and a $239 million profit. follow me on twitter @rishaadtv is my handle. #trendingbusiness. the asx 200 is one of the big losers this morning. falling,ian stocks reversing yesterday's gains after week retail sales data in the u.s.. the shanghai composite extending yesterday's losses, down 1/10 of a percent. now in new zealand, stocks are down 2/10 of a percent. we have some data out of the government this morning showing that business pmi for april

eased. trending flat right now, inc. rose yesterday. watch out for that. the nikkei is another big decline this morning, down 7/10 of a percent. it halted that four days of gains that we saw in the past week. that comes as we see a strengthening yen after those retail sales numbers out of the united states showing weaker than expected growth. the yen week u.s. data. right now, in the nikkei, the biggest decline is consumer services. back to you. >> big market mover here in hong

kong. look at why these results are giving us the latest evidence of a revolution in mobile. >> responding positively. they surpassed analyst estimates by a healthy margin and the future looks bright. as the hong kong trade gets underway, shares look like this. up 2.5 5%, the best performance in two weeks. 10 sent powered ahead and then cent powering ahead in the mobile space and they are looking to develop advertising capabilities. it company is saying conducted advertising case studies in recent months to

figure out how to package adds to make them more acceptable and to drive more advertisers. we have the chairman continuing acquisitions. last year, $7 billion acquisition spree. mobile games is a big area of focus. the company does very well in that space. you also have been adding additional content. online shopping, which is popular in china. all of this is a key challenge to its key rattled, alibaba. rishaad: we're looking at two of the world biggest retail rivals that are teaming up. customers will now be able to use alibaba's mobile payment service. not the most expected partnership, is it? isn't, but the

partnership does stand to benefit both. the deal is that 25 stores in shenzhen will allow customers to use their alibaba account. this will be extended to all walmart outlets china wide. it is already being used in beijing, shanghai as well as over 1000 outlets. this will only expand the reach. .elly pay -- alipay on the other side of the equation, walmart has found it very difficult to break into this market. scarce, accounting missteps. now they are looking for a turnaround. byy plan to add 150 stores 2016 and create about 30,000 jobs. this move will for them into the

network and potentially allow them to gain more customers. rishaad: thanks a lot, joining us from beijing. thoughts andyour include the #trendingbusiness. over to look at some of the other stories. secretary pritzker: --reporter: we're talking about the go profounder and ceo. he has filled a promise he made to his college roommates 10 years ago. he was given 4.7 million of the company shares, costing $229 million. employee.press first pros early days, he

offered him 10% of the proceeds he got on the shares. back in 2011, go pro issued more than 6 million options. a woman agreed to reimburse the company when the options were exercised and he did exactly what he did. whitman'sction costed network -- net worth to fall a bit. he is still the highest pay u.s. executive. last year he was awarded $285 million in compensation. tokyoa is up right now in after they sent an accounting review and said it will likely cut passed profit numbers. millionprotect a $420 reduction in operating profits for the past 3/5 -- past three fiscal years. damage was rather small.

it is the first time that toshiba had indicated the potential impact of withdrawing its earnings forecast. shares overall had slumped about analyst x least seven -- analysts suspended their ratings due to the uncertainty. there were problems although they were limited. they say investor trust was betrayed and this was a loss of faith likely to result in a discount on their industry peers. let's talk about southeast asia's biggest phone company. they say their core business will speed up. they added customers at the fastest pace in three years. sales grew 5% from the year-earlier. expects revenue will

rise in a mid-single-digit pace, which prepared -- which compares with the 1.2% rose we saw last year. facing increasing composition .rom telstra we are starting to see a little bit of a turnaround. they did see a gain of 32,000 customers in the fourth quarter. singtel using its cash to improve digital service and cyber security. investment in emerging-market carriers including india's airtel matured. people say they are trying to transform themselves into something that is more value added. rishaad: another story we're following on bloomberg business. facebook is teaming up with news media outlets to publish stories on their app. program,:later on the back more cars headed to tokyo.

the latest headaches for japanese automakers. after a break, meeting of the minds. ♪

secretary pritzker: welcome back --reporter: welcome back, these are the stories making headlines. investigators have confirmed that the amtrak train that went off the line was traveling double the speed limit. it approached a curb with a limit of only 50 miles an hour while going 100 miles per hour. the train had begun its journey in washington and was headed to new york and boston. amtrak services are expected to remain suspended thursday. the vatican has officially recognize the state of palestine, sparking anger and disapproval in israel.

