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tv   Bloomberg Markets Asia  Bloomberg  May 25, 2017 9:00pm-10:01pm EDT

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♪ is 9:00 a.m. in hong kong. i am haidi lun. this is "bloomberg markets: asia." ♪ haidi: asia-pacific markets on the slide has oil drugs on energy stocks. japanese inflation the fastest in two years, but 2% still far off. crude slumping, opec extends curbs into 2018. traders were left underwhelmed.
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president trump arrives for his first he g7, meeting fellow travelers that he named and shamed at the nato talks. we are watching developments in sicily, where world leaders have gathered for their meeting. ,ake a look at this function tracking the trade picture between these nations. you can set that function to the united states and look at the relationship between the g7 countries, canada the top trading partner, followed by japan, germany and france. in terms ofk down .hat that relationship means we are expecting the u.s. president to address trade at the top of his agenda, pushing for more domestic trade. g7 leaders are wary whether the
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rhetoric of protectionism and an inward looking u.s. is going to be at the top of the agenda as these leaders meet in sicily. elsewhere, oil, the washout from that the and a opec meeting out across the asian session. singapore, malaysia, taiwan coming online. let's look at the reaction. we have not seen a bounce after all. a steep selloff in oil overnight. that: we are not surprised is what is happening, asx declines leading, .8% down. very heavily dependent on commodities. that tailwind we were hoping to get from wall street stop sho rt. most markets in the red.
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2%, the yen seeing strength. gainingh korean kospi ixth straight session. overseas investors crowding the market. purchases being done from foreign investors yesterday. , the dollar markets index holding onto gains, applying pressure to the south korean won. it had a bit of a rally before that, so coming down from those highs against the dollar. when it comes to everything happening across markets, it has to do with oil. below $49 a barrel. brent crude also falling for three consecutive days, at the lowest level in two weeks.
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we have to talk about the offshore yuan. we will get the fixing for the onshore soon. overnight, we saw significant strength. right now, some downward pressure in the asian session, but there was speculation that investors were trying -- authorities were trying to prop up the won, a warning to yuan bears after china's debt downgrade. it is interesting to point this out given that since the end of 2016, we have seen some stabilization with the chinese yuan, but that took a lot of capital controls from authorities to make that happen. what we are now seeing is the latest data showing us that the of global payments has fallen to the lowest level since october 2014. that would be 1.6% from that high that we saw around june and
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july. what that means is that the yuan is the seventh most use currency in global transactions instead , so all that trying to stabilize the yuan and having consequences elsewhere. haidi: thanks for that. let's get the first word news with paul allen. paul: president trump lectured nato allies, telling them they must pay more for security. the 28 alliance members are not paying what they should come and that is unfair to the u.s. the comments threaten to widen differences among nato members. the attack the organization as obsolete during the campaign, but has since toned down his rhetoric. president trump suffered the significant setback to his travel ban. the court refused to lift the
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nationwide block on the latest attempt to ban travel from six mostly muslim countries. the court said the order was likely to run afoul of the constitution's ban on religious dissemination. gm slumped after being accused of using defeat devices, equipping diesel trucks with software to defeat admissions. -- emissions standards. gm says the environmental damage could be worse than that caused vw case. gm says their claims are baseless. owners of luxury homes in manhattan are accepting reality. if they want to sell, drop the price. this year, the median asking price has been the lowest in at least five years. new york's top end market is overflowing with properties, and sellers are finding discounting is the only sure way of
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clinching a deal. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. 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
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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 that our cooperation with opec and non-opec countries, we've argued that cooperation come and we plan full conformity of the next nine months. trust between apartments is important for us. we value that. we know it takes a lot of time to build that trust. we in our history know that very well. that is why at this point it is important for us that all countries stick to their
