tv Bloomberg Markets Asia Bloomberg March 18, 2021 10:00pm-11:00pm EDT
power. >> asian stocks falling with investors unnerved by the fed's inflation concerns. >> the bank of japan is set to end the months of speculation with policy tweets expected for bond yields management and asset buying. rishaad: the market action where we have people not really repaired it to take on much risk. this is all coming from the headwinds out of wall street. equities down across the board. hank -- hang seng, three quarters lower. and also at the moment, in the ready. inflation numbers were out a bit earlier, and we have add something like five or six
months of deflation there. these other asset classes, certainly we have this rocky start with these talks between the u.s. and china just saying how bad the relationship has become. that is the overlay and we will explore that throughout the course of the program. 10 year yields are off of the highs that we have seen in the last 12 hours or so. traders boosting bets and allowing inflation to overshoot, and they are expecting at one stage with yields at about 1.75% . the 30 year jump to 2.5% for the first time since august. oil extending ended had just come back a little bit and it has declined. we are above that level at the moment, and certainly wti on course for its biggest week since october. let's have a look at markets and it seems to be red across the board. haslinda: as you suggested, the
first high-level talks between the u.s. and china with the biden administration that has descended into bickering and blame games on day one in alaska. the u.s. secretary of state antony blinken sat down with his counterpart, and both are high-level officials. the meetings are aimed at easing strained relations between the world's biggest economies, but each side was critical of each other over human rights, trade, and international alliances. >> china-u.s. relations has met unprecedented difficulties. it hurts the interest of people from both nations. world peace and development. it should not continue. sec. blinken: i do hope this conversation will be one carried out to with confidence on both sides so it is not lectures or long winding statements. >> the united states itself does not represent international public opinion. neither does the western world.
>> the alternative to a rules-based order is a world in which wright makes right and winner takes all, and that would be a far more violent and unstable world. >> with the wisdom of chinese people there is no way to strangle the chinese people. rishaad: let's get over to beijing and tom mackenzie. tom, pretty stinging rhetoric at the start of this meeting. it shows this relationship and where it is at the moment. tom: quite extraordinary scenes inside the room there and anchorage between the two sides. you had antony blinken coming out and saying we are going to address issues and we are deeply concerned about what china is doing. we are going to address our concerns about chinese security and then a senior member of china's ruling governing party
shooting back saying that the u.s. is not putting talks with the china from a strong position. he also said that americans no longer had complete faith in the u.s. government and he said the u.s. does not speak for the globe and does not speak for the international community. there was a lot of back-and-forth between the two sides. there was finger wagging at the opening part of this meeting. they have closed the first stage of these talks and they will recommence and they will have another day of conversations. we always knew it would be tough to come into this, and both sides signaled there was little chance of major breakthrough. many observers would have been surprised by how contentious it has been in the first stage of these conversations. haslinda: you talk about how contentious it has been, sharp words are both sides. how much is actually changing in the u.s. approach to china under biden? tom: materially, very little.
