japan. and singapore chooses a crucial election. it is said it will shape the city for the next half-century. follow me on twitter. that is my handle. don't forget that #-- hashtag there as well. let's go to the markets with sherry. -- shery. shery: we are seeing a lot of volatility ahead of the fed policy meeting next week. a are now seeing if we do see positive for the rest of today. we may see the first weekly rise in eight weeks. the nikkei down 0.5%. japanese and stocks are more volatile than chinese stocks. australia down 1/10 of a percent. fallingave shanghai

2/10 of a percent. they are extending those losses we saw yesterday after this week prices coming in. saying gainingng senga percent -- hang gaining half a percent. asy see the year target 13,000. if you compare that to the level right now, which is around 9860, that is around a 30% upside. ony are very overweight financials, utilities, and industry. back to you, rich. todayd: one week to go to when we will be in a world quite different from the one we see around us now. david is looking at the odds either way. you mentioned, we are

less than a week away, and there is still so much confusion as to where we will be this time next week. let's go through some of the indicators. some of the most followed queues at this point in time, i think that is the qualification we are looking at. ,ur survey across 78 economists and most of these answers remain just yesterday. .hey are fairly recent we have considered all of these developments and markets. you cannot get any more split than that, can you. that is almost as even as you can get. think thathe 78 do the fed will move on rates next week. the key message also here is that the gap between these calls is so wide. on what no consensus the waiting should be. let's go to the next one, fed fund features. this is the latest data we have.

will happente hike, during september, october, december, or do we push it further into next year? this one is fairly clear. odds have come down for a september hike. , investorssaid obviously have pushed it to safe havens and pushed up as a price it's -- asset prices in that respect. just to confuse you further, this is another indicator we are watching. the u.s. two-year yield reached their highest level in four years this week. that is a flattening. we are less than a week away. i think what is clear is that at this point, most people think this will happen before santa comes around.

just looking at this coming meeting, just see how split this a very large group will definitely be on the wrong side of this one this time week. if we don't see changes, a lot of people will get burned come friday. back to you. today, theg stories historic election in singapore. the prime minister says the result will shape the city's destiny for half a century. what are the main issues occupying voter's mind c.t.i. co -- up -- occupying the voters minds? reporter: a big issue is the political future of the country. for most of singapore's history, it has been a one-party system, but if you take a look at the last election, and one by the slimmest majority and its support has been losing for the

past three elections. was 75%,ctions ago, it the last election it was down to 60%. an indication that the people want more checks and balances in parliament, and also an indication that they are unhappy. some of the underlying issues like extensive housing and health care, remember that singapore has been pretty in getting foreigners to be citizens of the country, for them to be competing for the same jobs will stop -- same jobs. i want to show you what has been elections closed about two hours ago behind me. it was a constituency headed by founding father of modern singapore.

you can see that there are a few voters leaving having cast their votes, but at the moment it is pretty quiet. it has been a very festive atmosphere. there has been election fever for nine days of campaigning. you see tens of thousands of people going to rallies on weeknights trying to listen to what the opposition has to offer and what the ruling party has to offer. it has been quite an exciting time for the country, rish. rishaad: thanks for that. let's turn our attention to other stories. chinese central bank tinkering on foreign exchanges. here is juliet. e: china appears to have taken the rare step of boosting its currency by a record amount and offshore markets. offshore amid1.2%

speculation the pboc was trying to contain the turmoil and chinese markets. traders to say it was an attempt to align exchange rates at home and abroad. -- un's offshore move stands it is up only .8 percent. trading volumes are at $28.1 billion today compared with $39.1 billion at the same time yesterday. a firm backed by a billionaire plans to see -- sale 800 million shares. can buy new shares for every 800 they own. it is now said to be eyeing up the health-care sector.

