i am paul allen. thanks for that. our top story, opec's output extension failing to impress the markets, but russia's energy minister told bloomberg that there is room for more action. alexander novak sent cuts could be prolonged further if necessary and that russia is more than prepared to do its part. >> well, the market has always had a rising or falling, it happens all the time come at these fluctuations. what is important is that we took a fundamental decision returnould lead to the of the investment appeal and the sector, faster inventory growth, and i believe this fundamental decision will be important for the market soon. we would have seen a different reaction if no decision to extend cooperation was taken. >> compliance has been a word used to very often today and in the meeting. can russia meet your compliance every month for the next nine months? yes, of course. russia and russian companies which have voluntarily taken the decision to adjust production levels take this obligation very seriously. we believe

paul allen in canberra. take us through some of the highlights of the budget and some of the losers are the big banks in australia. reporter: that's right. i will give you some of the headline numbers first aired $29.4 billion. the dividends are narrowing in australia. there is a forecast return to deficit by the year 20242021. you can always get protest budget. there's a little action going on behind me now. sure if they were upset by the bank levy or not. some of the assumptions about do rely onto surplus some pretty optimistic assumptions about growth. for example, gdp getting to 2.57%, inflation above 2%, iron ore around $50 per ton by the march quarter. i spoke to scott morrison last night and asked him about these assumptions, whether they were realistic. >> our international forecast, they are actually more conservative than what the imf said. the domestic forecast, simply be consisted -- consensus of markets currently, they seem in a reasonable range consistent with our forecast. that is also true wh

i am paul allen. thanks for that. moody's has cut its rating on the outlook saying will worsen as debt rises and outlook for growth slows. look atran is taking a the reasoning they gave, well documented and well known by anyone tracking china, but what are the implications? it is something of a slap on the wrist for chinese authorities that they aren't moving fast enough on resort, not tackling the buildup and debt, even though we have had a lot of rhetoric from authorities that they plan to rein in risk. downgrade was a reminder they better get to it. it is dramatic to see a sovereign get downgraded like this. it is the first time moody's has cut china since march 1989. china's external funding is much less than 20%, a self-funded economy largely speaking come so in terms of external creditors, not much of an impact. dampener. a we have been bond connect due to open between hong kong and the mainland china, so it is a reminder to foreign investors why you need to take a second look at china's debt market. haidi: that

i am paul allen. thank you. north korea has fired another missile, the ninth this year, seemingly in response to the u.s. beefing up forces in the region. we have been tracking developments of the story this morning. great to have you. we have seen the frequency ramp up quite a bit in the last couple of weeks. do expect this to prompt any kind of reaction from south korea, china, or the u.s.? >> we have seen statements condemning the missile launch. these are typical. they happen every time. this was a short-range missile. what would really ramp up tensions is if kim jong-un fired an intercontinental ballistic missile that would be able to hit north america, and that is what the u.s. is concerned about right now. that officialsd and leaders in japan, china, or south korea are stuck between ing a breakthrough or peace in the region. u.s. is claiming some credit, saying china is doing something by the fact that north korea has not conducted a nuclear test for fired an icbm sense trump took office, but at the same

i am paul allen. this is bloomberg. weree: oil traders underwhelmed by opec's decision to extend output curves. wti fell below $49 and brent is also weaker. 51.50.brent at let's bring in our energy markets editor. we were looking for some surprises but we didn't quite hit it. where do we go from here? >> opec cannot win, can they? they flagged an extension that was longer than expected but the market wanted more. you saw the price reaction when ministers were meeting in vienna. as soon as they came to headquarters, a comment by the saudi oil minister that cuts would not be deeper. that was the moment when prices started to plunge and they kept going from there. from here, we have nine months of cuts. whenis more than a year, you include the first quarter of this year. i guess you have to wait and see. the saudi minister said they are stockpilesat global should be down to the five-year average by the first quarter of next year. it is happening incrementally. it is whether investors have the time to stick with them. yvonn

first word news with paul allen. greater manchester police of carried out a rate across the city, saying monday's suicide bombing was part of a network of potential terror. six people have been arrested since the attack and security stepped up across the u.k. british and french security officials say the suspect, salman abedi, was known to them. he had recently traveled to syria. his father and brother have been detained in the libya. a suspected suicide bomber killed one police officer and wounded nine more in an attack near a bus terminal in jakarta. the initial investigation shows that were two blasts and the bomber also died. indonesia has crackdown on militants since the 2002 bali bombings that killed 202 people. more threats have come from extremists who sympathize with the so-called islamic state. a pullback in credit will send shockwaves through the economy. the muddy waters founders said he expects china's credit problems to reach breaking points with the system increasingly vulnerable. in september, they cl

i am paul allen. haidi: thanks for that. apple fell in extended trained after second-quarter iphone sales disappointed, earnings ahead of forecast, although revenues fell short. what does it mean for apple suppliers? our gadfly columnist joins us from taipei. is this just the cycle of innovation when it comes to smartphones coming home to roost? ofit actually it is a case as tim cook pointed out that a lot of people have been leaking too much information about the iphone and there is a lot of hope and expectation and they may be holding off on a purchase. the two largest companies trading in taiwan are both up, taking the taiex towards 10,000, so there is a lot of hope and believe this will be something in the third quarter. unfortunately that is hurting in the second quarter, so it comes down to will this hype and hope to be realized or will there be disappointment in the third quarter when the phone finally comes out? that even if sense they really managed to it will probably not reach expectations. the more hype you have,

