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tv   Bloomberg Markets Asia  Bloomberg  October 4, 2021 10:00pm-11:00pm EDT

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that crisis spreads, with another property developer failing to make payments. david: a lot of bad news there. [laughter] yvonne: yeah, that is why you are seeing a lot of red on the screen. david: inflation on commodities, you are seeing a cycle. you talk about central banks and this is what you get. come full circle. south korea, japan, you don't see taiwan , there it is at the bottom. firmly in the red, those three benchmarks are on track, as yvonne is pointing out, to enter a correction, 10% from their peaks, which came at different times. this on the back of what is happening with the commodity story with brent, still moving up. we were stocking about the commodity index. there we go. now it has surpassed the 2011 high, which basically takes this entire group of commodities to
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the highest level on record. i had set up quite nicely here, sector wise, every single sector is down, with the exception of a few across asia -- energy being one of them. as you can see, it is the expensive tech space that is really getting sold off a bit, that is why you are getting korea and taiwan in those markets coming under the barrel. 22:00richard gorry yeah, north asia is under the barrel here. the facebook outage, the longest we have seen from the company suddenly dropped things lower. let's bring in bloomberg markets life strategist mark cranfield for more on the price action. it seems like it is gaining momentum. what is really driving this angst? mark: all the things you were talking about there with david are in the mix, that is for sure. i think you can also throw in
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the fact that another chinese property company missed a payment. i think that is a concern as well. surely there tech stocks in the u.s. is a big factor. something which we have not focused too much on what is in the background, is the weakness of the fed, this investigation into the stocks trading of certain fed members puts them in a weak position. so it will be very difficult for them to make any soothing noises in markets respects well they are having an internal investigation as they are. so the fed is not an a stronger position. we also have? about whether jerome powell will even be the chairman next year. that is also brewing in the background and causing anxiety among the traders. you have all those things piling up that you have been talking about. plus we now have a new dynamic, is that the fed is my different situation than it was a few weeks ago. rishaad: just want to get your
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views on the latest property developer, fantasia, which, in musical terms, means it is a series of bits of music which are well known to everybody. it is becoming well known. fantasia was a flop when it first came out actually. this is also turning to a big flop as it all emanates across and reverberates around china. mark: yeah, and it really brings to highlight the amount of other debt that property companies in china have. there was a very good story on bloomberg today from sophia, talking about the amount of repayments that will be due early next year. that is something which people have been trying to say, ok, we will get there and the debt will be paid. but when you get one missed payment like this, plus you have the evergrande payment which have not been made so far, certainly, people are very focused on what is coming up,
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and january is a huge month for the repayment of chinese property developers, more than $5 billion worth of principal and coupons to be paid. so it becomes a much more urgent situation and affects the whole market. it has gone beyond the credit space. for a while some investors were trying to say that it is more contained purely to the chinese credit market. that is in another case, we have clearly now gone beyond that and it is going across the world. we will be looking at all the names of chinese property companies which some investors probably didn't even realize were there. now they are anxiously watching every single payment that comes ahead for the next few months. . that is another factor on top of tech, on top of inflation, and all of the other reasons to be anxious, high commodity prices, that now chinese credit has become a global issue as well. yvonne: mark cranfield getting us out of singapore. mark talked about the inflation
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concerns. that started with what we saw with opec, right? we thought they were going to do something to alleviate his crunches we are seeing in the supply side when it comes to energy right now, but they stay the course. it was a bit of a disappointment for the market right now. yvonne: what is kind of funny was. david: leading up to the meeting, the meeting prior to that, we were asking, 400,000, was that too much? they're putting it into the market? now when you look at the price action, the market is saying, that was too little. rishaad: if you look at the price tech being run down here as well as developers, the bright spot is energy. you look at the msci asia pacific index, petro china, these are all companies doing well today i marked the 184 stocks on the way up. 640 on the way down. let's get more with richard gorry from jbc energy asia.
