leading producers are to hold emergency talks. opec members and russia and oman are holding meetings. indonesia trading is getting underway. ate is a david with a look the market so far. david: pretty good. those that asia-pacific benchmark. if you leave japan out, the japan's -- gains are looking better. i checked. a good day. volume across the region. is convinced, so far this year, up two days and down three. eight-9,-10%.

take a look at oil prices. where is oil right now? 32.74. rally.ng its from this time yesterday, we are 9%-10%. russia and oman are open to the emergency meeting. that is fueling speculation, if you well. pushing up energy, especially in hong kong. there we go. cytotec. one last thing before we go. to bore you with this but this is an important part of the markets this date. volumes are coming back up.

part of the story, look at what is happening with south korean yields. the 10 year back. almost two days ago. the reason i mention this is you will likely lose or make the most money, given how uncertain on what the bok has to do, in light of the boj going negative. a lot of choices here. in for the bok, -- next meeting for the bok. surprise if korea cuts rates. in the next meeting in two weeks. that is something you will want to watch carefully. yvonne? you on: --

yvonne: we will continue to watch that. thank you. let's talk about china now. tightening capital controls to prevent outflows. we are learning that the boj -- tightening rules for people wanting to take capital out of the country. >> these new rules which have not been announced but have been revealed to us would ease restrictions on qualified foreign institutions under the program which has granted about $81 billion. institutions would get more latitude about when they could bring money into china. and the lockup. od would beup peri relaxed.

confidence boost for foreign investors spooked by the record $1 trillion in outflows from china last year. you can see it in the bart chart. massive outflows from china. according to bloomberg intelligence. reinsurere a way to -- reassure foreign investors that remittances would not necessarily be extended. more money has been leaving yuan has the reversed direction. speaking of which, we had the head of the national development commission saying the economy

betweena would grow 6.5-7 percent this year. that is a target lower than last year upon goal of 7%. the first time in about two decades, the target has been set that low. yvonne: rising more than 12%. that is despite the announcement of a $1.7 billion write-down due to collapses in commodity prices. let's go to paul allen in sydney. big changes on the way. paul: that is right, your yvonne. a broaderdown part of story. aggressivelyng to cut costs. they will be restructuring. in south africa, three or

four smelters will be closed, effectively reducing south african manganese production by 23%. this expected to deliver savings of $1 million. we expect to see a few more details when they announced earnings february 25. the market, as you noted, welcoming of the news. up this morning, although if you look at it in the broader context since the stock was spun off in may, they have lost most half of its value. plenty here for analysts to like. yvonne: let's talk about austria electricity supplier, getting out of the natural gas business. paul: they are closing down the

project here in new south wales. and another project is going to be shut 12 years early. they will be looking to sell assets in queensland as well. in a statement, saying natural gas at the are no longer going to be a core business for them. volatile oil prices to and the lead in times are too long. they expect a minimal impact on the profit. you see shares up. yvonne: thank you so much. let's take a look at some of the other stories we are watching. here is shery ahn. mccoury falling in sydney trading. forecast.ut their

profits for these two businesses for the year ending in march were expected to be flat compared to last year. they are expected to all. gains, but trading slowing in the final time. they are expected to post $1.5 profit.net a declining australian dollar expected to help as the company got 71% of its income in the first half from overseas. an announcement on the future of shark could be delayed. sources tell us they are split over whether to make a decision rescueetween competing plans. several directors think they should spend more time considering a bailout offer. a chairman met a

sharp board member to make his $5.6for a raised bed of million. though the taiwanese company is offering more money, sharp is withned to take the deal another company. a deal would allow sharp to keep their technology within japan and cooperate more closely with domestic companies. the bank of japan's negative interest rate could fall to as low as -1%. says there is nor for negative rates in the stimulus could be expanded if needed. take a listen. the bank of japan has signaled it has many options in its armory. it could lower rates further. -1% ifate -- to

necessary. these comments underscore the scope of his easing options. kawai worked for the minister of finance from 2001-2003. yvonne: another story we are watching on our website. whether they can convince investors they know what they are doing. that is on bloomberg.com. still ahead, a suspected ponzi opus treated by their own version of bernie madoff. oils up andng into downs. when trending business returns. ♪