they have stepped up restrictions on chinese telecom companies, and they have made it harder for u.s. companies to export hardware and software to huawei. they added additional sanctions to 90's officials, so they have toughened the playbook that was laid out by the trump administration. the rhetoric has up until today been less volatile from the biden administration. what they have been trying to do is build out partnerships and rebuild those alliances with the likes of seoul, south korea, and japan which is what blinken was focused on an earlier parts of the week. the chinese had their own list of concerns. some of their priorities are reducing the curves of the sanctions on chinese officials, reducing some of the restrictions on members of the communist party, journalists, traveling with visas to the u.s. it looks unlikely that that
those issues will be addressed comprehensively during the stocks. the other thing the chinese was ope -- hoping is that they would want to see the two presidents, joe biden and xi jinping sit down on april 22 for a meeting between the two presence on earth day and the climate crisis goals. whether we get to that point is still a question. a live space between these two sides. one area is climate change were potentially they can meet and also health, and covid-19. rishaad: tom mackenzie in beijing. we will get the first word news and a look at the fact that china is not the only country and that story and more with vonnie quinn in new york. vonnie: north korea is
rolling out further talks for now and they said they wear a time delaying trick. the official said that they do is not ready to accept a new change and new times. the comments came during a visit by the u.s. secretaries of state and defense to seoul. the u.s. is weighing new sanctions to block the construction of a russia pipeline. they say that it will give the kremlin more leverage in the region. the sanctions could target the parent company or other firms providing materials. president bynum is set to meet asian american leaders -- president biden is set to meet asian american leaders in georgia. biden and vice president harris will discuss the ongoing threats against the asian american community at, after the spike of
violence worldwide. six of eight of the victims on tuesday were of asian s -- descent. new zealand is considering blocking tourism. the industry has been battered with income from foreign visitors calling succeed 7% in the first quarter -- 67% in the first quarter among the continued border closures. global news, 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. haslinda: still ahead on bloomberg markets: asia, we are looking ahead to the boj decision shortly and we will review a big week of central bank policy with the head of asia economics at oxford economics. rishaad: breaking news, russia's covid vaccine has gotten the fda's approval for use in we are
♪ haslinda: welcome back. treasury yields reach key levels. the federal reserve will allow inflation to overshoot. the benchmark 10-year note climbed as much as 11 basis points to 1.75%. that is the highest in the january 2020. let's bring in andrew freris, and joins us from hong kong. good to have you with us.
this is a bond markets coming to terms with inflation, overshooting, how real is inflation overshooting to you? andrew: it is not to because we are looking at two kinds of inflation. we are looking at the cpi inflation which in the united states is 1.5, 1.7% and in japan, it is -7%. it will not move and this is old-fashioned monetary easing. but the market should really make up their minds. they are worried about cpi inflation, they should not. they are worried about asset inflation, we have had that for the 10 years. when yields went down to zero, class of bonds were going up. now they are coming down. people are worried about inflation that is happening.
i look at the yields and i feel perfectly relaxed because -- with one expansion with the safety net in the united states, of course they will need to issue more bonds and of course the prices of bonds are going to come down and push the yields up. that is perfectly normal. but it is not inflation. cpi inflation will stay closer to well below the 2%, so neither has the fed and neither are they going to achieve for it now, and that is why the fed says, we will have zero interest rates forever. haslinda: before we continue our conversation, i want to bring in ray dalio with his view on inflation. ray: there are two types of inflation. i just want to make this clear, we are used to one kind of inflation which is the economy,
so there is a capacity constraint that when demand presses up with existing capacity. >> when does the economy get too hot, because right now, the fed does not believe it will get there? ray: it gets too hot when the level of unemployment goes back to the unemployment rate. that is not going to happen for a while. i have been writing, i have been looking at that and that is not a matter of opinion, it is a
matter of fact. money circulation has been falling off a cliff which means money does not circulate. the financial assets, of course it has. i am not -- good inflation, it is not going to happen. rishaad: ultimately, we can find the situation where inflation is not a problem -- how did they dovetail into your kind of philosophies of what's going on out there? andrew: i am totally relaxed, look at me. because we have been having asset inflation for years now. it is completely absurd.
wondering about cpi, it is not happening. the issue is just why a yield is going up, because the fed and the government is going to borrow more, and that is a great thing to do because the last thing we want is not that fiscal expansion as a time when the economy is struggling. excellent news. rishaad: are you dusting off your copy of the general theory of employment interest and money? andrew: it always lies underneath my bedside table of course, i read on a regular basis. it is like das capitale, that no good thinking communist has ever read it. 630 pages.
it was not a particularly that she is not a particularly good writer -- he is not a particularly good writer, so i have read, but things change. keynes said, what do i do in facts and things change, i change my mind. immensely practical. i look at the monetary. money stocks in the united states increased in the last quarter, but 26%, good. that is not going to affect the prices of bread and shoes. rishaad: absolutely. i think it was 28%, but to your point, you are right. give us an idea of how this is a part of a macro sense and how it actually plays out for you, andrew? andrew: what in terms of what i tell my investors, in terms of my clients -- i will try to
answer your question and in which way and plays out. equities in the united states still have a leeway because of the boost coming through now. the european union, gb, and japan, there cycle is running behind that have the united states, at which is good because it means we can look forward to better equity performance. particularly australia because of the major producer of commodities and commodities always do well when there is a recovery. this is in a nutshell what i will tell. the equity cycle in the space has more because of the boost and the equity cycle in the other three major places potentially will be coming up a little bit better in the next six to nine months. haslinda: thank you.
