when you look around china you see 30 football fields in length and you see that china still needs to do this to grow and in india as the situation is worse. when i was on the ganges river to see bodies in the water and pilgrim's breeding next to them so it is dire. but this is one of the areas where we have done a good job across different administration is when i was in government to have a large part to negotiate the nuclear deal. that was about the strategic partnership about clean non polluting power from scale of electricity. and with those reactors they would build and with those admissions with the protocol and a similarly i really think what the obama administration did with the climate change accord helped to spur the rest of the world to announce their own binding commitments on admission that all three can work together. >> but with india's correction we don't hear a lot about that. one of the big complaints we had their so corrupt you cannot deal with that. that people are wondering how much is corruption? can you talk about the different approaches of indiana and china a

china's capital account is largely closed. the national linkages between china and the rest of the world are fairly limited. the u.k. leading the union would be seen as mostly negative, according to one representative. let's hear what hong kong's richest man said. he was speaking exclusively to angie lau. they don't leave. if brexit happens, it will be detrimental to the u.k. and it will have a negative impact on the whole of europe. but, it is not the end of the world either. the corollary is what if they remain? is that an impact? juliette: there has been concern about japanese bond yields. this is from bank of america and merrill lynch research. they say a record surge in foreign ownership could haunt the second-biggest debt market. this chart shows us the yields in japan, germany and the u.k. they get record lows at the chance of britain leaving. that is according to the number crunch at the brexit probability index. it has been rising since mid-june. in tokyo strategist says if britain stays in the eu, we could see spikes

. -- repeatingeading his claim to china south china sea. let us know what you think of our top stories. follow me on twitter @rishaadtv, include #trendingbusiness. shanghai, shenzhen, and hong kong reacting to that u.s. jobs report. here is juliet. what a disastrous number for that payrolls number. we are seeing weakness come through from a laser on the open. singapore opening higher. from malaysia on the open. singapore opening higher. most of the weakness coming through from the nikkei 225 as the yen holding near one-month highs. this is a story of dollar weakness. the likelihood of a june rate hike in response to that jobs number now only 4%, down from 30%. the likelihood of a july hike down from 50% to 27%. down 1.4% with the yen holding on to those highs. australia, up by a third of 1%. gains from gold players. that shows you how much there is in terms of risk off sentiment. investors flocked to that safe haven gold price. zealand closed today, also korea for a public holiday. hong kong will be close later in the week, so an abbreviate

boost been trying to supplies to china, and china is the biggest market in the region. also, china is a big financier over $100t, providing billion in loans and prepayments over the last decade. that has helped to boost rosneft and let it may key acquisitions to help it become the oil giant it is today. india has been a much smaller nower, but it's economy is booming and projected to become one of the biggest energy consumers in asia, and that is an area that russia is looking ahead to. angie: you can deftly argued that their field of friends are shrinking. russian not a key favored partner right now. angie: thank you so much for that. checking other stories making headlines, talks with several asian miners with a view to sell a minority stake. the sale could fetch as much as $7 billion. they are trying to pay down debt through asset sales. vale wants to raise $10 billion through 2017. last year was the first annual loss in 19 years. the brazilian joint venture areeen bhp and vale restructuring loans after that disaster at its iron ore mine. hiredorgan chase has been an

china has long said their claims are indisputable. they did not include a single word about the south china sea in the 32-page final outcome document. but that says a lot, that they have a long way to go before -- to go to reach any kind of agreement. this is what secretary kerry had the same. i think it isy: important, and we have said this many times, that no claimant, none, not any country in gauge in unilateral actions that could be deemed by some of the else to be provocative and therefore problematic. stephen: by not mentioning it, i think we need to say watch this space. it will be a hot one. the yuan is back in the spotlight after talks in beijing. it also just posted its biggest two-day decline since february. does this mean that the pboc is guiding the currency to the downside again? heidi: that is a concern of some market participants. this is where we are at. has fallen 0.8% against this basket of currencies, the lowest since october when he 14. if you look at this chart, the white line is the bloomberg rebecca of this bas

china is guilty as rest of the world doing it. how do we get an advantage over china right now? we want to make sure that the u.s. is productive but right now seems to be coming at its expense? >> this is the shanghai accord latest in february. they're trying to maintain peg between china and u.s. and cheapen the dollar. we get advantage via japan and europe. we're trying to have inflation with higher import prices. u.s. has a net trade deficit. japan, they will not intervene. they have been told not to. they have been threatened by lagarde and jack lew. they're not going to. i see the yen trading through 100. trish: mark as we look forward to donald trump speaking about china, this is an issue that obviously resonates throughout america right now because people have seen their jobs disappear, if to china but someplace else overseas. how do we regain an edge? >> the easiest way to gain an edge in an economy take the barnacles off it. lower taxes. remove as many lawyers from the business process. reduce number of regulations. do all the things that the barack obama legislation ha

