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tv   Bloomberg Markets Asia  Bloomberg  December 15, 2021 10:00pm-11:00pm EST

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needs increasing amounts of policy support. >> asian stocks are mixed following the rally in u.s. equities with japan leading while chinese stocks stumble as washington seeks to blanket more mainland companies. rishaad: intel betting on malaysia to retake the lead in advanced chipmaking. it is set for a multibillion dollar investment. >> a mixture in asia on the back of gains from wall street overnight, investment taking comfort in greater clarity after normalizations, a derailing of the u.s. economy, growth remaining intact. the index currently up .3%. the csx 300 been swinging with gains and concerns about possible sanctions on chinese companies, including the likes of smic and it is a story for
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the sti. morgan stanley suggesting it is concerned about fundamentals in the property sector, closing new restrictions on the property sector. it the sti is up .1% and city developments down as much as 4%. rishaad: coming out of the world bank, we will look at indonesia and gdp growth estimates, which are cut. the economy will grow this year overall, 3.7 percent. that is in line with the government we were interviewing the finance minister the other day and she was saying they were looking at growth between 3.5% and 4.5%. also within the government forecast, gdp growth in 2022 at 5.2%, comfortably within the indonesian governments estimates. looking at the bangkok, up .4%.
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looking like the nikkei will open to the upside and that is the peak continuing its weakening trend, down at the moment with the dollar up .5% and the ruby -- rupee. >> the fed sounding hawkish, doubling the tapering rate and saying rate rises in 2022. all of that gets inside from fed water and global economics and policy, kathleen hays. key takeaways. kathleen: it looks like the fed's hawkish tilt, jay powell's hawkish tilt, has turned into the federal reserve's aggressive inflation flight -- fight. inflation is not transitory. they agree on that now and the economy is quickly moving toward full employment, a big question.
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let's look at our chart because i think it is so important. if you take the line that comes from the left of your screen, look at it really closely. the longest line is 10 fed officials now seeking three rate hikes in 2022. there are two more hikes and at least five of those still see to hikes. there is a dispersion there but three months ago, it was equally divided on the fomc. no rate hikes in 2022. they wanted to wait until 2023. what does this mean until finishing the taper? jay powell made it clear that it isn't going to necessarily delay the process because of how the economy is looking. mr. powell: i was here at the fed when we left it off the last time and the economy is so much stronger, so much closer to full
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employment. inflation is well above target and growth is well above potential. there were not be the need for the long delay. having said that, we will make this decision in coming meetings and it is not a decision the committee is focused on yet. haslinda: jay powell said he is comfortable with the away the economy can handle it. he said with every wave of the virus it, businesses and consumers showing they can deal with it. i would say it is not his major concern. his concern is bringing down inflation. rishaad: absolutely. omicron it does essentially -- european central bank's and the bank of england looking at the impact of that, although the latter may have moved on rate hikes. there is a lot more down now. ecb going to be changing some of its policy by the town -- pandemic program.
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with a be expanding their asset purchase program? tell us about this. kathleen: the pepp, that is the question. their past a point, the european central banks, of emergency purchases. they have been expected to stop it altogether and at the same time, their regular asset purchase program speeded up. with a doubt about omicron the idea is they will announce rather than doubling the app, they will wait until they know about omicron to make a change their. the coe, as you say, nice edge. inflation says hike, omicron says hold. off the chart when you look at the data. rishaad: thank you so much. it is not the only rate decisions. we have the others as well, philippines coming out with their latest move on perhaps.
