rishaad: it is a monday and this is "trending business." i am rishaad salamat. ♪ rishaad: and singapore and kalgoorlie, what we are watching. the latest reading at a five-month a low. the government said it is ready to act again. shares jumping in tokyo. strong sales in china helping. and back in business. greek markets reopened later

full -- later. 85%exchanges giving up since 2007. our top stories, follow me on twitter. kong andkets in hong shanghai getting under way. singapore andaiwan and malaysia starting the first trading day of the month. david: asia first out of the gate. nothing to get excited about. down about 0.25%. wall street, let's flip the board. across the asia-pacific, more wickedness that anything -- weakness than anything else. have some strengthening filtering in. ,ew zealand, that being said the slew of economic data.

the dollar is stronger. down.ities downside in gold. new york crude, brent futures on the way down. i mentioned a slew of economic data. chinese pmi and a more in the bit. 50. 50. it sounds better. what else do we have? a massive surplus. $12.2 billion, the highest on record. on saturday, trade figures out of south korea. $7.7 billion was in the trade surplus. exports fell but imports falling much further. consistently.p $12 billion of month is roughly translated on annual basis. the south korean economy. that is roughly the size of the

foreign exchange for a that said, what else do we have? aussie inflation out. the other key data is sydney home prices. less from theor same period last year, the biggest gain in 13 years. we have seen from the rba. i will leave it there for now rishaad: 45 minutes away from the latest manufacturing in china full top still no signs of recovery on a manufacturing. over the weekend, five-month lows. yvonne man has been watching. whether this stimulus is having any effect? yvonne: not really. there is talk of fresh fiscal spending in china after officials pledged to make preemptive policy adjustments. of july, in the month

lightly missing estimates and down for what we saw in june. that number is the lowest since february. the release indicated a drop in new orders. there's a reason there is a rise in auto sales. we saw the private preliminary numbers hit a 15 month alone. that is what we are expecting later on in the hour stop 50 is numbers,ial, the final 48.3. slightly up for what we saw a week ago. the national statistics bureau said hot weather and commodity prices may be to blame for the demand. nonmanufacturing pmi, services and construction turning out better than. economists say it is time for more easing and talking rate cut

and possible fiscal spending. the premier highlighted one area which is severely outdated underground pipe system in the big cities and construction of airports in central and western regions. factories could use the work from the construction projects. fiscal policies will be the key to analyzing. rishaad: more details later. tweet us your thoughts. stock exchange reopened for the first time in his capital controls came into place five weeks ago stop juliette saly is looking for a -- weeks ago. juliette saly is looking. juliette saly: they will reopen it10:30 a.m. athens time for has been halted for 25 trading days full -- days.

that is the longest is vegan since the 1970's. reese tried to shield the system from -- has tried to shield the is them from ruin. trader will be able to buy stocks and derivatives the only if they use new money for cash only deposits from future self and -- future sales. foreign investors are excluded from restrictions. an estoppel by 7% up or down and 10 minutes will be halted. down from 10% rise or fall in five minutes. elsewhere, 12 hours of talks on friday, the cerise a party to discuss cerise a party discussed iza party to discuss the bail out and the future of prime minister sievers. he appears to be -- prime

tsipras.separate -- ande appears to be safe now as they will hold an emergency congress in september. looking at tsipras' future. greece has another payment. billion by august 20 and germany is concerned they may not be what to do it unless they have a third aid package. a lot happening but we will watch of the athens stock market when it comes online 10:30 a.m. athens times with restrictions in place. athens: the ceo of the stock exchange later. at 10 past 10 in london. we are watching.

here is that eckert. zeb: agriculture progress on a trade pact. the talks wrapped up in hawaii over the week end. they'll your to agree on is overshadowed advances in other areas the 12 nations overcame differences over environmental yifferences but not dair products in ottawa bills sells -- automobile sales for -- automobile sales. it would be a setback for president obama. congressional democrats gave the president expanded authority for the tpp warned in a letter that are unlikely to support a deal without tougher environmental standards. the wing section washed up on reunion of the arrived in france. it is identified as a flaperon

from a boeing 777 from missing flight mh370 and that's the only airplane known to be missing. the discovery is consistent with the current search area. the wall street journal reported the government said it is from a boeing 777. honda has surged the most in six years. you was shares higher on friday. ed the slow down in china. sales in china rising by 30% propelled by new compact and crossover models. concerns the price were underway in china may not be sustainable. rishaad: another story we are following is singapore's 50th anniversary. how the city plans to grow? there you have it there. check it out on bloomberg.com.

later on the program, high-level talks in hawaii. no deal on the transpacific deal. what happens next? the worst in almost four years. ubs and if there is any rebound in sight. ♪

rishaad: "trending business," commodity prices plunged to a 13 year low in july can we expect recovery in the new month? our guest joins us. what is going on here? wayne: the prices are basically showing supply out wing demand.

