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tv   Bloomberg Daybreak Asia  Bloomberg  March 24, 2021 7:00pm-9:00pm EDT

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to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com. once again, that's golo.com. >> good morning. we are counting down to asia's major market open. >> i am shery on. -- shery ahn. looking to daybreak asia. antony blinken vows to reply -- rely on innovation, not ultimatums. set for a mixed start to the day
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after tech stocks led the decline in the u.s.. investors are leaning away from companies that thrived in the pandemic. >> let's take a look on -- at the state of play. the start of trading in australia just getting underway. this is what we see, about .1% lower. we are seeing this rotation out of companies that did well during the pandemic. oil is hauling on -- holding onto most of those gains. we should be seen energy and mining gains in australia. the aussie dollar, not much of a change.
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coming off of its recent highs. analysts say we could see it lower. kiwi stocks are up by .1% this is where u.s. futures are steadily at the moment little change after we saw that tech slide in particular. s&p futures are looking pretty flat at the moment. geopolitical tensions are entering the fray as we continue to watch what happens between korea, japan and china. we heard news of a ballistic missile between korea and japan today. haidi: -- shery: geopolitical tensions on the gop front. washington -- on the trading front. washington says it won't make
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alliances choose between beijing and the u.s.. how did blinken frame the china challenge, tom mackenzie? tom: what he did is acknowledge that european countries like germany are very reluctant to have to choose between beijing and washington. what he said is we want to focus on innovation, not giving you ultimatums. he gave the example of 5g technology, saying you could get the likes of sweden and finland and south korea to work together with the u.s. to build out the technology you're seeing out of china. you give that one example of how allies could work together on key technologies but this is an acknowledgment that european countries want to continue to trade with china. he said you can do that but you have to be aware of the risks.
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europe is very reluctant to be significantly decoupling with china. this is a nod from the u.s. administration that they understand that. the biden administration was pushing back and rebuilding these alliances -- on the trump policies and rebuilding these alliances. >> this could cause some major chinese companies to delist in the u.s.. tom: yes and it is a reminder that on the international stage, when it comes to building out alliances to push back on china, that is the difference in terms of how the biden administration is facing things. the security exchange commission will be pressuring overseas firms to open up their books to u.s. inspectors.
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ultimately, the companies, the likes of alibaba and baidu and many others could be forced to delist. china has consistently pushed back on this and said we don't want to do this because it is a national security concern. this is law, you have to play by the rules says the u.s.. we are concerned that if we don't get access to this data, it exposes u.s. investors to potential fraud. >> what do we know about china's emerging plans to handle tech data? >> early stages were potentially very state of a get. our teams have learned that the bank of china is looking at one proposal that would involve the government stepping up a joint venture with e-commerce companies and platforms to encompass their data. they're very lucrative -- their very lucrative data.
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we don't know what kind of data they will be using, there may be some legal changes as well but it would mark a very significant step up in terms of beijing's attempts to tighten their grip on the technology sector. they have taken aim at fintech companies and finance. this is another step in that direction if indeed it comes to fruition. >> tom mackenzie with the latest in beijing. less get you to new york. vonnie quinn is thtere -- there. >> jerome powell says the relatively muted forecast is disguising highly desirable gains for the labor market. he sees participation expanding in a good sign for the markets. this is day two of his
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congressional testimony. the jobless rate could before .5% -- analysts say the jobless rate could be 4.5% by year's end. expanding supplies of covid vaccines. the joint statement came as europe tightened vaccine exports. europe's governments are under pressure after vaccination rates lagged. angela merkel made a rare public apology after she was forced to abandon a widely criticized five-day hard lockdown over easter. she calls the proposal a mistake . the withdrawal means that germany remained under restriction that were gradually loosened earlier. >> the so-called idea of an easter lockdown was a mistake. it was not possible to implement well enough.
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>> efforts continue to dislodge a massive container ship stuck in the suez canal. it is larger than the eiffel tower and it is causing a logjam at one of the world's most efficient waterways. the suez canal authority is not indicated when traffic may resume. about 12% of global trade goes that way. global news, 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn, this is bloomberg. >> still ahead, intel sees ship supply shortages. we discussed the industry outlook. plus, day for of the asian investment conference, sophie kamaruddin is there for us. >> we will be speaking with jim
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sweeney ahead of his panel post-covid. plus, we will get the outlook. i will be sitting down face-to-face for his take on what is shaping the investment landscape and the key take away from the aic. more on that coming up, this is bloomberg. ♪
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>> we are undated for of the asian investment conference taking place virtually. it has seen a host of speakers across the world as we try to assess the outlook for the global economy post-covid. we are speaking with jim sweeney for his take on what could be next. thank you for joining us.
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vaccinations worldwide are moving closer to that half-billion mark which nations do you see leading the pack in this recovery? james: i think in terms of the vaccinations, the major companies -- countries that are way ahead of the u.s. and the u.k.. in terms of the countries that are at some risk and we look at where covid is picking up sharply, covid is picking up again in the eurozone, parts of south america, brazil and chile. we are not really looking at a recession risk in many countries because growth fell so much last year. the growth outlook is very different nonetheless. >> we are still getting some mixed data from the u.s..
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some of that may come down to the global chip crunch we are seeing. what is your take away from this? >> supply chain problems are serious. we are seeing that in prices and inventory data. on the whole, i think the tailwinds are substantial for global industrial production and global trade retina. i think consumer spending globally is going to be boosted in the short-term by the u.s. stimulus. i think we are a few months away from a list off in the tradable's -- services sector. >> would this way your prediction for rate hikes in the u.s. by 22 any 3 -- sway your
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prediction for rate hikes in the u.s. by 2023? >> the outlook is more aggressive than what they are saying. the dot plots adjusts no hikes until 2024. the market is a little bit ahead of us but i think the fed is pretty committed to allow inflation to overshoot and to lag. we are pretty happy with our forecasting of 2 hikes right now. >> janet yellen saying she is aiming for near full employment next year. what is the trajectory you are observing? james: down. we think jobs growth is going to be gigantic ones that in person services sector starts to come back to life. we are hopeful that can happen this summer because we think vaccinations in the u.s. will be
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sufficient to allow people to and they're distancing and start taking their vacations. at that point, there will be a lot of hiring needed. the fed is forecasting 4.5% unemployment. i think that is a reasonable forecast. as tim list continues to drive the economy gone that, it should continue to fall. we are looking at some very strong growth, full employment is a contentious topic. where is it exactly? i think we will be in that neighborhood of a 4% unappointed rate which we saw for the pandemic by the first half of next year. >> the fed decided last week to and essilor exemption well signaling that adjustments will be forthcoming. will tapering be on the way? james: no. i think this was a technical change.