and china. president xi jinping's tightened grip over his senior officials. >> we have had a failure of communications. that is the point. the point is the u.s.-china relations are difficult. >> reporter: u.s. president barack obama is expected to visit china in september. early next year there will be a new american president, and there could also be a reshuffling of china's leadership at next year's party congress. to future negotiations depend largely on who ends up being in charge. nhk world, beijing. >>> china has territorial disputes with several parties in the south china sea. vietnam state-run media criticized what it claimims is china's militarization of an artificial island in the area. the newspaper posted photos on its website of what it claims are chinese facilities on the johnson south reef of the spratly islands. the photos weree reportedly taking between late may and early june showiwing a seven-sty building, a light house, a spherical structure that appeared to be radar faciliti

in terms of china, it's a carrot. we said, hey, look, if you do well, we could do this before the next cycle. not like the msci goes into a bunker and doesn't review these things constantly. china's gotten the same rhetoric when it comes to sdr. they want to be part of the club. every time they get beaten back. they say, you've got to do x, y, and z. it's what's going on in every single that china wants to compete on the global stage. >> when they do it, it's almost like they're backing the chinese stock market to some extent. it could allow the chinese market to actually see a different pool of liquidity -- or different pool of investment come into it. we talked about selling in different -- in other countries. to actually move money into china. i think it's confidence. it's all about confidence. that's been a casino market for such a long time. to see msci come in and back it up is a very, very strong statement. >> the pool of money could be 20 to $30 billion u.s. dollars. at this point, we're watching the after-hou

china has been building up its presence in the south china sea. beijing says it on 80% of the waterway, a claim contested by five southeastern asian nations. powered by over 2400 journalists and 150 bureaus around the world, this is bloomberg news. i am yvonne man. right, just getting some breaking news. the associated press, projecting bernie sanders to have won the north dakota democratic caucus. this could be fairly academic given that we had hillary clinton projected to win new jersey, taking her over the winning line to become the official candidate to run on the democratic ticket for the election in november. atht, now let's have a look what is going on with china rebalancing from manufacturing to consumption. do is throw up a huge set of big challenges for the countries provinces. this week, we are looking at .hree of them, is one of the largest planet.ducers on the 80% of gdp is tied to coal, and the provinces in trouble. tom mackenzie went to investigate. economic slowdown is being felt the hardest in places like this. it is a cold town i

china says the dalai lama wants just what to bet from the rest of china. the leader has pushed more for tibetan autonomy rather than complete independence. global news 24 hours a day powered by 2400 journalists in one of 150 those around the world. thank you. coming up, the bidding for yahoo! narrows with just a handful of groups making final offers. is left.ind out who plus, jim chanos is out with new aeas researching for potential short. the interview in just a few minutes. ♪ alix: breaking news. industrial production is down .4%. it was supposed to be down .2. rosein april, production .7%. you had the weaker dollar but could not sustain that throughout may. in terms of what we are seeing in equities, a little bit of a when it comes to treasuries and you have the dollar turning a little stronger in terms of futures, only up .1%. the grexit fears continue and the polls have not really changed here they all show the same thing. lead is leading. sterling is rising. the data shows an unexpected pick up in wage growth. the risk is spreading far beyond sterl

they are claimed by china and taiwan. given its claim, china's defense ministry says it's illegal for ships to sail in its own waters. a former vice admiral with japan's maritime self-defense force says it could be more than that. >> translator: japan and the united states kept saying that china's maritime policy is wrong in the recent three international conferences. namely the g7 summit, the shangri-la dialogue and the u.s. strategic and economic dialogue. the incident could be china's reaction to that. it could be a strong message against japan and the u.s. >> reporter: for russia's part, its embassy in tokyo says the navy was conducting a regular exercise which had nothing to do with china. japanese officials see it the same way. >> translator: china has been unilaterally claiming territorial rights of the senkaku islands but that hasn't been the case with russia. we've been dealing with these types of actions by china separately from russian ones. >> reporter: japan's government is on alert. prime minister shinzo abe

china steps on the gas. despite talking about -- a lull, the chinese government is wrapping up its off budget spending. i will bring you my chart, plus foreign demand from american drivers. with u.s. oil markets falling? "finding dory" scores the best film.omestic range for a we will analyze the results. ♪ francine: now let's get straight to the bloomberg business flash. matt: goldman sachs has told 98 employees in new york at their jobs are being a limited. that brings the number of dismissals disclosed to state officials to over 350. goldman has been reducing staff as it seeks to whether a slump in trading and dealmakers. volkswagen's second-largest shareholder has refused to sign off on the actions last year of two of the carmakers board members at the first shareholder meeting. bartoner saxony -- winterkorn who was current chief executive at the time and the are under chief, both investigation for market manipulation link to the timing of the public notification of the scandal. one of africa's biggest