we look at china pmi numbers over the weekend and certainly no love for commodities on the gold side. we may see short-term bounce around fairly weak labor costs out of the u.s. and we think that a short-lived. on the commodities side, the weather is looking better in the u.s. and of course, el niño event gathering traction at this time. it is up to the supply side to make the adjustment. what we are waiting for. rishaad: probably what the reason is, if we take iron ore as an example with people producing like there's no tomorrow and only one direction. copper on the way down. is it time they got together and decide to do something? could they do it in kalgoorlie? : it will be a more somber affair and some of the

attendance expect to be lower. overall, it is fundamentally a week china story where we have seen the pmi not just on the export side looking fairly weak but on the domestic side looking fairly weak. the national energy association for china released expectations for electricity demand and the second half of this year and is usually a good proxy for industrial activity. we see a pick up in expectations. factorstrip seasonal out of the numbers, you get a small increase in demand on a year on year basis of around 3%. now, that contrast to what we have seen over the past 10 years in the double digit growth in electricity consumption and the last three years when things have been softer around 5%

average. even if we strip the seasonal factors out, we do not get significant pickup in industrial activity which is from a consistent of what we are seeing across the pmi. not good news for copper and not particularly good for steel. steel producers have cut iron or inventories. , large combat in the demand for ion ore in on the supply side, out of australia. low cost minds produce -- mines produced but they are cash positive. you can expect prices around current levels and tried to make the adjustments. to you: that brings me are painting a picture of gloom here is essentially. you are also saying and in your , well, athat you have

sense of a potential of ups when it comes to base metals. wayne gordon: yeah, from is positioning -- from a positioning point of view, lead opportunities to see upsides. when we talk about recovery, modest recovery is. copperd to try to cause, -- into the trade cost and copper is slightly up. we see slight improvements in prices that left a look where prices are currently and you will see some solid supply side adjustment for a number of the markets at current levels. copper can go lower from here before it starts to pick up pace here. thate now are pushing recovery out a little bit into the fourth quarter of this year mostly because we still see pretty weak demand going into

the third quarter. we are going to have to see the supply to tryry to see prices pick up pace. rishaad: a quick word on oil here, is iranian supplied already priced in? wayne gordon: we think the market probably probably has a good handle on what to the iranians could bring in the short term and clearly there are some expectations of around half a million barrels a day and probably a little higher as we move into 2016. essentially in oil, we haven't oversupplied market and we are going into the third quarter of 2 million barrels oversupplied. it does not paint a very positive picture of prices for

the third quarter. we do think the production downturn in the u.s. will start to show is self a little more into third quarter which will support prices. it we see some downturn and we do think it is around $50 a barrel and we see some interest around those type of levels. the cost of investing right now is very high at least in the high single digits. and we are avoiding the sector. but we do see that $50 a barrel bottom is pretty close. see why.wayne gordon, have a good week. some of the stories making headlines. and all day on the store from last week. a chinese artist has a full six months after the home secretary

overruled the decision to limit him to three weeks. he was accused the covering of a conviction and said he was never charged or convicted. his visa should be issued and maybe in britain when president xi jinping makes a state visit. bitcoin exchange head has been arrested. he is accused of accessing the exchange's computers in february 2013 and inflating his account. if convicted, he go face five years in jail. time, thousands of bitcoins worth several hundred millions of dollars were unaccounted for suggested they had been stolen. china said by hosting winter olympics, it could be a sports market unlocked of 300 million people. beijing won games.

it makes them the first city to host a summer and winter game. the winter is usually cold and dry. snow will have to be artificial. big names for the mining industry gathering at the remote australian city of kalgoorlie. live with a diggers and dealers when "trending business" returns. ♪

rishaad: the remote city of kalgoorlie is center as the mining industry means for the diggers and dealers conference. -- 2030 year, not that 23yrd year. paul: kalgoorlie is not the easiest place to get to. thousands of representatives make the journey boosting the population by 5%. this is story gold-mining town is one hour away from her, one of the vote -- from the city of perth, one of the most remote cities in the world. why has it here? kicks itself for

the conference. kalgoorlie probably the center of the mining industry. one of the best in the world and people like to come here and visit. stay together for the whole three days. it is much better here. paul: not just the delegates that need to make the trip but pretty much everything else. industrial kitchens, food, audiovisual, and the largest marquee in the southern hemisphere. andls are booked solid residents like to cash in and they fully renting out their .omes for $5,000 i feel the economic impact. it cost almost $200 a night to stay in this caravan. >> it is good for kalgoorlie and we get about 1800 people. several thousand people coming to kalgoorlie.

restaurants and hotels and accommodations, very good for kalgoorlie. paul: most of the familiar names are here but notable absentees. some companies have stopped because of the after-hours entertainment downtown full -- downtown. goldman sachs has stopped coming but will not stay -- say why. nobody was the talk about the skimpies. >> it is an issue. kalgoorlie paul:kalgoorlie is infamous for skimpies. the scarcelyly -- clad waitresses who served the drink. i am not allowed to film them. rishaad: over to kalgoorlie. what is it like? paul: the minerals and or

amount of the gold industry is heavily represented. and the gold prices are down, the aussie dollar is down even more. the gold prices are holding up extremely well. the gold miners in fine form and will be expected to hear more from them over the three days of conference. rishaad: the diggers and dealers conference. we will have gene sperling, he was director and a clinton and obama administrations and he will join us. that is about in one hour in 10 minutes. ♪

♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. tand that's what we're doings to chat xfinity.rself, we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20.

it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. after china paused official reading of the factory floor 50. to china's leadership has already pledged what it calls a preemptive adjustment in the second half and is preparing fresh fiscal spending.