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these exemptions were an emergency measure during the pandemic. internal work that we have done suggested that it was not necessary to continue these exemptions. there are some tweaks that the fed can do but it does not really inform us about tapering. i think 3, 6, 9 months from now, inflation is still running above 2%. then the fed may consider reducing his purchases for signaling an intention to reduce their asset purchases and they are not even there yet. this news does not tell us about that. >> we are seeing a reprieve and bond markets. what levels are you watching? >> i think a 2% 10 year yield is a reasonable forecast for the end of the year.
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but we have had sharp moves already. with covid infections picking up and growth outside the u.s. looking troubled in some ways, we are not looking for an imminent further move higher. in recent days, we have seen a risk off tone in financial markets. >> if you could put on your other hat now, the regional cio for the americans international wealth management business, what are the biggest concerns being raised by your clients? james: it depends on where the clients are. the client outside of the u.s. talk about the debt levels in the u.s., the future of the dollar and whether this stimulus is sustainable. the u.s., those are not major concerns. there is the broad believe that this level of borrowing can be dealt with.
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from our perspective on the investment committee, we are maintaining a moderately risk on portfolio. we were risk on months ago. >> thank you for joining us ahead of your panel. jim sweeney, chief economist. >> here is a look at the upcoming guests. one of the highlights will be our interview with the razor ceo. we do have breaking news at the moment, we are getting charles evans speaking right now. he things that we are going to get roughly 6.5% growth in 2021
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-- thinks that we are going to get roughly 6.5% growth in 2021. the economic recovery continues and is showing positive signs of speeding up. you can watch the rest of that conversation on live go. we also have those latest lines. we will have more pressure from the global inspections covid 19 cases just surpassing 30 million according to johns hopkins university data. this is bloomberg. ♪
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>> china's crackdown on large platform companies dominated tencent's conference call with media analysts. stephen engle is taking a closer
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look. even with the impressive numbers, investors really caring about the regulatory outlooks. what really jumped out of you -- at you in this earnings call? >> how much time they spent talking about these regulatory changes coming down the pike -- down the pipe and how ahead of the game they will be on compliance. look at all of the uncertainty that happened with alibaba. and then the scrapping of the ipo in november. tencent is getting ahead of that. perhaps tencent would fall under the same aleatory scrutiny as alibaba, they put out a statement that same day and now martin now and pony ma -- pony ma -- martin lau and jack ma
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spoke bout this. while investors were concerned about the regulatory changes. let's bring up this quote from martin lau. he addressed to possibility that tencent would be forced to reorganize its financial operations and he prefaced this answer by saying this is the boring answer but he says compliant is our lifeline -- compliance is our lifeline. he expected neutral impact to his operation. tencent recently acquired stakes in hundreds of startups. martin lau said there going over the details to make sure they comply. they're looking deep into what happened with their fintech.
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there regulatory crackdown is not only with monopolistic behaviors but risks to the financial system. tencent like alibaba has grown its fintech offerings. data is key as well. revenue growing 29% in the fintech business thanks to payments and wealth management. investors have concerns about whether they can keep up this blistering pace of growth in the fintech business if there is so much regulatory uncertainty. >> how does data fit into that regulatory equation? stephen: it is the key. these companies, the big platforms have a kimye laded troves of -- have accumulated troves, they have created these massive ecosystems across these many different services on their platform. it is all linked to payment and
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then it has gone into lending and wealth management services and micro lending. all of this is under regular tory scrutiny. the news we are getting today is that the people's bank of china have proposed that a joint venture company is set up between the government and these big platforms and that would be extremely unique because who is going to have control over the data? will it be the government or the platform? will they say how that data is being used? users have the right to determine how their privacy and data is used? if the government will be involved and how that data is used, analysts are telling us there will have to be some law changes? as we have seen in the past, china can change the law pretty quickly.
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coming back full circle to the beginning of this report, compliance is our lifeline is the overarching message from tencent. it really overshadowed the set of results. revenue was in line with estimates of strong growth in mobile gaming and payments but the fintech uncertainty hangs over this company and the stock like a wet like it right now -- blanket right now. >> we will actually have more analysis on tencent and the look on chinese tech will be -- we will be speaking with blue lotus capital advisors. we will also hear from the head of telecom and internet research , eleanor. --, e -- elln leung.