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no change expected with regard to that. we are keeping tabs on that and also elsewhere looking at indonesia. indonesia's forecast is cut to the world bank. let's bring in our chief cio and wealth management strategists. fed moves, really aggressive. . it was expected. give us clarity. the thing being here, how does this now affect other central banks and the way they look at it? >> you have to see the fed is alone in the sense that the pressures they are facing are coming from the labor market. the u.s. labor market is very tight and the fed is catching up with the corporate sector, claiming it had difficulties in getting people. this is u.s.-specific and we do not expect that to be the case in europe where the nit labor market is not the same. other developed countries,
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inflation pressure you see is transitory by nature. rishaad: you used the t word. alexandre: it has become transitory as we speak and we know it. this is why you have to change. obviously you have these inconsistencies between the economies and what the fed was saying. haslinda: you talk about the real economy. we heard from powell saying he is comfortable with growth going forward and consumer spending. the thing is consumers have been drawing down on their savings. could the pace of spending we can from here in the coming months or the years ahead? alexandre: it is likely. you have a combination of failed factors for the consumers. access catch and $2.5 trillion worth of excess cash sitting in bank accounts. this is something people don't speak about, the credit, the ability to kick on more credit because of a situation of
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consumers aching them eligible to get back in credit. if you have 24 months ago, this was not the case. this is still a crucial issue enter 2022. if the factor continues to improve, we continue to spend money -- out of cash reserves and credit is something the watch carefully. it will take consumption to a much higher level. rishaad: do you have clarity from jay powell if the fund slows are moving toward the u.s., away from asia? alexandre: this is a key issue so far. as we know the interest rates in u.s. are pretty high, the highest in the world. the issue is trying to catch up. as long as you have this big ditch -- differential are nominal and real rates, we have to have the u.s. dollar to be strong against asian currencies so we may continue to see flows out of asian markets into the u.s.. rishaad: give us a sense of -- you know how this has changed
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and move the dial to you in anyway? alexandre: of course, you are there for the long haul. i think -- you know that it is going to end and you can start on a clean sheet. when we publish our 2022 estimates, we have rate hikes for 2022. this is not a big change. this made rebalance within the market out of the stocks that do well under rate hikes, and more into favor of cyclicals because those will do fine as rates go higher and the economy remains supportive. haslinda: master of tech rally on the back of the rate decision out of the u.s. cannot really persist? alexandre: -- can that rally persist? alexandre: it is a relief rally because that sector was compressed before yesterday.
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the valuations are high and not as high valuations, the part of the markets that is more week when the starts -- it starts to have interest rates. we prefer to have a diversified portfolio because as jay powell mentioned, the economy is running strong so you want to have those sectors and companies that do well, under a strong economy including industrials and cyclicals, which defined when interest rates move higher. rishaad: he is sticking around to talk about moving parts out there. it seems there is good news for inoculation and immunization. let's go to first word news. >> we start and could -- with u.s. health officials who say existing booster shots quote a wall against the omicron variant of covid-19 appear to pharma companies are racing to prepare additional vaccine targeting variance. infectious disease expert
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anthony fauci says he seeds no need for specialized doses. dr. fauci: are booster regimens work against omicron. at this point, there is no need it for a variant-specific booster. reporter: u.s. secretary of state antony blinken meanwhile has cut short a three-day trip to southeast asia after a journalist tested positive for covid 19 after traveling with him. he is returning to washington earlier than scheduled and canceled meetings in thailand and hawaii. a spokesman said journalist testing positive upon arrival. blinken and others have tested negative. to singapore, the city state introduced a new round of property poles to cool is housing market. taxes for homebuyers will be higher for second homebuyers and
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foreigners which require units, divide public housing. a plans to increase the supply of public and private real estate for homes in singapore -- estate. prices for homes in singapore have surged in the past year. intel is spending $7 billion in new chipmaking manufacturer rates -- factories in malasia to address the semi conductor shortage. intel intends to bolster its capabilities in the island state to service the needs of multiple industries. global news, 24 hours a day, on air and on bloombergquint take, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. haslinda: speaking of semi conductors, intel swallowing billion's -- billions in
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malaysia. we hear from the president of the president's --countries semi conductor association. rishaad: star health after trading debut any talk to the managing director about the increase in industry competition. you are watching bloomberg. ♪
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♪ haslinda: welcome back. all eyes on china, setting a goal for economic growth of 5% next year. this is way off from pre-pandemic levels, closer to seven to 8%. we are already seeing divergence in terms of china being china.
