vows to go all the way to the white house after securing the republican nomination. a $450 million bet on a manila casino resort. it is not the city's high-end eateries that are getting the stars. david: i am keeping my eyes on the market. i will not pretend it is an exciting day across the markets, but you need a break. the rally has been quite intense. we are seeing the complete opposite picture right now. we are fairly mixed. mostly lower. japan, southou see korea, china, to a lesser extent taiwan. asia, look at southeast still managing to receive a bit, which bracy to the

note from goldman sachs. jpmorgan and blackrock saying they see slow market getting into equities. they see that continuing short term. gold, gas, little change at the moment. not the most eventful of days, but we will take it. angie: we will take it. we have to take it from the ims, saying the u.k.'s decision to leave the european union is likely to drag down growth not just in britain but around the world. it also cut its forecast for japan and was rather pessimistic on its inflation goals. >> the imf said it would be challenging for japan to maintain that. it would be agreed upon by japanese economists. it did forecast japan growth to 0.3%. yen would not

really need an intervention. it would not help to boost the economy that way. it was neither you necessary nor useful. they did say japan should use abenomicsarrows of with particular attention to fiscal policy. it also pointed to wages. attention to the wage setting process. japan already has a pretty tight labor market. even so, wages are not gaining. it is one of the issues of consumption. angie: there is no mobility when it comes to labor. rosalind: you need that when it comes to economy and consumption. they are suggesting at looking at wages is one of the factors. the imf chief economist

talks about helicopter money. we have had a discussion about this. here is what he had to say. >> a very colorful metaphor, but i think it up skiers the real -- scures the real problem, which is conventional monetary policy has been burying pretty much the entire burden of maintaining price expectations and supporting economic activity. without enough help from other government policies, for example , structural policies or fiscal policies. globally, theall imf said brexit creates an overlay of risk on the world economy and that is definitely what dragged down its forecast for the rest of the year, that only slightly. 0.1%, in fact. for next year it was a little more hopeful. 3.4as forecasted at percent, down from 3.5%. they said that in severe

situations, global growth could fall to 2.5%. it is important to remain confident. the ims said it is planning to upgrade its global growth forecast because the recession in russia and brazil were not as bad as expected and china had performed better than expected. angie: despite that debt pile, imf is still quite optimistic. rosalind: it did say that china does have a big impairment -- impaired loan problem and they need to set up a credit issue. they did that by supporting state enterprises at the risk of private businesses. they did have helped to boost the economy and revise up the forecast on china to 6.6% this year. they said the brexit impact is muted on the world's two largest economies. angie: that is why we saw a lot

of debt pop in the asian market after brexit. thank you so much for that. we had one of the co-authors of the report on bloomberg tv earlier. told slower growth in china may be needed to ensure stability. >> you have a big rebalancing creditead and surely growth is in a sense hunting on this score. it is an issue that is going to have to be addressed in the future. we may have to tolerate somewhat slower growth to make sure credit growth becomes more sustainable. angie: the imf sees japan's economy growing 0.3%. steen jacobson says the boj stimulus has run out of steam. >> the fact is they can do whatever they want to do, but it is not going to change their

growth or their ability because the reforms remains unanswered. this third arrow has never been launched. will never be launched. i have been to japan three times in the last six month. it is a great country. we are probably underestimating where they are in terms of the credit cycle, but boj and their ability to save the japanese colony is nowhere to be seen. angie: fred newman says there are bright spots in asia. thing that is likely better over the coming years are countries that are less trade exposed because global trade is not firing off and they are ones that have low debt because they can accelerate credit growth. the two that stand out are the philippines and indonesia. the market is telling us that. equity markets have rallied. the two countries that have the biggest scope for improvement. angie: that is the word from asia on the imf's latest global growth outlook.

donald trump secured the republican presidential nomination with a delegate vote from his home state of new york putting him across the line. he spoke to the party convention in cleveland. haverump: together we historicrisk oral -- results with the highest vote total in history of the republican party. this is a big move, but we have to go all the way. angie: we spoke about what has been happening in the republican national convention. >> it is quite an emotional, dramatic night tonight on the second night of the republican convention. this was supposed to be a night focused on american employment, make america work again, but it is anything but that. we have heard almost nothing on the economy and unemployment. the convention did formally

nominate donald trump. on the one hand, a great defensive explanation of the nominee by two of his children, but on the other hand a robust taking down of hillary clinton by governor chris christie of new jersey, who once wanted to be the presidential nominee himself, who had hoped to be trump's fisa presidential nominee, and got none of the above, but did give a major speech where he led the crowd in chance of guilty over and over again as he eviscerated her foreign-policy record and the crowd shouted locker up. perhaps the best recipe for unity around donald trump is to go after hillary clinton. it is in a way to his wife was not able to do in her remarks last night. she said she was a good man but