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commitments and that they continue building this level of trust, so not only do we plan to conforming ourselves, but encourage other countries to meet these targets. >> can i ask you, as russia is the biggest non-opec member, have you had to put more pressure on non-opec members to come on board today? >> as far as extensions are concerned, i can say that talks were successful. country saw the efficiency and the benefits and understood the responsibility. what was much more difficult was the talks last year. today, once again, i would say that the physicians are consolidated and there is a lot
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of solidarity. get more on that opec decision and the disappointment that followed. ben sharples is with us in hong kong. we talked about this yesterday. we kind of expected that without some sort of deeper cuts that this was going to happen. risk thats always the nine months that had been flagged for more than a week was priced in an a market was going to want more, and that is what happened. the false yesterday happened immediately after the saudi arabian energy minister said they would be maintaining the cuts, so they would not be deeper, and that disappointed the market. we saw the reaction, almost 5% sold off overnight. it has perhaps left a sour taste in the mouth of investors. haidi: what does it take to get
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opec to being relevant again when you take in to account u.s. drilling and output at the same time undermining anything opec does? do they need to do something a bit more extreme? >> nine months of cuts, an extension, they are backing themselves to do something with this market, drain global stockpiles. the saudis and russians seem confident they are able to do that, looking at the first quarter of 2018 that global stockpiles and should be down to the five-year average. there is confidence they are doing the right thing. ofare moving into a period higher demand, so demand coupled with cuts should see those stockpiles declined much more significantly. on top of that, we should see the price inch higher, but not to hire or we will see more
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shale. haidi: thank you so much for that. ben sharples are asia energy reported coming to us from hong kong going into that peak season, hopefully providing a boost for demand and prices. oil prices good for airlines, of course. we will catch up with tony fernandes live from singapore to the latest earnings. always a great chat. more on opec. why investors are cold on crude. ubs wealth management joins us. this is bloomberg. ♪
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haidi: this is "bloomberg markets: asia." i am haidi lun in sydney. the latest business flash headlines. alibaba leading an investment of $1 billion in a top player in china's crowded food delivery business. lma atancial will value
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$6 billion and compete with tencent. top $1 trillion this year. it would be china's second-largest start up fundraising effort so far in a17 waymo hoping to find smoking gun as it tries to tackle uber in a trade secrets case. a former engineer of colluding with its rival to steal driverless technology and says the evidence can be found in report that uber commission in anticipation of the lawsuit. sued uber in february and is fighting to be given a copy of that alleged document. to groceryopened pick up kiosks in seattle to into the $800 billion grocery market. amazon fresh pickup allows shoppers to buy online and pick up groceries within 15 minutes. amazon wants to compete with click and collect shopping by
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rivals like walmart. it is now almost a $1000 stock. let's get back to our top story. oil has extended declines in the asian session. overnight only news of the opec deal. flaggednsion had been been priced into markets and traders left underwhelmed that there were not more cuts announced. there are concerns that the exit strategy from export curbs does not exist. great to have you from sunny singapore. this was expected, wasn't it? we were expecting the market to be disappointed. >> i appreciate the reasons why people have given for the cell down overnight. think it is valid, at least in the short-term. opec delivered what they said
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they would. even the saudi oil minister went further to say that these cuts could be extended and the exit strategy would be determined by how the market balances looked at the time. oilbs, we are still bullish in the short term at least, targeting $60 a barrel, and the sell down provides a great opportunity for investors to go long oil. haidi: $60 is higher than where the convergence was forecast for , plusst couple of years the most recent contract, but take a look at this chart. 8081 am a this is the problem, isn't it? dentve seen opec make a when it comes to reducing that net change in opec production in the blue there, but at the same time, you have in the yellow,