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they could look to exceeding their target. we could be looking at 5%. herein lies that. rishaad: one of those people making their goal is bank of america. 4.7%, which happens to be the figure the economy has to grow in order for the economy to double in size from 2020 level to 2035. the current data support answers that question. wealth management, alex, we had weaker day yesterday. retail sales, what, not a huge miss. what others import numbers and what did they tell us about the policy situation? they should have been complementing each other. alexandre: commodity prices, we can see the volume split the price. if you look on the minette
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basis, imports are not strong as they appear on face value. haslinda: what does it do in terms of growth or tell us about the economy? investment is weaker than anticipated. we watch the close eat -- closely. alexandre: we look at that with figures for 2022. we projected low growth for 2022 but you say --it also had to rise in the rrr for foreign exchange so authorities are reacting to that. for fiscal help, that could support it in 2022. haslinda: how best you play the china story? when i talked about the tech sector and their rally, what did you do with chinese tech, which is headed to the downside
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because of the u.s.-china tensions? alexandre: in 2022, people have to adapt to the virus. with the past years of growth and supply and what is coming, we had regulations from the chinese point of view, and are starting to have some on the u.s. side. the difficulty today is on face value, valuations ought to appreciate. we need the consensus to adapt to the new growth era, before we can go back. let's face it. this is a high-growth area of the chinese economy. it's growth has been down by the new environment. we consider the growth above the gdp growth. it is a timing question of whether you want to get back in. you need to unit to be revised down so that but -- the valuations maxed -- match. haslinda: is a time to overrate china in 2022 with goldman saying yes it is? it is oversold. valuations are low. alexandre: again, on the
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valuations side, it is difficult to compare the valuations. do you compare to the last eight years or -- ten years or factor that the economy would grow at a less optimistic pace? it is a question of timing and finalizing the real numbers in 2 0 you see on a day-to-day market reaction china's underperforming22. rishaad: on the fifth day of declines, there will be sanctions placed on the tech companies. it looked uninvestable a few weeks ago certainly according to people there. then there was a change of heart. give this -- give us a sense of where this leads. alexandre: the only way to get around this is to be active investors. whenever a new regulation comes,
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try to imagine what it will create in terms of the effect on the company's. as a who youl don't want to be chinese tech as a wholee,. you want to think of which companies will escape those issues. rishaad: it is easy to say that. alexandre: from there all the way, you can do whatever you feel happy with with the valuations. you have almost no visibility and this makes the sector difficult. rishaad: thank you so much. coming up, we are looking at hong kong adding to evidence the new virus may be more mild than some of the other mutations. this is bloomberg. ♪
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♪ haslinda: let's do a check of the latest business flash headlines. deciding to turn to its next big order in a blow to boeing. the australian carrier says it's commitment to buy 40 airbus planes could plague its boeing jet. delivery start next year and and june 2024. the decision is approved for airbus which has secured a commitment from singapore airlines. a major shareholder of chinese chipmakers statewide has projected a takeover plan by a government-backed bond. inamed vote to executive -- in a memo, it says it suffered undervaluation. it is considered a linchpin in china's push for self-sufficiency in key technology's. let's bring you up to speed on the latest covid-19 updates.
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china has supported 70 covid-19 new cases, including a fresh cluster in australia's open its order -- openest border. the first time noncitizens have been welcomed in two years in south africa. singapore bracing for an overgrown wave in the philippines starts its first cases of the variant. the u.k. is expecting a surge of infections and hospitalizations over the holiday period, hitting a record 78,000 you covid cases on wednesday. rishaad: at the same time, hong kong is adding to the evidence that omicron spirits quickly but is mild. tell us how the research that was, -- and the finding that was come up with.
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>> we tested how the variance spread and grow. new omicron came seven times faster than delta, the original strain of covid, and in terms of its growth, it is 10 times lower, means it may it a slower severity of the disease. the conclusion is omicron jumps faster from one to another, but it does not damage lung tissues as much. this adds weight to the observation from south african doctors, which seems to be not among patients on the ground. haslinda: from new zealand, saying the first case of omicron is in managed isolation concerning was -- what was
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reported earlier today. doesn't change valuations of the threat posed to? ? him omicron jinshan: -- posed to let's check in with the hong kong-- rishaad: tech index. it is underperforming. seeing some of these companies
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forcing the index down to record motives and concerns about new u.s. sanctions on chinese chipmakers, with five days of straightly else's -- straight
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haslinda: live pictures of singapore. trading flat right now, currently 0.1%. we have the likes of this development company down 4%. that is because singapore introduced a new round of property curbs to cool a surge in home prices. this is the second round since 2018 that we saw those cooling measures.