net income is rising to $1.5 honda innd honda -- at china. after a five-week shutdown to strengthen the economy in greece, the markets reopen today. halted.ill be if they rise or fall 7% in 10 minutes. let's have a look at what is going on right now. we get that tension pmi reading in about 10 minutes. taijin it's not only equities

that are moving down in this pmi data. we are also seeing things down in copper. shanghai composite features are also being traded lower. taiwan is down about 2%. just a few earnings i want to mention out of china. we have been talking about oil prices on the way down. it is down 7% at the open. oil is one dish -- one distant -- business, you also have goal -- coal and iron. they are all down. c international is a company

that provides business information and it is very broad. things like yellow pages, that sort of thing. that is down substantially here. i think they expect profit to be down 50% to 70%. it is a function of weaker trade or as directed technology. they are down to 11% which is a big move down. ovo is down 1% as well. china silver is another commodity play. first-half net income down at least 90% or they expected to drop at least 90%. 17% lower as well. the china railway signal may start trading august 7.

it will be at the very bottom of the range. i will leave it there for now. rishaad: getting back to that story david alluded to. official pmi numbers show that manufacturing slipped to a five-month low. the official stimulus has yet to have the desired effect. how do we read this? >> it shows that the third quarter getting a slow start in china. us factory floor is telling that orders are pretty weak. that involves experts. exporters are already under pressure due to the strong you on. -- yuan. rishaad: what about this so-called preempted stimulus they are talking about?

does that mean it hasn't happened yet? >> it's the new normal. china needs to get back in the game. people have only had so-so attraction so far but the government can do a lot more to consumerism, to get growth closer to the higher percentiles. rishaad: people have been a looking -- looking at present -- electrical supply. indicatorreal-time often ahead of economic data. the key industry group has warned that things may fall, for the first him in 17 years. consumer --

talking about car sales, honda sales have seen some lift. they are jumping the most in six years. sales are jumping 30%. it goes right to the opposite of what enda was talking about because this is a company benefiting from what is happening in china. >> honda is in a sweet spot. they had a great quarter, a lot china sales.by they are writing that surge in suv sales in china. introduced if you new suvs in china and they are doing very well. those are crossover vehicles as well. let's talk about toccata --

the company that has the airbag recall. they would be -- that would be hitting on that as well? >> it's not as bad as it was. what they are doing is a lot of cost-cutting to offset. in the first quarter for ,xample, half of the costs extra cost in marketing and warranty have been cut in half i cost reduction like lower material costs, making the plant more efficient. off?ad: is this a one are these earnings sustainable? >> if you look at their forecast for this whole fiscal year, they haven't changed it even though they beat earnings by 30%. they also be last year's earnings by 16%. they have not revised their forecast. their product launches, the suvs i talked

about, it's not only in china but it's also in the u.s. the u.s. launch was only about a quarter ago. we expect that strong sales growth in suvs in china and in the u.s. to actually continue on to the rest of the world. oh -- through the rest of the year. rishaad: let's look at some other stories. it's the first action since getting new powers to combat money laundering. regulators are saying that hong kong branch of the state bank will conduct for due diligence before doing business with 28 corporate customers, but it also says the bank has taken steps to address lapses in their suspicious -- and it no suspicious transactions have taken place.

the governor targeted inflation by capping capital outflow. air asia asking for more than $100 million in damages from the operator of the kuala lumpur airport. say it could cause delays and safety risks great but -- risks. the terminal is thinking with cracks in the building. air asia says they will challenge them. a surge of chinese visitors to japan. let's see what is driving that boom. it is quite a turnaround. these things are done on a win. a lot of this is just politics,

isn't it? were 4 million chinese visitors going to japan this year and this is a record number compared to last year. out, relations are not very good but it is getting better. we saw this also evidenced in the number of buses being sold not too long ago. howthing i was reading was shanghai seemed to appear very much as though this is the place people are leaving from. >> there are a number of reasons why say -- shanghai is leading the surgery -- surge. shanghai is china's financial hub. it is more commercial, pragmatic, and shanghai people tended to be less critical compared to other cities in china. they tend to have a more

international outlook. rishaad: let's talk about how this could improve these in fractious times between beijing and tokyo. peopleeasing people to exchange might help de-deominze nize chinese and japanese people in each other's eyes. rishaad: thank you very much. you about this mission because it has seemingly been a accomplished for tom cruise. he took the top spot in the weekend box office for his new movie "mission accomplished." in the fifth installment of the ision series, secret agent in the cold with an impossible mission. positiveing 93%

reviews on rotten tomatoes.com which is high results for an action movie. up next, after official manufacturing in china slipped into a five-month low, we are about to get a second independent gauge. those numbers after this short break. ♪

david: the united nations has warned that the number of victims of flooding in myanmar is likely to rise. at least 47 people are known to have died after unusually heavy monsoon rain. 20,000 homes have been destroyed and at least two -- 2000 people directly affected. disaster zones have been declared in for western districts but the government has been criticized for reacting to slowly. at least one person has been killed and 12,000 have been

evacuated as wildfires raged across drought stricken northern california. the worst affected is lower like -- lowell lake. a state of emergency has been declared. more than 8000 firefighters are trying to contain the flames. fires are also burning out of control in oregon and washington eight. a second american tourist has been accused of illegally hunting a line in zimbabwe. ational parks authority says pennsylvania doctor killed a lion with a high-powered bow and arrow in april. the hunt to place on land where the animals are protected. onhas featured prominently hunting websites. it is said to be a big week for wall street. debate that iran