reports today saying it could make a play for australia's health scope. 30%es have fallen at least in the last three months, buying spree.ic let's head over to japan now. it is gearing up for its biggest ipo and almost two decades. ready todea was a most go public. it is obtained approval from the tokyo stock exchange for it, which is likely to happen in november. the government is planning to itse $11.6 billion from sale, along with japan's insurance groups. 80% of shares will be offered to the japanese public as part of shinzo abe's plan to get households to invest their savings back into the economy. proceeds from the ipo will be used to rebuild parts of japan that were damaged by the 2011 earthquake and senomyx. mitsubishi and morgan stanley are said to be underwriters of the offering. those are some of the stories following today. rishaad: coming up, why some

world cup fans may choose to stay home thanks to the power of the british pound. but next, we are heading back to singapore for more reactions on the elections. hear from the former u.s. secretary of commerce. this is "trending business." ♪

reporter: the stories making headlines around the world. reports from japan say one person is getting -- has been killed and at least 22 are missing. forcee of emergency is in after the storm caused contaminated water. toyota has suspended production at three factories in the northeast, although none of the parts are said to have been damaged. the opposition leader has called on her supporters for what she

calls "real change." it is the first time the national bank of democracy has contested a general election and a quarter of a century, and it is expected to make significant gains at the expense of the ruling party. she is barred from running for president, but she is seeking reelection to parliament. a previously unknown human has to serve -- unknown human ancestor has been found. tall, wait1.5 meters about 45 kilos, and had hands that suggested climbing skills and tool use. were discovered in a barely accessible cave in south africa. the bones are thought to be at least 2.5 million years old. ♪ rishaad: it was just over two hours ago that the polls closed in singapore, the first time all

89 seats have been contested since the country's independence. let's get a haslinda amin outside the polling center. what's going on? well, 88 polling stations, 2.5 million eligible voters, the results expected to end at after the polls a 8:00 p.m. tonight. is not just singaporeans keeping and i am results. also foreign investors who want to get invest -- keeping an eye on the results. it is also foreign investors. there were nine different campaigns come. rishaad: it is fun to follow -- followr: it is fun to politics, but to put it in

scientific terms, you want to study what the animal eats. government rally and an opposition party rally just to see what is going on. da: from what you are hearing, is the opposition a viable alternative? increasingly so. in terms of the purer caliber of the candidates, the pap has depth. there is no question they have greater straight. but the opposition party are not privileged people. increasingly, these are people who take government seriously and are much more palatable and government. haslinda: would you be concerned of the opposition party gained ground in the selection? reporter: i don't because me to judge -- haslinda: as an investor. reporter: i think investors have confidence in singapore because of the way it is run. to the extent that the opposition parties are largely parties that would provide

continuity in the way singapore is run, i think investors will be satisfied, but i think if there are more radical, populist parties wanting to change what is viewed as a successful model, they might be concerned. haslinda: you have been in singapore for a very long time and are now living in this country. have you seen a change in mentality over the yen? reporter: i think so. they could -- the ruling party has a lot of depth and the governors have done a good job. by the same token, i think the general population also respects the value of an opposition party. they do not necessarily subscribe to the program, but they would say a successful policy is one that allows for a range of views and broader discussion. the idea of an opposition party might be more popular than any particular opposition party itself. linda: if there was a concern from investors overseas, what would that be?

fund --: the general the general view is that singapore has a good thing going. it's model of growth, transparency, an independent judiciary is a helpful model to anybody. any monkey business that tampers with it would definitely be a cause with investors. -- cause for concern with investors. i do not see a worst taste scenario coming out of the election, because singapore has such a strong position. it has arguably the best run economy and the election, one that is quite open to investment trade, intellectual property ideas, and so forth. it is a good business platform. haslinda: do you see as relationship with the u.s. changing? reporter: not in terms of domestic policy. i think that relationships can always improve based on how

individual people perform, but i don't see that primarily driven singapore domestic politics or u.s. domestic politics. haslinda: but with china for instance -- that's right, but that's not directly linked to domestic politics here. it is up to the united states to cultivate relationships in the region and not take positive status quo for granted because china is a growing, rising power and will have more say in the region. i would advise my friends in washington to not take your friendships for granted. always make it a point to improve for you are, regardless of how things are. haslinda: as the political system evolves, what would you like to see in singapore? onorter: i think singapore's the right track. if you look at it from last election of this election, there