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the reason being property prices have surged in the first six months of the year. we had private property prices rising &, public property prices rising 15%. prompting concerned that the young people in particular will not be able to afford their own homes. this story is not just about singapore, hong kong, china, south korea, it is the same story. rishaad: you have to question this, haven't you? if you are talking 9% gains from the first quarter of last year, that is hardly what you would call a housing frenzy. so this begs the question, how much of this is down to revenue generation? the city-state has and so much money on the covid response, et cetera, that they do need to replenish their cash, do they not? haslinda: well, you talk about a housing frenzy. just going by data and the
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numbers in the first six months of this year, $24 billion in housing transactions. double what we saw in manhattan. so there is appetite. there is demand and very likely concern. housing is such an emotional issue. it is an election issue, and an issue that needs to be addressed, let's put it at that. [laughs] rishaad: i'll just say, 9% since the first quarter of last year, there we go. i think we got to do something else now. haslinda: that's right, let's get the first word news with su keenan in new york. su: the fed has intensified its fight against inflation by tapering bond purchases and quickening the pace of rate hikes to three year. the central bank will trim asset buying tier 3 billion a month, putting it on track to end the program in the coming month, rather than in 2022. >> we are phasing out our
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purchases more rapidly because with inflation pressures and a rapidly strengthening labor market, economy no longer needs increasing amount of policy support. su: meanwhile, central banks in indonesia and the libyans are seeing holding rates. they are expected to put off rate hikes well into 2022 as the emergence of the omicron variant threatens economic recovery. however, monetary authorities will be watching for any fallout from the fed moved to tighten policy. shifting to china, economists there setting a floor for growth at 5% next year. that would represent a sizable drop for pre-pandemic rates that were closer to 7%. it reflects expectations they will persist with efforts to reduce reliance on real estate, even at the cost of lower expansion.
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and bruce springsteen is said to have sold his album catalog to sony for half $1 billion. billboard reports that the floor price for the combined assets was $350 million. his body of work includes the 15 time platinum album "one in the usa, and five time platinum album "the river." it may be the biggest sale in music history an individual artist. 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 su keenan. this is bloomberg. ♪ haslinda: thank you for that. intel announced they will spend more than $7 billion on new chip packaging facilities in malaysia, a major investment to address the semi-conductor shortages.
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the new facility will begin production in 2024, with u.s. and europe expansion plans to be revealed next year. industry association president joins us now. he is also a former intel executive. thank you so much for being with us. just wondering, how significant is this for the malaysian economy and how significant is it for the malaysian business? guest: thank you for inviting me for this interview. first of all, i intel investment sent the message that malaysia is a global hub for semiconductors. it also enhances the recognition that this area is the silicon valley of the east, with so many silicon valley companies investing, but two, micron, and amd.
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so this is a very significant investment. intel will be in malaysia for 50 years, by 2022, next year. this investment is a testament that malaysia has the ecosystem and the people and the talent that intel is looking for to ensure success of its investment. haslinda: the big question is whether this will make a difference to the chip supply crunch. guest: i think this will help the chip supply crunch, because many companies, including intel have invested in the front-en d, and they have to balance that capacity with the back-end. factories will be up at the same time.
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rishaad: the thing is, you have the crunch now. investors have to deal with that because it will take a few years to bear fruit. give us a sense of how long it will take, and what kind of chips are we talking about, are they high-end ones for the low-end chips that will be manufactured in malaysia? wong: intel is all high-end chips. to build a factory takes two years normally. it will come online in about two years. not immediately. but immediately, most companies, not just intel, but everyone in malaysia, is running at 100% capacity and increasing their capacity through productivity improvement, through industrial 4.0 improvements, also expression of space, building more space, more capacity.
