been delaying releasing its results. it is done that already twice while trying to assess losses from its us nuclear business. 0n trying to assess losses from its us nuclear business. on thursday, we get the first good result from jpmorgan chase. and in —— it is a short trading week with good friday coming up. and to help map out the trading agenda, i spoke with a market hours. i first asked him trading agenda, i spoke with a market hours. ifirst asked him if the geopolitical issues after the missile strikes on syria, and the warships in the area of the kor

toshiba reports earnings results after delaying the reports twice. we will dig into the results on the company's warning about its future. your phone addiction is not entirely your fault. googleed to one former employee who says the engineers in silicon valley are the ones creating the obsession. this is bloomberg. ♪ reveale: japan, to sheba doubts about its future after dealing with the bankruptcy of its westinghouse unit. cory johnson joined us with details. this westinghouse nuclear power business is interesting. accounting problems, whistleblowing, the books were not right. toshiba said we will publish financial results even though our accountant won't sign off on it, and by the way, we might go bankrupt. caroline: we were talking about japan's history in chips, and they used to rule the roost. >> they did. i will never forget meeting the vice chair of toshiba when it was basically a chip company. they were so dominant at the time. the only american company that was intel. you don't need to be a semiconductor analyst because we have won. we are

reports that there could be a $25 million bid for toshiba. and before we go, many of us toshiba. and before we go, many of usjoke about toshiba. and before we go, many of us joke about leaving a restaurant without paying. somebody did that after racking up a big bill in a seafood restaurant and to avoid paying he ran into the sea. police chased him on jetskis paying he ran into the sea. police chased him onjetskis and caught up with him. he has now been in court for theft. he says his lobsters were overcooked! thanks for joining for theft. he says his lobsters were overcooked! thanks forjoining us and see you soon. good morning. sunday was the warmest day of the year so far, with 25 degrees recorded. whatever the weather on monday it could have been a little bit disappointing. 0r weather on monday it could have been a little bit disappointing. or was it? on the whole not bad in the south coast, as you can see, and temperatures peaked at 16 celsius. with the sunshine it still felt reasonably pleasant. a different story in the highlands. a grey day and it looks like we will see mor

apple may rise to toshiba's rescue, looking at investing in toshiba's flash memory unit, which is up for sale. options including partnering with hon hai and joining a bed with japanese investors. we are also told softbank may cooperate with hon hai or apple. david: this time, we are looking for self driving car software for apple in the u.s. they will start soon using apple software in existing vehicles. apple started designing a self driving car before pulling back to focus on the underlying technology. world'soming up, the .ost viable liquor distiller what is driving demand next. this is bloomberg. ♪ valuablee world's most net incomeiller saw rise 8% last year and wants to double that. our shanghai. -- greg turk joins us now our shanghai bureau chief greg turk joins us now. this is a strong liquor, isn't it? >> it packs a punch. after one bad experience, i no longer touch the stuff. they seem to have found new avenues for growth after three years of slow sales growth as they saw their key market of , high margin premium liquor dry up amid a corruption campaign that started with t

toshiba is warning of its ability to continue. the japanese company finally reported third-quarter earnings after missing two deadlines that its auditor has not signed off on. they posted a $5.2 billion loss for the nine months that ended in december and has lost billions of dollars in its westinghouse nuclear power business in the u.s. shares of dialog semiconductor plunging, a firm downgraded them to a sell. strong evidence apple plans to partially replace their power management chip and iphones currently supplied by dialogue. apple account for three fourths of their revenue. shares of gas rose to a record in paris, revenue much better than expected. he maker of louis vuitton handbags boosted by fashion and leather goods unit or quarterly sales rose 15%. their performance was the biggest rebound in demand for the luxury goods industry. that is your bloomberg business flash. francine: treasuries rallied and the breakeven rate dropped after janet yellen concerned the central bank has shifted to sustain economic gain and away from

toshiba shares plunge in tokyo again on reports it may miss it's results deadline, for the third time. but first, rescue teams in colombia are continuing to search through tons of mud and debris for anyone who might have survived the devastating mudslides in the south of the country. in the last few hours the president has said 254 people are known to have died — 43 of them children. but he said they were still very much preliminary figures. the mud engulfed the town of mocoa, burying entire neighbourhoods, and further bad weather is now hampering the rescue effort. greg dawson reports. quietly and methodically rescue teams are still looking and listening for any sign of life in mocoa but the grim reality is the operation is about recovery of the dead as it is about rescue of the living. fragile families went outside to be allowed to identify missing relatives. translation: the really sad thing is when family members come and fight their loved ones. it hurts to see it and u nfortu nately we a re ones. it hurts to see it and unfortunately we are lacking support here. dozens of childr