is more scope for opposition. the opposition candidates are more serious. he today qualities have matured -- the debate qualities are more mature. i think we should all welcome this development. haslinda: thank you so much for that. as we said, the elections are 8:00 a.m.-8:00 p.m. results are expected anytime from 8:00 p.m. rishaad: thanks for that. this is the first time social media has been a major campaign weapon in the city state. let's take a look at some of the reaction to all this. here is juliette. juliette: this is an election where social media has played a key role. it may not be a game changer, but it cannot be ignored. we saw that people are starting to take photos and tweed and get active on their social media accounts.

the prime minister treats -- tweets regularly from his own handle. he has two under 13,000 followers. -- 213,000 followers. there is also a party account. these accounts have been urging voters to vote for their team. is not theay it promises we make, but the promises we keep. the prime minister has also been keeping an -- keeping voters informed through his facebook page. he also has a discussion with his 815,000 followers, discussions from anything from his lack of pink shirts to perceptions of the government. as we know, nine opposition parties are contesting the states up for grabs. it is also on twitter and and uses both of them quite often. 92,000 facebook likes compared to the prime ministers 100 624

thousand. the worker's party has been using that #"empower your future " and also "ge 2016. another who cannot be noticed is the candidate standing for the reform party. he was sentenced to four weeks in jail back in may for defaming the prime minister. he has been very active on facebook and twitter. he has not tweeted since september 7 because he has not been using social media during the campaign blackout. @sexiespider. him, it is a very big day for singapore. if you don't vote, you can't complain. certainly, social media has been key. rishaad: thanks for that. we will meet with one the biggest human resources consultants.

this is "turning business." ♪ -- "trending business." ♪

rishaad: one of the biggest hr consulting companies sees shades of 2009 in the job market. we caught up with the manpower group ceo at the world economic forum. >> the positive on the whole is

remarkably patchy. this is not a world that is moving in unison towards improvement. there are labor markets that are doing well and improving. there are markets that used to do well and are stabilized and flatlining, such as the u.k., and there are markets that have struggled a long time like ,reece, italy, france, brazil markets that you would want to see improve at a more rapid pace that are really just continuing slump and not getting better. overall, although the u.s. is the shining light, i would say that globally this is still a bumpy environment. we still have a long way to go to recover the losses that we had in terms of jobs on a global basis. reporter: what do the numbers from china specifically tell you? guest: we just completed a survey with 4000 chinese employers. we asked them very simple questions -- what are your hiring intentions going into the fourth quarter of 2015?

clearlylts quick -- indicated a marked slowdown in their intent to hire going forward. the results are the lowest we have seen over the last six years. this is similar to their response in 2009. reporter: this is troubling than because more so than a bottom-line gdp growth number, they need job creation. 7% created ex number of jobs. that must be a concern. be, but we can't forget that the economy in china is still growing. the fact that there is a less likely -- that it is less likely they will hire at the same pace still does not mean that they will be able to find and create the jobs for the 50 million people that come into the workforce each year in china. i do think what it does mean is that we can see wage inflation, which has run rampant in china over many years, is coming down

going forward, which might be beneficial to the chinese manufacturing in particular, but also for the chinese economy. government has a plan and is executing on that plan. as part of that, it is transforming the economy and making sure it is more of a consumer driven economy as a post to an export led -- as opposed to a next-door let economy. reporter: are they getting that right? guest: i do think they are on the right track. it will not be without his hiccups. theink right now we are on middle of a bump in the road. rishaad: we are looking at the cost of keeping china's economy on target. ♪ the only way to get better is to challenge yourself,

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call 800-501-6000 to switch today. perks are nice. but the best thing you can give your business is comcast business. comcast business. built for business. rishaad: our top stories. the rally on wall street runs out of steam, with asia, syria, and japan leading to decline. money market traders diverge on whether the fed will be raising rates next week. asia's should still have enough of a buffer to register their first weekly advance since july. one central bank that decided to stick instead of twist today is korea.

