$2 billion ill or face possible asset seizures. haidi: timekeeping and i and asian markets. -- i am keeping an eye on the asian markets. all major indices seeing pretty gains.grains -- mutated in fact, up 9/10 of 1% after yesterday's rally, which was the most in over seven years. shanghai markets, also joining in on the rally. elsewhere, hong kong building on yesterday's rally, one and 7/10 of a percent. southeast asia seeing a modest gain as well.in particular, strong sentiment coming out of china . terribleespite the

points on trade yesterday. we are getting local reports there could be a stimulus , and potentially mna reforms as well to keep growth at pace within a reasonable range. we have seen that slow down really weighing on policy makers and their ability to do anything about it. we also had comments from the willmario draghi saying he do whatever it takes policymakers will react. to some of the volatility we have seen. again look at the quick movers, are biggest movers in china. with oil related stocks surging on hopes of the deal from the venezuela and russia and saudi arabia meeting. one of the top deck's in surging by 18 of -- 1.8%. angie: borrowing binge in china last month sought credit reaching a record, bigger than the entire south african

economy. 2.5 trillion yuan, or three and . that is a lot of cash. reporter: before i came on here, i was taking my job the ground. much higher than expected. we don't know for sure yet. somebody is linked to pick up a mortgage amount, companies trying to pay off foreign debt, and also a suspicion we are going to get the old labor. -- playbook. angie: how much of it is supporting the yuan? guest: the point is that people are worried the yuan will weaken further. this is way they're trying to get loans out of u.s. dollars and back into the yuan. as part of what is behind this story. there is also the feeling that it will be short-term, that this

surge in lending will not last forever. china toxicity leveraging structural reform. angie: what does it mean for the chinese economy? is pboc propping things up. one thing is a shows the rates are working now. a family shows credit is starting to shore up -- it finally shows credit is starting to shore up. auditors say it mitigates against further rate cuts. why would you need further cuts if you are having a surge in demand? start we say, how sustainable is this? the central bank does not need to be in the game anymore. but if it is a one-off, and the pboc will need to cut rates further.

there is a little bit of watch and wait. angie: either way, a lot of people taking their jaws up off the floor this morning. oil is rising today on reports that two of the world's leading players may meet to discuss prices and production. we will discuss the importance of this with our bloomberg energy reporter. who are we talking about here, and what might come out of the talks? reporter: given that it is saudi arabia, that is perhaps the most important factor in this. saudi arabia has led opec's decision to maintain output and squeeze other producers out of the market. saudi arabia has in the past spoken about, that they are coordinate among opec members and non-opec members. that is the problem. coordination. if you cast your mind back to the 30 million barrel quota that they once had, and none of the

producers actually stuck to that. there are also doubts about whether russia, even if they wanted to cut, whether it there infrastructure can do that and they can go about that. we also had a ceo saying they would defend traditional markets and expressed doubts about the possibility of a cut. iran,so have a run -- starting to ramp up production. cut,say they will not until they get back to the pre-sanction level exports. you have all these factors in play. it is positive there is a meeting saudi arabia was at. whether anything was -- will come out of it remains to be seen. angie: how sustainable is it? we have been talking about it to death, where low prices at some point has to curb output. reporter: we have been talking about it, yet we have not seen it.

most have thought the cuts would come, but it has not happened. the outlook is perhaps one of two, we would see a bleak time the first months in 2016, and we have seen that with reports from exxon to bp, cutting profits and cutting jobs. theree thinking is that will be a rebalancing over the next 12-80 months, and that the market, without intervention from saudi arabia, will rebalance. the question is -- and the thing is, this is saudi arabia's intention, to drive out producers. angie: they stated that from day one. reporter: absolutely, so why would they cut? angie: why would they, indeed. and they cannot look at what that is going to look at for like for that future. we have been talking about oil

all day. currently, there is a 91% correlation with equity prices. we would like to see opec and russian and saudi arabia start to take a proactive step to cut all production, because that is positive for growth, positive for sentiment, and equity markets as well. cutting all production -- oil production, picking up inventory, and then we will see equity markets rallying. it is good news around. we would hope there would be cuts coming in today. everyone is going to have to contribute. >> there's a lot of talk, but not a lot of action. i think you really need is the hefty production cuts coming out of the higher cost. that is probably still some time away. getting towards storage limits in crude and a lot of distillates for -- provides