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u.s. production continuing to rise, so isn't it the case that that gap will be filled by what happens in the u.s.? certainly the u.s. is now the swing producer. what we have seen is that oil production in the u.s. has increased at a greater pace this year than what we had anticipated. i remember when we were chatting earlier in the year, we were talking about an increase of somewhere between 300000 and 500,000 girls a day, but it looks like that by the end of the year that the u.s. shale producers could have increased production by anything up to one it isn barrels a day, so undermining the efforts opec is putting in them a but compliance at opec has been better than any waysxpected, so in some that has been offsetting this as well as demand also stronger than anticipated and we think it
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is running at 1.4 million barrels a day this year. tightening upis and these statistics are showing that. it is just that the u.s. oil inventories, which have been appearing from nowhere for the past month or two bank, will start to stop appearing, and we are moving into a high demand period, so we think oil inventories in the u.s. will come under material pressure in the next month or two, and we think that is what is needed to put a fire under prices here. yes, shaleger-term, production will continue to increase next year as the prices that would then lead to a slight undermining of the current efforts opec are putting in. haidi: when you talked about the ,hort-term seasonal demand expecting to go into that season in the u.s., but what about the bigger fundamental demand-side issues? you see what is happening in
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china, potential for this investment package from the trump administration to eventuate? does that support your bullish case when it comes to crude prices? >> the base case in the thet-term is based around compliance we have seen in opec, the wind down introduction production growth, and the strong demand growth, not just the u.s., but also emerging markets. so at least in the short-term, that is what we see, very much contained to the oil market, and the actions of the agents within that market. you look when longer-term, yes, all these other factors begin to come into thing thethere is one market is underpricing here, and that is the cost inflation going on at the well head. how burton, schlumberger, they
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all tell us they are looking to push through increases in some costs of somewhere between 10% and 20%, largely because those costs got hammered out when oil prices fell to the low level around $30 a barrel, so that cost inflation is starting to come back, and that will put a higher floor under the oil price, so we think the floor under the oil prices between $50 and $55 per barrel mark. capex,on't see improved the natural decline will put us in a difficult place in a couple of years time. haidi: very interesting, some of those anecdotal conversations as to what we can expect on the capex front. have a good weekend. coming up, japan's inflation rate rising for a fourth straight month in april, the fastest pace in two years, but
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still falling well short of that 2% target. that is next. this is bloomberg. ♪
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haidi: japan's core inflation rate has risen .3%, the fastest rate in two years, but still below that 2% target. we look behind those numbers. we are seeing signs of economic revival elsewhere in the economy, but that is not playing out when it comes to reflation. that's right. certainly with regard to the consumer price figure. you could argue that japan's inflation target of 2% is not set quite right. in the 1980's did not sustain a 2% inflation rate. , .3 percent,umber
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is well 2%. economists are anticipating a pick up towards 1% later this year. consumert aside the price figures and take a look at some of the other data in the japanese economy that we shined a light on in a piece we did this week, it is interesting that the trajectory of the japanese economy appears to have shifted a bit. you look at nominal gdp, the measure that includes actual yen , no price adjustment, but the actual number of yen spent and produced in the economy. that set a record for the first time since the 1990's. the job market is the strongest since the 1990's. lending growth is the strongest since the 1990's, so a number of investors are saying japan is worth a second look here. core core,ou look at
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that is flat, so is there a sense we need to stop looking at this metric or would this still be the driver for the boj? it feels like the reason it is not picking up is not picking up his down to that deflationary mindset in hard to shake. >> that's right. i think most people would say certainly that the boj will keep its stimulus and place for the foreseeable future. some people even refer to qe in finicky, but that is a big shift from the four governor kuroda's era. abeou think back to before came into power and corrode or came into office, the boj was a break on growth. the underlying dynamic seem to have shifted some. haidi: chris, thank you so much for that. bitn and inflation still a
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of a bugbear for the boj. coming up, world leaders arrive in sicily ahead of the g7 meeting. we take a look at the agenda. this is bloomberg. ♪ these days families want to be connected 24/7.