i am paul allen. antiterrorism officers meeting in london at this hour after 19 people were killed, 50 injured in what are called blasts at a concert i ariana grande. stephen engle is monitoring the airlines -- headlines. >> 19 people have been confirmed killed in this what is perceived to be an explosion at that atana grande in manchester the manchester arena. about 50 others have an confirmed injured. what we are hearing from the police as they have been monitoring the situation is that they are treating this until a terrorist incident until police know otherwise. there are a number of rumors and reports coming across the bloomberg terminal, but some report saying they are looking it is theer possibility of a suicide bombing. there are reports that police in manchester are planning a controlled explosion. whether that means there is another suspected bomb there, we do not know at this time. what we do know is that the explosion happened outside the the adjacent hall to the manchester arena at 10:35

i am paul allen. angie: coming up this hour, netflix's main competitor in southeast asia is making a major push into emerging markets. we speak to its head about plans for expansion. next, board member for the german bund's bank joins us to discuss policy, risks, and brexit. this is bloomberg. ♪ ♪ daivd: this is "bloomberg markets: asia." . am david ingles angie: i am angie lau. noble requested a trading halt after continuing its plunge towards an all-time low. s&p global rating says it could default within the year and cut its long-term rating to triple c plus. singapore listed noble stocks and bonds have consistently fallen since 2011 on concerns estimated liquidity will not cover the debt due. reports from japan say sharp will release its profit forecast through next march. accompanied will be by a three-year business plan. the nikkei news says it is expecting net income of $360 million, and revenues of $20 billion. the european union has finalized a tough brexit position, reiterating a hard li

yvonne: paul allen with more details on the budget. we will have more analysis of the astrolog australian budget throughout the morning. jim chalmers is with us. 10:10 in sydney. after that, the finance minister joining us live at 9:45 in hong kong, 11:40 in sydney. we will continue our conversation on the budget next with the government facing a collapse in the iron ore pric es. what does that mean for the miners? betty: later, not such a wonderful world at all at disney's television division. we will see what espn means for disney overall. this is bloomberg. ♪ yvonne: this is daybreak asia. betty: excuse me. i'm betty liu in new york. we are live here. the aussie budget sees iron or falling. joining us now is the senior analyst for metals and mining in sydney. peter, we saw in the australian budget, there was forecast for iron or budget by march. you mentioned in your notes, if you look at the budget to give you a forecast on where iron ore prices go but how accurate you think they were in their forecast?/ peter: the $55 number res

i am paul allen. this is bloomberg. areet's see how markets this morning and there is a record and they focused on the industrial metals. >> i want to focus on what is you can take a look decline and they also -- players on the and the chairman says that he intends to step and in the coming months says there is not a gas crisis. they said the exports would be curbed. nickel mining areas rejection ofthe the secretary. short-termll be negative for players and we have andnk snapping a drop shares are at the highest since 2008. reducing and the domestic market is improving. andhe earning front is out andre joined here on set can they return growth? there is an unexpected loss in the markets and the a consensus year some outnd there are there who expect a stronger and it mightenue be a help. the bank has been very actively trying to wind back the exposure to risky markets and investors .re starting >> there is a lot on tucker's list. we are also looking at the buybacks. >> this is something the outgoing ceo has flagged befor

i am paul allen. china has laid the framework for its belt and road initiative. president xi jinping welcoming leaders to beijing, describing the plan as the project of the century. tom mackenzie joins us now. it certainly sounds grand, but the devil is always in the details, so tell us some of the details of the plan. the chinese are trying to show this is not just hyperbole, but they are trying to reshape globalization in china's image. this is crucial for china, crucial for president xi jinping, because this is his that project. it has been given added momentum. the mystically, growth is slowing. they are looking for new markets , to shift excess capacity, to internationalize the renminbi. the u.s. is looking more inward, at least that is the perception as this spaces carved out for president xi jinping to build on his image as a champion of globalization, and now again here. this is about crunching through some of the details, not just pushing on with a broad branding exercise, putting together di

word newsfirst with paul allen. paul: strengthening global trade help china's profits rise 14% to more than $83 billion, building on a jump of almost 24% in march, and 8.5% the year before. the national bureau of statistics and 38 of 41 industries have achieved better profits in april than a year earlier thanks to stronger overseas demand and investment. british airway says most of its computer systems are running normally again after a weekend crash that disrupted hundreds of flights from heathrow and gatwick. the ceo says the carrier plans to operate all long-haul services into and out of london today, but the after affects of the weekend direction -- disruption will mean delays but it hit check in, baggage check-in, and reservations. angela merkel has given the strong as indication yet that europe is drifting away from the u.s. under president trump. an eventto voters at near munich, she said relationships forged since world war ii are "to some extent over." she said europe must now plot its own course and not re