downside risk as well. most equities out there are a pretty strong recovery. most of them would be passing about $50 oil. angie: that is the word from asia on oil. other stories making headlines today. sharp is reported to be sending a group to meet foxconn executives in taiwan. they say the two sides are not expected to reach a concrete decision on the foxconn takeover bid.they are said to have offered more than five ilion dollars for sharp -- $5 billion for sharp. toshiba's president to be the next victim of the accounting scandal. the company committee is considering replacing him at that shareholders meeting in june. toshiba is predicting a record loss, and they say they may sell the pc plant in china and quit computers altogether. however, sony's spinoff says

they may merge their business with toshiba. a decision is expected next month. bank of east asia has rejected calls to consider selling, even after posting bigger than expected fallen profit. pa reporting income fell 17% afternoon profit in its china business tumbled 81% from a year ago. check out shares, one three quarters of a percent down. india has told vodafone japan, or face -- to pay out or face consequences. it has issued a letter about disputing a tax bill worth more than $2 billion. this has been going on for years. here is the latest from juliet. let's go from the beginning. what is this disagreement about? juliet: really big headache for vodafone, this disputed bill has

been in the works since 2014. in january, the supreme court actually dismissed the indian government's bid for vodafone to pay a $2.1 billion tax bill, but now they essentially say, they could actually freeze the assets of the vodafone in india if this is not paid. bloomberg news has seen a copy of a letter from the deputy commissioner of income tax in india, which was sent to the company's dutch unit, in a letter dated february 4 essentially saying any overdue amounts may be recovered from assets of the nonresidents of vodafone, which are or may india. be within they are saying, if you don't pay what we believe is this $2.1 billion tax bill that vodafone says it does not have to pay in india, we are going to stop appraising your assets. this traces back to 2007, when vodafone had an issue -- or the indian government had an issue with vodafone over the

billion.n, worth $11 that company is now owned by c.k. hutchison. they have not been concerned that the indian government wanted vodafone to pay dues in the country it is operating in. angie: but i thought it was a brand-new day with narendra modi? this will have severe ramifications for india. juliet: absolutely. analysts are saying it is a knee-jerk reaction, ther were proposed changes to the income, which is why we are seeing this letter was sent to the dutch unit. they're saying they can look at places that are already open like this one and cases that, date back around six years or so, but not new ones. companies than would be taxed twice. in india and also in the country they are generally operating in. of course, a lot of analysts saying, this will have a

damaging impact to asia's third-largest economy. businesses simply are not going to want to stay there. what happens next, we are not sure, but certainly at this stage another headache for vodafone in this long-running disagreement. angie: thank you, juliet. coming up later, after two years of fruitless trawling, the search for mh 370 is weeks away from coming to an end. we will see if there is much hope for the missing airliner. after the break, we find out what our next guest believes the u.s. dollar is taking pressure off of china's yuan. back in two. ♪

angie: china has been on a seasonal lending binge with new yuan loans surging to a record $384 billion in january. is this good news or bad? david is here with the numbers. david: well, the non--- money is

there. a few things to note. we have had cuts from late 20 -- 2014. rates are low. every january, we typically see a spike in lending. that being said, the number we got earlier of 2.5 trillion renminbi was head and shoulders above the highest estimate. this is how it looks. that is out of the local currency loans, going back to 1982. -- 1992. a spike in 2009 in response to the gst. in then we are back here january 2016, that is the big spike. as looking at the numbers when they broke. i scratched my head of little bit and wondered if it was a typo or error. but that is what we got. very quickly before i go, let's put everything together with aggregate financing. that is the overall number.