nuclear deal. let's have a look at what we are watching. >> the week ahead on wall street will bring another round of earnings and economic reports that will be closely watched and there is also a good chance we will see lower volume as many professional traders typically take off for vacation in the final weeks of summer. economists told me that a report on jobs will likely show that employers in the u.s. added more than 200,000 jobs and that will be holding the jobless rate at a seven year low. a separate report will likely show reduced spending in june after the biggest gain in six years. july manufacturing and services data also on tap for the coming week. industry will be in the spotlight as both ford, general motors, come out with some of their latest models. in washington, it will also be a

quieter week than normal. house members also -- already gone. continued scrutiny over the iran nuclear deal. john kerry will be traveling to the middle east and asia to reduce concerns about that deal. american international group, cbs health, walt disney, and they said -- and hsbc are reporting earnings. weaker than expected numbers in china manufacturing. 47 point 8 p.m. i. pmi..8 ins is the lowest reading five months. more evidence there of a weakening manufacturing base in china. ♪

talks over transpacific partnership may resume later this month. this after negotiators failed to reach agreements in hawaii on long-running sticking points such as dairy products. from the more executive director of the asian trade center and a consultant on trade in jews -- trade issues. you are really optimistic and it all fell apart. why? >> it was always going to be a very difficult deal to close. you have 12 countries, 29 chapters, every issue was supposed to be on the table. it's always going to be tough. i thought they would do it because the calendar suggests that this really is the final moment. it still fell apart between 3:30 and 4:00 p.m. in hawaii. rishaad: why did it fall apart then? day, therend of the

are a lot of reasons, but the two most immediate reasons in my view is first, canada was not willing to talk about dairy until the last minute. that created also as the logistical problems downstream as everyone tried to accommodate canada. straw was whenst mexico suddenly stepped forward and objected to a provision around autos and auto manufacturing in the ttp. rishaad: which brings me to the next question, how far apart are these sides? i think it depends. i think the americans and the japanese in particular are very keen to get this agreement done. i think both sides have moved quite far in the direction of being as accommodating as they believe they can be which is good news because we had always been worried that the japanese would be the ones holding up the show. at the end of the day, it's actually not the japanese, it's the other partners who are scrambling to secure their top level interests in an agreement that is complicated when they

don't have a lot of leverage except for the big gun of holding up the deal at the end of the day. rishaad: looking ahead, you are saying at the moment that you don't reckon a deal can be done on this until 2017 at the earliest. >> i really think the math doesn't work. there is a hope, maybe it's a prayer or a wish, that in some of the meetings later this month that the ministers are attending anyways, they can on the side managed to patch it up and get a deal done. that is tough because among other things, it requires canada to move on dairy. they had a very contested election in october. that will be hard for them to do the closer they get to their own election. the real problem in the u.s. is that you need at least 90 days from the time the deal is done until the united states can ratify it and that pushes the agreement into 2016.

is consumedtates with the election and no one wants to discuss trade. saying: i got a tweet that as much as he respects you, he thinks you are being too negative. >> i know. i don't want to be negative. let me be very clear. i am an optimist by nature. i would love to see this deal done. maybe they can patch this together in august and get the deal through. i just think that with every day that passes, the odds are greater that the whole thing now is on ice until 2017. mentioned, it's down to the u.s. election and the lack of any political will to do anything. surely, barack obama has everything to play for here. >> he certainly does. if you look at what he has done to get this far in the trade agreements, especially in the last few months with the trade

promotion authority battle in washington, he has put a lot of his own time, effort, and political capital on the table. the question is whether that will work again with members of congress who are in difficult electoral battles. trade is never popular in the united states as a vote, and if you take it in let's say march 2016, the april of idea here is that voters will remember that when they go to thatolls in november and that is not going to get you back into your own district, your own seat. it's not about barack obama who clearly wants a legacy. it's about the people on the ground in congress who have to authorize the deal and whether they have the enthusiasm to get the deal done. rishaad: thank you so much. we have to take a break but on the other side of it, the helpology that could

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our climate is changing. even in a mediterranean area like this one, we see rainfall disproportionate to the climate. population density is rising so we think that vertical farming that develops cultivation vertically on skyscrapers or buildings by using hydroponic systems like this are best to the future of our planet. ♪ we think that with this technology and its state-of-the-art greenhouses like ours, we can cultivate from the north pole to the equator, in any area of the planet and why not? in the future, we are looking into cultivation of other

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rishaad: i am rishaad salamat and this is "trending business." ♪ we are live in tokyo, kuala lumpur, and australia this hour as china challenges some headlines. the latest official gauge of manufacturing hitting a five-month low. the government says it is ready to act. the composite is swinging wildly at the open as investors digested the view.