here is paul allen. paul: thanks. the un security council is to discuss north korea's latest missile launch, which is seen as a direct challenge to the south's new leader. sea ofket landed in the japan after reaching an unusually high multitude come although not thought to be capable of hitting the u.s. west coast. president trump and south korea's president said they will meet kim jong-un under the right circumstances. the weakens unprecedented global cyber attack will continue claiming victims even as system start returning to normal. malware uses a technique reportedly stolen from the nsa. it affected the british national health service, russia's ministry of interior, germany's rail system, automakers nissan and fedex. nothis is something we have seen before, the global reach is unprecedented. the latest count of countries is over 200,000 victims in at least 150 countries. reports from japan say toshiba mate when a government guarantee for almost $8 billion in loans. the financial times said the state investment fu

we have first word news with paul allen. paul: new korean president moon is-in has told china he aware of concerns about the u.s. missile shield and will try to resolve the problem. in a phone call with president xi jinping, he said it would be easier to settle differences if north korea were to stop being so provocative. president xi jinping to examine restrictions on korean companies working in china. likehizer clear as the u.s. trade representative. the white house told lawmakers that china is one of america's leading trade problems. preparing for a widening of a ban on laptops and large electronic devices on planes bound for american airports. they are meeting the department of homeland security to discuss the decision, though it is not clear if there will be an immediate announcement. the march ban affects flights from eight countries in the middle east. the company clung to the family of president trump's son-in-law says no one tied to him will be at a presentation for chinese investors this weekend. withdrew fromies t

i'm paul allen. this is bloomberg. that. thank you for china has added to its hold of u.s. treasuries by the most in two years, reversing a selloff, as beijing defended its currency to prevent capital flights. evening dollars on the story. -- stephen engle is on the story. what is the significance? reporter: it shows a couple of things. it shows what we have been seeing all along that the chinese economy has stabilized. it shows capital flights are working to stem outcomes in particular. do > they? added 20 7.9 billion u.s. dollars worth of treasuries in march, taking the total to 1.0 9 trillion u.s. dollars. gain sinceiggest march of 2015. we can bring up the pie chart and see the different foreign holders of u.s. treasuries. this is 50% of the pie. it's not showing 100%, but you can see about 38%, which is china and japan. three others make up 50% of the total holdings of u.s. treasuries. the total is $6.08 trillion u.s. -- let me take you into the bloomberg terminal again. this is showing the combined holdings of china and belgium. why belgium? belgium's holdings increas

i am paul allen. this is bloomberg. president trump is deciding whether to dump the accord on climate change. the odds seem to be that he will on wednesday. the president confirmed we will be getting a decision over the next few days. this.us up to speed on a lot of ceos has said do not do this. >> a lot of ceos including elon musk, apple as well as exxon. -- and saying this is not a good idea for businesses as well as the u.s. hitting us up to speed on the political side of things according to two people familiar with the matter, they are saying that donald trump is leaning pariss leaving the climate deal. according to one person familiar, they are saying that gary:, the economic advisor has told his counterparts in the eu nations that it is already happening, it is already going to happen and we have to prepare for it here. off of this, the white house said according to these people familiar saying that they are looking at a range of possible announcements based on whatever donald trump finally decides here. one of th

let's get the worst word news with paul allen. the brazilian president refuses to resign, saying the supreme court investigation will clear him of an allegedly ever up. claims her up approved hush money. the currency, stocks, and bonds tumbled. the bank of brazil were among the it is losers. has targeted seven entities and two individuals, including the ceo of booze allen hamilton. iran votes today in a presidential election seen as the most important since the founding of the islamic republic. it is a street fight between the incumbent and a hard-line cleric. the economy has been the major issue. recordi is defending his the opponentent -- says -- shares initially fell the most in a year, seeing their biggest drop since june. but recovered to close in positive territory. global news, 24 hours a day, powered by 2600 journalists and analysts. i am paul allen. >> thanks. the presidential drama in washington over his alleged links to russia. whether president trump try to derail an fbi investigation. he has categorically denied thehi

i am paul allen and canberra. more from "bloomberg technology" next. ♪ >> welcome back to this special edition of "bloomberg technology." i'm caroline hyde. we are live from boston, showcasing the innovation and diversity of the tech economy. opened its 100 17th season this weekend at boston symphony hall, and the theme, it's the music of former conductor and maestro john williams. recently recorded and help him of his music in a high tech, state-of-the-art studio many concertgoers don't even know exists. this,rt with a little of after twof this,, and hours leading the boston pops, you will have a recording of the selected works of maestro john williams. for managing directorhours lead- >> it's the soundtrack of our time. >>john can write a melody better than anybody else. you say star wars. it comes into your head. ♪ "et," and you hear it in your head. ♪ the recording is overseen and supervised by nick squire, one of the few full-time sound engineers employed by any u.s. orchestra. >> it is visually appeali