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kong. 9:29 a.m. in hong we are counting down to the hong kong, shanghai, and shenzhen open. of course oil dominating as a catalyst for help markets are trading. markets are trading. we have that tumble of 5% in the overnight session, losses extending into the friday session in asia. this chart does suggest with the markets are worried about. given that we did not get shock from opec countries, that this opec effort to drain the global glut will continue
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being undermined by u.s. output. the white line is u.s. crude, so drilling and countering cuts made by opec, that turquoise line. that is really concerning given that we had no deeper cuts announced overnight. saudi arabia saying the strategy is working. that confidence not reflected in the oil patch in this session. shanghai, hong kong markets getting started. thank you. let's look at the hang seng index, another day of gains for the hsi. it continues to rally, now the highs level since july 2015. we are seeing the 14 day relative strength index continued to be placed in overbought territory. when it comes to hong kong, keep and i on exporters. hearing hong kong exports
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grew much less than expected, around 7%, instead of the expected 12% plus. keep an eye on energy stocks, the shanghai composite falling .2%. energy leading goes declines. you talked about it, but it is all about what is happening with opec. a lot of those cuts, the extension of the reduction deal, being priced into the market, so whipsawed prices were , and now oil and gas exploration companies in asia, not only the shanghai composite, but also australia, getting hit. when it comes to the overall market and the financial situation in china, we are hearing the pboc will inject 40 billion yuan into the banking system today using seven-day reverse repos. the offshore yuan is making a few headlines.
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yuan the offshoreyuan strengthening 2 -- the offshore yuan strengthening to the highest level against the dollar since february. it saw a dip early in the seeing session, now seatin strength. the yuan fixing almost unchanged , this strength of not being reflected there. the fact remains that the pboc has been setting the dollar-yuan reference rate slightly below previous days fixing in a consistent manner in the last few sessions. thanks so much for that. let's get to first word news with paul allen. oil slumped after opec and its allies extended output restrictions for another nine months, with the current curbs having failed to drain the global glut and curb prices.
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cartel an independent producers agreed to prolong the quotas through march. no new not opec nations will join the pact, and there are no options to continue the plan any further. , now nothis agreement only monitoring formative levels, but takes a close look at the market and what is happening there. actions come if they are needed, the can be an extraordinary meeting to adjust the hader and adjust actions. >> we believe it is necessary for member countries to stabilize the oil market and to do everything necessary to stabilize the market. for the benefit of the producers and consumers. the u.k. election campaign
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resumes on friday, having been suspended in the wake of the manchester bomb attack. prime minister may announced tighter security following the attack, venture because of an says that is not working. the latest opinion poll say the government's lead is slipping, down 5% with two weeks to go. the gap had been as white as why this 24 points earlier. ra bond tradersmu have not said whether they will testify. jurors heard audio recordings for one of them as they allegedly prepared to live. the case against the three is nearing an end. aren't required to testify and normally don't make a decision until the prosecution completed submission. has beaten man again. artificial intelligence taking a lead in the ancient chinese game of go. hago one again.
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notoasted a computer could beat him, however declared alphago a god of the game after his defeat. noble hit by a second rating cut. fitch flagging doubts over the ability to trace $2 billion of debt as it matures. noble is in talks with banks to renew a boring facility that expires next month. banksr, fitch expects the to demand less favorable terms and some may walk away. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. i am paul allen. haidi: thanks for that. other worldump and leaders have arrived in sicily for the g7 fresh from nato talks where america's allies were challenged to contribute more for security. kathleen hays joins us with a
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wrap. i imagine in sicily things could get a bit awkward. >> we shall see. certainly it is an interesting meeting in many respects. let's put it into perspective for it since the last g7 heads of state meeting in 2016, for new heads of state, donald trump , macron for the french, theresa italians, sothe start with that. then remember that the u.k. had not yet voted to exit the european union, nor had donald trump been elected president, and turned all sense of status quo in terms of agreement on trade on its head. now, terrorist attacks have not abated. the attacks in manchester will be front and center.