you had loans and sources of financing. 5 --number we got was 5 520 billion u.s. dollars. financing, for the entire month of january. that is quite a big spike. the chart goes back to 2002. angie: let's bring in tai hui, chief market strategist at j.p. morgan asset management, to try to wrap our heads around this. this is four times what we saw in december. tai hui: that is a huge number. a couple of factors at play. obviously the pboc has been much more generous in and checking quotas into the system, even before the chinese new year started. obviously, people are taking advantage. secondly, bearing in mind that the past few months since

november, we have seen a weakening trend of the yuan. that may actually encourage more people to move away from dollar borrowing to you one borrowing. i think this also contributed to the surge in you one borrowing. of course, there are other factors. we need to look at the numbers in more detail, but these acted -- two things i can pick up immediately that partially explain the huge number in loans. angie: that is interesting on u.s. dollar strength, they are looking to domestic currency for loans. tai hui: absolutely. in the fast -- past five or six years, the dollar was cheaper and the general expectation that the yuan will strengthen. but obviously, that expectation is smashed in the past couple of years, with the one repeating, and gradually weakening against the u.s. dollar. i think expectations are starting to change a little bit, and that is why we see more people willing to borrow in you rather than the dollar. angie: everybody is taking a look at this number and it is a head scratching. in context, is this good or bad

or is it healthy for china? tai hui: i do think it is healthy in the long run. ultimately, we have seen a massive accumulation of debt in the corporate sector, and at some stage, it needs to deleverage. in the long run, not healthy. but in the search term, it does address liquidity as she is -- issues. in the short-term, it is good news. but it nearly kicks the can down the road a little bit more in terms of the whole that accumulation story for china. angie: let me ask you this question, what are you using the money for? are you using it to invest in infrastructure in capital expenditures you need to build a business, or are you paying off debts? tai hui: i think some of it will be used to roll over debt. incentive, time, the or if of investing on infrastructure or business expansion, especially in the utility sector, is pretty low.

i don't think that is where the money is going towards. however, we have seen indy the health care sector, technology, they are with relatively low gearing and at the same time, the environment is more favorable. maybe we need -- may see a bit more uses of loans for that part of the business, but not the traditional manufacturing as we know it. angie: and also an indicator that the pboc prefers reverse repo rather than rrr cuts, because this is easy to manipulate and a lot more flexible for the pboc. tai hui: we have seen them using a lot more money market instruments to manipulate a level of liquidity, probably because they don't want to rely on the banking center, they want to use other channels also to get liquidity into the system. are seeing now a greater use of starter term money market servants -- shorter term money market instruments. and the next few months, we may

see more interest rates reforms, and i would change the policy rate mechanism in china, and therefore they will be relying less on the lending rates are rrr, and instead using a market force lead instrument to enforce n china. angie: until we see reforms, we could be seeing more numbers coming through. we will let and see of course, as they say. in 20 come on back minutes from now. coming up, national australia bank posting a healthy profit increase, and the balance sheet is strong. but is it enough to convince investors? in sydney, when "asia edge," returns. ♪

reporter: stories making headlines around the world. at least seven people were killed and dozens more injured on a missile attack at a children's hospital in northern syria.

five caretakers died and several members of staff are missing. the mss did not say who carried out the attack, but local opposition groups blame the russian warplanes. 50 people were killed on monday. saudi arabia has indicated it may send ground troops to syria and has already declared -- deployed warplanes. they are and playing largest military exercises in history. there are taking place in air, sea, and lynn exercises lasting 18 days. they are tasking -- attacking shia rebels in yemen. pro-democracy groups have demonstrated outside the venue of the first ever talks in the u.s. the group was founded in 1960's against communism. didver, several leaders come to power through free and fair elections. anumber of the group have

limited time left in office, including president obama. this is bloomberg news. i'm rosalind chin. angie: shares in national australia bank are trading just a 10th of 1% down today. in cash profit, it has given back the gains of the morning. let's look at this with paul allen in sydney. it was a positive first counter -- quarter, but investors have decided the changed their minds just now. yes, underwhelmed would be the word that springs to mind. the trading updates looked really good. of $1.7 billion, revenue up 4% as well. to debt charges down, 52% $84 million.

even the hint from the merger of clydesdale bank was not too bad. but as you say, after initial gains, followed by initial losses, they have stopped looking rather -- started to look rather flat at the moment. angie: more australian companies, earnings coming out, csl coming out with first earnings today. how did they do? 3.8%,er: a big week, up to $738 million. the pipeline looks very encouraging, they are expecting 5% profit growth for the second half.that excludes the flu vaccine business. it is expected to realize a loss $90 million and $120 million. same similar story with national australia bank. the stock was up, and currently

csl up .17 of a percent. angie: thank you for watching that frost today in sydney. disney is not prepared to let aken.ower of the force weeke the force of akins was disney's most successful with film -- film. released new actors for the cast. production picking up where episode seven left off. do a mermaid, a man from a cow and monkey king have in common? it is immensely popular with chinese new year ago or's -- chinese new year moviegoers over the break. comedy. action

the latest on japan's reopening after the break. stay with us. ♪

angie: you are watching "asia edge." asian shares extending their rally, fueling a global rebound inequities. china's benchmark jumped more than 2.5%, with gains in hong kong and korea. japanese shares turned around, extending a surge which saw the topix jumped the most since 2008. the most in seven years on news of a record $4.5 billion share buyback.