over to paul allen with more. betty: a couple encouraging developments since the last cash rate meeting, right? reporter: that's right. we had the inflation rate with crept back into the rba target band between 2% and 3% inflation in australia, now running at 21% -- at 2.1%. for years now, it has been saying that it can't handle stimulus on its own, which has been gently prodding the government to do something. last week we had the treasurer scott morrison suggest the government may be about to redefine the way it explains debt in the budget so it can borrow these low rates, get a good deal locked. in, and start investing in infrastructure if you keep it up -- locked in, and start investing in infrastructure. economists are unanimous that the bank will stay on hold at 1.5% this afternoon. so it is all about the nuance around household debt and weak wages growth. betty: it certainly is, given the fact we see the case against rate cuts seems to be getting stronger. yvonne: elsewhere in australia, you have been watch

i'm paul allen in sydney. more from "bloomberg technology," next. ♪ emily: this is "bloomberg technology." i'm emily chang. bitcoin has risen more than 100% in the last two months, but critics say the digital currency is showing signs of a bubble. in the last week, bitcoin hit an all-time high only to slumped down. this is the kind of volatility ears worried. joining us to break it all down is olaf carlson. poly chain is a hedge fund back to buy andreessen horowitz.also, our editor at-large, cory johnson. >> we have seen really fast recently.bitcoin this is an uptake coming from an industry that hasn't been moving as aggressively and the public radar -- in the public radar, but now that the growth in prices is closely tracking fundamentals, we are seeing uptick. emily: some people say bitcoin is like gold, a finite resource, and therefore not as interesting. what's your take? cory: i think gold is fascinating, personally. that it's true the way bitcoin is constructed that it is meant to be finite.. it is har

we are joined by paul allen at the look at the markets. paul, we had records on wall street. paul: that is right, and we do have features up a little bit. we will be watching the oil space after the oil price fell. be impacteds will by that. that failed to provide a timetable on that. this is showing modest gains out of chicago. we're waiting on cpi out of japan for april and looking for a gain of 4/10 of 1%. it's an improvement on the march figure and we're looking for the good gdp numbers coming out of japan recently. asia would one stock that's asia is one stock to watch. this is after net profit fell to $62 million because of a slump in the first quarter profit from the long haul carrier. -- gdptching out for ddp out of sydney. i am paul allen, and more from bloomberg technology next. ♪ emily: i'm emily chang, let's get back to the top story this hour. stocks get to new records reaching the three major averages closing at all-time highs in the s&p 500 is extending to the longest win streak since february. tech stocks push to a six-day rally. thanks thanks, google, amazo

i am paul allen. this is bloomberg. >> we are getting breaking news right now. that is the boj governor kuroda speaking at this conference in tokyo. there is some headlines coming out right now. he is saying that monetary policy is not for fixing inequality, but they pay attention to this. but also, monetary policy, saying that many agree the industry has fallen in recent years. almost kind of stating an observation already in the markets, but just saying that many agree that the natural interest rate has fallen in recent years. we are watching more for comments related to inflation and their inflation target and also their balance sheet. the bloomberg global economics and policy editor kathleen hays, monitoring these headlines. what do you make so far? is there expected to be any big news from this? kathleen: you never know. i don't think he is taking questions. if he does not take questions, we want to get extra digging. i want to remind our bloomberg users you can follow us online. we are carrying

i'm paul allen in sydney. more from "bloomberg technology," next. ♪ emily: this is "bloomberg technology." i'm emily chang. let's get back to our lead, the fallout over claims that president trump discussed highly classified intelligence in a meeting with the russian foreign minister and ambassador last week. this, paired with news of a massive cyber attack that has swept the globe, has huge implications for the intelligence community. joining us from l.a., nick bilton, special correspondent for "vanity fair."is the author of a new book about the criminal mastermind behind the silk road. in writing this book, you got an up close and personal look at the cyber underworld. we have a situation at the white house changing minute to minute, a potentially warmer relationship with russia. how do you think this is impacting the cyber threat landscape? >> i think the landscape is becoming the new threat landscape. we are entering an era where everything is connected to the internet. as we saw this weekend with the ra

i'm paul allen in sydney. more from "bloomberg technology," next. ♪ emily: this is "bloomberg technology." i'm emily chang. former cia director john brennan testified before the house intelligence committee tuesday. for the first time, he publicly said he was concerned about possible ties between russia and the trump campaign, saying that russia "brazenly interfered" in u.s. elections, including actively contacting members of the campaign. he stopped shy of calling it "collusion." he also says he's concerned over reports that president trump shared classified information with the rushes -- russians on may 10 in the oval office. >> i don't know what was shared in the oval office, but if the reports in the press are true that mr. trump decided to spontaneously share intelligence with the russians, i think he would have violated two protocols. emily: our global news reporter joins us from the -- washington. what where the biggest revelations from the testimony today? reporter: good afternoon. i think the big ta

i'm paul allen here in canberra. more from "bloomberg technology," next. ♪ caroline: welcome back to this special edition of "bloomberg technology." i'm caroline hyde. we are live from boston all this week, showcasing the innovation, diversity, and power of the cities tech economy. one thing boston is known for is the booming biotech scene.one major player in the scene is bloomberg bio. the company's platform and company -- is in gene-editing. glaxosmithkline will pay undisclosed sums to license technology to delivering genetic material sending us is. the ceo of bloomberg bio, nick leslie. it's a little chilly for us. therapy,ow your gene vis-a-vis the competition in boston or abroad, compares. >> gene therapy is a broad space. come is the impact it is having on patients. of geneept and promise therapy is to alter disease, potentially cure disease. that is the big differentiator. there are some really terrible ableses and we have been to announce small numbers of patients, but going from not but ameliorating, poten