>> the stories making headlines across the world. spring festival has caused traffic jams across china. a bridge was jammed. asffic flows climbed as high one hundred thousand vehicles. they have seen trade disrupted because of rare flow. they expect problems ahead of new year itself next week. another runner has dropped out of the race for the white house. rick santorum has quit the republican field. the race in iowa four years ago. he is endorsing marco rubio for president. parliament has

moved a step closer to naming a president. with leaders of both houses named, parliament can begin the process of finding a new president. dung san suu kyi is banne from the role. you've on oil-producing countries may be getting set for an emergency meeting, according to the new service, six nations have agreed to talk between opec and non-opec members. the report comes after russia said it was open to a meeting if there was consensus. the are seeing 9% gains now since wednesday here. her next guest says, in his 40 years in the oil business, he

has never seen it as bad as it is today. he is a former energy adviser to iran's energy minister. he joins us live. good to talk to you. what you make of this back-and-forth oil price? is it beyond fundamentals? an impossible task. you cannot negotiate with u.s. producers. that is going to take until the end of the year. year.d of this thee is no point for meeting except as publicity. think they may be willing to do a cut now? >> it will fall by itself.

have promised to cooperate but never have. they want to see of they can get points from the other side. no one believes they would deliberately cut production beyond what was going to happen anyway. you vonn: do you see any sort of award dated cut or does it make sense? the time has shrunk so much in the last couple of years. forakes -- it is easier producers to come in and fight for market share. the reality is we are going to lose huge amounts of production anyway. 500,000 barrels per day. perhaps more from the u.s.. we are going to lose barrels from brazil, from africa.

up.demand is going to go bykets will be more balanced the end of the year. at this time, nothing has happened. there is no point in talking without a change in the environment. mind, libyans are close to making a decision on a government which would unleash 1.2 million barrels of oil per day. this decision cannot happen until the circumstances are right. at the moment, they are not. you von -- yvonne: talk about iran. you said the first wave is pretty much here. has it all been baked in to the price just yet? we talked about

how they are jumping back online . 600,000 barrels by the end of june. what about after that? >> the iranian side has decided already they do not want to get into a price war with the rest of opec. they are going to bring the first 600,000 to the market and then they are going to wait to see if they can slowly and increase exports to their friends and old customers. there is not going to be open warfare on the price which would be a lose lose for everyone. end may bring it in by the of the year. they are not going to push it onto the market in a fearsome battle with the rest of opec. when it comes to oil prices, how resilient is iran? they have reforms.

they were protected i this motility. -- by this photo the. they are like somebody who has been put on a diet. now they have one meal at day and they can still manage. used to five meals a day are those suffering the most. have a better ability to stand this. they are preparing for these hard times and able to withstand it better than most people. saying oiligroup is will be the trade of the year. this rally. some speaking about a 50% gain. it is like a $15 increase. what is your forecast?

is the iranian entry has not been fully priced in. prices will go down. quarter, it will be at $50. it will be increased from the second quarter to the fourth quarter. full ability will continue. ,ntil the saudis come back giving us a floor and ceiling, we have to live with this volatility which is bad for everyone. to flood therying market. drive out cost producers. to be working so far in this game. you expect saudi arabia to gain global market share?