that will cover almost 15% of its stock, and they say they will resort to new borrowing. softbank will use assets to make the total. oil is making gains at $30 per barrel in new york as saudi arabia and russia are said to be meeting. venezuela may also join the talk. positions on wti rose to an eight-month high. traders also shrugged off concerns that iran could add to the glut. what a day in the market. let's get it to haidi. haidi: what a day, indeed. original indices rebuilding on yesterday's rally, rallying by 4.1% yesterday, the best session of gains we have had since september last year. but we did have a little shakiness earlier this morning in terms of volatility, particularly when it comes to

the japanese market. more volatile measures for china and asia over the past five sessions, the intraday swings of more than 3%, twice over that session we have seen the market close to the tune of more than 5% down. as we get underway, the nikkei is still extending, going up by 9/10 of 1%. they have had their best rally in more than seven years yesterday, modest gains to build on that today. shanghai saw losses yesterday, that is joining in on the rally today. 8/10 of 1%. concerns are still high, particularly compared to the emerging-market counterparts. compared to similarly listed chinese stocks in hong kong, those same share listings of the premium of 50% at the moment. also around the region, we are

seeing that supportive oil price story driving some of these gains, particularly when it comes to stocks in southeast asia, malaysia, singapore, and australia, miners doing quite well there. rumors of get more what is going to come out of this meeting between the saudis and russia, and no potentially venezuela, wti keeping its head above $30 per barrel. another 4% from that today rally. -- that two-day rally. it has been a volatile session but what has been consistent is financials. the controversial negative rate decision coming into effect. mitsubishi holding onto gains from yesterday, up another 6%. up.ha some of these lenders have theten upgrades, and

biggest later on the nikkei 225 record onp by 16%, a the reports of a buyback to the tune of $4.4 billion. valuations are very cheap at the moment, and they shouldn't be as cheap as where we are seeing the stock price sitting now. angie: thanks so much. let's get more right now on softbank with our asia tech reporter. this buyback could be worth almost $4.5 billion. and you can't even compare with softbank's, own past purchases a -- softbank's own past purchases. >> that's right. this is by far the largest buyback in their history. it would be worth about 14% of their shares. it's also one of the biggest in the market. softbank's biggest rival announced that 350 billion buyb

ack earlier. angie: why are they doing it now? >> softbank has been hammered this year. it was down 28% yesterday before the buyback announcement. not only that wiped out a decent chunk of the ceo's fortune, but brought the market cap below the value of its total shareholdings. for a lot of investors it could not have come soon enough. angie: ok. shares are up by the daily limit today. what are the chances, though, that this rally will last? >> that's right. i think the shares are having their best day in seven years. there are three major variables to softbank, one thing their domestic operations, which will probably remain a stable source of cash flow in the near future. two source spots -- one is the valuation of alibaba, which will depend largely on the prospects for the chinese economy.

and the real sore point is sprint. some say that the turnaround is taking effect, and he has seen the light at the end of the tunnel, but it will take a lot of convincing to show investors that is actually true. angie: well one thing, is for sure -- he bought himself some reprieve today. thank you so much. isother news, kieran forecasting a return to normal after posting a loss. the japanese brewer says net income for 2016 will probably be $527 million. it plans to use its investment in beyond more breweries to strict -- in myanmar breweries to strengthen its profit. it reported an impairment of 3 billion, and plans to make its present business profitable by 2019. shares tumbled in tokyo. struggling chinese developers are laxing necessary support for

restructuring plans. investors,'s 75% of but a senior advisor says it has only garnered 52% so far. seek court approval to hold a creditors meeting. shares are taking off today on reports that it has picked up a big order for its airliner. they signed for 20 planes with a book price of $945 billion. the project is close to fruition, but has been doved by delays. wasoriginal 2008 budget $1.5 billion, but they say that is expected to have doubled the future of mediation has been on our agenda today, on day one of the singapore airshow, or as a continues.