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thank you for joining us. what do you think of what opec did? shall was almost a swing producer. richard: what has happened yesterday is opec has stayed the course, they have been very conservative in their planning because they are simply fearful of the coronavirus reemerging and basically killing demand and and they are left with high inventories that are being priced at very low prices if demand is disappearing. so this is the caution they are trying to weigh up. why is shale not risk ending. a -- i think this is more longer-term focus. if you are an investor looking at the u.s. shale patch, and
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also looking at coming legislation on investment in carbon reduction, this becomes a problem. it is just a difficult equation to solve, which is, the world needs more oil to bridge it to get to a cleaner path. but obviously, that is not great for an investor, particularly a private investor or somebody who is going to be exposed to these types of losses. that is why we are not seeing shale come back at the levels it did previously when, like you said, it was a swing producer. if opec didn't give enough, certainly the u.s. would. yvonne: the markets obviously very surprised at this decision. i am wondering, what do you think was the motivation behind staying the course? was it the fact that they needed time to assess the impact of this energy crisis that we are seeing, or was it something else? richard: i am not sure the market is so surprised. of course, they are reacting loosely to it because they have
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opportunity in it. i think it was largely considered that they would rollover, given that they have this agreement in place for some time. it is a strategy that they are following all the way into next year. so i don't think it was that much of a surprise for people in the oil community. for opec, in terms of what they are looking at, they are rightly saying that the energy crisis is not resulting from their actions. we are not in an energy crisis because opec has not supplied enough barrels. opec has managed the market well. the crisis has been relatively good for consumers. we are moving out of that level now, that it has open now. the energy crisis in the fallout from the gas markets, particularly the natural gas market in europe, where
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inventories are very, very low right now as we go into the peak heating season. that is why you have this energy crisis that has resulted in lng prices and gas prices in northeast asia and europe going into record levels at a time of year when they really should not be because it is only the start of the demand season. i think for opec, they are saying, look, this is not our crisis. there isn't much we can do to solve it. giving extra barrels may be adds a little bit of downward pressure on prices. but they are not going to solve the energy crisis by giving more oil. rishaad: we have one headline coming through from the national institutes of health, director francis collins has neared his retirement announcement. learning to step down, according to "politico." this, of course, in the states. david, you had a question. david: my question was, part of the narrative was because
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everyone knows there is a shortage. everyone was scrambling for supplies. the price move up, i imagine, was so violent. my question is, at what point does everyone then get your supply? does that give us a preview of how quickly prices can come down once we get over whatever hump is ahead of us? richard: the oil market still has some buffer. for that market, i think the supply-demand balance is not so off. for gas markets, it is very difficult to say. it probably will not be possible for the markets to actually balance this year, other than seeing demand in certain sectors. for example, the industrial sector that may use gas is going to find it very challenging, and you will probably see some elements of that demand being destroyed. the heating demand will have to be met, because that is a larger
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issue. obviously for strategic reasons, governments want to make sure that is met. in terms of the energy crisis, there is no easy solution. we have to go through the winter and see where we are when we get out of it. there is no supply-side correction to this problem. david: i am wondering, we went into this crisis with transport costs already high. i am wondering what part of what is happening with the price is actually the market baking in the added costs of being able to transport all this stuff around the world. mark: i mean think what the market is pricing in is simply the fear that there will be shortages in december, january period. that is where the pricing in comes in. in terms shipping itself, this has not been a major issue this year. even in gas markets, lng freight
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rates are not at the level they were last year when they were skyrocketing. there were definitely issues with the panama canal last year which we are not seeing this year. but i do think you are right when you say they are pricing in what is to come. because the reason why we have a lot of free buying, particularly hearing asia -- pre-buying, particularly hearing asia, is they were caught short last year in the late december-early january period. yvonne: all right, richard gorry, jb energyc asia, joining us on all the latest on energy. some lines crossing here. hong kong chief executive carrie lam speaking at a briefing. there were some reports that possibly beijing was interested in shelving the anti-sanctions law. carrie lam saying china has no timeline on the shelving of the law. so not getting a lot of clarity
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on details, but at least they are saying there is no timeline for that. rishaad: after the outage in facebook we have the company saying at the moment that the root cause is likely to be a faulty configuration change to do with its dns system. systems are back and running. they are saying there is not evidence of data compromise station after this outage. we are looking at the whistleblower, and on top of that, the share price. it felt to levels not seen since june. yvonne: all right, we are talking about the energy crisis. bring it back to what is happening in europe as well. prime minister oak, calling for a coordinated -- the spanish finance minister spoke. >> what we're seeing is a coordination in the energy prices, linked to the energy prices in international markets.