we get a truly global view of today's news from a former advisor of the president obama and clinton administrations. follow me on twitter. trading in jakarta just getting underway. we are heading there later on in this hour. here is david having a look at the general sentiment. david: not very good at this point. we are coming off three days of gains from wednesday until friday so what we are seeing today is drastically capping that at about 140. we are seeing broad weakness as you would imagine. most data that came out from saturday until this morning has been disappointing. , series of manufacturing data

not only china but south korea as well, out of japan, out of taiwan, all low. we are expecting the same numbers out of vietnam as well. let's have a look at what is happening at japan. if there is one i guess bright spot in the market, it is there. japangs scores out of very high and encouraging. we juxtapose this against what we are seeing in china. japanese corporate is having a better time. i will not go through each one of these but we have had impressive numbers. cars, soy sauce, ball , andngs, chemicals, banks things that make you feel more

confident about yourself. ast is the story as far japan is concerned. china is really front and center today. really weak data. inper is taking a huge hit asian trade. i think we are approaching six-year lows. that is a very cyclical commodity. pound.. dollars per i will leave you there. rishaad: as david was mentioning, we have no signs of recovery in the factory floors in china. the latest gauge is coming in at 47.8, the lowest in two years. yvonne is having a look at this. is this stimulus working? yvonne: not yet. is at% growth target risk. there is talk of fresh fiscal spending in china. officials are trying to make a

preemptive policy adjustment. the index fell to 47.8. we saw 49.4 in june. a big miss here. we were expecting 48.34 that 48.3 for number -- that official number. in nearly reading four years. the last time we saw figures this low was july 2013 as you mentioned. the recent stock market swings and falling car sales are, locating things. saysnal statistics bureau hard weather, storms, and commodity prices may be to blame for weak demand. we saw the manufacturing pmi cannot over the weekend which turned out better than expected, 53.9. economists say it is time for more easing. rate cuts or fiscal spending. china's severely outdated

underground pipe system in the will be among those considered. the factories could use that work that these construction products -- projects will bring. as the policies will be the key to stabilizing growth in the second half. rishaad: we will have a more detailed look at that story throughout the course of the show. we want your opinion. tweet us your thoughts. this story is already making waves in the market and could cause more as we go through the trading day. let's have a look at some other stories we are watching for you today. weeks after being closed as the maelstrom swept through greece, the athens stock exchange opened today. saysinance ministry foreign investors won't face any restrictions provided they were active in the market prior to june.

there were talks on friday and were in a very good climate according to the finance minister. survives politically for the moment. his popularity in the electorate has diminished but one quarter of the population is without a job. economic data is forecast to show grease and eight depression or a spiral. haveobiles and agriculture package.n a landmark failure to agree on dairy and vehicle items stalled the entire plan. long-running sticking points such as dairy and automobiles existed. resume latemay august. failure to conclude a deal would

be a setback for president obama who has lobbied hard on the deal for the past six months. congressional democrats who gave the president expanded negotiating limits are unlikely to support a final deal that does not include tougher environmental items. wing that washed up in the indian ocean has been ift to france to determine it is from the missing malaysian airlines flight 370. the wall street journal reports that malaysian government says it is that wing part from a billing triple seven. rishaad: let's look at honda's share price. it is urging the most in 2.5 years. that is thanks to demand in china. let's find out more. other carmakers have been

suffering. china has really slowed down of late, but there is one model that honda is doing incredibly well with in china, it's the small crossover model based on the same platform as the fit. the takata airbag debacle has really impacted honda more than any other manufacturer. with this new car getting going in china in a big way, that has helped carry china sales. it has also launched in the u.s. where it is known as the hrv and has done incredibly well in the first few weeks of sales. that is really the standout model and really carried honda in the last quarter. you saw the company report ¥186

billion in profit. analysts were looking for 139 billion. that is why your thing honda trading up in a big way today. rishaad: thanks a lot. a big week for corporate japan, more than 70 companies on the topic -- top picks to post recoveries today. story, new home prices in sydney soaring to their biggest gain in 13 years. do have a look at that story on bloomberg.com. coming up next, live in kalgoorlie speaking to the former director of the white house economic national council. after this short break, the latest of elements in the search for the latest -- for the missing malaysian airlines plane. ♪

rishaad: an update on the missing malaysian airlines jet. andrew is the director general of the association of airlines representing several carriers in this part of the world including malaysia airlines. great to see you. we found this debris, the flaperon. people are saying it is from a 777. how close are we to solving this mystery? >> it seems to be confirmed it obviously theand key question now is can it be linked to this specific aircraft. that should become clear within the next few days as they inspected the part because it

will contain serial numbers which will link it to exactly which aircraft it was fitted to which will provide confirmation. itthat is the case, clearly is a big breakthrough because this is the first physical evidence as to what happened to that aircraft which is otherwise a complete mystery. rishaad: do these serial numbers relate to the park itself or to the airframe? part >> it has a number of markings and one of those have been confirmed that it is from a 77.7 but each component in an aircraft has a unique serial number from the birth of the aircraft through its life. from the records of production at boeing and from the maintenance records at the airline, it will be possible to confirm one way or the other whether this is from amh 370. -- in your your blue

view, how has malaysian airlines handle this? >> it has been extremely challenging and clearly tragic and stressful for all the families involved waiting all this time. still, not knowing. one could find fault with the reactions of various parties. it's easy to say these things with hindsight. the fact is that the problem is we know almost nothing what happened to this aircraft. left no trace and other than a few electronic handshakes. if this is indeed from the aircraft, it will be physical evidence which will be a big step forward. there is a long way to go. rishaad: we talk of other pieces being found on beaches. we could have several pieces which could help us piece together everything as well. we probably will never know exactly what happened will+++

from the bits we collect unless we get a data recorder? >> i am skeptical whether or not other debris will be found in that locality. this debris was scattered across millions of kilometers. let's remember, the primary point of search is in the indian ocean underwater and that is continuing. nothing so far would dissuade us from thinking that is the primary focus. the key will be finding the bulk of the wreckage and the black boxes if we will finally piece together what happened in this tragedy. rishaad: let's move along and take a look at what has been going on it kuala lumpur airport. they got this brand-new spanking terminal and it is apparently thinking. what is your view because air asia is saying that it is costing them a hundred million dollars or thereabouts and the authorities of the airport are saying it's not really and it has a few issues but they seem to be in denial about it. what is your take?