fuji has delayed its most recent earnings report after discovering accounting is regularities, and toshiba is restructuring its business after the colla pse restructuring its business after the collapse of its nuclear business. is the japan central bank doing enough to reform corporate governance? i asked our correspondent in tokyo. the reason for the problem is very deep. i would say it is cultural, but there is regulation to it. first of all i think the japanese government, as well as its regulating agency, tend to be very protective over each company. so the companies tend to be relaxed regarding their structure. and there has been a call right now for more globalisation of japanese companies. they need to invest in foreign talent. some of the major companies injapan talent. some of the major companies in japan have talent. some of the major companies injapan have already done this, but why is it taking such a long time? the focus of the management the sustainability of the company, and also the profitability of the company, is relatively weak. i would say there is more equity hold acti

toshiba shares are at 2.2%. this is on the back of toshiba saying they would be splitting into 4 separate entities. this is the company that focuses more on energy efficiency. they are trying to get 100% stake here including toshiba's 50%. they may remain a shareholder though. betty: we will be getting more headlines like this as more companies, to bid for the assets of toshiba. let's move on to samsung releasing software updates for smartphone after users have been complaining about screens and spotty wi-fi connections. this was supposed to go smoothly, right? samsung could not have any missteps here? >> that is right. they had the ds go with the note 7 smartphone. the galaxy s8 smartphone was supposed to put all those problems he hide it. it launched the phone last week and began shipping it last week. consumers saw that the screens were somewhat red. customers voiced complaints. at first, samsung said consumers could adjust the screen tent themselves and they were not going to do anything about it. theynight

having a look at the other stocks, toshiba down by 9%. oes onontinues its w reports that it may need more financing after chapter 11 was filed last week. but you didn't see some upside, new crest mining up by 3.5%. the other story of the day was the rba leaving the cash rate -- leavinon hold. this yellow line here is household finances, debt to income. it continues to rise. we are also seeing the house price index rising. but at the same time the number of people in unoccupied dwellings are falling. they are caught between a rock and a hard place with low inflation and stagnant wage growth. we will be hearing from the governor in melbourne later today. manus: juliette, thank you. the very latest on the market. let's talk about one of the drivers behind the shift in the u.s. we're supposed to be the month of the auto sales rebounding, but instead we saw the opposite, with demand collapsing last month. deliveries for kia and hyundai slumped, ford drops more than 7%. anna: g.m., fiat chrysler, and failed to meet expectations, and that passed

in a statement, toshiba has warned its future is now in doubt. uk inflation remained at 2.3% in march, that's the highest level since september 2013 but is unchanged on the month before. the measure of the cost of living shows that prices are still rising above the bank of england's target of 2%. jd sports has reported a 55% rise in pre—tax profits, its biggest increase in eight years. like—for—like sales were up 10%. the firm says the results come despite rising inflation — it also warns of ‘uncertainties ahead' as britain prepares to leave the eu. now, let's turn our attention to the footage that has rocked the airline world and provoked an outcry on social media. the disturbing video shows a man being violently removed from a united airlines flight in chicago. the airline has tweeted an apology for what happened and says it is investigating. but it created a public—relations nightmare for the firm as the videos of the incident spread. joining us now from the floor of the new york stock exchange is michelle fleury. the share prices

. >> well, apple could team up to bid for toshiba's semiconductor business. they make the memory chips at the core of modern smart phones and computers. according to reuters, the cupertino based company is considering investing at least several billion dollars in toshiba for a stake of more than 20%. apple could partner with its taiwan based supplier fox con, or telecommunications giant softbank. toshiba is in crisis after projecting a $9 billion loss for its fiscal year. >> well, you might have noticed it's costing a little more to buy vegetables. a recent raise caused the price of lettuce to increase and the supply to decrease. the wet weather has forced farmers to put planting on hole. it's also invited them to growing fields. lettuce is four times higher than normal costs. experts say strawberry and celery prices are also going up because of the recent rain. >> announcer: now your accuweather forecast with sandhya patel. >> and we are getting a nice break from the rain. check out live doppler 7. we don't have any green on the screen, but by sunday this is

shery: toshiba one of the biggest losers. with asan miguel multibillion-dollar expansion plan. i had a few of those this weekend. shery: i had a long break. i had many of those. david: let's leave it at that. we had a good first quarter. the question is if the fed rate hike cycle has begun. best quarter for asian stocks in seven years. now we are getting comments from new york fed president dudley saying they are in no hurry to -- rates. it like he may be right. if you look at the tightening cycle companions, bond yields, copper-gold ratio as well as oil futures, well they are declining. slightseeing oil see a rebound, but still and a declining phase. compare that to fed funds futures, one year expected. so there is a mitch match in the markets that is similar to what we saw in the fourth quarter of 2015. remember back then that fed funds futures expectations were for the end of 2016 level to come in at 1.2%, but ended atting when they .7%, so we could be seeing a repeat of what happened in 2015, a one and could have done, especially if these other companions don't pop up highe