>> i think what happens is the saudis already have increased production. more than they were. you should put them not far away from where they were before. this is one of the reasons everyone he wants to maximize production. volumet from the higher rather than the volume where they used to be. everybody knows they have to cut at some point in time. it is going to be a choppy first half. i appreciate your insight. thank you so much. coming up, be careful about what you say online. that when trending business returns. ♪

let's get the latest news from the auto industry. sales have been declining for three straight years to less than a third of their peak. the brandl be sold as -- who prefer nonmainstream cars. shares of toyota falling close to 2%. mitsubishi motors has lowered their revenue forecasts. , right on estimates. the automaker makes more than 30% of sales in asia outside

japan. the company ended production in north america last year. tesla shifting gears, sending its suv to china before europe. sales will begin in the second quarter with the car costing as much as $178,000. china thelso offering limited edition to celebrate lunar new year. it will celebrate to $25,000. 25,000.ill cost $2 it is littleesla, sociala sensation on media. last weekaw elon musk in hong kong. he seemed like a cool guy who could take a joke, but apparently he was not happy.

he was saying the event was to too pact. he placed a deposit and didn't get a chance to drive it. he said muska did not apologize. according to this blogger, tesla banned him and is refusing to sell the car. tweeting, must be a slow news day. it makes sense. if you put into perspective, you have thousands of customers. they are a big company. people are divided about whose side to take on this drama going on social media. the plot thickening. the blogger also pointed out he was disappointed. $5,000 deposit.

coming up next, if it works for pcs, can it work for smartphones? the strategy that made it the this computer maker in the world. will it work for mobile devices? ♪ ♪

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the top stories trending this hour. a mixed picture on asian markets. the dollar,in underpinning the resurgence of crude oil. equities said to wipe out gains spurred by the stimulus boost as the yen trades near a two-week high. aussie minors making gains. -- mines making gains.

costs --production deutsche bank says it could save $1 billion a year for the largest manganese producer. negativeof japan's interest rate could fall to as low as -1%. there is nosor says floor for negative rates and that stimulus could be expanded if needed. he says the move to negative will gradually have positive impact on consumer spending and business investment. let's look at what is moving the markets. david: let's work our way to the north of asia. better.much that is why we are using, the asia pacific japan index. everything north of 1%.

look at what is happening in australia, because what is happening across the region is the reflected across the market. energy and market related stocks. one very red spot here. shares of macquarie. , the companyn coming out and saying for the first time since 2014 they are not going to make as much money as they thought. shares down 5%. 8%-9% at oneas point to a 12 month low. elsewhere, back to the good news. gains across resources. energy, oil and gas are up 5%. gains in southeast asia. 3%, 4%, 5%.

more downstream. chinese energy, everything from seeingducers in refiners nice gains, 5% or 6%. as promised, here are things in japan. we had a bunch of earnings coming through. and most of outlook it was very disappointing. the stock was up 25% until the start of this morning depending on -- they came out with earnings of a few minutes ago. very good. sales forecasts. they think they are going to ite as much money -- but looks like a case of cell.

down 4%. yvonne: thank you. said to berd members divided over rescue plans. they are considering separate announce aet to decision. people familiar with the dates caution -- the discussion say people want more time to weigh the rival's bids. great to see you. looks like it is going to be a close call. which way are they leaning? up until now, the impression all but a was foregone conclusion. our sources telling us there is a fresh push by some board members including outside board directors to give a more careful consideration to the offer from foxconn which could delay the final decision. off our isconn's

double that. is double that for it seems like it should be a simple decision. go with the highest bidder. >> it is not quite it an apples to apples comparison. described the deal as a rube goldberg contraption which would see the businesses broken up. lcdbiggest, merging operations. another step would be to merge sharp's goods with those of hitachi and toshiba. yvonne: speaking of toshiba, they are announcing results at the same time. what are we expecting?

