remains closed. indonesia makes the first state of the nation address highlighting corruption. his new trade minister warns against protectionism. you can let us know what you think by following me on twitter. don't forget to include the hashtag trending business. now i turn to david for a look at the markets. david: friday, markets calm the down. not seeing the same sell off we saw midweek. a weekly dropfor for the regional index. a few bits and pieces of data coming out. something you should take note of. thatumbers out of taiwan

should be out a little later. retail sales coming out of singapore, up 0.8%. shares are doing very well despite the fact that you have this massive drop in second-quarter profit. have been driven lower, 38% over the past 12 months. nibi, nothing happening. that is what you have. ickes 43 right now. we are strengthening. playing catchr, up. six 39. look at the spread between them. that is the story.

currency i want to talk about. markets in vietnam fell 1.6%. there is speculation the central tradingld widen the band. they might have to devalue it further. depreciation for the year. 2014, the stopgap. way below the exchange rate right now. something to watch. a bit call mark today. oil headed for seventh weekly drop. our oil and gas analyst, gracefully. crude trading near a six-year low. e: crude trading at a

six-year low. a fear the market is getting oversupplied. you are seeing a crude drawdown in the u.s. seasonal highs. -- a.d., and evaluation valuation in the juan. devaluation in the yuan. iraq trying to make up for lost sales. lee with the oil prices. let's look at some of the other corporate stories we are watching. here is a roundup of what is making the headlines. withter: we will start hdc. the announcement came after shares plummeted. down at the open this morning.

for the week, shares down 20%. renders the brand of worthless, taking the market value below cash on hand. reductiony has a 35% -- is aiming for a 35% reduction. they will have to shed jobs. the report in march stated they had 15,000 staff on hand. biggestonce the smartphone maker in the u.s. to competition hurting the bottom line too much, especially now, alysts -- greater market vals. from foreign righ markets.d the chinese

they are both well positioned to share.mestic market htc plans to focus on the high-end smartphones and fewer releases. they want to develop new areas such as wearable devices. the ceo issued a statement saying the strategic realignment will ensure each product group has the right focus and resources. the company has had some problems overseas, temporarily stopping the sales of smartphones in the netherlands yesterday because of product quality and user experience issues. htc made this announcement that did not give any more details. htc to getime for there business strategy correct career let's go to another story, earnings at -- in singapore career they have taken

a dive because of a slowdown in the gaming industry. u.s. fell to $9 million revenue plunged 73%. profits have shrunk as -- one ofs from china the two casino projects and casino reported a 23% decrease ofrevenue as a result unfavorable vip premium business according to the company. look --eeping of you -- we are keeping an eye on hsbc and barclays.

the $2 billion includes earlier agreements totaling $808 million. j.p. morgan chase, bank of america, and citigroup. seven banks remain defendants in the case. a spokesman for the bank of , allca, and others declined to comment. hsbc has no immediate comment. the foreign exchange benchmark rates litigation case is being heard in the southern district court of new york. we will keep you posted a new developments there. back to you, shery, shery: one of china's biggest ports remains closed, crippled by the massive explosion. we are now getting some idea of the damage caused in tianjin. has the latest on this. stephen: this is turning into a

horrific story in china. have detained the owner of the warehouse. all investigators have said publicly is the giant explosions were started by a fire. at least 50 people are known to have been killed and more than 500 injured, many critically. anger is rising among those living in the neighborhood, a densely populated area. questions have been raised why were toxic chemicals stored so close to homes and white residents were not evacuated. also raise questions about growth at the port. it is the 10th busiest container port in the world and the china, in northern primarily serving the capital, beijing. for oil, wheat,

and automobiles. volkswagen and others have confirmed brand-new cars were destroyed in the fire. total throughput rose 10%. producers have confirmed shipments of oil and iron or have been disrupted. leave --several for laden carriers were diverted. commodities prices will not be affected as much sense other ports can digest the capacity. horrific video we are seeing here. real tragedy with economic ramifications. a leader in the show, memories of a war 17 years after japan -- memories of war. 70 years after japan's

surrender, an account of growing up far from home. 'set, prime minister of statement on its militaristic past. will there be an apology? ♪

parliament isek debating reforms that would unlock a bailout package. onme minister has to rely opposition votes. the euro area finance ministers are expected to approve the bailout later. obstacle in the german parliament. military has removed figures just before a general election. troops have taken control of the

headquarters and appointed a new chairman. the former speaker is among those toppled. he wants to be the next president. isg san suu kyi constitutionally barred from being president. delivers an address on his country's past. tomorrow marks the 70th end of the of the war. china and korea have demanded a full apology. 70throw marks the anniversary of japan's surrender. a speeche will make and china and south korea are dementing a full and sincere apology. let's look closely at this.