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it has been increased to take care of the crunch in the short-term. in the long-term, you need even more. rishaad: we saw the order to fulfill meant lead times gradually increasing. how is that bearing fruit -- sorry, is that being reduced, that time? wong: the lead time is still high. i think over time it will come down. still some disruption here and there, as you know. recently there was a disruption in germany, now there is a disruption in china due to the power. so all these supply chains still need to be sorted out. but it will be sorted out over time. it will take a little while where the lead time be shortened , and supply will be higher to satisfy demand.
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haslinda: give us a sense of how malaysian companies have been affected by the chip crunch. wong: ok. as you know, before september, malaysian companies were running at 80% capacity. since the second half of september, they have been running at 100% of the pacitti -- of capacity since they got employees vaccinated. so that already has increased the level. as i said earlier, every company i know of has increased capacity through capacity expansion either in space or in equipment. so hopefully with the increased capacity, we can take care of more of the demand requirements. haslinda: semiconductors have become a very sensitive issue.
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now we have the u.s. requesting shaped manufacturing data from the likes of tsmc, which is sharing its information with the u.s.. what is your view on that? it has become a controversial issue. wong: it is a controversial issue. every company has their own requirements. i think they are looking to the issues, how do you provide confidential information against company policy. so that will take time to sort out. rishaad: also, what do you think about labor practices as well? we have heard stories about individuals having to work in close quarters with their employees during the height of the covid endemic, and then unfortunately losing their lives to the pathogen. how have you been dealing with that and trying to get best
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practices involved with these companies there in malaysia? wong: during the pandemic, we spent a lot of time benchmarking each other. every company had a standard sap. the industry association shared their own standard operating procedures with all companies and we came up with a standard sop with a minimum and enhanced sop to decide how much to do. so standard operating procedures have been practiced in order to prevent the spread of the pandemic. it is not easy to control. if you look at all the countries around the world, we have deaths everywhere. so it is hard to make sure that it is a perfect system, because factories can do all the things they can do, but then you get
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cases and they are taken into the factory. the challenge at the time was, how do you prevent cases going into the factory? that is where the difficulty is. it is not 100% fool-proof. do whatever they can. if they have to quarantine,-day quarantine. if they need to shut down, they shut down. malaysia has been called out for not disrupting the supply chain because the company is taking positive steps to control covid-19. haslinda: before we let you go, just one final question. talk to us about malaysia's ambitions in this global chip supply chain. wong: you know, malaysia is now 7% of global semiconductor money
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fracturing goes through malaysia. it has 13% of the backend capacity. 34% of the chips go to the u.s.. the eme industry is called out as a strategic industry for the country. our mission and inspiration is to continue to grow, continue to be recognized, and i think for the performance that we have over the last -- we are coming to 50 years makes year, and the announcements by intel and before that, the last three months, we had an announcement of indian air of 1.7 billion euro, it is a strong recognition for malaysia and in particular --, that we are serious about the electronic industry, we want
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it to grow. and the government is also encouraging other companies to go up the value chain, bring in new technology and go into design and development. haslinda: thank you so much for your time, sh, semiconductor industry association president, wong siew hai. we are looking ahead to key stories. the semiconductor industry is set to get a boost. india's cabinet has approved $10 billion of incentives for the semi conductor and this late industries over the next six years. meanwhile, the rbi says banking and business should not mix, companies should stay away from entering the sector with public money at stake, senior officials said wednesday. and it is wedding season. this company imported 900 times this year, the most in six years. rishaad: right. we will keep the indian theme
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going, as we wait for our next guest. this private health insurer saw a rough trading debut recently. that's on the way. this is bloomberg. ♪
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haslinda: india joins the trading day after three days of losses, in a positive. the sensex is up 0.8 percent. one stock we are tracking is star health. it has been in negative territory since its debut. a look at where it is trading after three days of losses, star health & allied like this. while we are looking at star health & allied, it is finally up. in positive territory. up about 1%. rishaad: all right. let's bring in the managing director of star health itself, anand roy. thank you for joining us. a bit of a disappointing start. why do you think that was the case. was it a bit rich going in, do you think? anand: thank you for having me on your show.
