some relief for greece. the banks are opening today. determining -- germany is hinting at some restructuring. angie: vw china sales fall for the first time since 2005. $4 billion, that is how much the google cofounders personal whelp increased in -- personal wealth increased in just one day. we will talk to the arsenal ceo. all that and more. >> the quest for silverware. a frustrating week is ahead of us. equity markets, with the exception of gold, which we will flesh out for you in just a moment. indonesia japan. we do have a few patches of

weakness. that is keeping the regional benchmark mostly flat. volumes are quite flat, especially here in hong kong. the exception is south korea. fx markets u.s. dollar continuing where it left off. eurocom a two or three month -- bureau, -- euro, a two or three month low. gold, a massive plunge midmorning that took gold to the second-most oversold levels on record. rishaad: we are taking a look at what sparked this. shery: it was quite something and it was basically data out of the u.s.

higher dollar, let's need for gold -- less need for gold. you can see around 8:30 p.m. hong kong time on friday, we saw gold plunged. it pushed gold over the edge and today, it fell more than 4%. gold speculators, the least bullish on record. money managers are holding the smallest net bullish bets on gold since u.s. government data begun in 2006. they are not just dumping gold but also dumping silver, platinum, palladium. if you look at exchange traded products they lost about $2.1 billion. rishaad: we are a couple of months away from the indian

wedding season. the chinese have been buying the stuff in record amounts. shery: whether the market thinks china will buy more gold. for the first time since 2009 we have data of how much china has actually put money into buying gold. since 2009, they bought $26 billion. the first time we have data out of the central bank. they bought 1600 metric tons, look at that jump from 2009. 100 tons a year being purchased by china. it all depends on whether people expect china to keep buying. it is not as high as expected. china trying to diversify its foreign exchange reserves. rishaad: thank you very much.

angie: two greece, where the banks reopen t --o -- to greece or the banks reopen in an hour or so. elliott, thank you for joining us. banks reopening, but restrictions remain. elliott: that is the size of it. the banks will reopen in about the next couple of hours or so. greeks have only been allowed to withdraw 60 euros per day. now they would be able to take 240 euros per week. -- 420 euros per week.

they have access to safety deposit boxes. we expected the reopening of the athens stock exchange. that will not be happening. regulation is required before that can happen. angie: what can we expect in terms of greece meeting the ecb deadline? elliott: that was the whole point of the bailout agreement reached. the loan that was signed off by the eurozone was about 7.2 billion euros. that money lent to greece to enable it to pay the ecb today and probably to make up those arrears that it owes the international monetary fund. if anything, the repayment that

is due to the ecb was probably what concentrated the prime minister's mind and pushed him into signing the agreement which he openly says he does not like at all because the ecb is not allowed to finance governments. if greece had failed to make this repayment, the ecb would finance against the central banks rules. that could be an end to the emergency financing. angie: tsipras pretty vocal about not liking the deal. greek consumers not liking this increase. elliott: part of the bailout agreement, the first test for the eurozone partners to see that greece means business.

the sales tax will rise on a number of things, processed food, restaurant bills public transport. a boost on greek islands, which was a contentious issue because they rely on tourism. that will not happen until later this year and not them -- in all utumn. the economy is tanking, the capital controls in place, sales taxes are going to go up as well. some people might think that will not help the greek economy. one of the measures that was necessary for greece to put in place to secure the third bailout.

angie: elliott gotkine, thank you for that. the wto is a step closer to a deal on cutting tariffs on tech. negotiators have agreed to eliminate at a trillion dollars of global commerce. the information technology agreement will now go back to member nations for approval. u.s. officials are hopeful the deal could come into force as soon as early next year. the indian prime minister is facing growing dissent from within as he tries to overhaul labor laws. the country's biggest union is among other groups calling for nationwide strike in september. the opposes plan to merge 44 labor laws and to just four. and to just four -- into just four. toshiba will review -- reveal

its first report. they have lost $4 billion in market value. the nikkei news says tanaka's president might step down to take responsibility. rishaad: we go to barclays now. aiming to cut its workforce by a quarter and then up -- in the next couple of beers. 30,000 jobs are on the line. -- in the next couple of years. 30,000 jobs are on the line. the bank has been most visited by the regulators. >> the reason he has the nickname mack the knife. he is known for the tough cuts. he has pledged to tackle the

cumbersome and bureaucratic company. investors wonder what he will be doing next. he just fired antony jenkins this month. he may shrink the workforce by a fourth. he will lead it with fewer than 1000 people at the bank. costs are important, but he wants to focus on boosting revenue. revenue under jenkins dropped 16% in the wake of the fine for rigging liber in 2012. they have been trailing behind ubs and deutsche bank. he did mention he wants to double the share price in about two to three years. rishaad: they have been under so much pressure from regulators. 186 visits last year.