had been stolen from china and china has to defend. it's unacceptable to the chinese people that japan continues to exert this control. the nationalism has been tied to the territorial issues in ways that i think are taking the history problem to new levels of tension. what does this all mean? what are the implications of what we are talking about in terms of regional security. i will turn back arms and talk about the nationalism. >> thanks. i will make quick points. some people might think that these are two separate topics. i can think of two ways on nationalism of arming intersect and besides the fact that the cheap nationalism and cheap weapons is a volatile combination. to do this in the spirit of the presidency, i will move this north. the south china sea. just think we really have not spent a lot of time thinking about the implications for overlapping sovereignty disputes are when they intersect with what is becoming more competitive and available on the arms market. you could be sang win and say these are defensive weapons and

a public holiday in china and hong kong tomorrow. china will also remain closed on friday. good movement coming through from petrochina. quite a bit of weakness. singapore, malaise yarks taiwan and the philippines looking quite good. korea holding on to gains from yesterday. weakness coming through on the nikkei 225. we had the first quarter g.d.p. numbers coming through in line with what the market was looking for. we have seen japanese stocks if you can't. that is due to the fabblingt that we are -- fact that we are still seeing some weakness. down.5%. still an hour to go in the morning session. weakness in australia. down .2%. just want to do a quick check on the aussie dollar as we await these dollars coming through out of china. leaving rates on hold yesterday and the yen continuing to strength playing into the equity market. through 107, 106.76, rish. rishaad: we have a survey, bloomberg survey expecting more signs of stability but perhaps indications of weakness. >> still waiting for the numbers to cross. a little bit delayed today. but you're wait. we're going to se

economy is good for china. by aat is modulated a bit normalization of monetary policy, unbalanced, we still think it is good for china. there are going to be affects as interest rates begin to move up. when they begin to move up, both in terms of the capital market and in terms of exchange rate, the strengthening u.s. economy be good news for the u.s. and for the world. lipton, --avid whether to include china's domestic equity. is it time to include them? is really not something for me to determine. it is important that china's capital markets grow in size and sophistication. they are managed in a way that maintains stability and integrity of markets. when that can be recognized by those who make decisions about the inclusion and indices, that a positive step. francine: of course. we understand that you cannot have an opinion on that. david lipton, think you so much. great comment and and -- thank you so much. great comment and analysis. -- we willj and fed talk monetary policy and the prospects for global grow

china is doing it in the south china sea and will do it in the east china sea, soon. these interests are directly and adversely effected here. >> yesterday was the anniversary of the tienamin square. do you believe that china has changed since that day? >> we heard about it for about 30 years from now preponderate dominant political force nap is who we're dealing with, and we're dealing with it through a barack obama, john kerry, hillary clinton style diplomacy. we're losing the momentum is against us in the south china sea, and i'm very afraid the new president in jan may have a bigger deal. >> how would you change it? >> i think you have to do several things, politically demonstrate that we will not tolerate this. number two, step up military operations in the south china sea. longer term, rebuild the american navy. so we have a stronger capability. we're not looking for hostilities here. the sign of american weakness is the kind of weakness that invites provocative action and risks the kind of confrontation that we want to avoid. >> it is a challenge we embrace. th

india will pass china because just as you say, china you say, china is aging. about 70% of india will be of working age, a lower percentage of chinese. india, as you said has an opportunity to change this. >> you see the chinese system adjusting to this. there's an enormous pension reform that is trying to prepare for this wave of retirees. : on the relationship everything with -- >> testing. >> a decade ago i don't think we would consider that quad but we discarded that idea. now, now, that is happening more frequently. i think it is important that even though china has made it difficult for us that it's important to include china's much is possible both on the track to dialogue that were talking about, for other issues it beyond military and especially on the military issue because that is by far the hardest thing to resolve. i teach at stanford and one of the things that he said that he is quite proud of and i think it is a great initiative is that he helped persuade the pla that when chinese sailors meet sailors of other nations including the united states

secretary of defense ash carter. >> china's actions in the south china sea are isolating it. if these actions continue china could end up erecting a great wall of self-isolation. >> japanese defense minister gen nakatani echoed the u.s. position. >> translator: the actions by the u.s. in the south china sea are in no way wrong. rather, they are essential in maintaining order in the region. so japapan fully supports them. >>> the u.s. is calling for the ruling to be respected by china said a unilateral petition builds against international law and says it will not accept the outcome. >>> a leader of pro democracy protests in beijing's tiananmen square calls f for support in tokyo. wang dan delivered a speech in tokyo to mark the 27th anniversary of the violent crackdown. wang spoke to a crowd of more thanan 300 peoeople. the e former student leader spe six years in prison following the crackdown. he now teaches in taiwan. wang said tiananmen was a turning point in china. he saiaid after the incident, young people that were passionate about politics gave up hope. hehe said they