for toshiba, more than the immediate earnings, it is the full-year outlook that is the question. they are forecasting ¥550 billion losses. could tipwn in china it higher. the big variable is a possible right down in the nuclear power unit. that could be billions of dollars. that could be a major blow for a company trading at 835 year low. a 35 year low. ahina's -- it is landmark moment. the biggest acquisition and will in pesticides and agrochemicals. it could help feed china's

billion plus mouse. let's look closer. good to see you. tell us the thinking behind this deal. all comes down to food security. this is part of an ongoing slate of deals we have seen from china. previous deals have been more on farms or processing. feeds andives them agrochemicals. they are locked in the supply chain from start to finish. they have feeds, farms, and processing rights. are we likely to see more deals like this in the sector? >> when we talk about food security, it is not just china we think about. it is an ongoing global issue. the u.n. protects 2 billion people on the planet by 2050. desperate x an additional 2

billion -- predicts an additional 2 billion people by 2015. there will be interest in agriculture. yvonne: doesn't mean there is a change of thinking when it comes to these? is there a's shift? >> we are seeing a little bit of a shift. it fits in with comments we have heard in the past couple of years. crops isood grade banned but they do import from the u.s.. the president has singled out agricultural out but as a key priority for the country. he has also encouraged china to be a global leader in biotech. they launched a campaign to promote public awareness of biotech to read is

not a sudden about-face but it's with the gradual evolution and accepting more gm owes. thank you so much. joining us from bloomberg news. let's take on other stories we are following. thee ministers have signed transpacific partnership in auckland. landmark obama's project aims to reduce terrorists. it was finally agreed. each country must begin its own domestic ratification process. at a two-year low. they cut their forecast down. and lowered profit outlook by 4.7%. they blamed the slowdown in china for sluggish sales but say they will continue to expand. not all of our businesses in

china are doing badly. batteries such as car are doing well. we are confident we can continue to expand in china. we will keep watching the market carefully and focus on areas where we can grow. yvonne: disney says tickets for the new park in shanghai will be 20% cheaper than the sibling in hong kong. the decision was made in hoping to attract families from all income levels. the first theme park in mainland china is set to open in june, 2016 and aims to welcome 25 million visitors a year. shares are making up for wednesday's losses. career they have tumbled about 10% after quarterly revenue decline for the first time in more than six years. the chief financial officer says

lenovo remains on track. >> from a numbers perspective, we saw a decline in revenue. if you take into consideration what has happened in the world, foreign currency, we make the same dollars but when you convert it to u.s. dollars, you get less. in that respect, i think we are quite proud of our results although we did see a decline in revenue. i think pc, we will continue to gain market share. lenovo has to operate in the room real world. foreign currency is foreign-currency. if the russian ruble depreciates do. there is nothing i can i want to reemphasize, cutting cost is not really the end again. it is for us to have the best cost structure to gain business and we deftly see that in pc, enterprise.

smartphone is a different story. we need to do the reorganization, the realignment. two different plans -- brands. smartphone, the mobility business, i would describe we will have the first milestone. the business can break even for wood with breaking even, we can go back to investing in growth. reporter: you are at operational break even. are you prepared for profitability in this fourth quarter? >> yes. i think what the ceo has said, when you look at the basis, -- business, different quarters will have different results. some have a smaller volume. we will continue to be profitable. reporter: can you tell us what the goals are for the smart phone market in china? there are new brands. xiaomi.

apple has done well. a lot of players. where do want to position yourself? we are not going to be number one in the next 12 months for sure. eventually, we want to be number one. without -- we are .umber one in pc we cannot repeat the success. -- there is no reason while we cannot repeat the success. yvonne: coming up, how the biggest known ponzi scheme in china could just be the tip of the iceberg. next. ♪

china's crackdown on. two p relenting has intensified.

peer lending has intensified. >> this is a huge industry. growingen, it has been exponentially. this.ody is piling into offering loans. allowing the public to invest. in theory, making higher interest rates than you can in a ink. when you track that many people into an industry, there are bound to be bad actors and that is what happened to read the biggest ponzi scheme ever in chinese history. yvonne: you are talking about 10 times the official3. yzindiaceage. 10 times the

official rate. >> the government needed to provide a way to keep the economy stimulated. allow more lending, rather turning to the shadow banking market. if you put it online, interior, it is more transparent. they did not issue regulations at the beginning. it is just now starting to take a look at it closely. in december, the banking 1000ator told us possibly out of the 3600 peer-to-peer have problems. we expect to see more of these popping up. yvonne: we are seeing more regulation. what is next? more regulation? cases and arrests? >> there were draft rules the government is going to implement.