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this is not an issue we can tackle at the national level. we need a european coordinated response. >> we don't want to be dependent on the supplies coming from foreign countries. that's the key point. that is at the core of the french model. >> we have to work very carefully and fast, but the situation will not get that bad. of course, we have to support the households to survive if the situation is facing a crisis. >> if we want to have electricity and electricity supplies without a meeting more co2, we think production of this is one of the key responses we could give to the situation. >> we should react, but not overreact, because we have a strategy which is essential for the future of our economies, not only for the life of the planet. rishaad: right, let's have a look at some of the first word
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news headlines. china has decided to shelve an anti-sanctions proposal. the city website citing unidentified people, saying that beijing will not be imposing such a law in the near term. in fact, we just heard from carrie lam saying there is no timeline for his institution here in hong kong. hong kong has its own anti-sanctions law in june. it gave the government powers to seize assets of entities involved in implementing foreign sanctions. we have another chinese developer feeling repayment of a bond. it echoes evergrande. this is fantasia holdings saying it did not repay a $205 million bond that was due on monday. separately, we have property manager country garden, saying that a fantasia unit, didn't repay a $108 million loan, and that the default was probable. the builders' bonds tumbled earlier on speculation that it
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would struggle to meet its obligations. facebook says services are back up and running, after some 2.7 billion global users lost access for about six hours. it did prompt an apology from the chief executive since many could not access their apps including instagram and whatsapp. . facebook shares already under pressure following a whistleblower's 60 minutes interview, in which she said the social network put profit ahead of users' well-being. president biden, warning the u.s. is at risk of breaching its debt limit in two weeks, blaming senate republican leader mitch mcconnell for what he described as a meteor for the economy, while demanding republicans stop blocking efforts to suspend the debt ceiling. the president called on the senate to suspend the debt ceiling a simple majority, which would stave off the risk of a default. pres. biden: republicans in congress raised the debt three
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times when donald trump was president, and each time, with democrats support. but now they will not raise it, even though they are responsible for more than a trillion dollars in bills incurred in four years under the previous administration. that is what we will be paying off. rishaad: japan's new prime minister has called a general election for the end of the month. he is seeking to bolster support for his party, which lost public confidence over its coronavirus policies. right, that is a look at the first word headlines. yvonne: still ahead on "bloomberg markets: asia," diffusing fair. -- catch our interview with the country's trade commission. we will also get the outlook on korean tech from clsa. and another chinese developer
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falls in crisis after missing a bond payment. we will look at that next. this is bloomberg. ♪
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david: welcome back. you know when they used to say your best times were in your 20's? that is where evergrande is trading right now. various degrees of 20's, from those maturing next year all the way to 2025. liquidity not as ideal, but the price should fairly reflect wh the market thanks. rishaad: youth wasted on the young. i what chief north asia correspondent is here. stephen engle. [laughter] stephen: i am not in my 20's. rishaad: i am acutely aware of that. [laughter] yvonne: none of us are. rishaad: anyway, let's get to more serious points.