coming up, if china is the province ist how a adapting to china's ♪ >> it is 9:30 in sydney. we are watching the aussie what itolding on to achieved on friday following a week u.s. nonfarm fuel report. away from thetes opening of trading there as well as in japan. ."u are watching "first up china is moving in the right direction on the yuan. he spoke exclusively to bloomberg in beijing. he says the pboc action caused an unnecessary nervousness. reiterated its claim on the south china sea. addressing a meeting of defense , they struckgapore a more conciliatory tone. he also warned countries to keep their criticisms to themselves. the philippine central bank is stepping up cyber security and demanding more scrutiny toward off money laundering. manila has been in the spotlight after siphoning $80 million off the bangladesh account. most of it has disappeared. will alsol bank regulate digital currencies including bitcoin. powered by over 400 journalists and 150 bureaus around the world, this is bloomberg news. -- check in on the markets in asia pacific. futures in australia are l

what about china? there seems to be a packed, which was probably by a stroke fed does not the move so the dollar does not rally, so they do not have to the value china's currency. >> there is probably no big game plan at the moment. china is going month by month and the prime goal is stability because the big risk for china is precipitous outflows. that would undermine the system and not generate credit. scheme of things, it is about currency. but in the time being, stability is the number one thing. the big strategy is out. we are technical right now in china. francine: are you buying this stabilization story? how much does this have to do with intervention by the government? we worried in the past about chinese stability. >> it is all about the government stepping up and saying, we are going to intervene to keep the currency stable. because the are not worried about competitiveness of the moment. we are worried about domestic liquidity and credit growth. capital flows out too quickly and they have a

mark: let's talk china. that is a growing risk capital outflows may accelerate as the yuan weekends, causing a broad selloff similar to that in january. let's check out this chart of the hour, the yuan is poised for its fifth week in decline. it is close to the five-year lows we saw in january. our next guest focuses on china's political economy and its engagement with -- it is arthur kroeber. is there a risk we could return to the volatility we experienced in january and august of china's currency continues to weaken? arthur: there is a little bit of risk that i would not want to overstate it. the key thing is the u.s. dollar. if we see stability in the u.s. dollar i think authorities in timeng have an easy managing a gradual depreciation of their currency. the big risk is if you have a big spike in the dollar as a result or in anticipation of the next fed right -- fed hike. that mean a one-off devaluation, another one off devaluation like we saw in august is unlikely? arthur: no, i think that is a must cer

what we are not saying in china's economy is -- not seeing in china's economy is momentum. ok.il sales are holding up private companies are not spending. you take it all together and you say, china's economy is not getting any worse. the fact that it is not getting any better despite all of the worrying sign. failure to get momentum with the problems they have to deal with. when you take them all together, it is quite a fragile makes. -- fragile mix. hade: it seems overcapacity an impact on fixed assets as well. >> the private companies do not have the confidence to spend money, to invest. they are worried about falling profits. the government has to step in and spend the money. going forward, if this trend continues, the government will have to fill the gap left by the private sector. angie: they are not spending money on coal and metal production. with policymakers, if you say they need to act, what would they do? >> it is a delicate trick. they have to cut back on excess capacity. stop spending in those areas. but they cannot afford to pull back completely. trying to kee

and china want to address. the tension in the south china sea and some of their most heightened levels we have seen in many years. paying --changing president xi saying that peaceful development was key for him. >> china and the u.s. need to increase communication and cooperation over the asia-pacific. the vast pacific should be a stage for inclusive cooperation, not an arena for competition. the tone of president xi jinping's speech will be welcomed by the u.s. and allies in the region. some close calls in may. chinese fighter jets came close to a u.s. surveillance plane. over the weekend, u.s. defense secretary ashton carter said that china risked erecting a great wall with the south china sea policies. they hope the focus will shift to some of the economic issues on the table. anna: that really underlines the u.s. priorities here, i suppose. we heard from jack lew about what china needs to do in terms of communicating economic policy. tom: we had a fascinating conversation with the u.s. treasury secretary ye

you could call it the china response. we are looking at the csrc, the commercial decision, they respected, to support that decision, it won't affect capital market reform. we are looking at declines in the futures market in hong kong and when the mainland markets open up in a few minutes. rishaad: it is the market open in shanghai. hong kong also coming on stream. the open is coming up. ♪ ?c+sv ♪ rishaad: a look at our top stories, asian stocks declining as the prospects of britain leaving the european union adds to worries ahead of central bank meetings. gold strengthening, while yields on german bonds fell below zero as investors flock to save haven assets. chinese stocks set for losses after being denied entry into the msci benchmark indices. msci citing a need for improvement in market accessibility in addition to other concerns. any a-share index --t does not include a-share china says that any market that does not include a-shares is incomplete. contender polling more strongly on his ability to combat terrorism