yvonne: hsbc was second, far less than what barclays -- it is a very diverse business. rishaad: let's get to standard in charter. a relatively new boss -- standard and charters. a relatively new boss there. in a statement, he said it is time to kickstart performance. they want to speed up decision-making. boosting his own control in this overhaul. rishaad: thank you very much. you can get more on that story at our website. it is your online source for

market news. angie: coming up volkswagen china sales falling for the first time in a decade. we want to take a look at foreign carmakers. investing in china after the market turmoil, is it time for courage or caution? ♪

rishaad: president obama has said the iran nuclear deal to congress. it triggered the 60 day review and intense lobbying by advocates and critics. the council is expected to approve the move, but it will only, to force when inspectors confirmed to ron -- tehran is complying.

he offered a statement of regret to a former american prisoner. it is an important gesture. >> we recognize the pows came not just from the united states but britain, the netherlands, australia, and other countries. i had an opportunity to meet with the son of a former british pow. we want to extend our apology to others when the opportunity allows us. rishaad: taiwan will have its first female leader. she will face -- the nomination

following the record elections handed over half the seats. angie: china is tightening its grip on online lender's following criticism they might have contributed to the recent stock market. a new -- new rules on saturday are aimed at promoting healthy industry growth. they must be part of established banks. investors in china have a lot of news to trade on this morning. david, how are things going? david: on top of what you mentioned, we have property prices, you are seeing these price gains spread to more cities. the other thing i want to mention, great research from our colleagues at bloomberg

intelligence, a lot of this easing, these interest rates have been brought down. we have not seen this filter through an investment. a lot of inventory these developers have to go through. it is still cash flow positive for a lot of these companies. a quick look financials banks, brokerages, and real estate down to about 1%. the miners, gold prices are down. silver platinum, so on and so forth. 25 out of the 35. we are 13 minutes to the break in shanghai. at one point, we were above

4000. let's see if we recovered. let's see if we end the day happy today. angie: thank you for that, david. i do not know how happy things are if you have a delicate stomach. joining us is the investment director at private wealth advisory. your clients have been taking a look at the volatility in china and feeling -- maybe they have lost their appetite a little bit. is it time to get back in? >> our clients are not to overly concerned -- too overly concerned. angie: they are letting you worry about it. norman: we have tried to encourage them to buy more.

it depends on whether they have any spare cash at the moment. it is a short window. the market has rebounded already. i am afraid -- angie: $438 billion in its arsenal and getting ready to step in and put a stoppage on the equity selling we are seeing. that is the promise we are hearing from china. we are hearing some more intervention is to take place. is this going to be enough to bolster the equity market and seymour upside? -- and see more upside? norman: sentiment has become --

in the medium-and long-term, they would still be able to make healthy gains. i do not think the market will be as strong as before. the asian market is going to enter trading for the banks in a few months. angie: the fundamentals are not coming back? norman: the property market is one major area. i think the economy is suffering from industrial. it is one major weakness area. i suspect besides housing most of the numbers in china will not be very exciting. angie: we will be watching all of it.

a successful search, google's cofounders earning a little extra spending money. details from the bloomberg billionaires list when "asia edge" returns. ♪

rishaad: getting you back to what is going on at the moment with these two big tech names reaching new heights on our billionaires index. we are talking about the two google men. >> larry page, sergei britain. it has really rallied over the past few weeks, up 16%. it has elevated both of these men even higher on the billionaires list. their net worth up by $4 billion, quite a take him. the company vows to rein in spending. this is consistent with the same we are seeing among technology stocks. most of these companies have done well. facebook has done well, mark zuckerberg's fortune up 21%. a nice chunk of change.