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as far as the ipo is concerned, we believe the fundamentals of the business are very strong. i will be of the omicron variant had an impact on the sentiment in the market. we are not bothered about the stock rights, we are very positive about this. rishaad: could have been bad timing for various things. what are you using the money for? invest an idea of the ambitions you have as a health insurer who has diversified. anand: absolutely. as you know in india, the regulations require that every company should have sufficient solvency to run it is nice, 1.5 times. so that is one of the uses the primary capital will be used for.
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at star health, we are very excited to be the first indian health company to be listed on the stock exchange. health insurance market in india is very nascent, very underpenetrated. awareness catapulted outward in the outbreak of the pandemic. haslinda: what is the strategy to ensure good investor returns. you have big name anchor investors like socgen. what will you do to make sure they get the returns they are after? anand: star health as a company is a reputable entity. if you look at the past history in the last for years, it is only the last couple of years that we have been impacted due to the pandemic. but we are very confident now with the vaccination in india,
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getting quite a bit more than 80% of the population vaccinated, and we are hopeful that going forward, that the company will be back to its comfortable days and we will be able to meet shareholder expectations. haslinda: talk to us about the health insurance and attrition rate. so far we are looking at 5%, 6%. can you exceed that? anand: absolutely. the potential for upside is tremendous. the health insurance penetration in india is a bit slow compared to our other countries. we believe that now we are seeing a lot of demand coming from the younger age groups, which typically never used to think about health insurance. after the outbreak of the pandemic, it has created a lot of awareness among all geographical segments. we are seeing good uptake of our
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products. health insurance business is the fastest-growing segment of the health insurance industry. i believe it will become even larger as we go along. rishaad: how will star health in three years time? anand: star health is a market leader. we have a large market share. we are not so much into government business, we are largely in the retail business. we design products for the family, for the individual. we have products that cater to all segments, people who have pre-existing conditions can purchase health insurance for the first time in india with star health insurance. three years down the line, i believe we will be able to improve on our market leadership and we will be highly profitable because we have a network of 12,000 hospitals, many of whom have a network rate negotiated
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with us. so going forward, we believe they will grow market share and leadership position as we go along. haslinda: do you have a digital fintech strategy? anand: absolutely. 70% of our business have an online. 500,000 agents who are distributors. most of the off-line channels have adapted the technology platforms that we have provided them. the mobile apps. today our registers can register a claim through what's up. this is going to be a big differentiator. we are a strong believer in ensuring that technology is available not only from the onboarding point, but from the service point of view. rishaad: anand roy, thank you so
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much for joining us. we just got some news out of turkey. the libra is at the record lows again. the dollar had a horrid time of it. just about a week after we saw the finance minister removed. the president of the country has replaced two deputy finance ministers, all of this ahead of the interest rate decision, which of course is one which has caused a lot of problems with the currency to say the least, given perhaps the rather unconventional view of monetary policy. haslinda: turkey is a story that keeps on giving. plenty more ahead. keep it here with us. this is bloomberg.
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haslinda: a quick check of the latest business flash headlines. apple is delaying its plans in the face of surgeing cases and has not determined a date on it expects staff to be back, changing its february 1 target. the ceo sent a memo wednesday, a week after apple told it employees to begin returning next february after multiple delays. softbank senior executive is said to be in talks to leave the company.
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he has worked in some of the company's biggest fields and bloomberg land he is in discussion today can advisory role to focus on his own fund. seven managing partners have left since march of last year. rishaad: let's quickly check in with lee's markets as we head for the hong kong lunch rick. overall, most stocks are not moving to the upside. there is a charge for them, being led where they need k2 to five. we saw data earlier today, trade data saying that experts were on the way up. imports were a big beat as well. looking also at the hang seng. what we have at the moment are tech stocks adding drug. the hs tech index down for five straight days, all down to perhaps looming sanctions for some of these companies listed in the u.s.. don't forget, there are lots of
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interest rate decisions, not the least, turkey after the president sacked two deputy finance ministers and replaced them, just a couple of weeks after he replaced the finance minister himself. there you go. ♪
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announcer: from the heart of where innovation, money and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, a breakout year for crypto. that is how the coinbase coo emily choi described 2021. but is a crypto winter ahead? i will ask her in an exclusive interview, coming up.


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