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fantasia. what do we know about this company? it has been whispered about before. stephen: it has. it is a liquidity problem that other small developers are having because of the various regulatory pressures in china and also because sales have come down. fantasia is not as large as evergrande. it ranked 60th among chinese developers for contracted sales so far this year. evergrande is number three and evergrande has 300 billion dollars in liabilities. it will not have the same kind of impact but it is part of the contagion we are seeing. other developers, this one has been in the news recently as well, sunak, we learned a week or so ago that it was requesting special policy support from the local government. it is down 11.25%. these are all popular property developers. fantasia holdings put out a statement saying they did not pay a $207 million bond that was
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due yesterday. it put out a statement saying they will assess the potential impact on the financial condition of the company as well as the cash position, which is important. on the skipped loan payment separately, country garden, property management of that developer, says the unit of fantasia did not repay a loan of 108 million u.s. dollars. these other smaller developers, lower rated developers, are facing a surge in bond yields decade highs. they are faced with liquidity problems, and that is what we are seeing on the markets today. i did mention cinic also. yvonne: it is spreading. still a lot of silence when it comes to evergrande as well. that is not helping sentiment. stephen engle, our chief north asian correspondent there. i want to bring in some lines from the ministry of finance, i
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believe -- foreign. my apologies. they are talking more about protecting sovereignty, territorial integrity, also urging the u.s. to uphold the one-china principal. there were some talks about some of the comments the u.s.-made which came to those for lee military flybys. rishaad: a record 53 incursions. yvonne: alright, we have plenty more head. this is bloomberg. ♪ erg. ♪
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david: welcome back to the show. some early signs this equity rout might be turning. might is the operative word. in a couple of seconds you will see the same for s&p futures, also coming off the lows of the day. the state of play across these benchmarks, from australia to hong kong, one hour into the
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session, here is how we are doing in australia. getting a lift because of the commodity bide. australia, more of a tech play. all down. rishaad: let's have a look at other property developers. this is fitch, downgrading sinic due to its long-term issuer default rating. it is deep into junk and now we have gone deeper, it has gone to c"." . fitc is questioning its ability to pay off a bond. it is likely to default on a dollar bond maturing on the 18th of october because of liquidity. the company on the 30th of september announced it was unable to make a payment due to offshore financing arrangements. so there we go. more trouble and strife for those property developers. yvonne: more stress from this evergrande effect.
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we are still waiting for clarity on asset sales when it comes to evergrande. you are seeing the likes of fantasia, sinic, getting more attention in the markets, as well as other agencies. plenty more to come. this is bloomberg. ♪ baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that?
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>> kicks 10:20 nine in hong kong and shanghai. it is 10:29 on monday night. we have a look at the pacific benchmark trading on the way down. it is tech. we saw about half the losses on the s&p 500 overnight, tonight. >> part of it was the facebook outage. that was dragging the tech space
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lower. you also have inflation concerns right now. i think the immediate response from traders was that they were going to sell these growth stocks given the lofty lua since. -- valuations. are there any other sectors that can actually fill that space? >> this is such a huge part of the index. that bodes well for active investors. what needs to go away for tech? the index could keep moving up. there we go for our viewers and client. my personal thing will be that higher yields need to go away for this to happen. rishaad: south korea has also been involved as well. they have been taking action on domestic tech players. this is drawing parallels with what happened with china.
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google is the latest to feel the heat here. we caught up with the chairperson of the fair trade commission and we have an exclusive interview. >> we are going to see what they make. we are actually investigating this. in the case, there might be a hampering of storage. after the investigation is completed, our deliberation
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process could start shortly. we are investigating the physical entirety. also, payment services as well. >> it seems south korea is taking the lead in laws -- what are the priorities in terms of tech regulation? do you have any specific goals? >> online platforms are players of innovation. for us, our top priority is to maintain the market. in order to maintain the innovation in the market, we have tried to intervene the market. this is to protect our competition in the market. at the same time, in order to
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enhance an invasion in the market, we are trying to provide -- innovation in the market, we are trying to provide more for the market. that is our key priority. >> do you have any message for the market players that are worried about potential tightening of regulations? do you have any message for them? >> our top priority is to increase the competition and also to increase activity in the market. we hope to see that the market becomes more competitive and that we see in the market that
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the transparent trade assistant and that we have a fair ecosystem. we are trying to make sure that the companies innovate together. that will eventually enhance the customer welfare. that is what i believe. i would say to the market payers and investors -- players and investors, trust us, we are here to help you. >> when it comes to this crackdown, it will not have an impact on korean tech earnings. joining us now is our guest. is the regulatory risk overblown? >> in korea, we saw this earlier than other markets because of
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how majority online it has been. we have gone into a lot of these controversies is running big tech earlier than other markets. there are some regulations and policies in place to put a check and balance on these companies. cap cap -- catcow is under the spotlight because of the size they become. they have been adjusting their business model. rishaad: in essence, it is done with? is there not so much an overhang as there is with other jurisdictions? >> yes and no. i think the process of modernizing the law that has been written before the digitalization era is actually an agenda for any nation in this role. the same thing applies to korea
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as well. regulation is here to stay. on the other hand, if you look at the companies, where they're getting their earnings from an revenue growth from, there are necessary regulations in place and if you the about what the next relations will be, it will be really difficult to see what the government can actually do to impede their revenue growth. that means there is a buying opportunity for us. >> i am glad you brought that up. my question is would you be attaching a slightly different multiple -- future multiple on the stock moving forward because of the slight differences because of regulation? >> sorry, i missed your question. >> i was asking when you look at the earnings capacity for these companies, it might not mean interior.