his children offering more personal details about their experiences with him. they are humanizing his image for the crowd tonight. rishaad: we had, as you mentioned, his wife talking. there have been allegations of plagiarism. this is according a lot of controversy. has that played out there? how has that affected sentiment? >> is a huge detraction on the final closing hours of the opening night and throughout the day today. the convention did not gather until late in the day. there were just hours of dead airtime and feeding and feeding the controversy. who wrote the speech? was it a failing on the part of the campaign? if the campaign professional enough? what were they thinking? beyond the notion of whose language she was using, the idea of melania trump wrapping her cells in the words that michelle obama used runs counter to the trump method. this is a distraction the

campaign did not want and they do not want to follow that the rest of the week. they hope what you are hearing now ends up overtaking that controversy in the final days of the convention. angie: you can get more on that story and all the rest of the day's news at bloomberg.com. you will find in-depth reports and market data and you can watch some of the interviews you may have missed on bloomberg today. let's get a check on some other stories making headlines this morning. a former boj chief economist says the central bank should correct two big lies at its policy meeting next week. he says the boj should add more stimulus at the meeting in achieving his 2% inflation target. he says markets will lose trust in the central bank if it continues to remain bullish. china's biggest movie distribution is planning what t could be the largest ipo in the

country's entertainment and history -- entertainment industry. it is planning to raise up to $611 million by listing in shanghai. it will begin in gauging investor interest this week and open to offering next thursday. movies are among china's fastest growing consumer sector. to miller's board will meet discuss growing investor pressure for a higher cash bid for ab inbev. there is a $100 billion offer. a currency drop means sab miller's two biggest currency holders are getting a sweeter deal than other investments. to the markets we go. to david. to think that pokémon go has exceeded expectations is an understatement.

game pokémon go is driving me crazy. david: more and more every day, you are getting more brokerages timing and. where they think -- chiming in. where they thinking tendo stock will go. threat, monitoring a potential risks to the security of the country. have a look at the chart of nintendo. what we put together is the p/e ratio. jumpchart shows you it in valuation up to 230 times earnings. the 13% drop takes us back to the 200 level. pokémon go might be free, but you have to pay 200 times earnings if you want to get action in nintendo. have, well, indonesia basically banning both are military and police from playing the game while on duty.

you have a security minister saying they are monitoring potential security risks. whether that has to do with drop in stock, you look at technical indicated. they say the stock is overheated. a different play came out yesterday or the day before. the way basically said to play when it comes to data usage is you look at, like hong kong telecom, some of these other developed markets telcos, as the data juice usage play ofe game. if you are looking at one stock, up onld's japan getting reports that there is a tie with nintendo. that is according to techcrunch. angie: i will challenge you to a game of pokémon go later.

the michelin guide is getting set to publish its first book on singapore. which of the city's many eateries made the cut? we will hear from international director michael ellis. china gets an upgrade. we will ask s&p global ratings what behind is the latest call.

--ie: microsoft more rose more than 4% in trade after shares in profit. irst quarter revenue was $26.4 billion. changing focusn to cloud as traditional software shales shrink. spotimprove in the bright

with the country's struggling with a stronger yen. the three largest carriers are to report the largest quarterly profit in a decade. they have a combined operating income of $8 billion for the quarter ending july. they are benefiting after the government cut subsidies. trader, has ubs been working in the industry for life breaking currency benchmarks. it is said that matthew gardner has used electronic chat rooms to manipulate the benchmark and get customer information to traders at other banks. gardner has been helping u.s. prosecutors build similar cases against other traders. it is not clear if he has been granted criminal immunity. the imf has cut its global growth forecast because of brexit. s&p global rating sees a limited

impact to asia-pacific. imf, you also worked at the and you have interesting insight. when you have a smaller differential to the imf outlook? paul: i think the change in the global outlook was the correct one. it was small. it is hard to move the global needle. i think it is signaling we are ready to raise the global growth forecast. we do not have to many grievance on the global front -- disagreements -- too many disagreements on the global front. angie: china is seeing a little bit of a bright spot in the region. it does recognize that china needs to address that, overall likes the direction is going. how about you? paul: we are not happy with the trajectory in china.