♪ haslinda: here is the latest business flash headlines. it really will start the review of its single network plan, signaling its opposing a project to combine landline assets with the networks of a smaller rival. that proposal would mean a return to monopoly, reversing two decades. it will accelerate its rollout in rural areas and for other companies to step up the competition.
chinese company that raised $915 million and its u.s. debut. shares rose by 27 dollars and rose as much as 30% before closing lower. it now has a market value around $14 billion. the listing is the second-biggest american ipo by a chinese firm this year. pressure is mounting onto she -- on toshiba's ceo. the resolution was brought to by a secretive overseas fund that is toshiba's largest shareholder. they tried last year to have the cofounder named to toshiba's board along with other directors by this proposal, but it was rejected. rishaad: the global chip shortage is helping to boost cargo demand to japan's biggest airline. low passenger numbers during the
pandemic a, it is expecting property to expanded this fiscal year. bloomberg spoke to the ceo. >> mainly free items are driving cargo demand. one is car equipment. another one is semiconductor and electric parts. and lastly, stay-at-home lifestyle related goods. as far as car demand, sales halted initially but they rebounded on the back of recovery. especially in china and the u.s. demand expanded as new models were introduced by car companies. as for the electric devices, sales have increased in 5g related equipment, smartphones, and semiconductors. but most of all, what is unique at this time is that demand related to stay-at-home and work from home lifestyles have pushed up demand for home computers and games. cargo sales used two accounts
for about 10% of all of ana revenue. as you know, the passenger flights have dropped significantly, but that loss was offset by increasing cargo business. we know that cargo demand always increases in crisis periods. i believe that this is the same kind of situation we are in right now. >> do you expect that cargo business to grow over next quarter's, and what kind of demand do you see? >> we need to focus both on supply and demand. i believe the current trend will continue for some time for the demand side. once people start to feel comfortable, as vaccine in oculus -- vaccines proceed, demand will return. on the supply side, once a number of passenger flights returned where it needs to be, i believe that competition will get serious. >> how will ana competes with
other global couriers such as korean air and china airlines to become a top five courier, and is there a timeline to achieve that? >> in the coming years, i want ana cargo to become one of the top five carriers in the world. it will not be achieved by increasing freighters, but by increasing efficiency. using the aircraft with more cargo capacity and carrying cargo which other carriers cannot deliver, like precision machines, and goods that require special care. >> which side do you plan to strengthen the most on the business side and why? >> we would like to strengthen the transpacific areas, covering japan, china, and north america. this is because the economic growth prospects in these areas are seen as the biggest. rishaad: cargo ceo toyama
speaking with our bloomberg reporter. looking at some of the movers just checking in with ana after the comments made. up by 8.6 of 1%. they are looking for cargo to grow. looking at this company making headlines as well, because it is essentially going to be supplying motors for foxconn's electric vehicle initiative. toshiba's chief executive facing questions about its future, forcing it to launch independent investigation surrounding last year's general meeting and a voting by the particular agm. others are likely to step down according to some japanese corporate governance and others say they will remain in place. looking at chip, advances at
it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...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.
haslinda: we have alert. more than 1.7 5 billion aussie dollars. we are also told that softbank is up $1.1 billion. that is coming from that greenfield creditors meeting according to people familiar with the matter. total value of claims more than 1.7 5 billion aussie dollars. let's look at the first word news with vonnie quinn in new york. >> joe biden says the u.s. will
clinch the goal of administering 100 million covert shots by friday. some six weeks ahead of schedule. u.s. actually hit the 100 million mark last week with 66 million receiving at least one does, but joe biden's goal is based on jabs given since he took office. he is on course to give 200 million vaccinations by his 100th day. >> keep wearing the mask. keep watching your hands -- keep washing your hands. keep socially distancing. we will beat this. we are way ahead of schedule. but we have a long way to go. haslinda: european countries including germany and france will restart using the astrazeneca vaccine as the eu drug regulator endorses a safe -- endorses it and finds no link to increase blood clots. this comes after several countries halted inoculations. the regulator recommended adding a warning over rare cases of blood clotting.