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would that change the multiples that you attach to these stocks? >> that is the big question. they have not brought these. that is already in place. now we have to decide at some point and when we draw the line, we inspected sentiment to turn again. then we are looking at the good earnings growth outlook. the new regulations that are likely to come up, we think that is a good buying opportunity. >> that is not just a mistake tech. we are talking about the likes of google. how does that change the balance in korea? >> that balance is a very good
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work. we look at the balance coming from the traditional industry perspective, on the other hand, there is a balance we need to think about. more consumer benefits and convenience and protecting the consumer rights. that balance is coming through. we need to think about innovation and room for disruptions to continuously innovate our industry. that is coming through. i think there will be a time where we start buying the stocks again. >> is the ecosystem itself -- this is the old legislation. how long will that take? it will be different in different countries and territories. in one place, something could be a legal -- illegal and other
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places perfectly legal. >> this actually adds value because we need to the about how we reduce the gray area. they actually play in a level playing field. that is how it is positive for the industry players. >> thank you so much. thank you for joining us on what to expect out of korean tech. rishaad: looking at the biden administration saying they will directly engage with beijing. an official saying that all tools are on the table but it does not intend to escalate tensions.
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>> i am committed to working through the many challenges ahead in this bilateral process in order to deliver meaningful results. above all else, we must defend our economic interest to the hilt. that means taking all steps necessary to protect ourselves against the waves of damage inflicted over the years through unfair competition. rishaad: opec-plus is sticking with its plan for slow and steady while output increases after they ratified a supply high for november. traders have acted with alarm. oil is joining natural gas. this is all about disrupting industries and perhaps derailing economic growth as well. taiwan sang a total of 56 --
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that was on monday. it does come as beijing continues to step up its military sourcing but this did mark the 72nd anniversary of the founding of the people's republic of china. they did halt their flyby sandy could make mr. corrections. tesla has been ordered to pay a former black elevator operator for turning a blind eye to racial taunts he endured at the northern california plant. a san francisco jury agreed the former contract worker was subjected to a racially hostile work environment. >> coming up, we are about one hour away from the rba rate decision. we will talk about the latest decisions when it comes to
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inflation. this is bloomberg. ♪
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>> that is the only made it of the fat, price stability and full employment. right now, we don't have priced ability. inflation at 5% is amongst the highest numbers that anyone in this room has seen in their lifetime. it is transitory. that is a big batch.