>> it's not quite that dramatic. like most airports, part of it is built on piling. specifically the terminal building of the taxiways and apron areas. you are getting some differential settlement which is causing problems and requiring some remedial work which the malaysian airport authority is carrying out. clearly, air asia is the largest and theret terminal 2 have been concerns and there is a bit of a war of words going on at the moment. they -- it shows some of the hallmarks of billing disputes. great talking to you. zeb: time for a check of stories

making headlines. artist now chinese has a full six month that u.k. visa after the home secretary overruled a decision to limit him. he said he has never been charged or convicted. u.k. authorities refused to listen. britain when the president makes a state visit in october. the united nations has warned that the number of victims in myanmar is likely to arrive. at least 47 people are known to have died after unusually heavy monsoon rain. local media says 20,000 homes a been destroyed and at least 200,000 people directly affected. disaster zones have been declared in for western districts but the government has been criticized were reacting to slowly. china says, by hosting the beijing,ympics in authorities there can unlock the potential sports market of 300 million people.

they won the 2022 games, making beijing the first to hold both winter and summer events. winters are usually cold and dry around beijing and most of the snow for the alpine event will have to be artificial. through theging downs. for be live in kalgoorlie the ongoing commodities conference. ♪

rishaad: welcome back. mitsubishi is not the only one seeing returns. help for the mining industry. x-ray and laser technology

searched for elements that could findings. pimco wants india to ease foreigners directions so it can buy more of the country's bonds. governorr the r.b.i. targeted inflation by raising interest rates. overseas holdings of india sovereign debt amount to $30 billion. co asked policymakers in may to raise that limit. of remote australian city kalgoorlie is the center of where minings week companies are gathering for their convention. isn't the easiest

place to get to, yet each year, almost 2000 mining representatives make the large journey, boosting the population by about 5%. this historic gold-mining town is in our's flight in land from ght inland fromihg perth. why have it here? people like to come here to visit some of the operations. i think it just works much better here. the peoplet just that need to make a trip, pre-much everything else as well. venue, the largest

needee in the hemisphere to get here as well. people rent out their homes for up to $5,000 for the four days of the conference. almost $200 per night for me to stay in this caravan park. >> we get about 1800 delegates coming. we get several thousand people coming to kalgoorlie. for restaurants, hotel accommodation, it is very good for kalgoorlie. >> there are also a few notable absentees here. some companies have stopped coming due to the after-hours entertainment down south. the nightlife is not reflective of the values. goldman sachs has also stopped coming but won't say why. nobody wants to talk about it. >> i think this gives the issue issue is ay is --

side issue to what the conference is about. areven the skimpies indicator that extras have been flown in just for the week. how has the event kicked off? >> you can probably hear in the background at the moment that there is a lot of activity here at the event. one of the meetings has just let out. it was a very entertaining discussion. everyone is really upbeat here which is perhaps not what you would expect after oil prices taking a huge beating. it's a similar story in the gold state great things are actually a lot better in that regard mainly because of the australian dollar which has really come up in the past few months and that is helping tremendously for the

gold price which is still around $1500. gold producers here in kalgoorlie are extremely upbeat. it may be a strange place, but it is a good one because there are not many other places to go around here so people are essentially captive. a good place for dealmaking. rishaad: thank you so much. for the kalgoorlie diggers and dealers conference. we just saw the lows of the day when it comes to the shanghai market with that weaker reading and then expected for the weekend. that was the official reading.

much greater contraction happened then what was predicted peter -- predicted. more pronounced in shanghai when it comes to losses there. generally we are speaking about equities which are pretty much read across the board at least for the time being. -- red it could turn tail any time. coming up, auto sales are slowing down in china, but honda still driving in the fast lane. we are going to have a special report on that and of course these stories are also on the web at bloomberg.com and you can read about them there as well. ♪

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it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. ♪ "trending is is --iness," at a china cut coming in below estimates, and below 4000, the second month of contraction, and the official was a five-month low. jumping by the most in six years in tokyo, better than expected profits as they were looking at

a slowdown in china come with the net income there up $1.5 billion through the end of june. mainland sales up by 30%, with the construction of new models. and the greek stock exchange reopens today after a five-week shutdown after talks broke down in june. they have excepted the austerity demands in order to win a first bailout, and there was a surge week before the closure, some month, ande previous turkey about to take a break for now, and let's take a look at the markets. it is pretty much across the board, isn't it? off.ter: risk i wonder what the trading looks like over in athens. risk off in asia today,

not the best news coming from wall street. this will be a flat to down session, the s&p 500 down about of quarter of 1%, and a lot these data points across the region are from the weekend, ato this morning, and mostly slowdown. activity trading, activity not where it should eat, so we are seeing a lot of this getting sold off at this point. and taking a look at south korea, the currency markets, nothing in particular really standing out, the dollar index flat. we had some of these exchange ises in asia, and then there level, and at that that is what is happening as far as the asx 200. the china slowdown playing out. a look and beijing materials, we are down, and oil