it opens up china for us. and china is of course, the biggest source of inbound tourists for australia. as you know, it is now over one million chinese visitors come to australia every year. and it is growing at a rate of about 18% as it has been for the last five years or so, so it is a very important market for us and very important and good partner. >> so then why is singapore airlines paring its stake? >> singapore airlines is a very important partner as well, and we enjoy a very strong relationship with them. but their stake with the placement of the 15%, which is 13% of the total to hna, the singapore stake and other people's stakes will drop a percent or two. it is just a byproduct of the mathematics. >> san miguel is selling its telecom business to two other philippine companies in a deal worth $1.5 billion. they hope it will improve their service. the chairman says that two will work together. this deal, what does it mean for san miguel's plan to break into the telecom? >> what you have as a sellout o

have overlapping claims in the south china sea. this comes after a series of confrontations between indonesian navy ships and chinese fishing boats. >> translator: for indonesia, we have no overlapping claims of any form with china in our waters. our position is clear and i've already said that repeatedly. >> there have been three reported confrontations in waters an natuna islands so far this year. >> the latest confrontation occurred last friday. the indonesian navy says it seized a chinese fishing boat that was operating illegally in its exclusive zone. indonesian officials say warning shots were also fired at several other chinese boats. on monday, china's foreign ministry said the shooting took place in waters which are traditional fishing grounds and where china and indonesia have overlapped claims for maritime rights and interests in the area. china says it does not dispute indonesia's sovereignty over the islands, but its claim of jurisdiction over almost the entire south china sea does include waters near them. indonesia h

to the south china sea. the permanent court of arbitration said the ruling will come on july 12th. the philippines maintains that china's claims to the sea as its historic right are groundless under international law. the country also believes artificial islands built by china cannot grant the country maritime rights, including an exclusive economic zpoone. chinese officials repeatedly stated that the country will not accept any decision by the court. china says the dispute should be resolved through dialogue between the concerned parties. meanwhile, the philippines is inaugurating new president rodrigo duterte on thursday. duterte said he may shelf the dispute with china if beijing offers financial aid for infrastructure development. >>> indonesia's president and his cabinets have discussed a strategic plan to develop islands in the disputed south china sea. joko widodo is standing firm and asserting his country's sovereignty. joko ordered an expansion of offshore oil exploitation and commercial fishing in

russia is looking at china, boosting oil and gas supplies to china, and china is an important player for russia. india has not had a lot of involvement in russian strategy, oil and gas, but now india's economy is one of the fastest-growing, overtaking china, so naturally it makes sense to look there for growth, and india is poised to become -- for consumption to jump in the coming years. angie: thank you so much for that. we are looking forward to the afternoon business in tokyo, where we are seeing a weaker yen boost equities in japan. this despite exports falling more than expected. we are also watching india has raghuram rajan says he will not extend his term, and watching the rupee. the latest after this break. ♪ >> markets returning to risk on as chances of britain leaving the eu diminish, sending the pound higher. bookmakers putting at the chances of a brexit at 30%. oil is also gaining and the yen weaker after data showed japanese exports falling more than expected in may. the rupee set to fall following raghuram rajan's decision not to seek an extension to his term. the cur

inflation remaining muted in china. china's market closed for the rest of the week for the dragon boat festival. it comes to trading holidays, how does china compare with the rest of the world? if we want the most holidays, we should stay right here. china has 17. we should stay right here. you do have this three-way tie china, japan, and taiwan, 17 trading holidays the year. japan, and taiwan. malaysia with 15. in hong kong, we only get 14 come but if you compare it to the u.s., only nine. only five public holidays there. you should not feel too bad. rishaad: the u.s. surprises me with nine. spain also has five. we are right on top where we are. you get this wide array of holidays. rishaad: japan has so many. haidi: children's day across a number of different markets. rishaad: coming of age day as well. lovely really. rishaad: yes, it is. an auction in london. we will look at that story. chinese inflation numbers coming up in a bit. that is next right here on bloomberg. ♪ >> from our studios in new york city, this is

critics of china remain. some say the recent market using measures -- they say there are limits on how much funds could repatriate from china. other critics justify. extent. to some but regulators in china have progressed the market structure a long way the last three to five years. the biggest issue is that the market is predominantly a retail-driven market. driven by momentum. they desperately need institutional investors in that market for long-term investment -- or long-term investors who will bring stability. mark: how long will it take to get from entry level to full velocity when it comes to china as representation -- china's representation of emerging-market indices? mark m.: that is the most difficult question. i am certain that us and our competitors will include china a shares in our standard indices. into the global benchmarks. the issue is will we include them initially at very low levels? emerging markets, in their transition index, is only 5% of a shares when it needs to be up to 30%. vonnie: w