asian carriers have been on an unprecedented buying streak over the past two years, and the president of honeywell aerospace season continuing for years to come. >> we think it continues for the next 10-20 years, and eventually asia-pacific will absolutely have the largest demand air transport -- the largest manned air transport in the world. we are looking forward to the next two decades. ier is one ofd several manufacturers looking to bring it to the market. we're joined by their senior vp of asset management. this should get u.s. and european certifications in. >> with respect to the we did get the

canadian certification back in december. as is planned, we are working diligently on faa and the european authorities. we are expecting to get those -- >> we did get the canadian certification back in december. why? by the first half of this year? >> absolutely. we need the certification in order to deliver and to persuade them. we're absolutely on plan. angie: campbell wilson says booming demand of air travel poses a challenge it for air carriers as well. >> the why? next challenge will be to absorb the capacity increase year on year. that always brings a challenge, establishing ourselves a new markets, building a profile, building yield. that it is investments in the future. i think the foundation is strong. we will make that capacity work in times to come and be better for it. angie: we go back live now to the singapore airshow, where it is day one. we have had has haslinda amin there for a while, bringing

together the great and the good of commercial, military aviation. has is there live. what is the mood like on day one? haslinda: absolutely blistering heat. the focus turns on defense, with rising tensions in the south china sea, and more recently in the korean peninsula. it is no surprise that their expectations made up their defense spending. have -- to give us insight. good to have you with us. given the rising tensions i just talked about, are you expecting that to translate to orders, or perhaps a fighter? >> well, this area has developing economies and the need for security. we think that over time will be

alsotant, but [indiscernible] haslinda: do you see the governments here in asia willing to spend more on defense? what are you hearing? >> we hear they want to spend more on defense, more on security, [indiscernible] haslinda: so realistically, what are you looking for at this particular venue? >> at this show, we want to show technology, the fact that our group is a power group which is leading to innovation [indiscernible] haslinda: so a sale for a euro fighter -- are you expecting see that here? >> here, i'm not [indiscernible] haslinda: how much exposure to you have in china, and how

important this china? >> it's a large and important market, of course. we [indiscernible] haslinda: are you keeping a close eye on the economy? will that slow down conflate to slower spending? >> [indiscernible] haslinda: you've been undergoing a restructuring to streamline this operation. where are you? >> we have achieved all goals for last year, [indiscernible]

haslinda: your non-core business -- what is the status of that transaction? >> that has been accomplished. we managed to [indiscernible] haslinda: so is that flexibility -- are you done? >> for the majority of that, [indiscernible] people in the industry say that it is a very competitive environment. why do you have an advantage? >> our advantage and innovation is in our [indiscernible] haslinda: and going forward,

given the environment right now, we have cheap oil. how is that translating in terms of what your business is doing? >> [indiscernible] haslinda: all right. we have to leave it there. the defense area -- angie: all right. thanks so much for leaving that. coming up next, could talks between saudi arabia and russia glut?ng an end to the oil

we will talk about that after the break. ♪

angie: stories making headlines around the world. liquid methamphetamine worth around $900 million, much of it hidden. one person from china has been charged with the whole. the minister says it could have made 500 kilos of hybrid crystal mass. he says it is one of the a guest busts in history. the balkan swish up their borders to migrants as eu tightens their own control. citeenia might immigration rules, but serbia and croatia say they may have to do the same. the eu expects one million middle eastern's and african migrants this year. and an american cargo jet has been impounded in the subway

after officials found a dead body and a large amount of cash on board. the plane was flying from germany to south africa and head arounad landed to refuel. authorities say the money belongs to the south african bank. th e man is presumably a stowaway. powered by over 2400 journalists and 150 bureaus around the world, i'm rosalind chin. angie: welcome back. ui,ning me now, tai h juliette saly. another central banker, coming in, the calvary is here, waiting the promise of dollars or euros around. is he to be believed? are any of the central bankers to be believed anymore? >> if you look at their objectives and where the -- in