rishaad: overall gains, what do we have their? >> -- what do we have there? zeb: amazon up 266% last week as it celebrated its 20th anniversary. take a look at these tech stocks. google up 16%. facebook and amazon doing well. interesting to see the rebound and technology in silicon valley executives being elevated as a result. rishaad: it is quite incredible how these fortunes affected all of those chinese billionaire -- chinese internet billionaires, too. >> huge numbers. china's richest man, his empire

very diverse. his fortune up 57% year to date $14.1 billion. rishaad: this time a day, we would normally be looking forward to the japanese open. let's look at what is going on with australian stocks. volume is pretty low. volatility also declining. there we go. a quick snapshot of what is happening in hong kong. can we have a look at that? ♪

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♪ angie: the top stories is our -- shares in shanghai remain volatile. the composition index -- the composite index breaking 4000 at one point. the pboc introduced new rules on saturday aimed at promoting healthy industry growth. gold has shrunk to its lowest in more than five years as investors weigh prospects.

china has also revealed it is holding less gold in reserves than some analysts expected. precious metals are also falling. platinum hit its lowest since 2009. and greek banks will reopen in the next hour, three weeks after being closed. basic services will return including the ability to deposit checks. restrictions on withdrawals remain. there will be a $450 weekly maximum. alexis tsipras announced a new cabinet. the imf has repeated calls for debt relief. for the first time, germany said that might be possible. let's get the latest from the markets right now. talk about a roller coaster ride, david. david: a different picture than what we started the day with. most of the markets are now down. let me zero in on what is happening in the chinese markets.

the hang seng index is down .3%. take a look at how these brokers are trading in the city. you have galaxy securities getting an upgrade from ubs. hai tong, 255% pop in first-half income. we are down 4%. macau legend, gaming share here. expecting a first-half the loss. let me turn your attention to the telco space. you have the big three here and the two small rivals. china power corp. is a state-owned venture that was formed to own the wireless infrastructure of these three. we understand that venture

china tower, rates at about 10 billion u.s. dollars. ahead of what would shape up to be a massive ipo in 2017. obviously, these are rivals. last year, they already announced that they would be injecting some cash into that venture. the timetable right now, before the end of august, we could be looking at an injection, asset injection of a combined 300 billion -- close to 50 in u.s. dollars. it is a very interesting move. it puts it under one big umbrella and would reduce duplication when it comes to capex. it also shows you that they're

consolidating a lot of these assets under state supervision. no advisers have been hired just yet. it is a very interesting business model. back to you. rishaad: china is tightening its grip on online lenders. the pboc introduced a number of new rules on sunday that it says are aimed at promoting healthy industry growth. tim is now here with a look. you have a lot of papers with you here as well. lots of numbers as well. tim: it is interesting, on the online front, the debt financing idea. the online source is reasonably small within the grand scope of things. it is part of the overall

picture, 360 odd billion dollars a couple weeks ago. as we were chatting, the dow down 230 billion. it has dropped a lot. relative to the free float of the market cap, it is still 6.5%. it is a big number. it is one of the risk factors that continues to be -- rishaad: what do we have here? tell me about these. incredibly volatile. what do people say? a lot of commentary other that chinese authorities are putting a base there. but there is no ceiling. tim: when these measures came through, the first that we saw was the large-cap stocks, the banks, the energy stocks, the state-owned enterprises, we are

seeing some interesting disconnects that we will talk about. but you are right. once the market stabilized for a day or so, the small caps took off again. in large part, they give retail momentum, frenzied investors an appetite for coming back in again. rishaad: you were talking to me earlier about one that is up 60%. tim: there is a group of the shanghai 380, small, mid-cap part of the stock exchange that are more than a billion in market cap. they are not tiny. about a dozen of them have rallied more than 60% since the market bottomed on july 8. it is an amazing thing. it feels a lot like déjà vu. just a month ago, it was a problem then. rishaad: thank you very much.

angie: we have been talking china with our guests this morning. the founder and fund manager at luminous global fund. he says the chinese government is taking all the wrong steps. >> china's set of rules on restricting sales by shareholders and insiders for six months is unheard of. in this case, big shareholders are being punished. it looks like they are in panic mode. i know the markets are going up, but it is not fundamental. fundamentally, the market probably regressed. it has probably regressed and is on the verge of becoming a frontier market. angie: he had of global markets for australia at society general -- societe generale.