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they were at the nato meeting in discussions they are. italy has put security at the top of the g7 agenda that starts in sicily on friday. , libya sending a lot of migrants to europe through sicily. issue for important italy. donald trump throughout this week and certainly when he was speaking to nato allies made it clear that the fight on terror is job number one. here is what he said. >> all people who cherish life must unite in finding, exposing, andremoving these killers extremists. and yes, losers. they are losers. couple of big areas where donald trump is out of step with the rest of the g7. he is having the u.s. review its
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climate change and may opt out of the paris agreement. on trade, the u.s. is divided. hey, tradep says, has to help u.s. workers and companies. for as is a big problem company like germany. he has been critical of that. haveous g7 statements always agreed to fight protectionism. none ofmp at the home, the g-7 meetings have been able to include that kind of wording. it looks like security is an area where they can agree. it remains to be seen if any substantive steps are taken though. the big headline is the president told his nato allies that they need to pay more for defense and security. how has back on down? -- how has that gone down? >> people were not expecting
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donald trump to attack the issue . it was the timing that seem to rob a lot of people the wrong way. a sickly saying, you have to pay your fair share. nato allies are supposed to pay 2% of gdp to defense come at many of them are not. here is what donald trump said in very clear terms. minimum for bare confronting today's very real .nd very vicious threats if nato countries made their full and complete contributions, then nato would be even stronger than it is today. went on to say that nato would have 120 billion dollars more if everybody were paying their fair share. we have a chart we can show you quickly. the united states is paying billion, go down the
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list. paying is supposed to be $74 billion, only paying $45 billion. at any rate, you can see this illustrates the point that trump is making. angela merkel saying germany will hit its target by 2024, at least that is what they are aiming to do, and further she said contributions to fighting terrorism and all the things that go with that have to be considered. rate, we will see what comes of the g7 meeting today when they get there talks underway. one more thing i want to note, prime minister abe having a bilateral meeting on the side through that could create some news as well. haidi: we will be watching that. thank you so much for that. some breaking news crossing the bloomberg. a private equity and venture capital fund in china with backing from a provincial
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government is said to be nearing a $1 billion deal for nissan's battery unit. there were rumors about nissan spinning off the battery unit last year. eagle with knowledge of the matters saying the firm is in advanced talks with nissan taking a stake. they make lithium ion cells for nissan's electric car. the parties announcing the agreement and the next two weeks. we are continuing to watch that for you. is government fund r 20% of gs we will be talking to tony life from singapore to break down earnings and what was behind the selloff. that is coming up. this is bloomberg. ♪
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haidi: this is "bloomberg markets: asia." i'm haidi lun in sydney. shares of rebounded from a two-day selloff after first-quarter profit plunged. singaporeit over to who is with the group ceo, tony fernandes. tony fernandes is here to explain what happened. >> i think oil prices were higher quarter on quarter, but we are not a quarterly business. haslinda: nothing to do with thailand, indonesia? the kingnd was down to passing. we are still forecasting to be better than 2016 for the rest of the year. the environment is much better, and we are seeing much better loads and yields in the second and fourth quarter, so we thought 2016 was a record year.
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we believe 2017 will be better than 2016. stocks plunge following a disappointing quarter. what you need to do to turn it around? seeing, airstart was naked in terms of hedges on currency and the ringgit moved quite a lot, so it was a matter of readjusting. you can't turn on the revenue straightaway. we believe in the model. costs are going up -- down. haslinda: his or something you are doing differently? >> no, it is the same model. just like you guys were asking me about philippines and indonesia, carry on, close down. philippines will be one of our strongest airlines going forward. it is a long game.