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shall me -- xiaomi says that the global chip shortage could become a challenge but he is optimistic about growth despite component shortages. china investment corp. has shuffled some of the leadership roles following a revamp of the investment committee. the sovereign wealth fund has appointed this person as head of the asset let occasion -- allocation department. the personnel changes come as cic looks to impose overseas assets. blackrock was the focal point of a clash between janet yellen and senator elizabeth warren during the senate banking committee. they will push to designate the firm as too big to fail. yellen says the focus should be
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on risky activity rather than singling out individual companies. coming up, intel's $20 billion push to regain the chip manufacturing lead fails to win over shareholders. this is bloomberg. ♪
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...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. shery: taking a look at the agenda today, over in japan a couple of carmakers and focus when markets open. toyota and others are joining forces to develop commercial vehicles powered by batteries and fuel cells. they will also work on autonomous driving technology. also watching broader stock markets after the boj stepped up its etf purchases to over ¥71 billion, the largest amount and first change into buying patterns this year. boj will also offer a record
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$172 billion in special funding programs to support struggling businesses hit by the pandemic. the topics -- topix and nikkei fell over to percent on wednesday. over and south korea, parliament is willing over labor opposition parties. they will vote on an expert budget bill worth 15,000,000,000,001. lg chem will be holding an annual shareholders meeting. we will watch out for the latest on the highest tax -- high stakes battle. the back of korea -- bank of korea will be holding policy board meetings to discuss and review financial stability conditions. haidi: let's look at how we are fearing so far in markets. we are seeing a start to trading. rotation trading continues. tech could be the biggest drag again overnight. flat trading when it comes to
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here in australia despite encouraging comments about the labor market from the rba in new zealand. nikkei futures trading in singapore by .5 of 1%. markets aiming to brush of geopolitical concern as we get news north korea may have fired its first ballistic missiles of the year. we are looking ahead to reception of trading in the u.s. with s&p 500 futures up marginally. a quiet day on the data talk. philippine central-bank decision expected to stay at 2%. intel ceo pat gelsinger says he expects the global chip short is to last a couple more years. the company has developed plans to ramp up its semiconductor manufacturing in competition with asia's chip giants, including the industry leader. pat spoke earlier to bloomberg. >> i am committed to the best
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products in every category, the best cost structure and the most resilient supply chain. we see stability to leverage the industry but also become a major supplier to the industry. this is a winning formula, and the world is demanding more semi conductors than ever before. we were getting more digital, and then covid happened and accelerated so we need to step into this in a big way and our strategy is uniquely positioned for intel to execute on. >> investors love hearing you say intel fixed its problems but you have been back at the company for over one month and we are talking about production deadlines missed over years. what makes you so sure you have diagnosed and solved in manufacturing problems? >> we are moving to a yearly cadence of process innovations following that. we are on track to not only fix the issue but be a parity and parity plus and ultimately sustained leadership into the future.
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the path we are on, it looked at the last month or so and came to the conclusion the team got it figured out. we are back. we are with our new intel 2.0 strategy. intel is back. >> you suggested to companies like apple and qualcomm could be your customers? why would they be your customers if they are your competitors? why should a fierce rival also work with you? >> as you well know and i think you have written on the subject about coopitation. in some domains you might compete. in other domains you might be customers and partners as well. there are very few companies that can step into it event semi conductor technology, something we have only used for internal needs of skill before, but now we are saying we are going to open our doors wide for the
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industry. with that in mind, customers are looking at saying, i only have tsmc, samsung, and intel is the locations and only one of those is western european at scale. i want a more balanced supply chain. i want at least two suppliers of my advanced choices, and intel is saying we are going to be that. there might be skepticism, because we somewhat halfheartedly tried this in the past, and we are saying we are boldly going down this path. we are going to have our best technologies, unique 3d packaging technology, and i will be making all of my intellectual property available, including my corses -- cores for these customers. the world needs more semi conductors, a more balanced supply chain. we are one of the few companies
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that can step in do that. >> what are the financial implications of the move? when does this start paying off? >> is a capital-intensive cycle. it takes years to build, so you invest well before you have that foundry capability up and running before scale. that being said, we are seeing extraordinary demand signals from the domain industry for today's products. part of this is to flexibly build capacity that means my products as well as foundry needs to be expect we will run a network that is optimized for our products, some for foundry and some flex fans in between because we need to be at scale across the business. it takes a couple of years to build this out as designs take time to be committed to a new process and ramping at a manufacturing. we are underway. we have existing foundry customers at saul -- small scale
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so this business will get underway. we estimated the overall foundry market at $120 billion by 2025 and we will pursue a meaningful portion of that. shery: pat gelsinger is speaking to emily chang. let's get more of intel at's -- intel's plans as well. midazolam any joins us now. what do you make of intel's move? >> thanks for having me. it makes absolute sense if you think about the current state of leading semiconductor main effect drink, a majority of the chips are made in taiwan. taiwan is a location that is been -- the country is going through its water shortage. there are also political issues, especially with china, and all of these factors raise
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significant risk to the viability of taiwan remaining the only location for manufacturing of semiconductors in that context, it makes a lot of sense for intel to become an enabler for manufacturing in the u.s. as you can imagine, this is a bipartisan issue. the u.s. government is providing funding, and on top of that, the demand of, especially with glad infrastructure, it does require a more diverse source of semiconductors. you look at all of these factors. shery: how long would it take for this move to actually change the shape of the global semiconductor landscape? >> when you think about building
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it, it will take 1.5 years to construct of facility, another year to put the equipment in place. we are looking at 2023, 2024 timeframe, which is not really that far out. if you go back to last year, tsmc announced a small scale built in arizona and they said they will have it up and running by 2024. there is an urgency with intel, and by 2024 you will have and intel plant in arizona, a new tsmc plant in arizona and most likely 11 new plant in -- from samsung in texas and new york. haidi: how hard is it to forecast demand and industry dynamics so far out given that
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so much of the demand and shortage created at the moment as been caused by this completely unexpected pandemic situation? >> obviously leading edge semiconductor manufacturing requires a long cycle time, so the supply as i highlighted will not become material or a criminal supply will not be material by 2024. when you think about the past decade the demand was fueled by the smartphone. every six months you would have a new smartphone. when you look into the future, what else intel is incremental demand created by cloud infrastructure, edge computing, artificial intelligence. those demand drivers will carry a longer demand cycle, most likely 12 to 18 months and that is a material change in demand drivers, which does help intel.
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obviously we are not going to see revenue shortages until 2022 at the earliest. haidi: if you look at that time period for the next five years, whether it is the chinese ambition to become a true global player, what does it look like in five to 10 years. >> in my humble opinion china will become a major supplier of semiconductor manufacturing. when it comes to leading edge, i am not so sure if they have the know-how in china, and in five to 10 years there will be changes in the way semi conductors are made, and i think that will prevent china from having access to i.t. and become material and the leading edge. in the leading edge will be done by tsmc, samsung, and intel.
