rishaad: this is trending business. we are going to be live in melbourne, tokyo, and singapore. a new act in the greek debt drama. creditors will not be paid next month. a chairman that's against his an company in the days before

cut a collapse. john nash has been killed in a taxi crash, he was portrayed by russell crowe in the movie a beautiful mind. shtag forget the ha #trendingbusiness. eve on is looking what is happening so far. happy monday to all of you guys and happy birthday, buddha. that is why we are seeing markets closed in hong kong and korea, the u.s. and u.k. markets also closed for memorial day weekend for the u.s.. we are seeing a little bit of a mixed picture in asia this morning, on that 15 year high, seven straight days of gains, looking pretty good and we will

see if we are going to see if things continue one throughout this morning here for sing up or -- for singapore. saw a little bit of stocks on friday there in the u.s. falling in the red pretty much after we saw some comments from janet yellen saying that 2015 rate rise may still be in the cards despite that chilling economic data that we saw for the first quarter but we did see some upside in the eco-data last week, we saw that inflation climbing 0.3 percent in april for the u.s., that is the biggest gain since 2013. federalcloser to that goal. in asia, in terms of sectors, we are seeing green in all sectors. 1%, ands up about telecom close to 9/10 of a percent.

the trade deficit number came in one hour ago, better than expected, that deficit coming million, that is never than expected, and that is thanks to exports. 8%, is to the u.s. rose beating the estimate of 6%. we saw some weakness on the yen after janet yellen's comments. another page turns in the greek debt trouble with the final scene possibly just two weeks away, happens calling for compromise say they have met creditors three quarters of the way, more than $6 billion of bills will come. minister greek finance is saying it is up to creditors to compromise in the rather colorful analogy he says it is

that creditor's interest the cow that produces the milk should be beaten into submission, so the milk will not be enough for them to get their money back. this is statement comes one day after prime minister tsipras says greece cannot absorb anymore austerity measures. the german chancellor and the french president have already made it clear last week that greece has until the end of this month to reach an agreement on it's a program, and that would include economic changes, policy changes demanded by creditors. the greek government has to pay a monthly tension, they have to pay salaries by this friday, it also has to repay about $330 million to the imf a week later. payune, the greeks have to not tollion to the imf, mention $5.6 million in

short-term bills. they have payments to every month in july, they have more than $6 billion that they have to repay to creditors, not to mention more deadlines in august. rishaad: thank you. and detailed look at that story later in the program. tweet us your thoughts. the chairman of the chinese solar company -- increased his bet against the company just days before their stock collapsed. their shares fell 47% before being suspended. >> funding for the hong kong stock exchange shows the cha increasedirman shares. the chairman of h anergy increased shares.

from 5.81 percent of the companies issued share on that very same day, what else is interesting about --? that is the same day that many debtors were closing at their holdings. some professional sellers were closing holdings and on that fellday, may 18, hanergy 3.1%, the lowest level since 2013. on mayres plunged 47% 20. this does raise more questions about the company, many questions about how the company was managing to increase the price of the stock so much, up 162%, which is one of the reasons why many professional sellers were closing their

holdings. lasthen this huge plunge week surrounding a mystery, the company has predicted in the -- has been accused of manipulation in the past. there are reports that the hong kong securities commission and regulators has been probing market manipulation in their shares. rishaad: some of the other stories we are following for you. >> first to the macau casino scene. ruled that the court has jurisdiction over the case, this is good news for stephen jacobs who was continue his claim that he was wrongly fired. he says billionaire owner sheldon elston required him to collect copper rising information on macau government officials. he denies those claims, saying

jacobs was fired. for violating company policy. to put it in perspective, sam are about 54% of their revenue. corruptionckdown on is eating into profits at casinos and turning the whole macau casino scene into something of a turmoil. blackberry, cutting jobs around the world. click cutbacks or to consolidate a shrinking smartphone business, the company spokesman declined to say how many people would be affected. but we do know that as of september 2014, there are 7000 employees. global market shares have fallen less than 1%, so blackberry has fought to carve out a niche focus on financial

professionals and government workers, the reason being they can provide top-quality security for financial workers who want to maintain that they have safe working and secure environments so blackberry has been raining in its hardware and expanding software. on to theoving traditional start of the box office summer in north america. the season is underway after memorial day. ticket sales are sluggish this your, leading the sales was tomorrowland, measured one to $51 million. as compared to last year's of 187 million. second place, pitch perfect 2, knitting $30.3 billion. mad max film was about it though -- oil shortage, and the remake of poltergeist

wrapped up in fourth place, the remake by 20th century fox and mgm. roger federer has received an apology from the french open tournament director. stimulated the chinese economy, what is working what is not. next, time is ticking for greece , what is alexis tsipras plan to do to appease creditors? ♪

rishaad: welcome back to "trending business." us.k you for joining

asia saying it is getting too expensive, and the economic outlook is to rosie, let's explore that. guest: thank you. the ratio is about 44 times then china, we have seen the reduce the borrowing costs in the central bank is putting emphasis to reduce the reserve ratios, economic data in asia with the export growth slowing, the purchasing and manufacturing signaling contraction and we do feel that right now we should be underway in chinese and asian equities. rishaad: you say it is india which is looking the most expensive. how much of that is down to an economy which is showing signs of life to some extent? it is puzzling. indianwe have seen the market correspond to a