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we are very confident about what we are doing, both air asia and have four areas of growth. haslinda: everbright, why everbright ? >> they came to us. we have known them a while. they are a big state owned enterprise. -- theyught us understood the dna of what we .eeded the chemistry was good. haslinda: you speak to people in away,who say it is far nobody goes there. >> 60% of our routes are routes nobody ever went to. we will carry over 60 million people this year, and most away, nobody goes there. >>routes, the exact kind of plae
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we are looking at. we would never go to shanghai and beijing. a service like ours. there's capacity, airports. we want to go where we can develop new markets. we don't want to disrupt existing markets. we want to build new markets and build new business. we opened areas where there was no one else. so that is our marketplace, and that is why i am confident in 2017, because the competitive environment has improved dramatically. the oil prices stable. we know we are in that band. there is a lot of shale, pollution is an issue, so whatever opec does, the demand will continue to drop and there will be more product out there,
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so for the first time in 16 years we have a great competitive environment, stable oil, so we are feeling confident. that's why we are adding 29 planes in 2017. haslinda: back to the jv, how much, where do you fly to, timeframe? >> is just like india. we did not have a clear timeframe. haslinda: five years. aircraftld help 50 flying there, but approvals to get, work to be done. china is like india, it will take time. we've played the long game. we are building a franchise with an incredible foundation in .opi asean rabobank we went to bangalore. that is doing really well. we have profitability, 10 aircraft now. china -- we are more known in
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china because we fly to 21 destinations. haslinda: give us a sense of the domestic routes you are planning on flying. >> i don't want to mention on bloomberg right now. in due course. haslinda: there is talk you might be interested in the chinese passenger plane, why? >> as an airline, you have to look at everything. we also look at boeing, very strong at airbus. we are the first airline to take planes from tengion, where airbus makes claims. we were the first customer could we would be foolish not to look at new planes. ryan hare said they were going to look at it. we are driven by cost and have great relationships with many hua hai,ompanies, whil so we should look at it. it is in our backyard. haslinda: there have been
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discussions on your jewel and the crown, your leasing unit. the status of that? >> we have a three-pronged strategy. have good earnings growth from our passenger side business where we built a great foundation. we are still the lowest cost airline in the world. over the ring it, and next -- haslinda: what about the sale? >> don't worry. i'm getting to it. the third strategy is developing businesses where they are not our core business, but at two revenue or reduce costs. we willing business, never get the right valuation, so we decided to sell that and give a special dividend. we have a lot of assets which will give us a special dividend every 2-3 years.
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on the leasing, we are in the final bits of negotiation. haslinda: how many beds? -- bits? >> i don't want to say that on tv. haslinda: come on. >> enough. we are down to the nuts and bolts. haslinda: by the end of the year? >> most definitely. i think you for that. haslinda: there you have it. tony fernandes of airasia. great conversation as always. coming up, how a tiny island off the coast of singapore may hold the key to the future of renewable energy. details, next. this is bloomberg. ♪
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haidi: a french energy company is experimenting with what it hopes will be the future of renewable power storage. this all happening off the island of singapore.
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and what is company it doing on the singaporean island? company, a french company that stretches back to the company that built the suez canal. thisthey are doing on island seven kilometers south of singapore is they are building a micro-grid that will be able to sustain power on small islands using wind power, solar power, renewable power, and finding ways to store that so you can take this intermittent power when the sun is not out and the wind is slowing, and smooth it out and use it when it is cloudy or the air is still. batteries so far have been the most popular use of energy storage, the teslas of the world. what they are trying to do is use hydrogen as a storage, so
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that electricity from these renewable sources will separate water into hydrogen atoms and oxygen, and they can store that hydrogen for days, theoretically for months, and use it to push it through fuel cells to create energy when needed. it is a technology in its early phases, but they think it is a technology that could push renewables into a place where they could power the world. stuff.fascinating as it is, you looking at solar, wind power prices plummeting and vehicles becoming more mainstream, so are we getting closer to the end of the oil age? >> it is a great question. the saudi arabian oil minister used to have a saying that the stone age did not in for a lack of stones. said they seel the peak demand in the history
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of the world for oil coming sometime in the next 5-15 years. costs see renewables, going down, more power generation coming out of that. once you have installed a solar panel or a wind turbine, you never need to buy more coal, oil, or gas to power it. part of the will be baseload, so as the world as more and more, they will be part of the picture that does not go away and the fossil fuel makers will have to deal with this. on the or not we are edge of the end of the oil age, i am not sure, but it is certain he more of a reality now than it was when we were younger and everybody was talking about peak oil supply. haidi: fantastic stuff, the future is getting closer, i guess. thank you so much for that. up, how to win friends and influence people.
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we look ahead to the g-7 summit in sicily. what kind of reception is the u.s. president going to get given that there have been some pretty dense -- tense discussions of native this week? this is bloomberg. ♪
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♪ announcer: from our studios in new york city, this is "charlie rose." charlie: we begin with the aftermath of monday's terrorist attack in manchester, england. authorities say the bombing suspect some other 22-year-old british national summit in beatty, was part of collaborators. salman sh national abedi, was part of collaborators. britain remained on heightened alert as several arrests were made. these included the father and older brother of the suspect. it is believed these men have


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