i'm paul allen in sydney. more from "bloomberg technology," next. ♪ emily: this is "bloomberg technology." i'm emily chang. let's get back to our top story. earnings season rolls through with facebook and tesla reporting results.the automaker confirming the highly anticipated model three is on track to begin production on time. ceo elon musk says the company is on time to support the ramp 5000 vehicles a week at some point in 2017, and 10,000 vehicles per week next year. yet, tesla shares are down after hours. they report a bigger loss than expected in the first quarter. now to facebook. shares continue to fall after reporting earnings that missed expectations, but revenue topped estimates. mark zuckerberg gave a new number on the call, 175 million people using whatsapp status on a daily basis. it is the same idea as snapchat stories feature, which facebook also important to instagram, echo --r, and the main app. social network founder and venture capitalist chamath of silicona is one valley's most candid te

we are joined by bloomberg's paul allen with a look at the markets. good morning. paul: good morning. we are seeing asx futures pointing down about 1/10 of 1% week inhe trading australia. keep an eye on banking stocks. a meeting between bank executives and treasury about this new levy the government intends to impose raising more questions than answers in terms of how that is going to be calculated. nikkei futures traded out of chicago, down about 0.5%. keep an eye on nissan, forecasting a 7.5% drop in profit. a lot of earnings out of japan, as well. yamaha, and is zoo zoo, among them. south korea, and exciting day -- the biggestday for ipo in south korea in seven years. that is a big one to watch in the asia-pacific. i am paul allen from sydney. more from "bloomberg technology" next. ♪ caroline: this is ."loomberg technology i am caroline hyde in boston. we have been visiting different locations in the city to showcase the power of the regional tech economy. at ge's interim headquarters in boston, in the last hour, we took a closer look at the investment climate

we are joined by bloomberg's paul allen. he has a look at the markets for us. good morning, paul. paul: we are seeing a little thisgth on asx futures morning, up by about 12 points. the new zealand dollar has taken a steep fall in the past 30 minutes or so after the reserve bank of new zealand decided to keep the cash rate on hold at 1.75%, as expected. however, the bank saying it expect rates to remain accommodative for some time. in japan, nikkei futures looking mixed. looking toyota motors forecast operating profits of $14 billion in the year to march. it's going to buy back $2.1 billion in shares. if there is a back-to-back decline in profit, that would be the first since 1994. in singapore, keep an eye on this group. first-quarter results are expected aftermarket. it could be a bit ugly. we are expecting a loss of $130 million on wrong way bets on coal prices. they have been struggling with changes in senior management and criticism over the way it handles some of its accounting methods. keep an eye on balance of payments for japan for the month of march. i'm paul allen in sy

i'm paul allen in sydney. more from "bloomberg technology," next. ♪ emily: this is "bloomberg technology." i'm emily chang. let's get back to our top story. apple's second-quarter results. the stock casting a huge shadow over the markets. it is the top performer in the dow this year with a 27% gain. wall street analysts have 39 buys on the stock and gina barton adams, chief, equity strategy that bloomberg joins us. earnings,en watching up 27% here today. -- year two day. reporter: i guess investors are willing to pay for it. it is one of the strongest performers in the tech sector and broader markets. it's interesting because investors seem to be looking forward to better times ahead. when you look at apple's results over the last couple of quarters, they actually seem to be losing a bit of their punch on traditional earnings and revenue. if we look at apple's share of the index, and actually peaked several years ago. it has been on a comeback as investors have piled back into the stock, but i think the comp

in hong kong , i paul allen paul allen with the latest first word news. reports from europe say the u.s. is considering extending the ban on laptops and other electronic devices from aircraft cabins worldwide. homeland security officials have told e.u. commissioners that washington may apply the ruling to all sites heading to the u.s.. the ample warning or change or be given to allow nations, airlines, and passengers to be ready. violence returned to athens ahead of a vote on a new austerity measures. lawmakers are debating fresh to bands -- demands from greece's creditors. newprime minister wants pension cuts and tax hikes through 2020 to release the next bailout installment. without that, greece will struggle to meet debt obligations in july. fox news founder and former presidential adviser roger ailes has died at the age of 77. 1996,nched fox in promoted a conservative agenda, but was ousted last summer under allegations of sexual harassment. the network said ailes fell in the bathroom of his home in palm beach last week, hitting his head and causing i

us get to the first word news with paul allen. slump in the u.s. auto industry sews no sign of letting up, with sales falling in april. around 7% each. gm sales fell almost 6%. the slowdown was immediately reflected in slumping share prices, closing at its lowest in four years. pick for trumps ambassador to beijing says there may be a case percent sanctions against chinese companies that do is this with north korea. showed the --'s told the senate foreign relations committee that china needs to be convinced take the situation seriously. onre is a plan to take 10,000 american workers by expanding hiring in the u.s. while adding for research hubs. president trump signed executive order aimed at typing work visa outsourcing other programs to take a workers to america. on theckdown has weighed stock prices. apple falling in extended trade. sold 50.8 million phone in the second quarter against forecasts of it to 1.4 of 51.4trade -- million. investors are expecting in major iphone upgrade later this year. global news 24 hours a day powered by more than 2