interest rate at a record low, 1.5%. they're waiting to see what impact next weeks that decision will have. fed's decision next week will have. voting under what -- underway in singapore. the incumbent is expected to stay in power. the campaign has been dominated by three issues -- the rising cost of living, immigration, and the state department transport. the dollar is facing the biggest annual loss since 1997. a bit of news coming out of , the softbank ceo is considering taking the company private. they are actually considering having a management buyout. he is going on saying that he has failed to agree on financing conditions here, and they have held talks with at least one lender in terms of a possible

management buyout. at the moment, it looks like they have decided to step away from the brink. let's take a look at the movement on the markets. sherry? hery: chinese stock now headed for the first weekly gain in a month, up 0.5 percent. you're still seeing thin trading after the offshore yuan jump. the offshore yuan is weakening slightly at the moment, but dollars.6.3957 we have traders saying that thea is trying to undermine offshore and onshore yuan in order to extend the speculation further. the offshore yuan headed for its best week since march. we are seeing a lot of volatility across markets in volatility int of

the nikkei. japanese stocks are now more volatile than those in china. the nikkei headed to its lunch break slightly down at 80 ,289.68. -- 18,289.68. housing game two .5%. that is after raising its four your profit forecast. -- four year profit forecast. mitsui down after oil dumping 4% yesterday. back to you come are rish -- back to you, rish. ithaad: a new normal when comes to trading currency. the offshore yuan having its biggest move on record on thursday. then joins us from singapore.

what exactly happened. go -- what exactly happened here? : if you look at the currency chart yesterday of the offshore yuan, it tells an interesting story. write until 3:00 p.m. hong the currency was six point $37 levels. there is barely any visible range in the currency -- $6.37 levels. very -- barely any visible range in the currency. suddenly, the dollar when up to 6.42 dollar levels. suddenly, someone comes into the market and says, here, i'm willing to sell the dollar for 6.42, and the rest of the market had no choice but to follow what

this offer was. that's what you see with the currency chart yesterday. with the traders we spoke to, they reportedly said that asian banks sold the dollar. it is kind of unusual for the a bigre yuan to trade at nine figure range as it did yesterday. very and usual. rish? it is odd that they would push up the value of the offshore yuan rather than the onshore one. excellent question. --as speaking yesterday while speaking yesterday, the prime minister said that banks sellbe allowed to buy and on the onshore fx market. right until yesterday, and even today, the offshore yuan is cheaper than the onshore yuan, which means that there is no intotive for anyone to go

the onshore market to buy the yuan when they can do so elsewhere at a much cheaper rate. at yesterday's intervention, you will see that the trend between the offshore yuan in the onshore yuan has narrowed. that convergence will help drive trade towards the onshore yuan. rish? ben, thank you, joining us from singapore. china also spending billions of dollars in the biggest stimulus package since the 2008 financial crisis. we have a correspondent with me now. singletary, is in a? reporter: when prime minister -- when the prime ministers spoke, he got -- he did not mention the price tag. some of it is to support the stock market, which is not

stimulus, but it will stabilize. some of it is about getting the economy running, so they will dump tens of billions in front of -- tens of billions into them projects in the form of construction bonds. collectively, when you add it they are putting hundreds of billions into the u.s.. the biggest since 2008. rishaad: but what are people telling you about what it means to do to reboot the economy? fromter: it is different 2008. in 2008, they came out in a public manner and unleashed millions of u.s. dollars in bank lending to get the economy going. this time, it is more low-key and targeted. they want to avoid the mistakes they made in 2008 and 2009, which left a big overhang and loans and bad areas. things went sour. this time it will be more efficient, however, the scale could be big. the current study was package may not be as big as 2008 or