and toshiba is restructuring its business after its us nuclear unit collapsed. the bank of japan starts its monthly policy meeting today. is the central bank doing enough to reform corporate governance? rico hizon is in our asia business hub in singapore. that is a lot to cover, rico! is the central bank doing enough to reform corporate governance? it is a bit messy. yes, it is a bit messy. that has been one of the pillars of prime minister shinzo abe and he is abenomics reform programme. that looks at this point like there is not enough political will to push through with clear corporate governance in japan —— through with clear corporate governance injapan —— his. that will be a key point to be discussed in the bank ofjapan meetings over the next two days and they will also tackle the economy and monetary policy. the bank ofjapan, aaron, is basically, maybe, upgrading growth projections for the new financial year but they are also expected to lower inflation projections owing to the rebound in global trade. japan has seen a marked increase in exports,

the news coming from toshiba with their earnings that were two months overdue. even so they still didn't get the final approval from their auditors. another stark message coming from toshiba that perhaps their future is in doubt due to the $9 billion loss they expect coming from westinghouse. this is where costs overran deeply. this follows an accounting problem back from 2015. more trouble for this company with their future hanging in the balance there. elsewhere, keep an eye on the battle for retail. we have heard that walmart plans to shuted a few hundred jobs. this was confirmed to cnbc, following the decision to eliminate some 1,000 corporate positions earlier in the year with a spokesman telling cnbc this was a fall low-on from the previous decision. this news comes as walmart announces a price discount for those willing to buy on walmart.com and pick up the items in store. so the price wars continuing between walmart and amazon as well. >> saves on shipping. thank you, nancy hungerford from london. >>> embattled department of veterans affairs is tackling

toshiba down by more than 7% in the japanese session. kewpie down by almost a percent. -- 8%.cks is having the stock is having its worst fall in some months. we are seeing a big spike in the aussie dollar in the back of the bait.se -- haidi: biggest surplus in the record, blowing out expectations. reversing the aussie to hit a session high. let's get you caught up with first alert news with haslinda amin. korea's opposition democratic party has named its candidate for next month's presidential election. he is described as a liberal who favors closer ties to the north. his nomination makes in the front runner to print -- replace park, after he was removed on corruption allegations. called her hard-line policy toward north korea a failure. --renzy of borrowing construction shares surging. the project echoes the growth in shanghai. bb&t corporation jumped 35% in hong kong to lead gains among cement producers, while the holdings rose by the most in almost two years. indian markets closed at all-time highs on monday after capping their best q

toshiba, panasonic, how did we and it appeared. the chinese and koreans can make these just as well, but cheaper. these japanese companies lost their mojo. they forgot how to innovate. the country that invented the walkman did not invent the smartphone. vast exhibition hall, more than 3000 recruits are being inducted into one of japan's corporations. a lot of these young people can expect to spend their whole career in this one company. it will become their second home here they are expected to work long, hard hours and wait their turn for promotion. it has worked well for japan in the past, but has real problems. in this corporate hierarchy, promotion is based on age, not talent. it is a culture resistant to change, and bad at producing new ideas. not alone. other famous japanese names have been through deep crises. sharp was sold to a taiwanese company. it'sba will be broken up, best bits sold off to the highest bidder. tim: it was three years ago this week that the nigerian town of chibok took on significance when boko haram rou

unfortunately the sale process hit a snag, and said that a sale of toshiba's business could violate their joint venture -- still, even if they can get past these difficulties, i don't think it would make a lot of sense for broadcom to buy toshiba's business. on top of that, the deal will be very expensive and then there's all that western digital related red tape. put all that together and i think it would be simpler for broadcom to forget about toshiba's chip business. broadcom's stock has been a terrific investment for years. now that it's latest deal, the brocade purchase looks like it will close in the next few months, i bet the companies wachbl to gets on the prowl for a new deal. and given all of the consolidations in the skemis, i recent years, which is all the more reason for broadcom to do the smart thing and buy kbhrxil. carl in new york, carl? >> caller: boo-yah, jim, from new york, how yes cow doing? listen, jim, on japan, it opened up the ip was at 17 and we bought it at 24 when it came out to the public, then it was 29, and then it went into the toilet. >> is it a buy? i thi

i want to end with toshiba. we are getting some new flags on what aminal regarding japanese lawmakers are saying regarding security risk involved in technology transfer. the nikkei reporting budget [indiscernible] maybe on them those putting in dates for toshiba's chip business. this is a concern for the japanese government. we have shares rising for a fourth day. haidi: never far from the headlines, toshiba. let's get the first world news in sydney. the pboc governor has adopted a reassuring tone saying china is expecting growth of around 6.5% in the financial risks are under control. officials website, are set to maintain what they call prudent monetary policy and we are confident of eliminating any threat. says it willse offer an outline of the tax reform plans this week. the specifics may not be ready until june. president told his twitter followers big tax reform and tax reduction will be announced on wednesday. budget director nick for many says they expect the principles but admitted that the plan will no