>> i think the markets spooked them. i think they handled it reasonably. medium-term, the chinese economy is one that will slow moderately . it is something that we are expecting. it is just the way in which we moderate growth and get the quality of growth out of the chinese economy as they growth here -- go through the massive capital reform process. angie: chief executive of partners capital international. >> we have seen destabilization of the market now. the market confidence is yet to restore. we expect further policies to be announced, basically to rewrite the economy, improve corporate

earnings. you need a healthy, strong market. you need to have strong corporate earnings. angie: and that was a word from asia. rishaad: let's take a look at what is going on now. we are having a look at what has been happening in china. we had a piece about interest in buying new cars the volatility going away. >> a lot of people have been thinking that the market volatility has something to do with slower auto sales. actually, bloomberg intelligence thought that auto sales would be down this year. and it has been down since the beginning of the year. this year, through june, it is only up 5.5%. last year, it was up 10%. so you can see that it rishaad:

earnings from indigenous chinese carmakers are actually making hay. steve: evil are not trading up. if you look at the service people do prefer foreign automobiles. this year, we're seeing a big difference. domestic automakers are introducing a lot of new vehicles, especially the compact suvs. the foreign automakers are doing less, except for certain ones. mercedes is doing much better than their peers. rishaad: the product cycle, the maturity of their products -- steve: the whole market is slowing down. i think the automakers are winning, those who are introducing new products. a lot of domestic brands -- great wall has been introducing a lot of new suvs. rishaad: vw is the biggest carmaker and is one of the oldest as well.

the likes of gm, what did they have? steve: gm is their main rival. they have similar market share in china. their sales are only up -- rishaad: do they expect a round of discounting? steve: it depends on the automaker. if an automaker is introducing new vehicles, the likelihood of discounting is less. overall, as a whole, you should see greater discounting, a price war. you will see costs rising because their production will probably have to come down. rishaad: thank you very much. angie: time for a look at the top corporate stories this hour. here is shery ahn. shery: lockheed martin has agreed to by the world's biggest maker of military helicopters more than $8 billion. lockheed is expected to announce

a buyout of united technologies' sikorsky unit in what will be the largest aerospace acquisition in three years. it could extend lockheed's status as the biggest defense contractor. last year sikorsky had sales of just under $7.5 billion. yahoo! will spin off its stake in alibaba the move was first announced in january and is expected to happen in the fourth quarter. company will be independently traded and will hold about 15% of alibaba shares. yahoos small business unit will also be spun off. a tell-all book about qantas and the controversial 2011 grounding of the fleet will never be published after the carrier reached a deal with the author. qantas claimed that the ceo's former speechwriter had information that would damage

the airline. those are your top corporate headlines this hour. im shery ahn. angie: australia's banking regulator will require the country's biggest lender to hold billions in after capital to protect them from future shocks and make them among the most secure in the world. let's head over to paul allen in sydney. the question is, what do all these changes mean? paul: some of these banks are going to have to start raising money. goldman sachs estimates they will have to raise about $12 billion between -- westpac expected to raise around 3 billion. the national australia bank are ahead of the game. they already have 5.5 billion to meet these new requirements. that tells you a lot, really. nobody is surprised by this. everybody saw it coming.

these recommendations were foreshadowed back in december, when david murray released his report into australia's banking system. he recommended that the banks hold more capital. the regulator coming out today and saying that the average risk weight on residential mortgages is going to rise. this is why those banks will have to start raising this extra money. they do have time. the new rules do not go into effect until july 1 of next year. as we take a look at those banking stocks, they really are trading sideways this morning. anz and macquarrie are up at this stage. these changes were well foreshadowed. angie: paul allen, thanks for that. coming up next, greek banks are set to reopen with capital controls still in place. we will talk about that and a lot more when "asia edge"

returns. ♪

angie: some of the stories making headlines around the world. rishaad: participants have been arrested in havana ahead of the reopening of the u.s. embassy. this group of rivals supporting the government of raul castro. it will be the first american diplomatic presence in a van in 54 years. -- in havana in 54 years. angie: sepp blatter will lay out his reform plans later today. he also announced a date for the election of his successor. meanwhile former vice president jeffrey webb has pleaded not guilty to corruption charges in new york. he was released on bond and will live under house arrest. he was one of seven officials indicted for bribery in fifa.