in china, the next wave of innovation as china rebalance is its economy. but you know what? with the brexit vote and referendum next week -- last week, that is the elephant everyone is talking about, and that is what we will put initially to our first guest. he is the greater china head of manpower group. thank you for joining us this morning. so the latest employment survey shows civilization, but there is a weakness in hiring, and there is weakness in the private sector, investment. how does the referendum and the subsequent market chaos that happened at the end of last weekend, probably will continue today, how will that affect china's transformation voter topicoticed quite a hard talking about the brexit. the discussion here. the key point is actually china inomes the largest supporter the eu operations and labor and those of commercial. and british is one of the key areas for the china export. our president also have so many directions here. you can also do this in the past few years. alsothe euro and china and especially we talking about the british

they pose no threat to china. yet this ruthless dictator shipp forces them to commit unspeakable acts. and this bill sends a signal to countless others suffering around the world that the united states will once again make the protection of human rights a a priority. i urge my colleagues to join us, to support this resolution, support our ideals and values, support human rights, and help the practitioners of falun gong and with that, mr. speaker, i yield back the balance of our time. the speaker pro tempore: the gentlewoman yields back. the question is will the house suspend the rules and agree to house resolution 343 as amended. those in favor say aye. those opposed, no. in the opinion of the chair 2/3 being in the affirmative, the rules are suspended, the resolution is agreed to and without objection the motion to reconsider is laid on the table. the speaker pro tempore: proceedings will resume on motions to suspend the rules previously postponed. h.r. 4939 by the yeas and nays, h.r. 5312 by the yeas and nays. t

china meant mischief. china shoots to the outlaws to death and stabs the third one in the heart. he then constructs a rope hammock and and his strong arms, carries the boy and search of his family. we certainly have been blessed after all of our sorrows, guy's father says at the novel's conclusion, "and we allow our preservation to our noble chinese friend, who i love as though he were my brother. " -- huskyier and more imposing than ah sin, china is as the hero's of dime novels. china's chineseness is not emphasized. he possesses few of the demeaning qualities normally assigned to his countrymen. he has adapted to many western ways and western rules. he is ae than ah sin, strong and noble individual. sin are not unique. and countless stories, the chinese defend themselves. associate closely with whites and are agents of their own destiny. they carry guns. li sing brandishes heavy revolvers. one has a massive rolling pin which he hurls or swings at oncoming assailants. "in that crowd," the author wrote, "the chinaman had his say and no one molested him with his tenpin under his a

more than 100 have been deported to china. a military court in thailand indicted two last august on charges including murder in connection with a bombing in bangkok. the blast at the popular shrine killed 20 people and wounded more than 120 others including foreign tourists. thai police suspect the involvement of a network that helps the minority escape china. >>> wildlife officials in thailand raiding a tiger temple have discovered thousands tof dead tiger cubs. the tourist attraction has denied allegations it was involved in trafficking the endangered animals. at least 40 dead cubs were found in a freezer in the temple in the western province. an operation to rescue tigers being held there began on monday. a senior official of the department of national parks told reuters the carcasses must be of some value for the temple to keep them. but he added that he couldn't imagine what it was. the temple said in a statement on its facebook page that it's common for cubs to be stillborn or die shortly after they're born. the temple r

what do the trade data from china tell us? grexit they are consistent with the other trade data across -- >> i think they are consistent with the other trade data across asia. stabilization, aggressive declines in trade seem to be stabilizing. i think part of it is currency movement. part of it is that the trade adjustment is quite mature. in some countries last year we were getting export declines of 15% year-over-year. you need some week global conditions for that to persist for too long. the global economy does seem a little more stable these days. the interaction of those factors. angie: as you say, currency fluctuation is part of the explanation we see in the drop of the fx reserves. much of it was due to the currency flows in europe and japan. what does this mean for the chinese consumer domestically? imports did drop, but not to the level expected. richard: domestically, a lot of the indicators say the economy is doing ok. you still expect some gradual moderation in growth over time. the interesting thing about china is