thank you for coming in to talk to us. it is not easy for many people to understand how much hangs on the line with a single statement. give us a sense of how critical what abe says today is for japan's reputation. guest: when you think about the world watching, what abe is going to be saying, everybody is going to have a checklist of sorts. one term they are looking for is colonial, imperialism, the other will be aggression, and the other is apology. 70 years after the war, in many ways, the way people remember the atrocities has a huge bearing on what we buy japan to say in terms of how to act in the future. want toabout how people

be assured of how japan will shape the 21st century. will they get the reassurance? t possible to satisfy their neighbors and their conservative domestic forces at the same time? s: to be honest, i don't think is possible. eight has a difficult task. he came to victory on this platform, trying to rebuild a new japanese identity. liberate itself from what they view as the constraint of wartime apologies. i don't think south korea or china will ever be satisfied by whatever is said. in many ways, what is going to the chinese or south korean governments might

consider it acceptable but what about the people themselves? as we interact a nationalist in 21st-century asia, it is hard to make everyone happy. shery: you mentioned abe coming in with changes. one is to revise the constitution giving the military more power and expansion. how is that going to play into relations with china and south korea, especially with territorial disputes going on? as a historian, i think world war ii left many unanswered questions. one of them were territorial disputes. many of these islands which are a concern, they were not resolved after the war ended.

we will want to see how these problems will be resolved, whether in the international arena or military confrontation. what japan is facing is a tricky question. government wants a more assertive japan and a forward-looking japanese kind of this ison of power, something that not only the chinese and south koreans will resist in terms of what history taught us, but on the other hand this is something the japanese people do not seem to be keen on reviving as well. only about states, it is about the people themselves. the vast majority of japanese do oppose any revision to the peacetime constitution. as a historian, from what you have seen about diplomatic economic affecting relations, china is japan's

biggest trading partner. will this have economic ramifications? andres: i think there can always thingscklash of sorts if turn sour. if they cater to a more conservative audience than china or south korea is expecting. in terms of what we are seeing, i think most states will play it safe. this having a long-term effect on economic relations. hand, the great danger really is whether each of the states can contain their own , the reaping of the nationalist seeds they have planted. in particular, i am think about the chinese. the way over the years, it has fueled more of a nationalist sentiment which has a strong

anti-japanese side. we are seeing chinese protests and targeting in the streets, i don't to get will have a strong effect on economic relations. shery: what about the impact of the statement on the trilateral alliance with the u.s.? japan, south korea, and the u.s.? andres: i think the u.s. is keen civility and security in the region. it has pushed japan to go down the route of apology. one of the words on the checklist. japan.ot only about role should the u.s. play as well. triangles orabout perhaps a square, there is china

and korea. also the china element so to speak. be skeptical,y they will want the u.s. to keep the japanese restraint. they will be worried about the chinese as well. shery: thank you for joining us. coming up next, the indonesian trade minister says he is ready to push back against protectionism. we are live in jakarta for the details. ♪

look him back. you are watching "trending business." the indonesian president has delivered his first state of the union address. t his due to presen 2016 budget. let's go to jakarta. the southeast asian correspondent. good morning. good morning, shery. the president has wrapped up his speech.

indicated he wants to change the economy. once to move away from an economy based on consumption to one based on higher productivity. that is because he wants to bridge the gap between the rich and poor. these are some of the points he is hoping well the lady frustration experienced by his people. you cano to twitter, the the frustration of people. different than 10 months ago when he was appointed president. then, it was optimism. people were encouraged he would be the man to prop up a growth. 10 months on, growth is at the slowest pace in six years. quarter, and the in no change or very little change from a year ago despite the initial euphoria that he

would bring investments to the country. that frustration within and outside the country has led to investors saying they will wait and see. on top of that, protectionist policies, he has shown to be populist in his approach to the economy. the newly appointed trade minister, take a listen to what he said. >> history around the world proves clearly protectionist policies backfire in the end. it is a matter of do they backfire quickly or slowly. is kind of the job of all countries in the world to fight these protectionist instincts. he made changes to his or it will the appointments make a

difference? when you take a look es, it does seem like a competent team. the former central bank governor , now the coordinating economic mister. and the trade minister, a private equity guy. bank. worked for deutsche it does seem like a credible team. some analysts said, this will be the last cabinet to change we are going to see because of the issue of patronage bugging the administration. shery: thanks for that. plenty more to calm on "trending business." ♪ ♪

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shery: these are the top stories trending this hour. loyal heading for its longest run of weekly declines since january with no sign of an end to the oversupply. the international energy agency says the market surplus will continue through next year. ofna has detained the owners a dangerous chemical store and violentfollowing the

explosion. it is not known what caused the disaster but there had been a disaster at the site. shipments of iron or have been disrupted and vessels have been barred from entering. the indonesian president has delivered his first state of the nation address identifying inequalityand wealth as key problems. he will hand down his first budget later today, trying to kickstart the economy growing at its lowest in five years. indonesia must fight protectionist and sticks according to a minister. a look at david with what is moving the market. david: down 0.7%, malaysia. currency, getting whacked again. i will get the ring get up.