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>> the conversation may not be transitory. -- that was the conversation about whether the spread may be transitory or not. let me bring in kathleen hays. the rba is coming up. our global economics and policy editor is here to give us a preview of what to expect. >> i want to follow on can griffins, it's about inflation. this seems to be in very close agreement. jim bullard speaking at a virtual event. he is concerned it will continue to require this. he says he is penciling in this
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for next year. 2022. the target is 2%. he said fed officials need to meet their inflation target to maintain credibility. he is clearly concerned. rishaad: let's take a look at the reserve bank rba. they won't be doing much in terms of policy but they have surging home prices there. that is a perennial problem in australia. it does raise the specter of financial instability. >> the reserve bank of australia is in a position where it can't do much about it. this is because of the lockdowns. the head of the rba is saying recently that he inspects to see gdp in the third quarter, down at 2%. we are showing you on a plummet because he things unemployment which has gone to a pre-vet -- a pre-pandemic loud, he thinks it
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needs to go up to the high five. he does think that you're going to open up the country to international trade in november. he continues to say no rate hikes until 2024 at least. when it comes to housing and the financial stability question, you can see that as zero point 1%, a record low on the far right of the upper screens, you see house prices rising by large amounts month after month after month. this is expected to hit 20% by the end of the year. people are going to watch for any indication in the policy statement after the meeting that they are ready to put on lending curves. that is the kind of talk that
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people are waiting to hear from him. >> this is by some of these fed officials that we heard just over the last couple of weeks or so. >> the latest was the vice chair that was cleared on friday. a federal reserve spokesman, they are opposite the inspector general. the internal watchdog is going to start their investigations to see if these trades were compliant with the rules on ethics and just the basic rule of law when it comes to the kind of trading they can do. elizabeth warren, the democratic senator from massachusetts has been hitting at the fed reserve, accusing them of profiteering is officials. she is calling on the exchange commission to start an investigation into whether this constituted insider trading. i was reminded our viewers always that anything these fed officials did was compliant with the rules of their own
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institutions. the federal reserve banks of dallas and boston and the board of governors, the same trades were vetted by those officials as well. according to the rules, it appears there is nothing like insider trading or profiteering the board of governors said these were preplanned trades to rebound from the county out of bonds and into stocks. what is ironic is going for member that when this trade was done, this was just when stocks were starting to plummet. this probably didn't make them a lot of money. >> let's do a quick check of the latest business flash headlines. we have the life insurance business, the potential sale could value the unit at as much
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as $1 billion and that other insurers investment funds have shown some interest and the move could be the first disposal after the company is created. jp morgan's ceo, jamie dimon has said he defend his pay because the board decides what he makes. he was recently given a surprise five-year retention bonus. >> is it fair that you may 400 times what the average employee makes? >> the board decides what i make. >> i am the chairman of my board. if i told them to lower my salary, they would. >> they would be offended. >> this is against the backdrop of an equity market globally.
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have a look at movers. they are buying back some purpose. stocks are coming off-line. >> it seems like southeast asia is looking a little better than the rest of the region. we focus on north asia with korea, taiwan and the nikkei poised to enter this territory. we are off to lowe's for this tuesday morning. plenty more ahead, this is bloomberg. ♪
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>> just under 38 minutes to go. we have the aussie dollar very much in focus. that is ahead of what is expected. it is down to oil prices which have climbed to the highest in almost seven years. this has all been moving to the upside.
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they're trying to make sense of what is going on with regards to the economy and the macro situation along with currencies as well. we are looking ahead to later in the week. it is abiding and administration directly engaging with beijing in the coming days. it really try to enforce commitments in that trade deal. that was struck under president trump. >> i am committed to working through the many challenges ahead. this is in order to deliver any for results. we must defend to the hilt our economic interests. that means taking all steps necessary to protect ourselves against the waves of damage inflated over the years through
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unfair competition. >> this is the open over in india. the reason we are looking at that, several reasons. the move in oil comes to mind. and given how far the accuracy is. to answer the question what are the things we are looking at in india? there is a great piece. we are moving into earnings season. the nifty is trading at about 22 times forward earnings. even if you discount for lower rates, that is above two standard deviations of the historical means. those earnings better deliver. the other thing we are tracking here is correlation to oil. if you are concerned whether
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high energy prices -- we are using the bloomberg energy sub index against the nifty index. there is not a lot to worry about as it retains -- pertains to the equity market. those two things have moved up. >> you cannot rule out the chance of a 10 or 15% correction in equities right now given the concern we talked about here but overall, the medium-term outlook is still positive. >> looking at markets here, the hang seng turned positive by .03%. the kospi is on the way, down .8%. we are looking forward to the reserve bank of australia as well.
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we have raw materials. it is never dull. david: this could be a great decision. we will have more on that great decision coming up, this is bloomberg. ♪
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from the heart of where business, power and industry collide, this is "bloomberg technology with emily chang. >> from the heart of where business, power and industry collide, this is "bloomberg technology with emily chang. >> from the heart of our >> facebook shares plunge and the postal -- social a massive . after the whistleblower reveals -- herself. her name is frances haugen


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