tokyo's state of emergency is set to end monday after more than two months. japanese prime minister said targets for relieving strain on the health care system were met, even as coronavirus cases in the capital rose slightly. the restrictions were seeing -- easing the restrict is were seen as optimism before the 11 torch relay next week. >> i have been saying we need to extend the state of emergency and to judge carefully until now. as we have been meeting the criteria in a stable way, i have decided to lift the state of emergency. >> global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. has? haslinda: taking a look at markets, pretty much red across. the selloff expanding here. stoxx is slipping from record inflation prospects rattling investors with tech under a lot of pressure. the nasdaq down as much as 3.2%
overnight. after something 11% from its february high. the question is, will investors by -- they in the next by 1%. take a look at where the dollar is right now. treasuries yields rising towards that 2% mark. oil under pressure, curly higher by three tents of 1%. hovering at about $60 per barrel. taking a look at some of those oil stocks right now. under pressure as well. it is a race all its gains. s oil in korea down more than 3%. rish, a snapshot of the markets. rashaad: looking at this boj policy review it should be out very soon. lots of a at that and bring in the head of asia economics at
the office of economics. thank you for joining us. what is the bank of japan likely to say? we have had some talk that they could be widening some of the bands they have. also not looking at etf purchases. are they just fiddling while rome burns? perhaps that is too much for an analogy, but give us a sense of what you think will happen. >> i think what they are really after is to make their regime sustainable. they know this effort to bring inflation back to 2% is going to be a long one. we are quite down be on inflation. we had a downbeat meeting. they are trying to take measures to mitigate some of the downsides of the problematic aspects of their regime. in terms of probability for banks, or another wade's. -- other ways.
let's only give ourselves the option to do so if the market needs it. rashaad: aren't they really ultimately suffering from the law of diminishing returns? we have been carrying this program on for years. that 2% target for inflation looks way way out of kilter now with what is going on on the ground. what should they be doing? do they have to change horses, as it were? >> the question. it would mean for them such a loss of faith in terms of having started something, doing it for years, and then abandoning it. i do not see what would be a major alternative for them, a promising alternative. i am not sure there are an awful lot of alternatives, rather than sticking this out. if you think about this, qe was
more or less kick started in japan. nowadays it is so common across the world that there is no obvious alternative. it makes sense for them to pursue very easy monetary policy, whatever tweaks they will make in the coming months. haslinda: louis, what assumption are you making about where the yen will be making from here? >> we think that globally, with the markets increasingly pricing in higher market interest rates in the u.s., as we've seen already, putting upward pressure on the dollar, strengthening pressure on the dollar means weakening pressure on the end. the end has weekend quite a bit this -- the yen has weekend quite a bit this year. together with the won is the biggest loser in asia. we do not think there will be a huge market going forward.