-- ringgit up. it will not be surprising to a 4.07. people if we hit the lowest level. since 1998. we know what happened and then, the asian financial crisis. the only currency in southeast asia that has seen this amount of pressure. the malaysian ringgit in focus. surging 9%, volumes heavy. in federal court dismissed attempts to terminate their right to export iron ore out of the port. what else are we watching? why not. the chinese currency, just to give you an update.

not a big move. a big move down, on the teenage market. -- t and h market. money market, going back to --ly july, seeing a bit of reflects things like outflow and funding pressures. of thee exception ringgit. i will be that there. no doubtere is the yuan has been a big story. anding us is an analyst director of research career to what jumps out for you in all of this? falling.

guest: if you take a step back and put this into longer-term context, the yuan moves gradually. we stick with that view. it may be a signal of change instead of prolonged strengthening, moving to a time where there could be weakening. we think it is more gradual than something startling. number two, we are focused on the yuan and a dollar. we have seen the euro and yen, strengthening notably. the strength we have seen in the chinese currency versus the yen in yellow. the same thing with the euro in

blue. interestingly enough, they have strengthened more over the last couple of days then the dollar, making about a 5% change. the interesting thing there, europe and japan are weak. they are in stimulus measures, mindsets. is that going to last in their strength versus the one? the yuan? fundamentally, we would argue that does not make sense. >> in this context of a gradual devaluation, who are the winners and losers? tim: you have to think about chinese companies. clearly the knee-jerk reaction is exporters win. translate a stronger

currency back. they can have better competitive positioning. it is not all chinese companies. it istomotive sector, chinese auto parts that might win. auto companies may not. some of the manufacturers like beijing auto actually import parts from germany because of the relationship with bmw. there they use. -- loose. facel companies competition. we have done a lot of digging. if you go to be i china, you we did looking through industries. shery: a complex situation going

on with the devaluation of the yuan. makes --e u.s. dollar following the devaluation. it becomes more expensive to import for other currency holders. the impact on the domestic prices would be mixed. it may be both foolish and bearish. china can export more competitively, which is good for demand and price to investigate. that the increase in chinese exports could way on overseas prices. shery: were looking at metals traded in china. what about china policy exports? -- china's exports? the chineseok at

exports, steel products and aluminum products, they jumped 28% this year. devaluation imposed a more exports from china which will add to the oversupply of the mental markets. for u.s. and europe steel they have already filed trade complaints. we expect more trade cases from other countries as well. ners who sell raw materials from iron ore to bauxite, they may see less purchases from china. producers, it has the most exposure to china. generated revenue from china in the past five

years. shery: thank you for joining us. thank you guys. thank you so much. checking in on other stories we are following, the devaluation of the yuan threatens to add to the woes of the richest people. 27 billionaires lost a combined $12 billion this week, after a loss of $100 billion in the last stock route. some have seen almost half of their fortunes wiped out. taiwanese smartphone 15%. is slashing jobs by the cuts will reduce operating expenses in a restructuring that will create new business units. nearly 30% fallen this month, taking the market

value below cash on hand. a loss of five times greater than expected is forecast. hsbc and barclays are among five banks that have agreed to settle lawsuits. and others have agreed to settle suits that they colluded to manipulate the fx market. banks involved have paid out of more than $2 billion. 70course, this weekend, years since the surrender of japan and the end of world war ii could be there will be speeches and parades but also painful memories. among them, the survivors of the more than half a million japanese children abandoned in

china as japan collapsed. sovietnd august 7, 1945, forces arrived. my mother was in the hospital. my brother and i fled with other families. the train was attacked. i escaped into the fields. i followed a soldier and he took me with him. he left me with a fortuneteller. many families until i met the woman who became my mother in china. it was a great risk to keep a japanese child. she was not able to have children of her own which he took great care of me. one day, soviet forces attacked and she protected me with her body. that was the first time i called her mama.

she often recalled that moment. we lived in a small village of 300 people. people called me double. they knew -- devil. they knew i was japanese. when i started school, i did not well. my father said i should quit. but i did not want to quit school. i studied very hard and i became a top student. i entered junior high school. this is a picture of me then. this shirt looks so shabby, but this was the best outfit i had ever worn. this is the first letter i wrote e to the japanese. my father.etter from he said he never forgot about his son. i had almost given up being able to go to japan, but one day, i got notice my departure had been approved. that was in march, 1970.