they have made it clear that they switched their diplomatic -- s from the un's general assembly recognize palestine in 2012. modi heads to china today. he and president xi jinping are likely to build on chinese investment in india but long-standing territorial disputes may overshadow the trip. about a concerned planned $45 billion economic corridor through pakistan. rishaad: let's stay with that subject and answer what that visit could mean for china-india ties. our next guest is a former consultancy and a

former economic adviser. thank you for joining us. what do you expect to be top of the agenda when these two leaders meet? guest: there will be two separate streams of discussions. one will be the political story and the other will be the commercial relations. the political story will mostly be behind closed doors and the commercial story will be out in the open. those are the two areas. within the political story, there will be issues. the border issue, the river water issue. those are the issues that will come up primarily. india will also want to know the chinese plants for the $46 billion that they are investing in pakistan where they are creating a big infrastructure story around the link to the

arabian sea. that is on the political side. on the commercial side, there is a very strong issue in india about the trade deficit, which is growing, and the inability of india to close the deficit. and on the other side, the increasing chinese investments and how we see the chinese investments into india. , and inry clear to me the book that we have written i also talked about this, china and india are two big not to want to get together. that can see benefits in both of them get together commercially. for india, china is a supplier. it is a partner, it is a competitor, and it is an investor. let's talk about this

competitor instinct that they with the twoly most populous nations having a contiguous border. far toat in mind, how china's ambitions in the child's sinus she, -- the south china sea. guest: i think the indians have by now been able to separate the politics and the commercial side. i think that over the last five years we have seen that. there are problems of the border, there are issues in the indo-pacific. continues andrade the trust for growth and investment continues. i think they have been able to separate, to some extent, these

two issues and so we see a growing commercial relationship which has not been hampered as yet by any political differences they may have. i think we must also understand that india and china have common political goals in some areas. let's take the case of climate change. both are on the same side. take the case of global governance, both are on the same side. take the case of terrorism, both are on the same side. there are some issues with the by them -- issues which divide them and some issues which bring them together. china is india's largest trading partner and this growth will continue. rishaad: you have just senate, haven't you? it is very lopsided. will the campaign have a residence in china as china goes up the value chain?

will it start investing with factories with its southerly neighbor? guest: the challenge with manufacturing and the -- manufacturing in india are twofold. before india can be a manufacturing powerhouse, the infrastructure deficit has to be crossed. number two, the indian manufacturing has to be more export oriented and it has to be linked to the supply chains of asia would start and end in china. for india to become a manufacturing powerhouse, there would have to be independent in china from two points of view. can try to help in the alreadyucture? they are talking about pipelines and energy coming in. they are also talking about railways and railway lines. then they are talking about setting up two big manufacturing chinese companies

can manufacture in india. , we have done some studies on the competitiveness of china and india in some areas, like steel products and auto components. over the last five years that we have tracked, the chinese competitiveness and the advantage, is actually coming down sharply. it could be for two or three reasons. yuan versus the rupee, the nonavailability of blue-collar workers in some parts of china. indiampetitiveness with which was substantial at one time has narrowed quite a bit. components,ike auto the chinese advantages not more than five or 6%. rishaad: thank you so much for joining us from singapore.

up next, keeping his word. whether go pro chief executive is winning praise by honoring a promise he made back in college. ♪

♪ the plane and to fly

around the world powered only by the sun is waiting for the right weather before it prepares for the next leg. it is waiting in china for a five-day journey to hawaii. as big as aitzker: jumbo jets but powered only by the sun. this is the solar impulse, one of the world's most advanced .olar powered aircraft the challenge is to navigate the world only by sunlight. to it in the air takes a lot of effort.

from their base in monaco, a team of 19 monitors the progress. in may -- it may not be but it is still impressive. the next leg of the trip, from china to hawaii, is the biggest challenge. with a flight time as much as 120 hours, the pilot will need to sleep. the designers of solar impulse want to show the world the potential of alternative energy is a bright one. rishaad: just waiting for the right weather there. secretary pritzker: we're talking about --guest: we're

talking about go pro founder equipment doing something things whitman doing big things. roommate that his he would get about 2% of the proceeds that he got from the company's sale of shares. he honored that this week, which was about 4.7 million shares. he was his college roommate at uc san diego and was also his first employee and now the director of music and specialty sales. one of the user saying, wow, a deal is a deal. good for him for sticking to his word. nick woodman still the highest-paid u.s. executive.

i think his composition -- his compensation was $284 million last year. is this wholer: debate again. is it fair that the ceo gets multiples more than the average worker? ity are basically saying, every ceo made 37000 and one day. it brings up another angle, is that people like to go pro ceo, they are not typical ceos. they are probably the top 1% of the top 1% of the top 1%. he runs a vc business in texas. he brings up the whole debate again of the importance when it comes to the economy. one other user on twitter says

average ceo is not equal to the ceo of the largest in the country. user -- to issue is not really 330 1. if you take all of the companies it is really about four times what the average worker makes. reporter: interesting topic there. rishaad: taking a break now. up next, millions more cars are recalled. we will have a look at this as we are live in tokyo. ♪