and gas 1.25%, and technicals are flat. let's get into that further. base metals down. you have mining stocks down 1%. staying on theme now, we had a bunch of things coming out in hong kong, and first reaction right now, fairly consistent with the theme we are seeing, the slowdown in china, and we are down. this is off the lows of the day, and this is feeding into the bottom. company that provides business information, yellow pages, that sort of thing. drophey expect profit to year on year. it is not bad, or not good. get china's silver up. there we go. ats is down as much as 17% one point, and profits could that ismuch as 90%, so

all the good news for my end. ask to you, rish. a bloomberg correspondent is with me now, and how should we read the situation? reporter: it is disappointing. is given the very steps they have taken over the last months, and, of course, it indicates this has gotten off to a weak start. most people feel the second theter was inflated, and financial services activity would not be they're going forward, and the early indications are it will be quite soft, so not a great outlook right now. does this mean that more stimulus is on the way? we really do not know. reporter: there are more and complex measures going on,

targeting lending, recapitalizing the big policy banks, to get them to clear this, and there are projects right around this, and i think the bottom line is economists expect more from the central bank, and on the fiscal side. car sales. we have talked about this, and we also have freight, as well, but the car they'll data, that is not for the we normally look at to see if there is a bit of slowdown. reporter: it is a good indicator of consumer and business confidence, and they were warning of the first sale in years, and the big, global automakers are warning about it. yes, there are exceptions. there are some reasons carl -- car sales are falling. background, it is not

a great picture for spending, going forward. rishaad: the country also says it is working to shore things up, and also with the stock market, some equities seeing a surge in volatility. let's bring in our bloomberg news reporter. ok. this is a subject we have been looking at, which is petro china, a company of its magnitude, having increasing and insane of volatility, richard. richard: yes, it's annual sales exceed the total gdp of south africa, but it is trading like a penny stock. .t's volatility is up this is around 82, which, if you compare it among the world hundred largest companies, it is about any of those. rishaad: you do not have

companies of this magnitude behaving like this. that is the bottom line, isn't it? richard: comparing it to anything that is fundamental, the reason is that trade is trying to speculate. today? see this .ishaad: it is down today richard: state funds we know have typically targeted that stop because it has the largest waiting on the shanghai composite to try to push it up on bad days, but suddenly, that after thisdisappear increasing volatility, where we really saw the shanghai composite plunged over 8%, and petro china was down. why was that? we do not know. getting a grip on value or anything like that. rishaad: what they have for the

broader economy, more? richard: that is right, and if you did want to actually trade that stock based on some kind of london metals, you would be better off looking at hong kong. the stock is half the price, and volatility is about two thirds lower than in china. thank you, richard. petro china. kind of a barometer of what is going on with the broader market. trading like a penny stock. so the greek stock exchange reopening today, a five-weeks is tension shielding the economy -- a five-week suspension. looking at when things start trading, and we have a limit on this timeframe, as well. reporter: yes, we certainly do. withis the longest time

the trade since the 1970's, but as you mentioned, there are a lot of restrictions. onre are no restrictions what was already in the market before june 26. it will be able to buy stocks, bonds, and derivatives, but only if they use new money, and i guess that is what they call transfer from abroad, and money earned from future sales, but the other restriction is that we do see stocks moved by more than 7% in 10 minutes up or down, they will be halted. that is down from earlier, which was a 10% rise. so certainly a lot of those restrictions coming into play, some people calling it market manipulation. the prime minister, of course, has been in the headlines the last few months, and we are talking about alexis was, but does he have a political party last -- left? partyer: the left of the

were trying to hold an congress, and now they are going to hold this in september, and there will be a lot of pressure on alexis tsipras, and they look at the latest employment figures from greece. one quarter of the population, as we know, have no jobs, and they have concerns. they say there is a very good climate, and they will continue, but the future for the prime minister is little uncertain. what about berlin? they are worried that athens may see another repayment? yes, this is by august 20, and there is a concern. and the german parliament meeting, actually they have postponed this, saying it is particularly close for these deadlines, which they may need another bailout package for, so

this continues. thank you very much, indeed. a checking on some more stories, money, asking for claiming problems with budget terminals, and it could cause delays that pose safety risks. the $1 billion terminal is sinking, and on the taxiways. and there are the airasia claims that they say are baseless, and they say they will challenge them. fighting money laundering. have fined the largest indian bank. the bank of india allegedly failed to conduct work before working with corporate customers, but it did say the the bankaken state -- had taken steps. and some of the biggest names,

chevron posting their worst earnings in years, with exxon plunging the worst since 2009. meanwhile, chevron is at a 12-year low, and they are taking write-downs worth billions, and there is oversupply concerns that could push them into a second bear market since the middle of last year. they were the worst performers on the dow on friday. well, up next, a wider view. we will meet with economic withers, and working obama. this is "trending business." ♪