we are going to see more of a separation of the wheat from the chaff. at least one of these pure two p are lenders is planning to have an ipo. see a flight to quality and whittling out of the bad actors. yvonne: thank you so much. the stories making headlines around the world. says.n. special envoy peace talks have been suspended for three weeks. a lock -- lack of progress. they have reportedly cut rebel supply lines. of malaysiaeader

has been ousted as the leader of the northern state. resigned, saying he lost the vote of the ruling party. he has called for him to resign development. a pilot was forced to make an emergency landing. it was probably a bomb. they say they heard a loud bank and then it broke. the airline has not ruled out terrorism. the smalley government says it is still investigating. journalists -- this is bloomberg news. florida has declared a state of emergency after the

discovered.as officials are taking precautionary measures amidst concern a wet winter has created perfect conditions for numbers to skyrocket. a small british isle tech firm is taking a leading role in the -- >> this is the lab at the forefront. modifiedetically mosquitoes. have created a strain. everything here carries the gene. when those males made with females, they died. >> they added genes to the mosquito. gene. self-limiting

>> what we are doing is giving the mosquito the biggest disadvantage it could have. we have tested this in a number of countries. malaysia, panama. the bulk of the work has been done in brazil. in operational context, if you conduct a program releasing these mosquitoes, you can bring the population down in six months. proven ando far effective tool. millions of mosquitoes can be read in a matter of months. >> it is ready to go. we have the methodologies, the policy -- quality control. not withoutology is critics. but they say it is safe. they say there is little

evidence wiping out the mosquitoes would damage the wider ecosystem. >> we are doing the same things with pests that attack animals or damage crops. there are so many approaches. a good case, you can do job in terms of controlling the past are doing so in a way that is safe and friendly for the environment. say with theists right of approvals, they are ready to expand their fight against the zika virus. gopro acoming up, is one-hit wonder? investors fear it could be after sales of its latest owners failed to take off. from new york, next. ♪

look at thes take a market. shanghai compos, close to 2% up. points down in tokyo right now. let's head over to southeast asia where malaysia is looking like this right now. rallying today, 19 points up. let's head over to our latest

story. earnings out of the u.s.. su keenan the numbers from new york. report, fourth quarter earnings beat estimates. that was due to sales gains at cargo bell and kentucky fried chicken. profit was 68 cents a share. that is a good margin. sales, stores opened at least a year, 4% gain at taco bell and 3% gain at kentucky fried chicken. that is omentum for a company soon relying heavily on domestic sales in the u.s.. wouldd in october, it spin off its china business. we saw total revenue lower than projected. hurt in part by the slow growth of pizza hut. one of the other big earnings after the bell likely to impact

trading is gopro. the maker of wearable cameras embraced by sports enthusiasts, saw its stock plunge as much as 21%. they cut the loss to 17% within the hour. they reported a loss in the fourth quarter of eight cents a share. they also reported first-quarter revenue of 160 million. that is the projection. it fell short of the estimate of $287.3 million. gopro.oing for the big criticism that it is perhaps a one product company as opposed to a media company and for aore due reevaluation. yahoo! grabbed the spotlight for no good reason, falling 8%. they say they are willing to

consider offers and will lay off as 15% of the workforce. that was su keenan reporting to read a story about flying solo. this young lady was headed home for the holidays, but bad weather delayed her flight. all the other passengers offered to switch tickets. but not her. she ended up being the only person on the plane. liz leg room, personal service. no unruly fellow passengers. stay tuned for asia as. as chris in the outlook with the leading think tank. ♪ ♪

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announcer: from our studios in new york city, this is "charlie rose." charlie: we begin tonight with politics. last night, the iowa caucus raised questions about the race for republicans and democrats. senator ted cruz took first place, beating donald trump. >> tonight is a victory for the grassroots. tonight is a victory for courageous conservatives across iowa, and all across this great nation.