correction and reduce about 10% in the last few months. we believe that fell you asian is starting to look more favorable -- valuation is to look more favorable. rishaad: everybody is still well,g -- on the fed as and we heard janet yellen say that they could see a rate rise this year. the thing is, the m.i.t. that int saying economics, things take longer to happen then you think they will but when they do happen, it happens faster than you thought it could. do you expect the fed to move? but of course the fed moves quicker after that. that is your verdict? guest: that's right. the macroeconomic data in america has been fairly poor. having said that, housing data

is strong. whichitial jobless claims is one of the lowest levels in 15 years, and an implanted 5.4%. on friday, we saw the federal reserve specific the advise the market that infrastructure will rise in 2015, and once they start to rise, able move quickly. dohaad: the thing is, we have some ported up the when you look at the japanese economy which has been benefiting from the strength and demand out of the u.s., perhaps the japanese are telling us something about the u.s. that the u.s. is not? economy isjapanese rebounding. gross semester product is picking up. they have been a good job in terms of reducing monetary policy in japan. has been printed on a monthly basis. that is definitely propelling their economy.

we believe the japanese market is started to show signs of life, they are still in deflation for growth is picking up. we believe there is more upside and the japanese market, probably relative to other markets. when you look at that, the japanese equities relative to to justnd as you seem take that equities are currently trading at the lowest level two government bonds in the last 20 years. japan?: by guest: by japan. rishaad: the headwind out there not what is going on in europe, the greek crisis marches on. how do you think it will come to an end? the imf has put pressure on greek creditors to say that there is no short solution in any solution needs to involve the imf. hollande putting

pressure on creditors. they were probably be a gradual right down of debt. i think that that will actually benefit the european economy overall. rishaad: equities in europe? -- is havingtative a strong impact on europe. highs,the dax at 12 be a and obviously we have seen a reduction in the last few months specifically regarding what is happening in greece and the uncertainty regarding the euro. we'll feel that the quantitative easing of the euro is making exports warm attended -- more competitive. we believe there is more upside in europe once these greek situation gets sorted. rishaad: how much do look at the dollar right now? another rebound taking place, legs and if you

are looking at other equity markets, how do you shield yourself from its appreciation? guest: to put things into perspective, the dollar index was around 101 and january and is sitting around 96. we have seen a depreciation in the u.s. dollar and that has an based on what janet yellen said on friday, that interest rates are likely to rise this year. we believe that the rise in the u.s. dollar will impact obviously certain sectors and economies morse this weekly and they're obviously a number of sectors and commodities would probably be underway relative to the rising u.s. dollar. rishaad: thank you. click stories making headlines around the world, malaysia's home mr. says he is shocked by the discovery of mass graves on the border with thailand.

containing the remains of muslims. dozens more bodies at an abandoned camp. southeast asia is struggling with an i said us of migrants from bangladesh and myanmar. smuggling routes have seen many take two wooden boats, with thousands stranded at sea. torrential storms in southern and central china have broken a record for rainfall. authorities and say 57 people have died since the bad weather arrived. others have saw temporary shelter. reservoirs could collapse. thousands of people have fled villages along the river in northwest nepal after it was blocked by a landslide i could burst and cause flooding. it has created a lake two kilometers long and authorities are worried the water could break through it anytime.

nepal has been devastated by two powerful earthquakes along with dozens of aftershocks. the head of an indonesian coal miner is often a controversial situation, the details when we return. ♪

rishaad: this is trending

business, i am rishaad salamat. a spokesperson for citigroup confirmed an acquisition but did not provide details. the majority of citigroup's foreign accounts are being sold to a new york trader. saying mitsubishi has won a contract to build a power plant and seawater desalination qatar.in it is the largest overseas investment since the 2011 nuclear disaster. construction begins in 2017. the italian chocolate maker ferrero will open its first plant in china, the maker of chocolates and nutella will invest $110 million in the

factory at a shanghai. it will employ as many as 300 workers. ferrero isn't planning to produce activities at home. we are going to look at the trouble at this indonesian coal mining company, berau. a former director is refusing to leave his position or his office. -- this to has linda management armor selectivity? tussle,: a very unusual a former executive refuses to leave his position at a company on the verge of a default, the man we are talking about is amir sambodo, the company we are referring to is the row, he has he has lockedu himself in an office in jakarta. he is taking control of the i.t. system, accounting systems and bank account information, and to

prevent eviction, he has hired more than 100 guards. he is locked in and he plans to sue his former bosses for removing him from his position. as of now, we don't know who has control of the row. rothschild is trying to gain control, asia resource parents company. another hurdle for sorting out who is in charge. key, as he has got the well. how can they remove him? haslinda: it is hard to say. it asia resource says he will remove him from the premises but has not said how. even when he is removed, berau management remains unclear. the situation is complicated, so it downgraded berau bonds with a negative outlook that sees no

and to the tussle for control. it is complicated. rishaad: it certainly sounds it. thank you. stories wherever you are, just get the bloomberg app and downloaded to your mobile device or mobile devices. after the break, we will head back to shanghai to look at the gadgets and technology on display at the consumer electronics show. the hong kong market is shut today because of the birth they of buddha, but the shanghai session just about to get underway. he will have all the numbers from their when trending business returns. ♪

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stories, greece and saying creditors must a compromise over debt and unlock aid. they stated they did not have the money to pay the imf and other creditors next week. alexis tsipras saying greece will honor its commitment. rgy andirman of hene biggest shareholder increase in position for 5.8% of the issued

share cap. they plunged 47% just in two days later and the stock was suspended. deficitcovering from a but not as bad as forecasted. exports to asia and the added states surged with the 448 million dollar deficit last month compared to a $7 billion shortfall one year ago. in march, japan japan is one of the market trading today with the markets closed because of the buddha's birthday. reporter: we are talking about volumes a little low today in asian markets. kospi traded low today as well. funds in australia about 9/10 right now. volume is down 40% from the 30

day average. 225 continuing the game ar the seventh straight day, 15 year high. singapore inflation also out today here and we are asked acting that leader today. 1/10 percent rise in inflation. output outctory later on this afternoon. thailand down about 1/10 -- taiwan down around 1/10. japan, alles to sectors in the green in the last half hour. eisai the pharma company, one of its parts was backed by european medicines agency. it is a drug for adolescents at the list -- epilepsy.