terms of inflation. and as a result, they have to do something. the reality is the effectiveness is coming down. they are now resorting to negative interest rate policy, and the market is too afraid to know what it means for the global environment. we are still in the world of a lot of uncertainty in terms of where the central banks are adopting interest. >> i was looking at your notes -- you are saying we could be moving back into high-yield. do you think the likes of the rba are looking at this and saying, hm, i may need to be quicker than i would want, because what the boj did? >> i think so. if you look at central banks and what they are doing, they are punishing people with cash. as a result, you have already seen that developing in the sovereign debt market. of course they are concerned foret corporate -- there

this is partly between the copper market, and i suspect that cap will gradually close as people feel more comfortable with the corporate sector. juliette: we are seeing interest rates around the globe, a little bit of the renminbi. >> we will see a bit more supportive the renminbi, because they want to engineer more currency. you have a significant outflow, and at the same time there is some speculation -- between now pboc,rch, we may see the yuan is too the weak. but overall i would expect the dollar to be the strong currency . angie: dollar strength doesn't need to be the most popular trading bed county more. that has gone -- bed anymore.

what you would be looking at? >> if you look back at the central bank's intentions, that another place to focus -- they do need the currency to help the economy, the profitability, to help achieve inflation targets. you arerest of asia, seeing some of the southeast asian currencies gain against the dollar. the indonesians, relations -- angie: sustainable? >> i don't think it is sustainable in the longer term, but in 2015, there is a bit of a buyback. however, you look at delivered central-bank policies. angie: and what about the impact on oil and all of that? >> with oil below $30, about 1/3 of oil producers are profitable. that's not really sustainable. clearly, russia and opec need to

come up with some kind of an saudient, but ultimately, arabia is still reluctant to yield at this point in time. rosalind: i haven't we seen -- you say 2/3 not profitable -- haven't they gone away? >> i think it is the investment cost, of the operational cost. operational cost is probably lower than $30, but we are seeing a significant stoppage in new investment, and that would impact on future production. we have seen a very pessimistic view of the world when it comes hen investorsd w start to think the world is not so bad, which i think is true, i think that will be supportive to oil in the short-term, but we are not going back to the $60 or $70 anytime soon. it will probably return to $34. angie: i might be showing your age, but do you remember when oil was at $140? >> [laughter]

plenty think the rebalancing will happen? >> my best guesses toward the end of the year. also, we would think about how long some of these governments can sustain, how long oil producing countries can sustain it. but obviously pressure is on saudi arabia, who's also running a very large fiscal deficit. they need to start sooner rather than later. angie: good things happen when you are here. thank you very much for joining us. good discussion. coming up, almost two years on and the face of chris 70 is still a mystery. we will find out if we will ever know what happened. ♪

angie: the man leaning the search for the missing malaysia airlines flight says that mission may ultimately fail. and been almost two years since mh 370 vanished with 239 people on board. for more, let's head to angus whitley in sydney. angus, is time running out? anugs: hi, angie. well, it is certainly true we are getting closer to the point where mh 370 will become modern aviation's biggest unsolved mystery. to finish ar edue searching the area off western australia, 120,000 square kilometers. they will finish that in june. without fresh clues, that will be the end of it.there will be no more searches . the search won't be expanded.

we will never know what happened to the flight. angie: here's the thing -- are the families and searchers ready to accept that mh 370 will never be found? angus: i think we should point out that there's still a lot of confidence in scientific analysis that has put them in the search area. they're confident that the plane did fly south to remote southern indian ocean. thatt is also fair to say even the most hardened search-and-rescue experts point out that this would be a remarkable feat to find it, if you just look at the challenges that confront the search team. first of all, they are looking in an area that could cover half the u.k.. it's also peppered with submerged mountains, trenches. it'very remotes -- it's very remote. last month they lost one of the vehicles. it hit an underwater volcano.

if you look at physical challenges and staying optimistic, and i interview the head of the transport bureau in australia, and he told me that he was even struggling to see that they had missed a piece of debris. the challenges are great, and they have also searched most of the area scientists predicted would be the most likely landing spots for the plane. it would be remarkable if they pulled this off. angie: it's incredible. two years on and we still don't know what happened. angus whitley,.thank you for following that story for us it is still top of mind for the families and searchers. all of us are watching that mystery, yet to be resolved. that's it for us, for this edition of "asia edge." what a day it has been.

we want to check the top stories continue through with the rest of bloomberg programming. top stories after this very short break.

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