david: time for stories making

around the world with an arrest in tokyo, accused of accepting an exchange of computers in february 2013 and inflating accounts. if convicted, he could face five years in jail. he went off-line early last year. and he said at the time that there were seven -- thousands of bitcoins that were unaccounted for, suggesting they had been stolen. and wildfires rage across drought stricken northern california. the worst affected area is north of san francisco, where 50 houses and other buildings have been destroyed. a state of emergency has been declared, and more than 8000 firefighters are working to control the flames, with fires also burning out of control in oregon and washington state. and a second american has been accused of illegally hunting a line. the pennsylvania doctor killed the lion with a high bow

and arrow in april. the hunt was set to have taken place where animals are protected. ande was also a hippo ostrich and several antelopes. rishaad: and in kalgoorlie, where our next guest is a speaker. and advising present bill clinton and barack obama, and now with hillary clinton's residential campaign with pimco. thank you for joining us. tell us what the mood is like, first of all. >> it will not be a surprise that it probably was not as happy as i imagine it would have 2000 being the keynote in 11, when iron ore was perhaps at 180, and gold was at 1800, but

people are serious looking at and i tried to go through some of the downsides in demand, what they are dealing with now. perhaps i was a little more optimistic in the medium-term on demand, not pulling back on infrastructure as much over the last few years, and that will, perhaps, mean a little bit more of a hard landing, for some of the other exports from australia. rishaad: and there is the tpp, transpacific partnership, talks breaking down, and were you disappointed by this?

>> the truth is, being involved in some of this myself, it is something difficult to tell from afar about people squeezing that last live in bit, and the and a breakllenges negotiations, and my guess are these are rather predictable issues, and they have always been the hard issue s, and my guess is that they will be back to the table, and this is probably not fatal for the tpp at this point, but i will also point out that the later this does go to the united states congress, the more you start to see into the presidential election, so i do not think it is fatal, but i do think it has raised the difficulty level song. -- some. rishaad: it is possible that if

hillary clinton wins the election, she would have to get this through, but issue for or against the tpp? because she said the other day that she did not actually work on the tpp. that is true. i mean, obviously, the tpp is handled by our trade negotiators, with michael froman, our current one, who was also very involved when he was the leading person in the white house. so this has been a very top priority for the situation with president obama. you know, what secretary clinton has said is that she is not pro-trade or anti-trade. she is case-by-case, so she has been pretty clear that she will wait and look at the details before she makes a judgment, and i think that is what she will do, and i will not try to get

but, you know, there is no question. trade is very difficult in the united states. it was very tough for president obama to pass the trade, but i think it was a little early to tell at this point what the significance of the break off wise. i think michael froman certainly , at least publicly, communicated that it was temporary and not a permanent setback for the tpp. theaad: well, she needs unions, and the unions do not like this, so how much of this is politically motivated then? >> i think this is about her making a judgment, when she looks at this hell, as to whether she inks it is going to for u.s. workers, and i

think she has a healthy skepticism, and she wants to look at the details, and i think she has been that way. if you look at her past, she has voted against others. i think she is going to reserve her ability to look very closely at it, and make the judgment at that time. thatobviously, you know, time has just obviously been delayed somewhat, so like everyone else, i will be trying to get more information to understand, you know, what exactly you are hearing. right now, you are just hearing with the trade ministers are saying. i think the majority of them are still suggesting there is time and ability to move together and that they have made some progress, but there is no isstion that even if it approved, they will face a tough fight in the u.s. congress, and

i will leave it to secretary clinton to decide when she is able to review it. rishaad: last question, very, very briefly. joe biden is supposedly taking a second look at running against hillary clinton. reaction to that news? >> well, i love joe biden. i have worked closely with him. you know, he would be a great president, but, obviously, i am andsing secretary clinton, i advised her in 2008, as well, so, you know, for me personally, it would be, you know, it would be painful to have two people who i feel so close to and who i running against each other, but for me personally, i have made the

decision to advise and support hillary clinton. thank you for joining us from pimco, and an advisor to hillary clinton, as well. right. why pimcoinding out is -- we will be live after the break. ♪

rishaad: you are back with "trending business." let's get over to mumbai. a very good day. reporter: good morning, rish. i want to talk about this picture. we have heard from a governor, who said the central bank will discuss a plan to try to examine these sovereign debt gap, and it is reflecting comments from the

secretary, who said that in june, they will be expressing , ands in the indian rupee why is this? you will remember that while the theet have been volatile, first was in 2015, thanks to the chinese equity markets, which have seen a sharp surge to mid-june and also to the slowerrs, and it is much in india. secondly, watching all of the action and commentary from the fed. in terms of monetary policy. all of which is giving some confidence to pimco, and also what is going on with the rupee. thank you with the

latest from moon by, and that is it for this monday edition of trending business, and up next moresia edge," and we have on the conference from kalgoorlie with a guest. ♪

♪ it is the beginning of the asian trading day, and that is the tour you harbor, and this is "asia edge." right. a look at our top stories. still slowing, manufacturing in china down for a fifth straight of 2013, and lows that is dragging markets across the region down, the h shares their lowest in eight months.

sales and profits beating estimates, the most in six years. sherry: and i am sherry an. experts to a plunge of at least 17%. and deal is were live in the big mining conference in kalgoorlie. can they did themselves out of the commodity prices? and a china cracks down on online lenders, including alibaba. those stories and much more in this monday edition of "asia edge." david: and i am david ingles, and we are taking a look at the markets. china. we will get you more of that in a moment. we have that and all of the andics across the region, where growth should be.