shares down 5%. the air crisis continues to get waste. one of the airbags were ruptured at a scrap yard. resources up 20%. australian dollars at 438 a share. rishaad: top stories. default looming for greece as the interior ministry said it may not be able to make repayments to the imf. what are we hearing? reporter: they are now saying that we bowed a deal with creditors who couldn't and wouldn't pay the imf in june. granted, the interior minister doesn't really have the economic decision-making power. still, it gives you a glimpse of the dire situation in greece. there's no money left.

they are seeing with creditors not being able to reach a agreement, it is the most explicit remark from athens we are hearing about the likelihood of a default. finance minister has already told creditors that it is time for them to compromise. that is what they are saying. chancellor, the french president already making it very clear last week that alexis tsipras has until the end of this month to reach an agreement on the program, including economic policy changes. rishaad: big reforms they want in place. we have money next week and other -- many other in the months after. what are we talking about collectively? reporter: deadlines and deadlines coming up. $330 million owed to the imf.

all in all, four installments for the imf. 1.5une, coming to more than billion dollars. one payment every single month. july, more than $6 billion due from the greek government. also other deadlines in august. reaching a deal with creditors look challenging. the german finance minister signaled that there is not much wiggle room after the government committed to policy changes back in february when they agreed to the deal. rishaad: at the same time, linksys tsipras is saying we and honor all our creditors commitment here, what does that mean in terms of greece leaving the euro area? reporter: the finance minister is saying if there is this, it will be catastrophic. not everyone seems to agree. warren buffett is saying and exit could actually make the

euro stronger. alan greenspan saying a greek exit from the euro is just a matter of time. rishaad: thank you very much. we have a jump in exports to the u.s. hoping japan posted a narrow trade deficit. a person rising shipments providing some evidence the economy is recovering after last years receptor -- recession. hint of optimism not just for japan but also for the u.s.. guest: that's right. japan had a very narrowed trade deficit this april after a small surplus in march. but there was a big jump in exports for the u.s.. goodn all, it was a pretty exportsts for japanese

and a greater economy. absolutely. does it look like japan will return to trade surplus anytime this year again? say at theome moment, it is 1.2 or ¥1.3 trillion in deficit for the year. it has to see some really strong improvement through the second half of this year for that to happen. if the yen was to weaken further, or if oil and gas prices were to start declining, you might ever return to surplus year. some months this year where it does go back to the surplus. 4102 months. risks towhat are the this improvement? guest: the big driver of

improvement was exports to the u.s. what happens to the united states economy will be very important. how strong the u.s. recovery is going to be. that will be a huge factor for japan. another will be china. what happens with slowing growth there. in caras a 50% decrease exports to china. we already see the effect of that on japanese exporters. whether they continue or not, that is one of the risk factors the imf noted in their report last week on japan's economy. sees amoment the imf flirt -- floater -- further slowdown in growth in china, that will be a hit for japan exports. bond risk has jumped the most since 2012.

they ensure it in the japanese display maker rose for the highest in any asian tech company. they are seeking investors to spin off the lcd business. let's look at what is behind the spike. reporter: good morning. they are rising after we reported that the chances of sharp getting a government rescue are fading. last month, sharp reached out to innovation corporation of japan. it funds. they wanted to know if there's a possibility for a fund to back a spinoff of the lcd business. our sources tell us the answer is likely to be no. the reason is they already passed japan display. they compete directly with sharp for orders from companies like apple.

combine together, these two companies would have a dominant share and antitrust authorities will not a valid. -- allow it. rishaad: is the future of the company under serious question now? i guess that depends on whether you think sharp can go in alone. they received a ¥200 billion in fusion from their banks. most will go to repay debt. but they are also cutting costs, cutting labor, selling at headquarters and closing down businesses. of the market participants believe that alone will not be enough and they needed from partner to survive. they were involved in foxconn over a 10% stake, but those negotiations seem to have folded because foxconn is looking for a greater management role. there is some disagreement over the price. for now sharp is on its own and the credit markets seem to be taking this negatively.

rishaad: thanks for that. joining us in tokyo. a look at the consumer electronics show kicking off its first asian event in shanghai. it is a chance to get into the chinese market. but it is also a global window for up-and-coming chinese brands. is relevant as china's electronic market could surpass that of the u.s. this year. stephen engle took us for a spin. reporter: a connected car is a major theme of this, the first ces for china. unlike its bigger brother in las which attracts 176,000 attendees, this show will get about 20,000 participants. virtual driving capabilities, the market potential for ces -- consumer electronics sales in china is a huge. it will not let me crash this thing. gadgets that were not even on

the market a couple of years ago , we will see in some sectors a doubling of sales around the world. to 3-dmera drones printing. it is one way for china to mass-produce cars. and wearable devices like smart watches and ultrahigh definition television and video devices. in china i only time can really stick a camera and someone spacelike this. -- someone's face like this. and then there is twitter, relegated to the back of a help. they have an inbox and they have mail. you better be careful in opening those attachments. engle, bloomberg news, at ces asia in shanghai. rishaad: up next, japan's trade is back. assess the numbers after the short break. ♪