the pressure will be towards it going further. haslinda: how this play out in the rest of asia, louis? we know that ef's in particular are since -- are susceptible to inflation pressures. >> we have two reasons why we have seen bond yields going up in asia, one of course is that influence from the u.s., what is happening in the u.s., but also domestically. and quite a few countries we have seen upward pressure on inflation. especially in places like the philippines, malaysia. we've seen large increases in the bond yields there. in general we are not worried about inflation. i know it is a key focus of the market at the moment, and we will have a bit of a nasty. in terms of people that do not -- if you do not like inflation, the coming few months will be unpleasant, but this is going to
leave our building. this oil and other commodity price increases that are really big now compared to a year ago, later in the year, that comparison is going to look very different. we do not expect inflation to be different. either in the u.s. or in asia. i'm still not overly bearish in terms of how much additional market pressure this will create for emerging markets. rishaad: louis, the fed has been saying, loafer longer, talking about interest rates, but also this $1.9 trillion leaf package, that is bound to ripple into this part of the world by supply chains and other mechanisms. i will impact asia, and your view? >> -- how will it impact asia, in your view? >> is quite important that the
moment to distinguish what is going on fiscally and in terms of the monetary and financial side. the u.s. government is going to give another large batch of money to people, they will spend that money, they will buy stuff. what does it mean for asset prices? it is not so obvious. we see those interest rates in the u.s. rising, we see a strengthening pressure on the u.s. dollar. actually, in my view, the net amount of financial resources moving in two asia will not be so big. the fear, when people talk about the paper tantrum kind of fears, they talk about the opposite, well this rising u.s. interest rates draw capital out of asia? i think it is important to focus on the fact that this is very much a fiscal stimulus. the fed says go on with it, bring on this higher growth. we want to see what kind of
impact it will have on inflation before we act. it will be very interesting, the struggle between the markets who are worried about this in the fed who says, bring it on. haslinda: we are also tracking oil. how do you look at oil? is a day-to-day reflection -- is it a reflection of inflation or is it just normality? >> good question, haslinda. our oil and commodity price people think oil, if you look at both the demand-side and supply-side, the recent correction in oil is probably overdone. we are moving towards opening up economies, demand will improve, so we think compared to where it is now, oil prices will have to go up by itself. the increases in oil prices will at a bit further to inflation, but i think our key point is,
yes, all these commodity prices, not just oil, others two, there rising. they will create upper pressure on inflation. as long as we have spare capacity in product markets, as long as people are still idle, it is very unlikely to see this moving towards very sustained inflation, the kind of inflation that is problematic. haslinda: thank you so much for your insight. still to come, oil has been battered in an ugly we -- ugly week. details and the outlook ahead. this is bloomberg. ♪
haslinda: despite gaining, oil prices have had an ugly week. losses every day until friday's session. here the latest. that was quite sudden. what is behind this steep selloff? >> hi, haslinda. there were a number of bearish drivers behind the selloff yesterday. for one thing, france announced a month long lockdown in several
regions including the paris area. these fresh restrictions raise concerns about the global economy, that it can still be vulnerable to the pandemic. oil demand is not going to be able to recover fast enough to clear supply glut. that came after the latest outlook from the international energy agency, which said they do not see any oil super cycle, because we still have plenty of supply on this planet. and also, there was down based development on the supply line, as well. we're are seeing a radiant oil supply, oil flowing into china. investors were spooked by these recent developments that are basically saying oil prices will probably -- probably rose too much, too fast. a lot of the clients -- a lot of
the climes were probably links to some of the unwinding's of commodity trader advisors. obviously, the value gain amid all these rod risk aversion is negatively impacting oil. rishaad: they run out for oil. is it time to say that this bull run is coming to an end. ? quest -- >> probably not yet. in longer-term, the outlook remains still bullish. we can expect better fundamental set ups and vast -- and vaccination progress this year. we have fiscal stimulus in the
u.s., in particular, which could help boost fuel demand there, especially in the run-up to the peak driving season in the summer. again, it all depends on whether people are willing to go back to the roads, but there still remain some bullish development. there is of course some concern that oil's price gain so far may be an incentive for some producers to ramp up production. as long as opec and its allies keep a tight grip on supply, oil will be able to resume its rally. not right away, but in the near term. rishaad: thank you very much. you can get more on today's trading on our markets live blog. coming up we will hear from the coal, president and ceo elect.