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when it comes to specialized semi conductors, and introduction of new material, perhaps china become -- could become a major contributor. shery: in the meantime, in the short-term what are the immediate challenges we could see for the industry when it comes to shortages they are facing? the taiwan drought was unforeseen. >> the shortage in the manifestation of civil actors, we do not have enough planes in the sky to carry the chips. a large quantity of electronics and semi conductors were transported using civilian aircraft, and with fewer airplanes in the sky, you just do not have the means, and there is also a distrust of shipping.
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these are the disruptions that will take another six to 12 months. i am not sure if the shortages are driven by demand. i think there are some cyclical trends of the cloud infrastructure, but it is disruption in transportation that needs to be fixed. one thing for sure when it comes to trading, there has not been much investment. texas instrument and others are [indiscernible]. that becomes available by year end, it showed the disruption in transportation will also be resolved. shery: we have another unforeseen investment, and that is -- hit the automakers hardly. what are sectors that could see the most impact as we continue to face the shortage? >> what is fascinating, it is
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mother's -- mother nature's turned it did cause a disruption in supply of keyword material. we also had fires at some semiconductor manufacturers outside of japan and that we have fires in japan. this is why you have companies stepping up and adding to capacity, which they have that done for five or 10 years. over the past five to 10 years, the semiconductor industry has consolidated. now that manufacturing is concentrated, they have to make certain changes, so capacity is coming online, mother nature is not cooperating, and transportation of goods is interrupted.
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we have multiple drivers here. it may be by the end of this year we have normalcy coming back. it could take as well into 2022 before we have normalcy. haidi: mehdi hosseini, always good to have you with us. bonuses may be coming for associates. at the payments could be up to $200,000 at the private equity giant loves to keep its talent. details are ahead. this is bloomberg. ♪
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vonnie: this is "daybreak: asia ." the japanese prime minister as confirmed north korea fired two ballistic missiles which landed in what is between the korean peninsula and japan. it is all of her reports of two cruise missiles being fired by pyongyang on monday. the latest lunch appears to be a ballistic missile and breach of rules during the first during joe biden's residency. secretary of state antony blinken says the ministries and is not demanding -- he made the comments at a nato seat in brussels where he encourage members to and spending. he will visit with nato, eu, and belgian leaders to up resort u.s. alliances. >> the united states will not
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force our allies into an us and them joyce. we will rely on innovation, not ultimatums did vonnie: the latest private survey has found the nation services sector only improved marginally in the first quarter despite a strong rebound in the broader economy indicating consumption remains weak. the report says the growth shows there is no reason to be cautious on china's recovery. more than 4300 firms were surveyed between january and march. >> we are not seeing lackluster growth, and that remains a cause for concern because if consumption is to lead chinese economic growth as we hear policymakers from beijing talk about quite frequently, then we need a stronger, more powerful services recovery in the coming months and quarters. vonnie: global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. this is bloomberg.
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haidi: we are seeing fresh signs of wall street firms are changing policies and compensation after getting soft on issues like stability and community engagement. our guest joins us now with the startup of booze we are seeing. >> apollo global management is using the bonuses to keep some of its private equity associates from leaving, and we are being told according to people close to the matter they are offering payments that vary from $100,000 to $200,000 in april. in exchange, associates, who are typically in their mid-20's, and have to agree to stay at the firm through september 22. the move comes after several associates left apollo during the pandemic who were part of the private equity team as we know the pandemic is turned upside down the way so many of
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us work meanwhile, private equity at many wall street firms including apollo i have been on fire, and apollo wants to take advantage of opportunities coming out of the crisis. according to an apollo spokesperson, the private equity team has and continues to be extremely active. they clearly wanted to continue to have the strength to be able to do those deals. shery: ubs also making changes. what is the story there? >> ubs changes take effect in the u.s. workplace and follow -- that bankers and a lot of employers gave such as diversity, community engagement. the bank wants to improve its engagement and underrepresented neighborhoods, and they say they plan to deepen efforts that
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already exist, such as their initiatives to put up financial literacy programs in a moderate to low income neighborhoods. to quote the cohead of wealth management globally, you are seeing a higher percentage of employees that want to speak out on societal issues, and not only speak out but act on it. the overall trend seems to have a lot to do with a generation of workers. she sees this as a generational -- he sees this as a generational request. they want more personal time, a major theme across wall street banks. women in particular of greater flexibility in working from home, coming after a year in which so many bank related employees work from home. like apollo, ubs wants to respond to these changes s can help retain employees. dexia. shery: su keenan in new york.
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we have plenty more to come on "daybreak: asia." this is bloomberg. ♪
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>> i like making new zealand successful since i was a kid. three afternoons at a five afterschool, if i wanted to do something else, i was in the museum looking at things and i love museums and i want to make them greater. haidi: that was the estate
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letter german -- estee lauder german. catch up with him on the latest episode of the david rubenstein show at those times on your screen. let's get a check of headlines. deutsche bank office space is giving up office-based in frankfurt. 200 workspaces are effective -- impacted. among adjustments as working from home because were part of the says it is working to reduce cost. -- has reported results fell short of expectations when the incomes falling 40% of the year to $540 million. the chinese dairy manufacturers and plans to restructure its supply chain as well as its business model and continue developing online sales channels. the company plans to strengthen its business across southeast asia. tencent expects minimal fallout
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from a potential rebound of its $120 billion --, stressing it is complied with government relations. company's president template and impacts from relations set out in recent months. shery: we returned to the credit suisse asian investment conference. our correspondent is at the event. could you have for us today -- who do you have us for today? vonnie: a busy -- sophie: a busy one above yes. whether this pandemic of car can be seen. we have seen a boom in china. talking about that with credit suisse, and later we have a ceo on the show. this after the hardware player quench more than 100 billion dollars in revenue, and at the top of the hour we will be sitting here with the credit
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suisse head of asia-pacific equities. the latest from the asian investment conference. the big takeaway so far from what we have heard across a broad spectrum of speakers and we will be talking about what she thinks investors mindsets are given concerns around the reopening of the global economy. plenty more coming up. back to you. haidi: let's look at markets now. continuation of the muted trading station overnight, more of a mixed picture in asia on the of losses across tech on wall street overnight. a flat session so far for sydney tracing we had remarks from the rba sounding optimistic about labor recovery. new zealand up .3 of 1%, nikkei futures seen .1 of 1% higher with that first reported ballistic missile of the year, kospi futures down .1 of 1%.