reporter: stories making headlines. britain's labour party has dropped rent position to a referendum on europe. and in output in the most certain to happen and labor will be unlikely to stop it. she says the party continues to believe the uk's better off inside the eu and would approach the referendum on that basis. the u.s. defense secretary says the iraqi army has no will to fight. ramadi fell tof islamic state forces earlier this month. outnumber --r islamic states target will be attacked from the air and the defense secretary says the strategy is effective. however, he says nothing can substitute for an army on the ground. there is growing public unhappiness at japan's plan to

beef up its military. the nikkei news survey of the weekend says opposition has risen three points since april, while support dropped four points. prime minister shinzo abe wants to allow japanese forces to play a wider role of barat -- a broadband defend allies. rishaad: i look at what we are watching in the asia-pacific. reviving the economy in india including jobs and infrastructure. a 12 months of modi. macau opened in wednesday. 150 new gaming tables. casino revenue in macau is tumbling, falling nearly 40% in april. wednesday sees the chinese

budget carrier generating in shanghai. at $1rline will be valued billion and is expected to see as many as 68 million shares. they will use some proceeds to buy more aircraft. the world will be watching with .reat interest time to look at what is going to move the markets in the week ahead. richard's chief economist at bank of singapore. thank you for joining us. today's trade number from japan. i have seen it back in the red, albeit only slightly. is it turning the corner? i think it is looking quite a bit better. i guess you are seeing two of

those factors in the trade data. one is an points are going down because the price of oil has collapsed. that is helping. the other thing is the yen is becoming more competitive. you are starting to see exports doing fairly well. i will feed into the industrial production numbers on friday where we saw very nice bounce. rishaad: also, what about inflation as well? i we getting any? sales tax from last year is going to drop out of the year over year numbers. that will to maybe 3/10 of a percent. it looks as if labor markets are pretty tight. unemployment rate is down 3.4%. conferencee at the pointing outend, the have delivered the economic performance where you expect to see wages ranging --

rising. i think that is the core of their strategy and the dictation, that you will get close to the asian target within a year-and-a-half and they will need to do anymore using -- any more policy easing. rishaad: you could argue given what you are saying, not that true for what is going on in china. no, it is a beta of a concern in china. they had in easing for six months. rates lastd cutting november. you would expect to be seeing some impact in the data. but the pmi is still pretty lousy. it is stuck alone 50. it is not disastrously bad, but it has not responded as it has in previous cycles. does not care, we will have data showing industrial profits continuing to fall. they have fallen for six months.

the stock market seems to be completely detached from economic reality. rishaad: that's certainly true. in the absence of a rising housing market, which is a big headwind. what about local government debt? we have seen how rates continue to search lower. is that helping in any way? guest: i think they are taking a very sensible approach to the local that. -- government that. there was concern that local financing vehicles were investing in stupid project. they will go busted in the end. and then they will worry about the capital base to the banks. and basically transferred onto the books of the local governments and the central government implicitly. the suggestion is there is a guarantee on this debt that banks will not be ending up facing big write-offs because of

this. but it doesn't solve the problem of investing in stupid things. but it does at least reduce the pressure on the banks that is as a to come as a result lot of this bad investments and credit bubble we have seen over the past five or six years. i think that have -- they had taken the right steps. rishaad: what about the fed. u.s.ata points out of the which should give us a little more clarity as we predict the next and normalization of monetary policy? guest: we've got the first revision to the gdp number. normally revisions to gdp data is the least interesting numbers you can get out there. the interesting thing about the first quarter is they can revise it. it was a disappointing first quarter. whether the markets worry about that and whether they see that as a reason for the fed to push

out tightening, it will be interesting. i thought yellen's speech was important because she did emphasize what we saw in the fed. they seem to view the week first quarter is being a bit of a freak, statistical anomaly. suggesting they still do intend probablysing rates, september and maybe december. that's why you've seen a bit of a bounce in the dollar against other major currencies over the last day or so. richard jerome joining us from singapore. he is from the bank of singapore. up next, remembering a beautiful mind. russell crowe pays a tribute to john nash. the online reaction to the logo -- nobel laureates that one "trending business," continues. ♪

rishaad: this is "trending business," and we are looking at

what is trending on social media. by rods. i'm joined it is a bit of a sad night that we begin on. , the had been reporting death of john nash, the nobel laureate who was known for his achievements in gaming theory that is still used this day i and economists. unfortunately, he died over the weekend along with his wife in a taxi crash in new jersey. tributes have been flowing in from around the world and from celebrities as well. he was the subject of the movie "a beautiful mind," played by russell crowe. he tweeted that my heart goes out to john and alisha. ron howard, the film director, has also tweeted.

we will have a few more of the reactions to that story coming up later. roger federer is not happy after the french open on sunday. you can see what happened here it is then ran onto the court and tried to take a selfie. he actually dismissed the fan and he was led away by security. the roger federer not very happy, criticizing the security operations at the french open. luckily nothing happened. pretty scary that a fan can jump on the court. saying,person is something much worse can happen. of course, worse things have happened in the past. in 1983, monica seles was stabbed in the back. a very serious situation. here, nothing happened. reporter: a major security breach. thank you. back to you. rishaad: a look at what is

coming up for the second hour. we are talking tech in the living room. live at the electronics show to see the evolution for the home place. ♪

rishaad: it is monday the 25th of may. this is "trending business,." live in jakarta, a look at what they are watching. the clock is ticking in greece. there is no money and creditors paid be . party leaders say athens will honor its commitment. and independence group agrees a $1.4 billion deal.