sea.es in the south china vietnam has condemned china's pretested waters. thailand's prime minister says he will not quit even if voters reject the proposed new constitution at an august referendum. he was asked if he would follow david cameron's lead if it is not approved. he said he sets his own rules. has repeatedly a timetable for elections. global news 24 hours a day powered by more than 26 journalists in more than 120 countries. this is bloomberg. rishaad: getting our news out of japan at the moment. the prime minister shinzo abe says his finance minister needs to cooperate. also the need to look closely at the effect of this british vote, the brexit, on the economy in japan. markets have calmed to some extent of the outlook is unclear around the world right now. those with a comments coming from shinzo abe. he says he is concerned about risks. you have the yen but if you look at it against sterling, it is down -- sterling is down against the yen to the magnitude of over 30%. that of course is something which we are looking at now because what we have

expect the same development in china. the manufacturing capability we have in china is very advanced. so it is possible possible to have a global supply chain here. >> you have less than 1% market are the china, what strategies to expand that? >> we saw a good growth last year. china was the third largest , so weon a global scale will see an increase in market share on delivery this year. talk about time, we how we will bring the latest to china. it is an important part of those steps to improve our position. we also count on that the market is changing. megawattgh focus on capital expenditures to more produced, andatts that's the kind of market that ands at megawatts produced not megawatts in store. executivehe chief there talking to tom mackenzie. hong kong, shanghai like this. makehai did manage to again in the session yesterday of 1.3%. hang seng in hong kong currently moving to the downside, 1.5%. the federal reserve deciding not to do anything this month, and july oaks like it will be a month where they stay pat. re

within china, we are growing quickly. chinese travelers are growing across china. they are the largest source market we have right now. 120 million chinese are traveling outbound. most of their travel happens to be in the asia-pacific. they will continue to grow, and by 2020, they will outstrip u.s. travelers as the number one out round market in the world. we keep hearing all the rhetoric about the slowdown of china, but i think it depends on the industry. 13% to 15%r, we grew in our resorts from chinese travelers. that does not show eight slowdown. economy and china are slowing down, but there is a huge middle class that was to go out and explore the rest of the world. rishaad: and you have to have varied brands to cater for them. marriott international. up next, the reading of china's manufacturing pmi. look at how that measure compares with that number. stay with "trending business". ♪ rishaad: breaking news, the official pmi manufacturing number. caixinet the 1mbd reading. below 50, indicating more pessimistic conditions, 49.2. the consents estimate was 49.2

it is also china's biggest maker of cars. the country's leaders are so impressed they've compared it's economy to the cities favorite dish. major challenge has been how to accommodate the migrant workers the flock to this city. building subsidized housing. the government took a gamble. he could've cashed in by giving this to everyone. today spends read $8 billion. tois helped people like her work at the fort factory and have affordable housing. more than $600 a month. but only pays about $80 in rent. >> i am from the village. it is not affordable for me to buy an apartment in chongqing. integrating world migrants has given the city workers for its industries. itscity also benefits from industrial production. there is a major port connected to railways that run only to germany. it can count on cheap wages forever. labor costs are lower in the provinces. chongqing is hedging its bets. encouraging greater automation through the use of robots. several years ahead of the decision. agilityg's economic born from the city's desire fo

book. -- china beijing book. week: are there any points? -- weak points? stephen: the week points are what i allude to, the old drivers of the economy. the industries where there is severe overcapacity like in: steel. -- coal and steel. noted thatook receivables and payables weekend in the quarter over the past did we can over the past year. services are far outpacing those old industries. they make up the bulk of old for recent college graduates. this report notes the risk from brexit seeing china could face some severe ramifications in its export oriented industries and also as another challenge to the whiche policymakers here they always have, always challenges for policymakers in china. yusuf: fascinating takeaway. stephen engle joining us live from beijing. still coming up on the show. has dubai's property market hit bottom? we will ask where to find the best bargains in the uae. that is next on "bloomberg markets, middle east." ♪ welcome back. rishaad: a quick round up of some of the stories around the re

treatmente a new which is doing well abroad, but how about china? is it too expensive for china? >> in many other countries of the world, it is reimbursed. it is not yet reimbursed in china. reinvestment window and china has not been open for many years. privatew it is on a payment basis in china, therefore it has not been taking off to the same extent it has another countries. we do expect and hope that for to future we will be able get it in the reimbursement list. we have seen that it can make a big difference to many patients, so we have a plan of bringing more new products to china in the long-term, but we also understand the government needs to control the cost of diabetes in china. we estimate that approximately 10% of the social costs comes the medication, whereas 90% of the cost a related to long-term complications. it is about trying to avoid that. >> what are the other challenges in this market? there is the issue of regulatory environment. pharmaceutical companies have come under increased scrutiny over price issues. what is your assessment of the regulatory environme