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asian stocks trading down as well as well as retails from korea. the market open as well as in tokyo, all of this upon us. this is bloomberg. ♪
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if for any reason you don't want to keep it, we'll give you a super easy refund. we'll even cover the return shipping. this is a limited time offer, so go to aerotrainer.com to get the body you want with aerotrainer. shery: welcome to "daybreak: asia." i am shery ahn. haidi: i am haidi stroud-watts. asia's major markets have just open for trade. asian stocks at four a weak start to the day after tech lead declines in the u.s., investors heading away from companies that thrive amid the pandemic. the u.s. as it will not force allies to choose between washington and beijing. secretary of state antony
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blinken valves to allow innovation, not ultimatums. the blockage in the suez canal continues for a second day, paralyzing trade among one of the world's most important what a waste, and tencent placed on the fallout from china's antitrust pipe down. it should have little impact on the business. shery: japan and south korea coming online, industrials and real estate leading gains on the nikkei, the topix outperforming. boj stepping up etf purchases to over ¥71 billion, the largest amount in a single day. we have the japanese yen holding steady. watch out for ggb's, a 40 year debt sale today. news on the geopolitical side and it, prime minister suga saying north korea fired two ballistic missiles. the kospi is down .25 of 1%, and
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the korean won also under pressure after leading losses among asia's fx yesterday. retail sales numbers coming out of korea later today. watch out for that, and korean bonds also something to watch out for it given that they rose to their highest and about two weeks. haidi: we are taking a close look at oil as dynamics continued to play out with supply and demand, concerns over the mega ship that remains is very much trapped in the suez canal, preventing deliveries of surrounding ships, including crude, oil declining in the early training sessions. traders looking to can -- to look at these efforts to dislodge that ship. while trading prices, 6% both up and down. on solidly lead down date particularly in that rotation out of tech, about .2 of 1% higher, modest upside for the
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future session, the u.s. 10 year yield up despite this feeling we are seeing the equities bubble burst. we have seen relative, when it comes to treasuries, 1.61 at the moment, and that is a picture when it comes to the downside in new york crude holding to some of those concerns, suez canal related gains over the past couple of sessions. let's get back to our asian investment conference at credit suisse. sophie kamaruddin is standing by in hong kong with our next guest. sophie: we are on day four of credit suisse virtual session. speakers from across the globe and i have with you know face-to-face sitting down in the makeshift studio, credit squeeze and head of apac equities. surprised you have not at a coffee get even out busy we are.
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we have heard some -- from so many speakers. what is been the takeaway so far for clients? >> thank you for being here. the theme of the conference has been disruption accelerated, and disruption is been the klee thing -- keith inclined to been discussing, particularly around aig. a huge focus particularly on china as it pertains to esg. we are encouraged by comments about getting carbon neutrality by 2060, and what that would mean for the markets. a huge focus on private companies, china and esg are the main things people are interested in. sophie: esg as been a key theme, inflation and sector rotation very much giving markets in sprawl. what does this mean when your
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clients are shaping their outlook? >> there is a lot of talk right now about inflation, particularly given the level of stimulus, which is unprecedented in the u.s. we just put out a tactical underweight on china. while that is a tactical underweight, mostly looking at the amount of stimulus in the u.s., there may be capital flows that move toward what we expect to be faster growth, faster vaccine rollout we are seeing in asia. we still remained very constructive around china and the opportunities a pretense -- presents. we have seen flow into value versus growth as we look at company's earnings, interesting to see faster etf growth in some of the value companies, which is already had quite a good run. sophie: discussing china in the long run, we have seen a downturn for chinese stocks. the sec saying where we put at risk more chinese listing in the
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u.s., so what is the appetite you were seeing in the near term from clients for chinese essence? >> -- assets? >> we see it is a big opportunity. hong kong and china are expecting more listings as people hedge themselves a little, so we have seen year to date a huge amount of idea listings year in hong kong. i think we remain optimistic we will not see any major clash. there was a lot of rhetoric at the moment between u.s. and china remain long-term constructive. valuations are around china stocks are significantly lower than that in the developing markets, so we still see on the long term there is going to be a structural shift. sophie: you mentioned year to date global flows have been robust but we have seen 84 ipos canceled just this quarter given that it is been tightening rules as to what companies are listing. what is the outlook for quality and patient deal flow? >> we have still got a very
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large pipeline of ipos between now and the end of the year. we have seen a lot of specs -- spac's listed in the u.s.. money were left to flow from those potentially into asia. we still see a high quality deals coming to the market, and from a volume perspective we have not see the volumes like this in many years. on the trading floor as well as high touch self traders, whether they are working from home or the office, processing tripled the amount of volumes there were two years ago and averaging more than double. we are seeing that largely in the greater china markets doing -- particularly. sophie: give us the issue perspective -- asian perspective? --
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>> there is a huge amount of liquidity that will have to find a home, and one of those homes should be private companies here in asia. we haven't been doing a lot of work trying to adapt, and we are constantly trying to ensure we are providing clients with information, so we have been doing work around private companies to produce unicorn reports. we reported -- produce the china unicorn report. we are also starting to report on indian unicorns. i think clients are looking at what that mean and their ability to invest in private markets. sophie: we spoke to aaron wallace yesterday during yet another funding round. will this perhaps be more of an impetus versus the public share market? >> we will be focused on the market in general. there is a huge amount of
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opportunity, particularly in the a share market. it is still under 10%. look at the lack of research coverage on asia. i sent yesterday with a very dominant ceo of a hedge in hong kong. he still retains the asian market is one of the most on export, which is why we are out there building onto our research. our ceo said we are going to be tripling our headcount in onshore china in the next three years. part of that would be so that we can produce great research and provide international investors of coverage of the asian markets. sophie: talking about the shares spread and also noted mutual bond issuance in the mainland, that is just continuing to increase, so when it comes to change in competition in china what other opportunities open up for credit suisse?