we also will talk about etiquette. the french open. roger federer out one his opening match when a young fan asked for a selfie. he said he is not happy with security. @st follow me on twitter, rishaadtv. the market seeing a bit of green. here is a bond. --yvonne. of one shanghai market and two thirds of a percent. for the shanghai composite hong buddha'slosed for birthday. we also see markets not trading the u.s.k and u.s., for memorial day. some gains right now. they are continuing this 15 year high. demonstrate days of gains already at the afx.

let's take a look at the shanghai movers. mostly green in all sectors here and led by financials of about 2.4%. -- up about 2.5%. three months has tumbled 194 basis points since the ends of march. the government needed over -- lower borrowing costs to clean up the mess. technology down one and a quarter percent. -- we just got trade balance data coming out two hours ago. it looks like the deficit narrower than expected. $439 million trade deficit right now.

exports did rise about a percent. overseas shipments really increasing to the u.s. importsimates by 6%, sliding 4.2%. in the yen we continue to see weakness for the past week because the dollar fell. but quite a bit of gains in the past week. they yen continuing to weekend, 121 .72. in the euro, weakness as well. the u.s. dollar has climbed 4% against the euro. we are continuing to see the dollar looking good. the fed janet yellen talking about rates for 2015, still on course despite the chilly ego data we got for the first quarter. upsides possibly in the cpi numbers for the month of april. back to you. rishaad: default looming for

greece. the interior minister says athens may not be able to make june repayments. what are we hearing at the moment? shey ahn: they say without a deal with creditors, greece couldn't and wouldn't able to pay the imf in june. the engineer minister does not have economic decision-making he does give you a glimpse of the dire situation that greece now faces as it struggled to brace the impact with creditors in order to release a bailout fund. it is also the most explicit signal from athens that without a deal, it could default. finance minister says it is time for the creditors to compromise, as the greeks have gone three quarters of the way there. in a rather colorful analogy, he said it is not in the interest of the creditors that the cow that produces the milk should be beaten into submission to the extent that the milk will not be

enough for them to pay the money back. already, prime minister singh burress has said greece -- prime minister alexis tsipras says greece cannot absorb anymore. prime minister and german chancellor made it clear that tsipras has until the end of this month to reach an agreement. back to you. rishaad: chairman of the chinese solar companyhanergy increased his that against the company. the stock price collapsed last week. falling before being suspended. reporter: very interesting. we see from filings to the hong kong stock exchanges that the chairman purchase 26.4 million shares on monday, one week ago. on the same day, he also increased short positions 7.71%,

up from 5.18%. day, that was the day that many professionals were actually closing their holding on the company. the company itself, shares increased by 162 percent just this year which is part of the reason why some of these short sellers were sequencing holdings. that first day that's against the company fell to 3.1 percent of our learning chairs which is the lowest 2013. stockys later, hanergy price fell 47%. there have been mark -- no comment on hannity for the move and no explanation. anyrgy denied there is stock manipulation. we have seen the hong kong regulators have been probing

market moves in the company in the last few weeks. according to bloomberg, only to analysts actually commented. let's have a look at other stories we're watching today. here's the roundup. reporter: macau casino in las vegas has lost a dismissal lawsuit. a u.s. judge has ruled that the court has jurisdiction over the case. that allows even jenkins to continue his claim that he was wrongfully iron in 2010. he says the billionaire owner electedadelson compromising -- collected compromising information. but he denies that says jenkins was fired for working on other deals. and also violating company policy.

since china accounts for two thirds of las vegas sands total reported 54% did drop in third-quarter profit in april. china's crackdown on corruption is believed to be eating into profit that casinos and is certainly a story that we are constantly watching here. meanwhile the blackberry and it is bad news for employers here it -- employees. start --nking smartphone business. employees as of september were at the company. global market share has fallen to less than 1% for blackberry. mostlyd a niche market, coasting on financial and government workers because it offers high security software. blackberry is raining back on

its hardware and expanding software. othermplications that manufacturers might build devices. we thought also asked lee -- expect to see revenue falling. finally, the traditional box office season in north america is underway with a long weekend. but the taking sent and sluggish so far. leading ticket sales was disney's "tomorrowland. " second places universal pictures , thenh perfect 2" fury road."ax: poltergeist," rounds out the

list. focuses on summer sequels. those seem to be more happy and comfortable, looking at stories there are already familiar with and characters they are already familiar with. of course, they can still borrow on the name of the disney theme parks. that's a couple stories we are taking a look at. why some oil speculators missed out on the record rally for crude. check that story out on bloomberg.com. has promised modi to make business in india easier. is still frustrating investors. we're going to talk to j.d..com's chief technology officer when we return.

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rishaad: here is a look at what we are watching in asia this week. tuesday marking one years since modi became prime minister of india. he delivered jobs and prosperity and improving infrastructure. program called 12 months of modi. last week the government granted approval for 150 new gaming tables and macau. casino revenue and macau is tumbling, down nearly 40% in april. company beginnese trading and shanghai. based on the offer price, the airline will be granted $1 billion and will expect 68 million shares and wants to use some ipo money to use their --

to buy more aircraft. jordan and sally is the only challenger -- jordan's prints is the only challenger. u.s. jobs and housing data out later this week. reporter: the week ahead on wall street is a holiday shortened week due to the memorial holiday. stock exchanges and trading activity will be closed here. when the week begins in terms of trading, investors are likely to continue to be focused on earnings and economic data, especially now that janet yellen says on friday, that she expects to raise rates this year. though the pace of her increase will be gradual, she says. thatcaused some to say rates will be increased quickly.