paul allen joining us from sydney. having ay saw bhp shale holding since 2012, that we could see further sales. what is this about? paul: this is something that elliott management was calling for an answer or, to unlock -- was calling for in its report to unlock shareholder value. bhp was strident in its criticism, saying they destroyed $41 billion in shareholder value in its u.s. sale. another $9 billion in overpriced share buybacks and criticizing bhp for it called a do-nothing approach for management, who rejected elliott's suggestions. anyway, it looks like bhp might be warming up to some of the ideas about the u.s. shale assets. andrew mackenzie was speaking in barcelona late tuesday to a conference there. he admits mistakes were made over the $20 billion u.s. shale assets purchased before the oil price fell. here is what he had to say. that the exactge position that took us into this business were poorly timed, that we paid to higher price. but early on, the rapid pace of development was too quick, and we have le

first word news with paul allen in sydney. thank you. singapore's central bank has find credit suisse and the you will be following a two-year investigation into malaysia's troubled 1mdb fund.credit suisse must pay $500,000, and you will be has been hit with $650,000. lenders are being penalized for breaches of money laundering regulations and lapses of control. both banks say they accept the punishment and have put new measures in place. st. louis fed president says the latest temper -- taper tantrum is a failure of communication, not policy. james bullard says the economy is closed to the feds target, and the current interest rate level is close to appropriate. he also said it's time to consider unwinding the balance sheet and agreed with san francisco's john williams that it will be done in an orderly manner. >> if we communicate effectively, and i agree with john's comments that this is that the runoff in the balance sheet will go smoothly. it's going to be managed. it's going to be slow. it will take quite a while. the value of in f

i am paul allen. thanks for that. trade and the threat of protectionism dominated talks in hanoi this weekend. the postsummit statement made no mention of the pressure on ministers not to criticize the isolationist trend. haslinda amin is there for us. what was the mood over the weekend? think there was a lot of disappointment. you talked about how the word protectionism was absent. it was. we learn from the russian trade minister that that was a dispute among trade ministers. agreed onrs everything he said, but one member disagreed on everything. that oned to say who member was, but the indications suggest it was the u.s. we know that robert light hiser was here and conduct did bilateral meetings with the trade ministers to get a sense of very fears. the members wanted to get clarity on what the u.s. policy is in this part of the world. the u.s. is looking to reshape the global trading system and once to put u.s. laws above international laws, including bt oh rules. president trump has said the wto is a disaster and

paul allen, thank you. looking ahead, we speak to advisert obama's former about south korea's option to relations with china and the u.s.. anchor:, china's second-largest e-commerce company finally posting a profit. we will take a closer look at jd.com. this is bloomberg. ♪ betty: this is daybreak asia. i'm betty liu in new york. yvonne: i'm yvonne man in hong kong. a slice of the u.s. market. jack moss andd by financials and clinched a deal to let users shop at 4 million outlets. dominate thencent market with a combined 90% share. alipay want to leverage that to millions of chinese travelers abroad. betty: struggling dairy company has written a demand for a a loan.ent of they are seeking $50 million that was due on april 28 plus more than $900,000 in interest. it has been frozen in hong kong since plunging on march the fourth. they may not return to trade without official approval. yvonne: marriott shares rising after the world's biggest hotel operator reported strong first-quarter results. growth inredi

and my friend paul allen and i actually snuck into the university of washington when they had computers that weren't being used at night. and so we were fascinated by what the computer could do, but very few people were getting exposure. we had to go out of our way, and we were lucky that we did it all. -- that we did at all. and so then when the idea of moving the computer onto a chip that intel would make, and it would make the computer literally millions of times cheaper than the ones we were using, so both more powerful and available to people on a personal level, then the idea of ok, it would be very different. the software you need and the way the industry would work. we were super lucky to be there when that was happening. david: so what did your family think? did they say there was something wrong with this young man? he just wants to do computers? bill: they knew that i was obsessed with computers. that i would skip athletics and go in overnight, and leave the house sometimes when they would prefer i wouldn't to go work at night on these things. and so, i was kind of considered

we are joined by paul allen. paul: good morning. futures, you won't be surprised to learn our turning down and on u.s. turmoil. we also have jobless figures out of australia, and always notoriously unreliable number, but is estimated to remain steady at 5.9%. japanese futures are also low this morning. we are awaiting gdp numbers out of japan expecting growth building on growth we saw in the prior quarter. ofning in hong kong, revenue $7.2 billion there on record sales and profit. more from "bloomberg technology". next. ♪ this is "bloomberg technology." was thescussed, it worst day for stocks so far this year. tumbled the most is in september. the vix skyrocketed more than 30%, its biggest jump since brexit last year. the corporate finance system is a broken. that is what fred wilson had to say about early stage investing at the tech operates on wednesday. they say users should have access to investing in companies before they go public, not just extremely wealthy investors. have invested in a number of starters. we caught up with