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>> we are building a trading business onshore, corporate access onshore. we are building the research business onshore, so a huge amount of opportunity for us. we are hoping for further reform. again, when we were talking to hedge fund clients in the last few days, one of the big things that stops a larger investment in china is like of stability. we may open up local shores market. that would be a huge amount of possibility for interesting and for hedge funds to increase the amount of exposure they have to china markets. we are hoping to progress there. sophie: thank you so much for joining us face-to-face, the sidelines of the virtual conference. back to the studio. shery: we will have more from the credit suisse asia investment conference. end of china security research troy just this -- research joins
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us later. here are some defense docs we need to watch today. we have geopolitical tensions with north korea launching ballistic missiles. that now seeing its best date since january 11. meeting this morning. look at defense docs in japan as well, because we heard from the prime minister now confirming that north korea fired two ballistic missiles, and we are seeing the upside on defense docs as well. -- at defense stocks as well. we have seen missile launches as well but these are the first ballistic missiles at lunch this year and that would violate a united nations ban. haidi: this is happening on a significant day for japan as
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well, the first day of the tokyo olympics talks really getting underway. taking a look at starters from northeastern japan. at one runners are expected to crisscross and it is beginning in the prefecture, the disaster hit area, taking place a year later than planned. organizers are hoping this will do away with persistent doubts and questions over whether this will yet be canceled by the pandemic. we are seeing that getting started in fukushima come up one point used as a base for workers responded -- responding to the nuclear disaster. reverses as the country meeting into the start of the olympics, which will be conducted with no spectators. let's get to vonnie quinn with the first world headlines. vonnie: olympic efforts continue
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to try to dislodge a massive container ship stopped in the suez canal. it is causing a lockdown in one of the world's most crucial waterways. the salvage team -- the suez canal at 20 as not educated would it be resume as --. one/12 of global trade goes to the wireless. hedge vending supplies of covid vaccine. a joint statement came as they tighten curbs on investments outside of europe's bloc. if action in vaccination rates lag. it will be discussed on thursday. the german chancellor made a rare public apology after she was forced to abandon a widely criticized five-day art lockdown over easter. she called the proposal a
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mistake after a hastily arranged video conference. germany remains under restrictions gradually listen earlier. >> the idea of an eastern lockdown was a mistake. it had its good reasons, but in judge -- in such a short space of time it was not possible to implement well enough made -- enough. vonnie: -- mark zuckerberg supports performing a decades old law at the protect social media companies from liability over is or content. google's should not be china as a poster case. senator jack dorsey will defend his company's handling of information. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. this is bloomberg. haidi: we discussed tencent about the risk earnings. -- hangs over the most powerful
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into the firm. i guess will be joining us with his visit later. secretary of state antony blinken says washington will not fall its allies fortresses between u.s. and china, promising to focus on innovation, not ultimatums. we will be discussing that next. this is bloomberg. ♪
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shery: u.s. secretary of state antony blinken says washington will not demand that its allies make a choice between u.s. and china as the biden administration works to restore alliances after four years of america first. let's bring in our greater china executive editor. how is secretary blinken framing the american competition with china? >> he is framing it as not them
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or a sort of choice for allies. that is important because you have these countries, south korea, japan, australia, singapore who are defense allies of the united states but depend on china for trade and economic growth, so they have been put in this really difficult position. we do not have a lot of sense of how exactly china policy is going to evolve under president joe biden but they said explicitly they want to use their allies to help push china for change, and tweaking this presentation might be one way the biden administration is hoping to get more allies into its camp. haidi: at the same time we are hearing the application of this law which starts against lifting old off of some of china's copies financials is being lifted. this results in companies being delisted? >> that is a possible risk. that is why you were seeing chinese companies listed in the u.s. seeking a secondary listing
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in hong kong. we had baidu, alibaba, on and on. this is also interesting because it is another example of how the biden this ration so far as stuck with the policies trump left over. shery: domestically, china is already tightening its grip on tech data. >> that is one area where the u.s. and china dovetail. both countries and governments around the world are waking up to out valuable data is for industries of the future, and everybody is struggling out to regulate it. the chinese response has been for the government to take a more hands-on approach. what we found out is that government is discussing with china's is to companies to oversee data at these companies are taking from hundreds of millions consumers -- millions of consumers every day. haidi: nato says china's rise as an economic and military power makes its will even more
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important. we spoke with the secretary general about this as well is the alliance approach to the north korean pipeline in russia. >> the united states has repeated it's clear message on nord stream 2 and their art differences on that specific -- art differences on that specific issue. when it comes to russia and more broadly, we have strong agreement in nato on a dual track approach. we need stronger defense but to engage in dialogue with russia. russia is our neighbor. we need to talk to them, and need as welcome the u.s.-russian agreement to extend the new stock agreement, which is limiting the number of nuclear warheads in the world.