market direction is a big question. was a down day in terms of the stocks, in terms of weekly activity, it was the third straight week of gains for the s&p 500. where the snp rises from here is another big question. in terms of economic data, fresh data shows the u.s. economy contracted for the first time in the year last quarter. the market for american homes rebounded. home prices in 20 cities increased at a slower annualized rate, according to economists surveyed by bloomberg. among companies reporting ernie's, tiffany -- earnings, tiffany and lion air holdings. stories making headlines around the world. malaysia's home minister says he is shocked by the discovery of

mass graves new the border with thailand, which he feared contained that remains of hundreds of muslims. earlier this month police found dozens of more bodies at an abandoned trafficking camp. southeast asia is struggling from migrants on a crackdown -- a crackdown on smuggling boats has left many struggling at sea. rancho storms in southern and central china has broken a 40 year record for rainfall in may. 57 people have died since the bad weather arrived last week, mainly in car crashes. a court or of a million others have sought temporary shelter. there are fears some dams could collapse. have fledof people villages along the river in northwest nepal after it was blocked by landslide that could burst and cause flashlights.

theorities are warning water could break through at any time. nepal has been devastated by two powerful earthquakes in the past month, along with dozens of aftershocks. rishaad: up next, scrutinizing a security. why roger federer is furious , coming french open up in a few minutes. ♪

rishaad: this is "trending business," i'm rishaad salamat. another look at the restructuring of the indonesian coal miner. an executive is refusing to leave his position and locked himself in his office. what is going on? it is a complicated story. reporter: it is. you can call it a management arm russell -- russell. have been in a very complicated position for a very long time. months and months. it has mismanaged accounts and now nobody really knows who is with the for the company. ceohe latest twist, the ex is refusing to leave his position at the company on the verge of a default.

digging in and has locked himself in the company hq in jakarta on the 15th floor. he has taken control over the ip, accounting systems, and bank account systems. he has hired more than 100 guards to help them secure his position so no one is able to infect him. the plan is for him to sue his former bosses for removing him from his position. there is a management puzzle at another level as well. it involves u.k. billionaire asianiel rothschild, resource, which he owns, is the current company. he has put in a restructuring plan as part of a bid to gain control over the company. as of now, there is no clarity as to who is responsible and accountable for this company. it is complicated and a huge headache. rishaad: absolutely.

very complicated. what happens next? somebody surely has a spare key. i know it's not that simple. but can anyone remove him as ceo? reporter: even if you have the key, you have to get past 100 bodyguards. imagine that. the former ceo obviously does not want to move. the parent company says it will remove him from the premise, but we have not really been told how exactly. the problem really is even when he is removed, there are other issues. the management remains unclear. not surprising that the ratings agency is concerned. downgraded the bonds with a negative outlook. shares have been suspended since the beginning of the month. asia resource shares have been suspended in london as well. so nobody knows who's

in charge effectively? reporter: no, they don't. nathaniel rothschild has been trying to gain control of berau. he has faced tremendous problems a lot ofrst place, mismanagement of accounts. even that in itself is hard to put a name to it. there has been nobody accountable for it. what more to take control of the whole company? rishaad: thank you, haslinda. our southeast asia correspondent. the consumer electronic show is kicking off its first asian event in shanghai. for a global brand it is a challenge to get into the chinese market. also a global showcase for up-and-coming chinese brands as well. event organizers forecast that the chinese ces could reach a

market value of 155 ilion dollars this year. stephen engle went this year. connected car is the major theme of this first ces for china. unlike the biggest -- bigger brother in love vegas which attracts 176,000 attendees, this show will get about 20,000 participants. four driving abilities, the potential for consumer electronics sales in china is huge. category, products not even on the market a couple of years ago -- we will see in some sectors a doubling of sales around the world. like ariel camera drones to 3-d printing. one way for china to mass-produced cars. and wearable devices from smart watches to four k ultra high definition televisions and video devices. this is probably the only time in china i can stick a camera in

someone's face like this. then there is poor twitter. there are blocked in china, relegated to the back. they have a pretty small booth. they have an inbox and they have mail. you better be careful opening those attachments. stephen engle, bloomberg news at ces asia in shanghai. wehaad: speaking of twitter, are looking at what is trending out there. by ros.: i'm joined , with thead note death of john nash. the nobel laureate won awards -- quite aaving towering intellect. awards for game theory. he pioneered early in his used bythings still economists. unfortunately he and his wife

died in a car crash in new jersey. tributes are flowing in by celebrities who know him. he was the subject of the film, mind."a beautiful the film director, ron howard also paid tribute announcing that john nash and his remarkable wife had passed away. not so much tragic news, but certainly unsettling news from you. reporter: roger federer very upset at the french open yesterday. andn came onto the court tried to take a selfie. he dismissed the fan without letting him take the picture and essentially escorted -- he was escorted away. roger federer was very absent and he was relieved nothing more serious happened. but people commenting on it

saying, i really wish roger would have stopped that dude. saying, what about security? if they didn't take money out of the game they would be enough money to pay for good staff. i think he will still be happy with that. but nonetheless, thank you so much and back to you. rishaad: up next, we are asking why indonesian lenders want to scrap the banking supervisor. that is coming up as well as market roundups as well. market equities in the green. ♪