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fast in the hallway. i feel like i've been here before. switch now and get the fastest wifi everywhere. comcast business. built for business. anchor: let's look at our top stories. asia second-biggest internet company. to persuade users to spend more. gaming revenue up 80%. biggesthe world's rivals teaming up in southern china. customers at walmart stores will be able to use alibaba's payment system. bricks andiggest

mortar retailer has more than 400 stores in china but has been struggling for growth. the indian prime minister has arrived for a three day visit. that is before going on to beijing and shanghai. let's have a look at what is going on. the new zealand dollars strengthening. biggestas china, the training harder. the ukrainian central bank governor has said further depreciation of the aussie dollar is right and necessary. it is not letting up. it is above 81 u.s. cents. 23, 0.2%.

75 30.rently trading at we have data showing retail sales grew faster than expected. from 1.7 percent in the previous quarter. we have downward pressure on the stocks. new zealand, down 0.2%. australia, down after rising for two consecutive days. the nikkei closed lower. composite, also extending the losses. down 0.6%. i want to take you through some movers in china. stocks we are watching.

saying, they are combineinto talks to their mobile phone businesses. the stocks rising. they are going to decommission investors. back to you, rich. rich: one of the main stories. the biggest retail rivals teaming up. customers at walmart stores will be able to use alibaba's mobile payment system. let's find out more on this. out of theis this blue as far as you are concerned? christina: it is not so strange. it is being used in stores in beijing and shanghai.

one of the biggest competitors. why not walmart as well? alibaba has spun off the financial arm. operations are distinct. starting with 25 walmart stores. in october, they had more than 800 million registered users. in 2013, it had accounted for half of online transactions. they are predicting transactions 20uld soar to seven -- 7 billion. china, it hasin had a bit of struggle there, hasn't it? is this a ploy to turn around the business?

christine: it would help. like the other foreign supermarkets, walmart has had a tough time. food safety scares. accounting missteps. stiff competition from local players. cut leisure spending has not helped. sales declined. they are gunning for a turnaround. by 27ill add 115 stores team. spending money renovating existing outlets. that will create 30,000 jobs. them into the network and help them gain more customers. give them a step forward that they need.

rich: thank you, christine. christine is in beijing. let's look at other stories patriots is, beating estimates. third-quarter profit. coming in over $12 billion. cisco announced the chief executive will take over from the current in july. they are expecting net income to rise fractionally. it is now more optimistic. offsetowth will hope to budgets.

>> i see a big opportunity. capital demands are on the rise on the back of corporate investment. even loans to small and midsized companies are growing. enomics are of ab trickling down. areasthe collaboration in will result in more appealing vehicles. the two have worked together before. some vehicles were produced in a mazda factory in mexico. staying with the automotive side , another round of recalls. giving up the numbers. honda is expected to follow suit. bloomberg news, checking this in turkey. when is it all going to end? takada this week

forecasted it would return to profits. toyotaay, nissan announced 6 million vehicle recalls adding to the 17 million recalled since 2008. soon toobably too say the worst is over. vehiclesrs of recalled will keep spiraling. rich: let's have a listen to what he told you. the japanese government was expecting by making the yen more it will drive an additional workload in japan.

rich: do you see any further boosts on the way in the pipeline? >> the week yen is not only elping nissan but also toyota and a mazda. with the yen getting weake r, they are the first japanese carmaker to bring back the production. this is the first time for nissan to return to production here. we will be expecting more boosts from the week yen.

rich: thank you very much. let's stay with japan for a moment. they are expecting to take a step closer to changing their pacifist const touche and. the prime minister wanted to change the rules. bloomberg news, tell us more about these defense bills. >> the first thing we have to -- is theyis may not are not changing the constitution. he reinterpreted the constitution to allow japan to defend other countries. what he is trying to do is allow the military to operate more easily overseas. up, he needs a package of legislation. it then goes on to parliament where it will be debated. he is in need to pass it --

aiming to pass it by the summer. rich: will these bills get through and what will it mean for japan's relationships with its neighbors? isabel: he got over the most difficult part, his coalition partner in a pacifist party. they have agreed on the content about what needs to be done. parliament.o they do have behind them, public opinion. public opinion surveys have shown the people do not want these bills to pass. the opposition will be trying to leverage the opposition. possibly change them. we will see how that goes. japan does have a territorial dispute and rather poor

relations with china and south korea. both countries have expressed concerns. rich: thank you very much. isabel reynolds joining us from tokyo. try and change parts of the defense policy of japan. up next, raise and lawsuits. failed ambitions. next on trending business. ♪