we are joined by paul anil with a look at the markets. good morning to you. -- paul allen. paul: more strength in asx futures come up .2%. keep an eye in the new zealand dollar. budget asyce's first finance ministers due to be handed down at 2:00 local time. the surpluses expected to come $2 billion figure. and we can expect to see the generosity in the lead up to an election in new zealand later this year. weakerutures are looking traded out of chicago. south korea will make a rate decision at 9:00 local time. expect to see that rate on hold due to concerns over householdd debt. we are expecting gdp for the first quarter out of singapore. more from "bloomberg technology" next. ♪ caroline: this is "bloomberg technology." i'm caroline hyde in london. our top story to carson block's new search into snapchat. the short-sellers do not have a position investing against the company but it has areas of concern. let's take a look at the bloomberg. type in g#btv. type in 6944 and we bring you this chart. what we are analyzing his analyst target prices. we'retly the mean -- startin

paul allen is joining us with the latest on this. just talking about how the stocks of all the lenders have rebounded. investors are shrugging it off at the ceos are not letting it go. >> this could be a buying opportunity. the banks provide pretty steady and regular and impressive dividends. they were already blindsided by the levy that was announced on tuesday. bankr executives from the will meet with treasury officials today. in terms of how the levy will be set up, it looks like it could end up being passed on to consumers. the national australian bank ceos saying the tax cannot be absorbed. the former anz ceo mike smith said this is a measure you would see in somewhere like africa or south america. the government is really going after -- the banks have a public image problem, largely of their own making, with failure to pay off on insurance claims and another rather -- number of other scandals that have persisted over the years, combined with ongoing profit growth and apparent lack of contrition for it all. the government think

yvonne: thank you so much, paul allen in sydney. plenty more still to come with asia's first major market open moments away. we are watching quite a bit, korean come up and the elections. what we should be watching now. we do have japanese markets coming online for the first time since the last tuesday. there is a lot of catching up to do. we are watching automakers like mitsubishi, releasing earnings and sales updates. japanese cars made in the state surpassed 5 million for the first time. and cable stocks ahead of those selections. carmakers in the spotlight as they saw a drop in chinese sales for april. in facing economic retaliations for the thaad missile system in south korea. we will see if investors like westpac's report. take a look at asian equity futures, all higher on friday's rallies in the u.s. in europe -- and europe and reaction from macron's win. asian traders get a first chance to react to the trade data. gainat japanese futures, a of over 1% as the thing is trading the lowest in seven weeks, but signaling weakness

there is paul allen moments ago. thecan watch them live as previous interviews and dive into any of the securities or bloomberg functions we talked about. you can be part of the conversation by sending us instant messages by sending us messages during our shows. ♪ ♪ back. welcome this guy prefers to run a casino when japan legalizes gambling. they have not yet said where they will operate or who will think thebut they region is more fun. gambling is fun for a large number of people including the chinese who have gone to malcolm. toy have driven that stock be the best casino stock so far in 2017 of all the casino shares. ♪ haidi: it is 8:30 a.m. in sydney. we have futures moderately high, finished the session on friday off 0.7%. i am haidi lun. betty: i am betty liu, it is past 6:30 p.m. on sunday evening. people are getting a break from the markets. let's get to first word news with haslinda amin. haslinda: hong kong has criticized the decision to downgrade the cities debt grading. it was based on shallow evide

we are joined by paul allen with a look at the markets. good morning. paul: good morning. well, japan is closed again today for a public holiday, but trading as normal here in australia. futures looking weaker again for a fourth straight date. we will keep an eye on the quarry pang. it is reporting full year earnings. he medianest made is for $2.13 billion. the stock has been on a tear, hitting record highs. always expectations for this bank's earnings. lock og for a third quarter update on the airline qantas. keeping on the reserve back of australia as well, keeping up with his quarterly statement. we are going to get an update on inflation and growth outlooks as well as comment on domestic and international markets. globally, keep an eye on tobacco stocks as australia won a ruling on packaging. more from "bloomberg technology" next. emily: is this is "bloomberg technology." i am emily challenge. it seems like softbank has been a near constant source of fascination. a lot of the headlines involving around investing in big tech companies around the world. many wonder where

we are joined by bloomberg's paul allen with a look at the markets. good morning. paul: good morning. asx futures looking rather tepid, off about eight points right now. ride for a rough australian retailers over the past few months. asx has been underperforming globally. within that stock, the retail sector has been underperforming. we are expecting an increase in retail sales of 0.3% of april -- in april. we have had two months of contraction. elsewhere, nikkei futures are pointing modestly up. we are waiting on first quarter capital spending out of japan. out of china, the official pmi on wednesday. it remains positive. the private survey of pmi is excited to show manufacturing contracting to 50.1 from 50.3. a couple data points to watch out on south korea. trade numbers and consumer prices for me. -- may. more from "bloomberg technology" next. caroline: this is -- emily: this is "bloomberg technology." i'm emily chang. mary meeker just released her widely followed internet trends report. it covers everything from the cloud and internet advertising to wearables