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♪hey girl ♪we're having a party happy birthday, grandma! ♪we'll be swinging ♪dancing and singing ♪baby come on over tonight rishaad: top stories. japan's trade balance back into deficit in april, but not as badly as forecasts. exports to asia and the u.s. surged. was a deficit last month compared to a $7 billion archived -- short last year. greek says its creditors must compromise to end the impasse over its debt and unlock eight. senior members of the government says it does not have the money

to pay the imf. alexis tsipras says greece will honor its commitments. the chinese solar company han ergy essentially bet the company would fall. the stock was suspended. let's have a look at what's going on over these broader quities. what's going on now? >> we're seeing pretty much in positive territory in asian stocks this monday morning in. shanghai up 2%. it gave 8% last week so we're poised to see more gains here today. and also we had that weak manufacturing. we're going to see more escalated measures to really

stimulate the economy. so fueling stocks up in china. hong kong closed for budos' birthday. going back to choifpblet i want to announce -- they announced this on friday. cross going to starting border sales but opening the door to financial markets, the capital in china, worth about $97 billion in those fund sales. that's going to happen in a so. or two or we're seeing the trade numbers as rish answered better than expected. let's talk about the movers a ause the china movers is big one. they just announced -- now this is kind of interesting. back in reports in april paying on forum venture russell

investment they own 51, russell owned about 49%. today the company agreed to buy russell's 49% state in that joint venture. so the venture is about 10 billion yen of assets. the bijo manufacture is down about 1% right now. the company forecasts 1% gains in sales for the year. so venture is not being too soptistic about those gains. this is the fourth largest listed brokerage. they're talking about the hong kong sale. the prices for that. at the top of the range, it will range about $4.5 billion. they joined a lot of brokers in china trying to raise funds as the rally continued as we saw today. the company has received orders

from individual investors for at least 278 times the amount of stock available to them. so that is definitely quite interesting there. .harp up about 3.6% it's increasing because there are some prospects that are waning that the government or the state is going to come for the rescue for sharp. a lot of problem first the company there. we have been seeing syria's resources in australia. 22.5% right now. that's after they announced that independence group agrees to bite for about $1.4 billion. independence group down 9% right now. rishaad: there's a trade deficit in forecast. an % rise provides some suggestion that the economy is recovering. let's join the economy expert

james. you were talking earlier there does seem o be grounds for optimism here? . james: good morning, yeah. we saw the trade deficit in april was 95% up more than a year ago. that's definitely an improvement. you're seeing definite signs of flurens in exports to the u.s. there's an expansion of exports to the u.s. an to the european union also in china and other marks. all in all while there was a deficit, it was a small deficit and it was a good result for japan's economy especially compared to the trade deficits which have been massive. >> let's talk about whether this is something which is going to be the norm now. does it look like we're going to see a gain this year? >> well, some economists are saying that in 2015 for the whole year there's going to be a trade surplus.

other economists are saying that's not going to happen. it's going to depend on oil prices and what happens with the yen. i think it's 4.3 trillion yen. it's going to be some very large serious and large surpluses for there to be a surplus for the whole year. you're definitely seeing that the deficit is shrinking. and so, you know, generally the -- there's been an improvement from the very bad trade position that japan was after in 2011 when all those were shutdown and the end was much stronger than it was now. an improvement but it may not be enough to go back in the surplus in 2015. ry -- >> talk about the improvements and where the risks are?

james: the u.s. economy is growing as people expect it to. on the other hand the u.s. doesn't go as expecting then those exports may not be as strong as japanese companies are expecting. lso a growth slowdown in china and in japan's economy. so you know, there's already an effect oif the slowdown in china happening for japanese companies and if that continues or gets worse you're definitely going to see a negative effect from japan's economy from there. the risk here whether the u.s. grows as much as expected and whether china slows down as people are expecting at the moment. rishaad: we're going to have a look at indonesia's quarters. who has control of this

country's banks? well the official took over supervision last year. lenders want the power to go back to the central bank. our correspondent has been checking this in jakarta. very good morning to you, tanya. >> good morning. that's right the indonesia's constitutional court is willwing the financial who decide who supervises asia's largest economy. now they took over under a 2011 law on financial institution. and according to reports, the court is assessing an appeal of eight articles of law who challenge the authority and fees of the new regulator. it requires to pay an annual fee to for f their assets

operation. banks want regulation to return to the central bank. chairman of indonesia's national bank said that supervision should go back to indonesia as soon as possible and find it readiness when the crisis concerns. now the court has heard system from patamono and o.j.k. vinyl is t which is currently under discussion. meanwhile they are looking for for the of o.j.k. or o.j.k. cease to be paid to state budget. an economist says moving supervisions will the lead a period of dislocation as the two institutions adjust where the backing ms to be

financial institutions. rishaad: with australia's low record, there are warn thags it could fuel red-hot property market. the end of the long mining business there drags down house prices. and paul allen reports from perth. paul: it's too bad this townhouse is not in sydney. if it was it would have sold a great and for a amount. >> this is truly one of the best properties in perth. you're probably looking at a property like this worth $1.5. today under $1 million. paul: property prices arose 6.5% to december.

and in sydney the growth was a staggering 12.2% but in perth it was 1.2% and trending down. probably a downturn in perth. they're reacting on the outside and sydney reacting on the downside in perth. we're on opposite sides of the spectrum. we need a drop in perth probably in sydney it rises. mining boom not seen in australia since the 1850's goal rush. at its peak real estate prices sored but new mines are not being built and real estate is now a tough sell. >> hay street was once the home of wernl australia's small cap mining companies. today the four signs are up. they announced a doubling of the

eficit as mining companies decline. >> it has been prepared in the most challenging and fiscal economic the state has faced in at least three decades. >> last ecoos of the resources can still be heard where a gleaming new $800 million stadium is urn construction one of many public works prudget. the big earning, big spending days are almost done as the boom fades into something unfamiliar. it's called normality. rishaad: up next, overbudget and way behind schedule. they approach another milestone but may be years away from active combat.