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we need to its culmination, defense, strength, a firm approach to russia but talking with them to issues on arms control. >> a final question on russia. when it comes to the nordstream 2 pipeline, which is been very controversial, where do you see nato fitting in this debate. germany says we look at it as a project they want to continue to work on. the u.s. and as it is problematic. where do you see yourself in that midway? >> with nato we have allies that are supportive and some allies that are against the pipeline. there is no united position in nato on the black light. what matters for nato is we have to work on diversification of supplies and security, and we are working on that as part of our approach, which is about out to strengthen the alliance for the future and resilience of
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critical infrastructure, including energy infrastructure as part of that process for nato. >> secretary-general, as a final question, i would like to ask you about china. the biden administration as taken a tough line on chinese, especially when it comes to human rights. the united kingdom as done the same and the european union is jumping on that front. it comes to nato -- when it comes to nato, and how do the four of you come together to be a counterforce to the chinese? is that where you see your role leading into? >> we see the rise of china is changing the global balance of power. china will soon have the biggest economy in the world at the second largest defense budget and new modern capabilities, including nuclear capabilities. if anything the rise of china just makes nato even more important, because together, we
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represent 50% of the world's gdp, 60% of the worlds military spending and close to one billion people. there had been the concern that tencent is losing the highlighting again for the opportunity of short video, but united states to have friends and allies in nato is a great since then, tencent has found advantage, not the least when the right way of adding more they address the challenges short video content. posed by the rise of china. we also see opportunities for our economies, trade, engaging china with issues like climate i think it is going to be more change. social and will be a strong we are engaging which aren't where we see opportunities and working with them. shery: the native secretary-general speaking with bloomberg. be sure to tune into bloomberg communication method for wechat radio to hear more and getting merchants. haidi: what about the fact that mobile seems to be declining in analysis from the daybreak team broadcasting live from our studio in hong kong. popularity in some other regions listen via the app, radio plus, or bloombergradio.com. like south east asia?
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plenty more ahead. >> i'm not very sure what you stay with us. ♪ referred to. the smartphone penetration is still increasing. probably you are referring to the 10sent -- the tencent national penetration. for such a big company, they always do things with more organization methods, which means they do want you focus on other regions, but you do see other companies, but i think finally, the appearance of the international expansion, expanding to a global company rather than just a national company. haidi: in your latest report,
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you mentioned the iom download ranking dropped, so that is what i was referring to, but i wonder what tencent's reach is globally, not only in southeast asia, where are you seeing bright spots as well? >> i think they are popular in the u.s., europe, middle east. it has already been very popular. they are -- there are corporations bringing pc games to mobile. tencent still has a lot of
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talent in producing mobile games, so i think that in terms of gaming, and industry --'tis shery: here is a check of headlines. users and china are calling for boycotts of h and m over the -- it is and industry very company's refusal to use cotton from changing its production. beijing says it is deeply driven by quality. concerned of reports of humor -- human rights abuses in the western region and the company if you are only winning one region, it is not enough, so noted a purchase at its cotton through third parties are not directly from suppliers. tencent plans to expand more they say the products no longer globally. that is why they want a more appeared to be available on universal way of expansion. alibaba. sources say china investment corp. has invested some of its haidi: always great to have you leadership roles following a rebound focused investment with us. tech investors will be watching decision-making committee. the wealth fund as appointed lei another big event thursday. tao as set of its investment mark zuckerberg and jack dorsey department. will be testifying before the personnel changes come as congress, but they will not be presenting a unified front on
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cis looks at it will improve its one key issue -- the spread of misinformation. zuckerberg plans to support overseas assets. -- reported a 30% jump -- 37% reforming a decades old law that protects social media companies from liability over user content jump in quarterly profit. adjusted net income was $491 . twitter's jack dorsey will defend the company's handling of million, beating average estimates. misinformation. here's a look at what we are expecting. show now owns 50% of the world's >> another tech hearing is on the horizon. smartphone market. the global chip shortage could the ceo's of alphabet, facebook, become a challenge but it is still optimistic despite and twitter will once again shortages. here is a picture across asia of testify virtually on capitol hill as washington continues to crackdown on big tech's power. currencies, a bit of pressure for the japanese yen and a the house committee on energy and commerce saying the hearing korean won after we saw the japanese yen rise on haven demand and korean won continues will work on holding platforms to lose ground against the u.s. dollar. it had already led losses among asian currencies amid increasing pandemic restrictions in different parts of the world. accountable for misinformation. the aussie and kiwi surprisingly while tech platforms have rebounding. we have seen new lows, it felt
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unveiled policy after policy to curb misinformation, some to the lowest since early february. we had that rebound in oil lawmakers have claimed it is more censorship. prices, probably helping support currencies. coming up next, we discuss what >> we realize we need to earn is happening in the suez canal. trust more. we realize more accountable -- this is bloomberg. ♪ more countability as needed. >> in addition to misinformation, section 230 is also bound to come up. >> section 230 is the most important law protecting internet speech. removing section 230 will remove speech from the internet. >> we have heard resoundingly from our community that people do not want to see misinformation and believe it is a problem, but people also believe they do not want facebook to be the arbiter of truth and deciding everything that is true and false. >> google is deeply conscious of the opportunities and risks the internet creates. we feel a deep response ability to keep the people who use our products safe and secure. -- we feel a deep response ability -- we feel a deep res
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ponsibility. >> these companies have monopoly power. some need to be broken up. all need to be properly regulated and had not held accountable. >> it's the major first -- it's the first major antitrust legislation hearing by congress in years. haidi: staying in the tech space, we are back to the china tech conference. of course, we had to japan first. haidi: yes, and we continue to watch the start of the tokyo olympics relay. this is a much-delayed event. it was wrong to take place about a year ago, but of course, the pandemic put a stop to that.