[laughter] thank you for that, paul allen in sydney. counting down to the open of markets in hong kong and china, looking at the premarket. moved to the upside. we have a feeling of a rising tide in the asia-pacific. at 7382 chart.ok moving. in the cow this is what they look like premarket. seeing casino revenue, these green bars indicate how they have been growing. it is the ninth month of gains place.king as we get the return of high-stakes players to the over 16%b, receipts up coming in at 2.5 billion u.s. dollars in april. this is after being in the doldrums for so long, but i can tell you as we see the revenues rise, a are nowhere near the heydays of 2013 and 2014. a goodi'm looking at news story as well. good news all around as we start off the trading week. china banks have got all the earnings in, and it has been a pretty reasonable earnings season. we are seeing assets dissipate a little bit, or at least stabilize as easy, and breathtaking pressure when it comes to net interest margins. take a look at this chart. it seems as th

we are joined by paul allen with a look at the market. good morning. >> good morning. that could translate into gains in australia. futures pointing out .2% right now. rio tinto announced it intends to buy back to $.5 billion worth combats to trim debt and downturns in commodity prices. in japan, we are seeing modest gains on nikkei futures. an investorld meeting. it has been five years since the c.e.o. was appointed. the stock prices almost doubling. the headcount coming down by 37,000 and profit returning to the electronics giant. other things to watch out for today, earnings. we will have japan machine tool orders and cpi numbers out of singapore. more from "bloomberg technology" next. ♪ emily: this is "bloomberg technology." i am emily chang. japan's softbank announced it closed the first round of its long-awaited vision fund creating $93 billion. the fund will invest globally in private and public tech companies. peter elstrom joins us from tokyo with more. you have been doing reporting on this. what is the latest we know about what it took to get the deal close

paul allen in sydney. let's get to first word news with su keenan. su: let's start with softbank, and masayoshi son has announced the first round of capital investments for his fund. with more than $93 billion in the pot. headlining investors include the saudi public investment fund and abu dhabi, apple, foxconn, and sharp. it will top $100 billion when it finally closes in six months' time, and it will focus on startups in the u.s. north korea has vowed to continue its nuclear and missile programs after another test launch this weekend. the rocket flew about 500 kilometers across the sea of soul, tokyo, and washington saying it was a shorter range. they say they will continue to develop nuclear weapons and more tests. asia-pacific trade ministers issued a statement that talks in hanoi, suggesting pressure behind the scene, controversially -- talking about protectionism taking place. red tape andbout contrasted with their november meeting. the hanoi meeting also vowed to pursue a trade deal even without the u.s.. >> with unity of all the countries an

i am paul allen. struggling commodity trader noble has been hit with a second cut in 10 days. it is dragging down the company's ability to erase $2 billion of debt in the next 12 months. singapore-listed noble is in talks with banks to renew the facility that expires next month. toy expected the banks demand less favorable terms and some may walk away. membersrmer nomura bond accused of lying to clients have not said whether they will testify. audio recordings about one allegedly preparing to live. the case against them is nearing an end. testify not required to area they normally do not make a decision until it is complete. aey must pay a quarter of billion dollar to new york state for turning a blind eye to shipments of untaxed cigarettes from native american reservations that undermined anti-smoking efforts. the judges said ups failed to comply with a 2005 deal to fix the problem without going to court. rule on damages later. new york state wants more than 800 million in damages for lost revenue. global news 24 hours a day, powered by more than 2600 journalists and analysts

we are joined by paul allen. he has a look at the markets. good morning, paula. >> good morning. it is shaping up to be a positive day around the asia-pacific following encouragingly from wall street. we have nikkei futures pointing up strongly. asx 60 points short of the 6000-point barrier. a couple of things to watch out for on the markets today. to cash profit is expected come in around $3.8 billion. it is the first of the big banks to report over the coming week. all four struggling with margins. the big one today is the reserve bank of australia meeting. the cash rate expected to remain unchanged according to all economists surveyed at the record low 1.5%. it has had encouraging news with inflation creeping back into the target. other things to watch out for. japan and south korea out with services pmi. china will have the manufacturing survey. more from "bloomberg technology" next. ♪ ♪ caroline: this is "bloomberg technology." i am caroline hyde. a new development in the net neutrality debate. a u.s. appeals court says it will not reconsider its ruling to uphold the gov

i am paul allen with the first word news. china's hna group has raised the stake and deutsche bank to almost 10%. the conglomerate first reported a 3% holding in february, saying it might increase that the wants to maintain below 10%. holding the black rock investment, which had been the largest taken deutsche, according to data compiled by bloomberg. new zealand's unemployment rate fell more than anticipated in the first quarter, returning to its lowest in 2008, thanks to the expanding economy. it dropped to 2.9% from 5.2%. the median forecast was 5.1%. employers can offer jobs without big pay increases. wages are rising at the slowest pace in seven years. atgapore-listed mobile group a seven-month low ahead of next week's stock consolidation. they are concerned if they will be able to overcome years of setbacks. shares have fallen slip -- sharply again today, having fallen 10% on tuesday. 11.2are dropping toward cents, the lowest since 2003. the slump in the u.s. auto industry shows no sign of letting up. the sales of all s