note >> sydney at 1.1%. asia pacific i should say underway up. having a look at singapore and it's playing ball with the rest of the world. there we go, up by 1%. marginal gallon -- gain. the any kay up from a seven and a half year high. that's what we have at the moment. there are japanese exports. those exports rising more providing support for an economy is which is arguably turning around from its 2014. but he tells us japan still has some way to go. >> the way japan falling short is really the inflation numbers.

at this juncture the numbers in japan only running about 0.2% if you exclude the sales tax hike. japan is falling short. that could possibly be down the road because of debt the policy could go even further. they're not in a big hurry, better than expected economy data. but japan is one of the markets that we like in the global arena. rishaad: glenn davis thinks the strategy is paying off. >> we do believe that japanese market is starting to show signs of life. growth is definitely picking up. and we do believe there's an upside in the japanese market probably relative to the market. when you look at that, the japanese equity in regards to the japanese bonds the economy will try to get from the lowest

revel in japanese bonds in the last 20 years. >> by japan? >> by japan. >> richard says there's an end sight for easing if the chiefs are to rebound in inflation. we were pointing out that the economy has delivered the type of economic performance where you expect to see wages rising. you expect it in the next 12 months. that's the kerr of their strategy and -- that tease kerr of their strategy and expectation. they won't need to be doing anymore policy easing. >> britain's labor party has dropped its decision on the referendum in europe. harmon says d --

the party cons to believe that the unk is better off -- u.k. is better off and would prefer a ref ren double on that basis. the iraqi army "had no will to fight." when the city of ramadi fell to islamic state prices. they simply withdraw. they are being attacked from the air and they said the strategy is effective. he said nothing could substitute or an army fighting on the ground. tokyo found an opposition has risen three points to 55% this april. while support dropped to 25%. -- he ends to end the

session to drive the legislation through. >> the united states marines are gun testing the f-35. even if it wins combat approval by july's plan, the dong delayed aircraft may be away from its first mission. >> the u.s. marine corps has gun operational testing of the nore tores you f-35. hoping to have it in july. this doesn't mean when july hits the marines will fire tauf engine and fly into a combat zone. if deemed combat-ready the marines areer fegively approving its basic functionality. current limitations include how many weapons it can carry, it's night flying capabilities and its ability to spot targets. among the troubling problems is

a lack of pointer capability to distinguish friendly from hostile forces. it's actually not unusual for a new combat-ready vehicle to stay out of the action. take for example the f-22. the similarly expensive fighter s declared combat ready in 2005. but it wasn't until september of 2014 nine years later that an f-22 actually flew in syria on it first combat mission. >> we'll take a break. but coming up, taking a look at, well, the -- let's have a look at all our top stories so you -- that you can watch on your mobile device. has he been keeping his words? we'll be heading to mumbai for the answer.

ishaad: i'm rishaad salam. romodi promised to make business in india. ? w's he doing there are some concerns about modi's league reforms here, right? >> there's a report coming out just a few hours ago and a way unfortunate turning because exactly a year to the day that romodi took office and why he has been talking about easing up doing business in india. they have highlighted that they're a long way off before i an finally be on file.

142 untries, india ranks right between uzbekistan and gaza. as far as doing business in india he's enforcing contracts a tiful 186, just three places the worst country as far as enforcing contract. india ranks 184 on that list of the time. india is struggling with bad loans and poor demand. in fact showing that expansion in lending for commercial rea s slowed to 8.9% in the 12 months through march the 30th, from 32% a year earlier. another 46 months to find buyers. the ease of doing business reports has not reported a single reform in india.

while the government is finding investors doing business on that front of the domestic front doing business and the only thing that will work would be to completely switch of -- over to e filing their complaint. rishaad: you can watch our special show. 12 months of modi. that is tuesday as we break down the indian prime minister hits an misses during his first year in office -- and misses during is first year in office. t's see what's been abuzz on social media. >> it's sad news to begin with. and of course, the passing of john nash. we have academic, celebrities, fans and student who are paying tribute to him on social immediate. he was, of course, the subject of the movie "a beautiful mind"

and there was a book written about him. he developed gain series and economists follow him still till this day. he suffered from paranoid schizophrenia. the story helped to bring that out. russell crowe who played him in the movie. he said he's stunned. my heart goes out to john and alicia and family. an amazing partnership. beautiful minds, beautiful hearts. following news of a security breach that involves roger federer. now he had just finished his winning game at the french open. and a fan came on to the court after his first round win and took the security guys about six seconds to apprehend the teenager who was holding a camera phone. people have coming out on twitter in support saying they really wish roger federer took

him one. that's what's trending on social media. andy joins me as we recap the big stories of the day. joining me today private capital on fire.

rishaad: this is the interior palace in tokyo. better than expected trade data. it is the middle of asia's trading day. and you're watching "asia edge." a look at our top stories, it's buda's birthday. and the stocks are up at 7.5 year high.

imports and exports surging in the united states. and location and surging has never been truer. we have a special report from perth. >> coming up this hour, mixed messages from greece. one minister says the money's gone and creditors won't get paid next week. his poss insists commitment will be honored. short circuit. the chairman who bet against his own company before the shares crash. we're going to look at the goings on. plus, gains an gadgets galor. we're in asia's first ever consumer electronic show, all this in "asia edge." >> asia stocks pretty much on the green today. we sthaw lying by shanghai up about 2% right now. and about .7%. we got that coming out