mother cried. passed out from extreme grief. not want to let me go, to go, pushed me thinking of my well-being and happiness. i sent money to her every year until she died. and incredible tale. you can get more on the story anytime, anywhere. bloomberg for your mobile or tablet. coming up next, samsung has released a new and bigger phone. will it enough to win back customers? we will ask a tech analyst after the break. ♪

shery: china has to taint the

owners of a dangerous chemical store in tianjin. it is not known what caused the disaster, but there had been a fire at the site. port.n is a major are banned ships from entering the port to read in another blow for china, a new study says air pollution is killing 4000 people every day. plantsns from coal-fired are the main cause. it is like every man, woman, and china smoking 1.5 cigarettes every hour. they have been trying to move power plants out of cities and cut down on fossil fuel. up it dissident has taken residence in berlin.

he had his passport returned last month. he has been criticized for lawyers attained were treated better than him. he plans to visit the u.k. for a major exhibition of his work. adding in the smartphone wars, bigger is better. they have launched two new models. with larger screens and a mobile payment system. the challenges ahead for samsung manager joins us from singapore. welcome to the program. how impressed are you with the new devices. will they be able to compete with apple? guest: the latest range of the flagship devices are more premium looking than the devices they launched two or three years

ago. you need a lot more differentiation from the mid range phones than you did in the past. that is the biggest challenge now. shery: the biggest challenge coming not only from the high and but the low end. how can samsung defend its ground? : the chinese vendors, they started with low-end phones. budget range of models. into the midgoing range and even the premium segment. that is what samsung used to be. they are going to find it more competitive than they did in the past.

shery: what was interesting in the second quarter results for samsung was how popular the curved screens of the s six edge were. did they find a latent market for these new designs? you don't have much tactical value but they are interesting? kiranjeet: that's right. if you look at the edge screen, there is not much of a use case. other than that, the form factors are the same for the phones. someat least provided differentiation for a premium phone. they are having production issues because it is more difficult to produce.

samsung is probably trying to due to theo ground low volume it had for the samsung alex e. -- galaxy. they want to cover up for that with the edge. shery: these devices are using android five poin 1. it only has hardware. as opposed to apple which has hardware and software. kiranjeet: that's right. samsung has been working on its and that is, something they are looking forward to. those will be, minimal compared to for example what apple has to do when it launches its new iphones every year. now with that we are

seeing the devaluation of the yuan, how challenging will it be for samsung as well as apple? kiranjeet: a big issue for samsung has been losing market share in china. xiomi started gaining ground, samsung has had some issues. maker retreated the most in the last couple of years, htc. how can they turn things around a mid so much competition from high-end brands and low-end wrens? -- brands? been in a htc has dilemma about whether to focus

for more of the premium segment or the budget category. they have launched budget phones which did well. now if they are deciding to go back to the premium segment, that will be more challenging than gaining ground in the budget category. shery: thank you for joining us today. nestlé winsp next, onits bid to overturn a ban its noodles. live when we continue. ♪

in indian court has overturned a ban on the sale of maggi noodles. a big win for nestlé in the lead levels unsafe

found in some samples. what can you tell us? a court overturned a two month ban on the best-selling maggi noodles. the sales can resume but with a rider. to retest the samples across the country. if given a clean shift, they can come back into the market. the recall causing nestlé india a quarterly loss as maggi contributes 25% of all revenues to nestlé india. they will burns 25,000 tons of noodles. the government is seeking punitive damages from nestlé. theysts are not worried will be able to successfully put

this evidence showed -- this episode behind. india is the biggest market for maggi noodles. 3.7%,ock rose as much as the most it has seen in seven months, after the news came from the courts. nestlé india has said its products are safe and meet international requirements and standards. causedernment recall has widespread concern after a lab found a product unsafe to consume. nestlé has been grappling with a slowdown in china. now the increased value of this was franc -- of the swiss franc. happy independence day. i can see you are wearing the traditional costume. breaking news for you at this moment. the malaysian ringgit falling

below four dollars. the lowest level since 1998. the malaysian ringgit at the lowest level since 1998. in "asia edge." ♪ john: i'm john heilemann.

mark: and i'm mark halperin. with all due respect to mike huckabee and his love for pork chops on a stick, it is not what should be for breakfast. ♪ mega greetings from saint ambrose university and davenport, iowa. john and i are in iowa now. 21 of the 22 major presidential candidates are in this state between now and next week. they are here primarily for the state fair that is in des moines, where we will be over the next few days. the fairrt