changing portals in china. let's have a look at that story. >> likely to take a hit on new rules for online ads by health care companies. the forecast is cut, down from more than 3 billion to $2.8 billion. company said revenue has been affected by reducing the numbers to 30% of the results page, which baidu announced last month. the restrictions came after authorities investigated the death of ace to do and who sought -- a student who sought out controversial treatments advertised online. now, virtual reality and augmented reality are pretty at for theit's o future of the tech industry. a silicon valley startup called is a relatively small player in augmented reality, which superimposes digital images on top of the physical world, and says it will use the money to develop a headset that doesn't rely on a pc for power. another company is backed by hong kong's richest man. so, korean hour or companies have rated more offices. in engineering and construction company were reported to be among the units. just yester

hillary clinton gave china millions of jobs. our best jobs and effectively let china completely rebuild itself. in return, hillary clinton got rich. the book clinton cash by peter swiet documents how bill and hillary used the state department make -- to make her rich all while making you poor. [applause] >> here as a quote from the book. at the center of u.s. policy toward china was hillary clinton. at this critical time for u.s.-china relations, bill clinton gave a number of

china is executing on its strategy. the asia infrastructure investment bank and other regional initiatives. we are one vote away from cementing our leadership in the asia-pacific region. we are seating that role to others. that doesn't strike me as a difficult choice. i would like to say a few words about ttip and the vote in the u.k. the people in the united kingdom have made their choice. our relationship with the u.k. will remain special and our relationship with the eu will remain strong. we are evaluating the effect of brexit. a lot of progress on the agreement during the last eight months. our goal is to continue working with the eu. creative,need a pragmatic approach to resolving the outstanding issues. the europeans have a lot on their plate. the brexit vote, the migrant crisis, the rise of skepticism about brussels and other issues. we sympathize with them and hope they can get this done. there's more at stake now than ever before. given the questions that are being raised about the nature and future of the eur

it opens up china for us. and china is of course, the inbound biggest source of , inbound tourists for australia. as you know, it is now over one million chinese visitors come to australia every year. and it is growing at a rate of about 18% as it has been for the last five years or so, so it is a very important market for us , and they are a very important and good partner. >> so then why is singapore airlines paring its stake? >> now well singapore airlines is a very important partner as well, and we enjoy a very strong relationship with them. but their stake obviously with the placement of the 15%, which is really 13% of the total to hna, the singapore stake and for that matter other people's stakes will drop a percent or two. it is just a byproduct of the mathematics. >> san miguel is selling its telecom business to two other philippine companies in a deal worth $1.5 billion. they hope this will improve their service. the chairman says that two will work together. this deal, what does it mean for san migue

a big week, chancellor angela merkel in china, and china trade production within the hour. pricey checking on oil is, weakness weighing into energy stocks, down 1/10 of 1% . japanese yen and gold surging on safe haven buying. obama sayingident a massacre at a gay nightclub in florida is an attack on all americans and is being investigated as an act of terrorism. peoplele killed, 53 injured in the worst mass shooting in u.s. history. what do we know? >> the gunman has been identified as a 29-year-old u.s. citizen born in new york to parents from afghanistan, omar mateen. a 911 call before the attack at a gay nightclub in orlando in which he claims allegiance to so-called islamic state. omar mateen had come to the bureau's attention in 2013 when he made comments to coworkers about links to terrorist groups. the following year, he was investigated for ties to an american who became a suicide bomber in syria. foundg incriminating was either time, and despite official suspicions, he was able to legally buy guns just last week. he had worked as a security guard since 2007. in a s

-- china sea. reporter: these talks are meant to bring the two sides closer together. it is hard to see how they can beijing's disk you did claim to the south china sea driving waves during the two. manual talks between the biggest economic powerhouses, china called for more trust. >> the pacific should not be a stage for competition. become an interest between china and the u.s. and the asia-pacific region, make it possible for both countries to keep up communication. cooperate more and relate to challenges. dispute: the maritime has pushed relations between china and its neighbors to breaking point. speaking alongside the chinese president, the u.s. secretary of state john kerry called for a diplomatic solution to the crisis. john kerry: really position we have taken is, let's not resolve this by unilateral action. let's resolve this through rule of law, through diplomacy, through negotiation. reporter: the strategic and economic dialogue is one of the most important meetings between the two coun

the big question is whether china can it -- china can control expectations. the widespread expectation against the dollar in my view bankingconcerns the system and led to an excel ration and capital flows. they clearly drop. as they test against the dollar, you can imagine it may be more difficult. >> take a look at the bloomberg here, this white line is the offshore. the blue i is the onshore. purple line is a shanghai composite. they also had a selloff. do you expect something similar to play out here? i think the differential is a good measure of the direction of market pressure. an important signal for chinese companies because they are the ones that have the capacity to move money in and out of china. admittedly a future path to chinese growth. you worked on the european debt crisis, what du think investors learned about that experience that may inform them about how china's debt may play out over the next couple of years? >> i'm not entirely convinced there is a precise analogy between the euro area crisis and the china crisis. the euro area crisis was