we think it needs to slow down. credit growth is running with nominal gdp growth. is is 6% or 7% and credit 13% or 14%. going forward, we think it needs to slow down. the first half of the year, it looked like they were throwing credit into the economy. we raised our growth forecast. i would not call it an upgrade because it was not necessarily a good thing but i think a key challenge for the authorities is to manage expectations to a more moderate rate. they cannot grow by 6% or 7% forever. angie: but they have to keep social stability and order. paul: we are not talking about going to 2% or 3%. maybe we have to get growth closer to 6% rather than 7%. wages are still growing. a super loose labor market where there is not any

wage growth. we are seeing the rotation to consumption. i think sacrificing the balance sheet on the altar of gdp growth is not a good strategy. i think we need more moderate growth. angie: we have seen consumerism offset that manufacturing slowdown. that is not expected to continue, especially with flagging wages. paul: we think it has legs. the share of the pie going to private consumption is 42%. that is the smallest by far of any major economy. if we can get some of the credit that is going into the industrial sector and not very efficient industries into the market, -- angie: historically, you guys have looked at who specifically backs these debts, and giving higher credit or ratings to those companies that are backed by the chinese government or if it is a state-owned enterprise and such. paul: you are not advocating

credit efficiently that way. you want to look at the stand-alone rating, see if it is a good rating. should they be lending to soa's, which have legacy issues? paul: they are going to have to drive it. angie: they are not doing it right now. paul: not enough. the private sector part of the story is ok. we would like to see the investment story slow down. angie: talk about japan. you are a little bit more bullish on japan or less negative? paul: less negative. here's the story with japan. a couple of things have happened over the last few months that give us more confidence. we like the fact that p.m. abe postpone the tax rise. we have the full expansionary policy. we are raising taxes. deferring that for a couple of years is a good idea. we are starting to get wage

growth in japan. we are looking at getting -- japan needs a wag-price cycle. if they can generate .5% growth this year, inflation will pick up at the end of the year. core inflation is ok. we are not trying to hit a home run. success in japan is 3% nominal gdp growth. on the realt one side and two on the inflation side, that a success. directionally, we are probably ok in japan, but now that we have monetary and fiscal policy, mr. abe is calling a diet session in september to get structural reform and we are trying to get more female labor force participation. we want to get the trajectory of the economy up to 3% nominal growth. then we can talk about consumption tax increases. we don't want to increase taxes into an economy were nominal gdp is shrinking. angie: still a nation of savers.

paul, really good to see you. thank you for joining us today. up, move over, macau, and look at the new kid on the block hoping to take the crown as asia's number one gambling hub. ♪

angie: you are watching "asia edge." miller is poised to challenge -- manila this point to challenge macao as asia's number one gambling hub. they are planning to open a new casino that could cost up to $4 billion. has haslinda amin has more. this sounds like an ambitious project. haslinda: hugely ambitious. $4 billion. the casino is called okata manila. he owns almost 70% of the

company of universal entertainment. his massive investment shows his confidence in the philippine gaming market. this project could be a precut of just the first one. he is exploring other such projects and other parts of the philippines. if you are wondering what you can expect from okata manila, 500 handling tables, 100 meter water fountain, and an indoor beach. the plan is to take gamblers from a cow. he is targeting chinese, japanese, koreans. foreigners will account for 30% of the clientele. that should get to 50% after a year. angie: the question is, when to recover his investments and how soon is that going to happen? haslinda: he is looking at about two years. that is what okata's philippines partner says. it will be challenging. angie: we will leave it there. thank you so much for that.

we are looking forward to the opening of business in tokyo, where we are seeing the snapping of a six-day streak. we will get the latest on japan's reopening after this short break. ♪

>> top story this is hour, asian stocks pausing for breath. it has not weighed on the market exuberance in hong kong. shares here poised to enter a bull market with property developers and casinos leading the rally. a former d.o.j. chief economist says the central bank should correct, quote, two big lies that -- at its policy meeting next week. he says the d.o.j. should add more stimulus at the meeting and scrap reference to unlimited policy space and achieving its 2% inflation target in about two years he says markets will lose trust in the central bank if it

continues to remain bullish. donald trump has promised to go all the way after officially getting the republican presidential nomination. the tycoon's son made the announcement at his home state of new york pushed him over the line. the nomination was almost guaranteed, anti-trump protests had disrupted day one of the convention. global news, 24 hours a day, powered by more than 2,600 journalists and analysts in more than 120 countries. this is bloomberg. let's get the latest from the markets right now. mixed market to be sure, david. >> yeah, it really is. i think you put everything, aggregate everything together, we're looking at regional -- at one end, you have south korea and mainland china. david: hong kong is poised for a