acquisition of a chip design company founded by three high-ranking apple engineers. the qualcomm ceo elect spoke to bloomberg about the deal and the global shortage of chips. >> we are very excited about closing the acquisition. it will enable qualcomm to take a leadership position in cpu performance, especially for the upcoming conversions of mobile and pc's. with the acquisition of nuvia, we expected not only have the leadership position in mobile devices, as their cpu will be part of our snapdragon chipset, but also part of us developing dedicated computing parts for the future conversions of mobile and pc. we will be sampling computing
parts in 2022. >> u.s. and chinese officials have started their first toxins president biden took office. obviously, the relationship between the u.s. and china has been under incredible tension. that tension has impacted the chip industry. qualcomm has a huge footprint and important relationships in china. what would you help the next chapter of u.s.-china relations involve as it pertains to your business? >> despite the tension, our business with china has been growing at an incredible rate. i think we are privileged in our position. we resolved our license dispute with huawei in our we are growing. to answer your question, i am optimistic that for areas in the technology sector, like we are, in 5g, we play very important
role for both the growth in the u.s. as well as for the companies in china. we expect cooperation will continue in the areas of technology. we are optimistic about the future. our business in china will continue to expand. >> we have to talk about the chip shortage. i would love for you to break down what is happening, why is it happening, and when do you think supply will catch up to demand? will soon supply outpaced demand? >> it is one of my favorite topics. we are still growing as a company. as we have said, in the last earnings call, our ability to meet demand is outpaced by the supply availability. everything is short. there is not a single industry that has not been impacted by the semi conductor shortage, from automotive to home, and
that is because of all those different trends that accelerate consumption of semiconductors during the pandemic. we have line of sites that demand supply will aligned by the end of the scoundrel year. haslinda: the qualcomm president and ceo elect speaking with bloomberg technology's anchor emily chang. the latest business headlines. goldman sachs is acting to address concerns of its junior bankers after a self survey conducted by 13 first-year analyst raised questions about working conditions. surveys show they worked an average of more than 100 hours per week, leaving then no time to eat or shower and only allowing them five hours of sleep per night. goldman says it is listening to those concerns and will take multiple steps to address them. jeffries is showing appreciation for its junior bankers by offering a selection of business perks, including apple products.
in a statement to more than 1000 associates, the ceo said the gifts were rewards for hard work since the start of the pandemic. they been given in response -- this is in response to recent reports of overwork in the industry. the flagship firm posted its first annual profits clients in 2015. net income fellow .7% while total revenue dropped 8% last year. coronavirus handed its businesses, retail and property. it expects to rebound this year. global ensure proposing a takeover of a rival. the deal would be worth $24 billion. this values them at $65 a share, a 13% premium of -- from wednesday. it says they are yet to receive a response. if the takeover happens, it will
be one of the biggest in the industry. fedex saw profits rise last quarter on increased e-commerce deliveries. sales dropped 23% from a year -- sales jumped 23% from a year later. ira prices upset labor costs. the company signaled strong momentum for the year as the u.s. economy struck -- recovers from the pandemic. nike rebounds from a -- nikes rebound so that suffered a setback amidst supply chain problems. sales toppled $10.4 billion, well below protections of $11 billion. the recovery has been uneven for nike around the world. growth in china outshines other regions. rishaad: this week will see the bloomberg equality summit take place trade we will hear from key speakers telling us what is
needed for a fair society. >> the model minority myth was not something fabricated by the asian-americans, it was created as a tool. it was incredibly successful. >> we know racism will not end tomorrow. but it is our job to make sure there is progress and we keep people safe. >> i spent a lot of time last year listening and understanding, reflecting what i can do as a leader of this organization. >> for many years we have been shareholder focused and now there is a much more community of requirement. >> the economic downturn in the u.s., we are seeing unemployment and income losses affecting women more than men. >> two thirds of the jobs lost in south africa were women's jobs. we are in a moment of crisis. >> our societies are reproducing inequalities. >> we need better public policy. >> we really have tried to up
our game as it relates to diversity and inclusion. rishaad: some of the speakers of the equality summit. the market action, let's look at the impact of falling oil prices. we see it having a dramatic drop , declining for the sixth day, trading below $60 a barrel. concerns about demand and the rising dollar here. this is the impact it is having on some of the oil stocks in china. quick look at some of those companies in the textbased, see what is going on there. the index moving to the downside. tencent a 1.5 percent decline, alibaba as well. we are heading in one direction, and that is down. uncertainty about inflation,
want to save hundreds on your wireless bill? with xfinity mobile, you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network? sure thing! and with fast, nationwide 5g included - at no extra cost? we've got you covered. so join the carrier rated #1 in customer satisfaction... ...and learn how much you can save at xfinitymobile.com/mysavings. so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo.
it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat, all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. emily: i'm emily chang in san francisco. this is bloomberg technology. coming up in the next hour, google doubles on commercial real estate investing in offices and data centers. the search son -- the search giant promising to create 10,000 jobs year. an investment of $7 billion. what does it signal about the search giant's position on working from home? we will discuss. plus the