2009. rishaad: thank you very much. we will have a look at another story. china's biggest train maker says it plans to double overseas sales to $50 billion in the next five years. the copy was formed in may by the merger of the biggest china state owned operations. the company is also building a new plant in nearby springfield. there are possibly contracts to rejuvenate the new york subway as well. disney has plans for a team park in shanghai. projectsm for the remains high, and that is despite the recent turmoil. disney is considering another theme park in china and is continuing to grow its operations here in hong kong. nintendo is taking pokemon mobile.

there will be a location-based mobile title. be out next will year on the iphone as well as android. nintendo was hoping -- is hoping to accommodate the rise of mobile gaming. the rise and fall of global currency markets may spread to the sporting world. stirling is at its strongest since 2008. -- juliette is here with more. i think a lot of people about their tickets. ette: there will never be a dry cup when you put south africans in the mix, but the cost will be a lot more expensive for these tourists. we have seen the china economic

slowdown way on a lot of these commodity currencies. the town is now at its strongest level since 2008. -- pound is now at its strongest level since 2008. the kiwi's down 18%, the aussie down 30%. the purchasing power index, they are exley saying that the rag is now -- they are actually saying that the rag is now $.60 lower than the pound in 2008. south africans are saying it is going to cost about five pounds or 100 round. that is four times more they -- than what they pay at home. we have been talking to a lot of these fans that are going. one kiwi fan tells us there is no point in asking kiwi fans about money, we are going to have a good time regardless. they probably have enough money and australia to have a good time.

rishaad: it is not exactly cheap to drink and australia, i can assure you. juliette: that is true. and hong kong. rishaad: thank you. coming up next, investigating the underworld. will look at the circumstances and the enormous amount of money at stake in japanese -- in japan's leading crime group. ♪

reporter: germany says they plan to locate -- relocate wondered 60,000 refugees -- relocate 160,000 refugees around europe. 105,000 inodated august and 37,000 this month so far. chancellor merkel says she wants to speed up germany's asylum process to make it easier for

refugees to enter the workforce. refugees may never return to their previous states. head of the central intelligence agency said it was tough to see iraq and syria coming back together as united countries. large chunks of territory seized by the islamic state. the u.s. open semi final has been hit by the new york weather. the u.s. tennis association pushed the match with serena to friday.ck serena is trying to become the first player since 1988 to win all four grand slam titles in a calendar year. underworld --he the him a good to go me -- this

crime syndicate is over 100 years old, but many members are walking away to other organizations. this raises questions about the enormous amounts of money to do -- the group controls. we have an authority on the yakuza joining us now from tokyo. let's start out with the basics. what are the yakuza and how did they come into being? are aer: the yakuza blanket name for 21 organizations -- japan's mafia. they came into being as federations of gamblers and street merchants that existed before the war and after the war they rose to power. it was a vacuum or police did not have enough people to enforce the law. they are very much integrated into japanese society. like nuclearup families, except they are all male. a father rules the group, people pledge alliances to their brothers, and they make their money through extortion, blackmail, stock legislation,

manipulation, fraud. traditionally, they do not engage in theft, robbery, or street crime, which makes them part of a public order in the sense that they're not getting the kind of crimes that make people uneasy. they are legitimate in japan. magazines.ffices in -- and magazines. , how does the quads i legality work? -legality work? reporter: the police will not ban them. they claim to be humanitarian organizations, finding a warm for the koreans -- a home for the koreans and people from single mother families that cannot find other places to go. they are regulated, but not outlawed. sec regulates

goldman sachs in the united states and occasionally punishment -- occasionally punishes them. in japan, the yakuza get arrested instead. rishaad: we have the biggest of umi. all, the yamaguchi good middle of anhe internal split. why should we care react oh theyter: the last time split, it's led to a four year war. 70 people were injured. last year, japan had six gun of 127out of a nation million. gang wars make people uneasy. they escalate very quickly. when you have a gang war, you ngso have the factions outi the politicians that bankrolled them and provided them with politic -- with protection.

rishaad: so that is the chief ramification of the split. the question is, what with the split the about? what is behind it? and number two, will it happen? reporter: the split has happened. it has happened for three reasons -- one is, the yamaguchi collection of 72 factions, so for the last few years the faction -- one faction has ruled the group, and a leader is very stingy and giving positions to other groups. dues,ile, the association which can be as much as $10,000 a month or 20,000 dollars a month from each group, those numbers have stayed high well the income has gone low.