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organizers are really hoping that this sweeps away any remaining doubts about 50 games will be further postponed because of the pandemic. japan's women's team won the >> oil traders are continuing to 2014 fifa world cup, and that monitor efforts to dislodge a massive ship blocking the suez canal. more than 180 others are had a huge role in lifting gridlocked in both directions, unable to get through. it is one of the busiest national morale during the cleanup. waterways in the world. some experts say the best chance we will continue to watch that. for freeing the ship may not come until sunday or monday. as the race gets under way, a we have heard some conflicting key milestone for this reports on where the ship was, how much progress was being made. what do we know so far? long-delayed olympic games. much more to come. this is bloomberg. ♪
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>> we know so far that tugs and diggers have failed to dislodge this massive container ship that is stuck in the suez canal. the chances of it being delayed -- of a delayed reopening this trade artery is sort of increasing. right now, the work to re-float the vessel was suspended until thursday morning in egypt, and that will resume again this morning once they get light. haidi: we already know how it played out when it comes to crude markets. everything from live animal traits to shipments of toilet paper, right? do we see the impact starting to play out with global trade? >> yeah, i think a lot of this will depend on how long the disruption last, but like you said, there's at least 185 ships
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waiting to transit the suez canal. it is really this vital trade route. we have seen a reaction in oil markets yesterday. i think the global impact on trade, we will just have to see how long it lasts, but it is certainly impacting a lot of commodities right now. haidi: our asia editor there. you can read more on the most recent edition of "daybreak." >> we're are on day four of the asian investment conference. let's get you to vonnie quinn know who has first word headlines. vonnie: the japanese prime minister has confirmed that north korea fired two ballistic joining us now to discuss that missiles between the korean peninsula and japan following outlook is credit suisse's head reports of two missiles being of china internet securities
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fired on sunday or the latest research. thank you so much for joining us lunch, which appears to be a this morning. this week, we have seen a lot of ballistic missile in breach of united nations rules, would be the first such launch under developments when it comes to big tech in china. president joe biden. jerome powell says the fed's where are the implications for forecast for lower income this these types of developments? >> i think we need to step back year is transforming two pretty desirable gains. to look at the goal. i think we want to compete on policymakers see the jobless rate at 4.5% by year-end. innovation, progress, service, the latest private survey from and then when they grow to a the chinese beige book has found certain skill, they strike a balance between letting them grow and together with only a marginal improvement regulations and protections, so despite a strong rebound in the i think it is more for broader economy. the report says growth shows there is still reason to be longer-term sustainable development. near term, we need to do an cautious on china's recovery. more than 4100 firms were adjustment on business models. surveyed in january and march. i think more for a longer kind >> we are not seeing blockbuster growth, and that remains a cause of sustainable development. for concern because the >> yeah, regulators in china
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presumption is to lead chinese looking to the rising e-grocery space, talking about concerns economic growth, as we hear around predatory pricing, use of policymakers talk about quite frequent, we need a stronger personal data. what does this mean for the services recovery in the coming sector and how it will move months and coming quarters. forward? >> i think near term, they will vonnie: the u.s. has started and all gradually move to more lamenting a law that could see chinese companies removed from quality for their product. it is like i mentioned earlier, stock exchanges. the trump-era law would require it would be better for more chinese companies to submit to sustainable growth going forward. when we go to the platform, we know a lot of one dollar or one regulations. cent kind of products are off news on air and on quicktake the, so now it is how can i make sure my delivery time is next powered by 2700 journalists in day? more than 120 countries. once they ship from customer haidi: sticking with that acquisition to focus on quality scrutiny from beijing, leaders and products, i think this is a necessary and healthy move for them. >> that wooden pride -- that playing down the scrutiny.
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would imply that profit margins could improve. what would be the potential for margin growth? >> i think operators will still some impressive numbers from tencent, really striking this be in reference mode. note of confidence that it will this time around, the cash burn is much faster, more aggressive. do fine even with regulatory restrictions. i would say we could have a do you expect any kind of regulatory over start really relatively shorter revision affect the main part of how tencent makes money? period. margins are gradually improve. >> i think that is in the conference call, they made it >> forecasters are predicting clear that the regulations, but china's market will grow to 4000 renminbi. given that they have always been >> i think different models have cautious, i think the impact different roles. will be limited. i think the other thing a lot of people are quite interested in
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is if we chat -- wecheck will we cannot -- we believe the open up to former competitors. i think some analysts are raising the question because community could purchase -- tencent -- in history, some of >> when it comes to funding piling in, we already have big tencent's competitors are in a backers when it comes to tencent and alibaba. more difficult situation of is the environment getting too crowded? going and using wechat traffic, >> i think it is shorter term. capital continues to flow into it, and initially, they need a but now they are saying they lot of money to wend its way could operate with wechat. through. i think it is grounded, but they i think we are probably going to see something significant. need initial investment to haidi: and yet you've cut kickstart the growth. revenue forecast for 2021. it is definitely more like a why? potential ipo coming in.
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>> thank you so much for joining us live from the asian investor conference. >> if you look at the early handing it back to the studio. stage testing results, it shows that it is not as bad as people shery: we will have more from expected. the other thing is about soviet the conference. amortizing. this is -- we will have more from the investor conference. this is bloomberg. ♪ they are the public-based company, and they made it clear that amortizing is going to be there major revenue driver, so i slightly cut tencent's 2021-2022 earnings. haidi: we have seen those concerns really weigh on the company. this chart shows how we really near that market cap.
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what will be the bright spot for tencent to try to get around all of this? >> i think there are a lot of bright sides. for example, the we do see that the video count user base has been growing steadily.
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shery: a big, long awaited day for the tokyo olympics. we are seeing the beginning of the tokyo olympics torch relay today. you can see the first torchbearers will be the women's football team that won the 2011 world cup. the race will ultimately involve 10,000 runners across 47 prefectures. we are seeing the start of this relay beginning in the fukushima prefecture. as we know, this is an event, the olympics overall, but also the torch relay, that has been swamped in difficulties and
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controversies. haidi: difficulty with covid. we have to keep in mind, there are no spectators, right? advanced spectators are careful with how this could lead to more infections, and that is perhaps one of the reasons japanese people have not been too happy holding this tokyo olympics and moving forward with this, but of course, we continue to see the government pushing through, as well as the olympics committee. shery: yeah, and organizers saying the start of the torch relay is important. there's no turning back now, hoping it will sweep away any doubts which have plagued the organizers the olympics may or
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may not take place. they were expecting around 600 thousand overseas visitors last year. we know that is not happening. ticketholders have been refunded. much of the rest of the world watching very keenly on tv. haidi: we have to keep in mind, the ceremonial flame, they lit it back in march of last year, and then the olympics did not happen. perhaps some good news after the pandemic year, right? we do have the china open next. do stay with us. this is bloomberg. ♪
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david: this is my kitchen table and also my filing system. over much of the past three decades, i have been an investor. the highest calling of mankind, i've often thought, was private equity. and then i started interviewing. i watched your interviews, so i know how to do some interviewing. i learned from doing interviews how leaders make it to the top. >> i asked how much he wanted. he said 250. i said fine. i did no research. i did
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