rishaad: and a pro surfer survived a terrifying encounter with a sharp. mick fanning was competing in the finals on south africa's eastern cape when he was not from his board. he was able to be pulled to safety before organizers ordered everyone out of the water. >> it just kept coming at my board. i was kicking and screaming. >> you get some teeth? >> i just saw a fuiin. i did not see the teeth. >> did you get a couple of punches in? >> i punched it in the back. angie: talk about shark-infested waters. we are talking about markets as well. joining me is our guest. you could say that the markets

feel that way to a lot of investors. not just that pro surfer, but do you wade in? the sharks are circling, it feels like. norman: you have to be prepared for some volatility. this is a byproduct that we are going to have more volatility. there are more choices that investors should not overlook. rishaad: how do you feel about the shenzhen link? norman: that will help sentiments against -- rishaad: does it mean the retail investor in china will have more access to the market or in hong kong? norman: i expect it will have an impact. because of the proximity. i would expect the impact to be smaller, but more likely

psychological support. angie: people are talking about greece or china being the bigger thing for markets overall. greece being the systemic risk but china, the fundamentals as well. norman: i think the stock market is going to be supported by china's government. hopefully, the chinese shares would be able to benefit in hong kong. i would probably stay away from asia for some time being. angie: are you putting your money in europe as well? a lot of analysts think financials are pretty appealing. norman: financials are attractive. on the macro side, there is still going to be easy.

-- using -- easing. we have changed to underweight europe in the first quarter two overweight europe and japan. >> wire we still seeing euro weakness? norman: it is probably because of the dollar strength. people expect that the fed does not have to delay the interest rate hike because of the greek situation and that helps the u.s. dollar. ms. yellen is not very helpful. rishaad: while the greek crisis was going on, the euro was relatively strong. it is september, december for a rate cut -- i just do not think it is going to be december. i could wind up with egg on my face but i would tell you why. you do not want to be scrooge for christmas. norman: i suspect that as well.

i am afraid the chances of a low height in 2015 is creeping up. what we have seen in the second quarter, especially june, is not exciting. >> do you hike sooner and proceed slowly or hike later? norman: i believe hiking later is a better alternative. i think -- >> what is the benefit of waiting? norman: markets will know that the fed is not going to tighten too early. the fed has said that they will be data dependent. >> the market will always be worried about a rate hike. all they want is easy, cheap money. norman: if you are strong enough to hike, that is not a problem

at all. at the moment you can look at the retail sales numbers, they are not that strong it. >> it was good to see you. thank you for that. coming up next -- rishaad: a look at the business of football and the tactics throughout asia. angie: we will hear from the arsenal ceo. stay with us. ♪

rishaad: you are back with "asia edge." some of england's top football teams have been in singapore the past few days. angie: arsenal apparently beat everton 3-1 on saturday. how important asia is to the club. >> for us to reach out and connect with that enormous family that we have in asia is an absolute priority. it is a priority for our growth as a football club. if we ignore that, we would be very foolish.

we need to be involved at the top level of world football. to do that, we have to continue to encourage and grow the fan base that we have out here. >> am i right to say that there is greater pressure to feed the frenzy, so to speak? maybe more international tours including asia? >> there is but we have limited resources. the way the football schedule works it is getting tighter and tighter in the summer window and shorter and shorter. for us to find the windows in which to come and visit all of the locations we would love to visit is a real challenge. >> let's face it -- it has become an expensive business. you need deep pockets to sustain a successful football club. new income streets are needed. do you see any new income streams coming your way? >> we have always been a club that looks forward looks ahead. we did that when we developed our new stadium.

we were at the top of the game when we started that project, which we knew was going to be a difficult project. what we are doing now is looking at what we are going to need to do to be relevant and at the top of the world's game 10, 15, 20 years now. a critical part of that is how we engage with that global audience that we have. it is challenging for us because our revenues are relatively meager. we are around 350, 400 million pounds half $1 billion. most of that money is used on our players, on our squad. so the resources that we have to really connect out here -- it is impossible, in a region of this size, for us to be able to do it on our own. critical for us in that mission of the partnerships that we can develop with people like puma. we did a launch in singapore the

other day. these kinds of ways of connecting in the fan base which are mutually beneficial will be the way forward for us. rishaad: the chief executive of arsenal. angie

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