this is the cover of a yakuza fanzine. on the cover, it says that the seventh generation leader in the eight -- eight generation leader will be leaders of this new faction. that upsets the group that wants power. it is about power, money, and it really faction making the police very angry with how they run things, and the people who have broken away decided it is in their best interest to separate from the group and do what they want. rishaad: the last time something , reading thepened background of this, was by increasing the pension pot. could they do the same thing here as well? reporter: well, here you have an economic battle going on. the new group has set their association dues much lower than the headquarters. what will the headquarters due to entice people to come back? the head of the yamaguchi-give yamaguchi-gumi right now

has sent a letter to his direct bosses, saying don't punish the young people who come to this organization. that theem now is group that left includes his number three, who knows where all the money has come from. what everyone is peering will happen -- is fearing will happen is that the faction will give police enough information to yamaguchi-gumi leader for taxation. if he goes to jail, their headquarters will probably fall apart. rishaad: does this mark the beginning of the end of the yakuza, or is it just another stage in their history? reporter: it is a blip. in yakuza are so embedded japanese society, and there are so many politicians in their pockets, and they have so much

information to blackmail people that even the current ministration keeps telling their conspiracy law that would make it possible to destroy their organizations and sees all the money. ze all the money. the japanese government has no interest in destroying me yakuza -- in destroying the yakuza. rishaad: thank you for joining us. up next, being there. the groundbreaking documentary about a syrian refugee camp that is stunning viewers. we will meet the fifth -- we will meet the filmmaker one trending business returns. ♪

♪ rishaad: this week's world economic forum in china has not

been focused just on business. one of the most powerful moments was a documentary about life in a syrian refugee camp. the difference is it is able to roll reality film using -- it is a virtual reality film using an oculus headset. ♪ documentarythe "clouds over sidra" in this two-dimensional format does not portray the impact of seeing it through these oculus headsets, which puts the viewer in the film. you are able to explore left and right, up and down, and be with ra in thisd sid refugee camp. mike's the record -- >> the purpose was to shine the light on the refugee crisis. we thought we would use virtual reality and use this technology

to get people to understand what it was like to be there, and get them to move to action. thehe techno laws -- technology uses gopro cameras shooting in 360 degrees. >> they can do things that traditional media cannot do. able tocing it, you're get people to care about an issue and see things in a way that they would not in traditional cinema. what did the u.n. say when you brought this to them? >> they said you are crazy. [laughter] -- e space >> they did not understand it at first. they had not experienced it. after they had experienced it, they understood, but it is so hard to put into words. it is something that i think needs to have its iphone moments, where it becomes so effortless to use that you are able to go into that virtual zone without having to put on a

headset and deal with the glitches. i do think it needs to have that in order for it to be not a flash in the pan. reporter: now this technology is born for gaming? >> yes. it is impetus. a lot of the financing now is usually gaming. it is mostly oculus. that is where people are putting a lot of their focus. what we wanted to show is that there is something for storytelling, cinema, and social issue documentaries. given the crises around the world, given that people need to do something and feel what is happening, we are very confident this could have an even greater market. true, given the humanitarian crisis at hand, the impact this technology could enough.not happen soon i think being here for a year and a half has been long enough. reporter: stephen engle for bloomberg. rishaad: that's it for this

edition of "trending business turco -- trending business." this time next week, we will see a very different environment with the fed designing on a rate. -- deciding on a rate. ♪

mark: i'm mark halperin. john: and i'm john heilemann. with all due respect to donald trump, who said that jeb bush -- you said that ben carson makes jeb bush look like the energizer bunny, we thought we would help with a little illustration. [drum beating] ♪ john: you like that? that drum beating? happy national concussion day, sports fans, which means the nfl season is getting underway. the lineup on our show -- we have biden, boehner and bernie. but first, the big, big braw