>> welcome back. malaysia has carried out a bid to turn away boat people. a vessel carrying more than 500 was pulled out of the

water. the home and mr. says the country cannot afford a flood of immigrants and it is time to show them a are not welcome. thousands of refugees are thought to be stranded at sea. the moves concerned by to consider a stronger military presence. has asked theial say pentagon to step up air and sea patrols. thepatrol more than 80% of area. secretary of state john kerry is doing beijing this weekend. study by and arctic scientists has found a massive floating ice shelf is shrinking. the sheet is inc., 55,000 square

kilometers. it is now four meters thinner than it was in 1998. its largest sibling collapsed in the last 20 years. the biggest copy rate case in history -- he has spoken to bloomberg. he is fighting extradition. he spoke to bloomberg west's emily chang about content sharing. emily: do you believe in copyright? in copyright but not copyright extremism. extremism is, if you are a hollywood studio and you release -- you release your content and then roll it months anduple of

expect the internet community to wait for the release. andjust launched netflix new zealand. the catalog of content you can download is 10% of what they offer and the u.s.. that is unfair. because people do not get that, they are looking for the stuff elsewhere. the is a problem created by content creators. i'm not responsible for that. if they would have an offering that has all content globally available for a fair price on any device, piracy would shrink into insignificance. they are not doing this. , and you it is illegal are not trying hard enough to take it down, doesn't that mean what you are doing is illegal, too? we were just a small company based in hong kong.

we were not even given the opportunity to do that. emily: do you think the artists, the videogame creators deserve to be paid? if they deserve that, yet people are accessing the content illegally, how do you find a balance? where is the problem? i don't see artists starting. >> so that means it is not fair? i don't think that is what i am trying to say. i just think people should look at it more realistically. the hollywood moguls aren mentions bigger than mine. it is greed. the movie industry makes more money year after year. society which once access to this content, but hollywood does

not make it available. i am a tiny piece in the middle of that. emily: you think the government is trying to make example out of you? >> absolutely. emily: he says the innovation and creativity that the american people create is our biggest asset. why should we allow it to be stolen? that argument does not include the question, why don't we make this great product available to everyone in an easy format? if hollywood had some smart people working for them, they would probably have the biggest internet company on the planet. how thisplaine great company would work. >> if you have a content platform owned by these studios

and they would make their product available, their entire catalog, at a fixed monthly fee for everyone to access, they would have the biggest internet success in history. i can understand the dilemma. to make me responsible for that is outrageous. you can see more of that interview tomorrow on bloomberg. e in fore you tun studio 1.0. where is the money? financial motives. hunting for tax even ate her's. that reaching a new level. as we are live in mumbai with the latest. ♪

rich: the top of the trading day

in mumbai. a $750 billiones shortfall in funding for the government and indeed for the prime minister. to the indiag infrastructure finance company which is calling for a radical rethink on how the money can be raised. and also -- those's shortfall is the size of the singaporean economy. a $2 billion deal to supply transport planes. india has been boosting defense spending in the light of china's growing influence. approving $40 billion since taking office.

the prime minister winning a significant victory in his campaign against tax even raiders. evaders. and whatbout this bill people are making of its possible success. reporter: how important this is going to be, the government is struggling to push through reforms. relief is coming in on one bill, the black money bill which had been closed to the government. the prime minister passing the bill yesterday. passed.r bill had been it will go to the president for his approval. white is it so crucial? only due to the sheer size of the money which is estimated to be in bank ccounts abroad.

it is estimated as 1.4 chilean dollars. trillionhilean dollars. details of how this will work will be disclosed later. amnesty schemes have been accused of being discriminatory. formulate ant will separate law to tackle black money in indian markets but that will come at a later stage. joining us from mumbai. let's take a look at what is trending out the there. reporter: the go pro billionaire, talked about honoring his promise to his college roommate.

employee and now the director of music and specialty sales. in the early days, he was promised 10% of the proceeds to read this week, he did just that. about 4 million shares, costing about two $29 million. a lot of reaction on social media. saying, nick woodman is a man of his word. erson saying, it is a good example of ethical leadership. a lot of buzz from a mashable article talking about ceo pay. the average ceo made $34,000 a day, more than the average worker made in a year. according to a report from whatio commit some saying, an irony the same people who cry about not being able to achieve

the american dream are the same who cry about someone who does. rich: stay tuned. we are recapping the big stories of the day so far. ♪

john: with all due respect to jeb bush, if you knew then what we knew now about why we know it, he never would have gone with megan kelly in the first place. ? john: happy national crouton day, sports fans. questions, more questions, and not a lot of answers. jeb bush is having another bad day on the question of i