bull market. the sang seung .8%. roughly about 1%, 1.1% or 1.2% way from the e20% threshold. asia is mixed. we're waiting for the next catalyst no major data points due out today which could provide, or the labbling thereof, keep things at base. yields are basically mixed. red is coming down, green yields are coming up. 155, 156. having trouble getting that out. big drop in the aussie and kiwi yesterday. this is strengthening here, the china offshore. nintendo is row ep o--

reopening, it was falling, at the moment, 12.5%. tech crunch reporting that the launch in japan of poke mongo go set -- of pokemon to be strong. >> shares are plunging in sydney after mixed production numbers. we are joined by paul allen in sydney. how do the numbers stack up for v.h.p., paul? paul: it's a mixed picture, angie. not so great. the foirt quarter production was 55.6 million tons which was a miss, down 7% for the same period. last year. mainly due to work on the rail line that's been happening in western australia. being the fourth quarter, we have full year pig figures as well. b.h.p. have been going out of their way to manage

expectations, they revised guidance down to 260 million tons for the year. but they didn't get that. 257 million to bes was the result, down 2% on fiscal year 2015. if there's any bright side to all this, at least the -- it leaves the price of iron ore up 29% this year. angie: generally speaking, b.h.p. did a little bit better, right? >> yeah -- paul: well they are diversified and other divisions did better. petroleum, 220 barrels of oil, that was big though they're expecting output to decline for fiscal year 2017 to between 200 and 210 million barrels of oil equivalent and capex is being slashed, 44% down for the coming year to $1.4 billion. elsewhere, though, copper, that was a big 413,000 tons, etallurgical coal also beat.

take a look at the shares, down 3% now. coming off the worst net. still puts them among the worst performers today. a will the of other energy and resource stocks down there with them, angie. an je: paul allen, thank -- angie: paul allen, thanks for that. source tell us noble group is set to quit power and natural gas trading in europe by the end of the year. the embattled commodities trader said to be down with support staff leaving the company. they've had a turbulent 18 months. stock has fallen 45% this year fter a 65% drop in 2015. >> trying to decide whether to , the heir offer again

risk for bayer is monsanto could choose another suitor. india is giving its state backed companies an injection. they'll get about 75% of the money now and the rest depending on performance. the clint's largest lender, state bank, will get the biggest portion followed by indian overseas bank. the injection is about 6% her than last year's. terrorism remains pakistan's biggest challenge. that according to a former prime minister. he told us that the country is still a good investment option, despite ongoing risks from extremism and instability in neighboring afghanistan. >> pakistan was a peaceful

country. pakistan, afghanistan had no issues. people used to go back and forth. it was literally an open border, open trade. then came 9/11. 9/11 changed the whole atmospherics an actually before 9/11, sorry, when the soveses came into afghanistan. >> the mujahedin -- >> there was a global coalition. the mujahedin came later. there was a global coalition to help the people who want to liberate afghanistan. we were part of that coalition. and we participated in it. and alodge with the united states and many other friendly countries. that and -- in that process, we recruited a lot of people from around the world, the world recruiting them, to send them as fighters into afghanistan to fight the soviet forces. that eventually succeeded and the soviets withdrew. however in any conflict or any situation like that, you have to have an entry strategy but more important an exit strategy. the exit strategy on how these

people would withdraw, how the people who were fighting, how will they change into a normal life, that's where the world went wrong. it is not one country or one part. collectively, everybody got it wrong. there was no serious effort on redoing the economy, creating jobs, on repatriating the people who went as extremists and freedom fighters, they were left high and dry. that led to a level of frustration. that's the mind of the terrorist. >> the thing is, how do you see afghanistan evolving, very, very briefly? >> i'm an optimist on afghanistan. i think -- my view, maybe i'm biased is afghanistan will become a stable, strong, reliable country if they promote their economy. he's trying to do that he's trying to reform. it's no longer built in a day. >> it's contrary to islamabad's

hinking. a pluralistic state is not in their interests. >> the line issue has been there for decades, will stay there for decades. but that's not -- for pakistan, having a strong, stable, peaceful afghanistan is the best thing. angie: former pakistan prime minister speaking to my colleague. coming up, the i.m.f. may have cut its horrible growth outlook but our next guest says that doesn't mean too much.

angie: the worst quarter on record, yuan may be headed for a

break. the currency's best forecasters id they'll hit the brakes on depreciation. they've posted asia's biggest decline this year on speculation that policymakers were depreciating the currency to boost exports and revive economic growth. yahoo is in the top three bidders for its core assets. we're talking about verizon. quicken loans founder dan gilbert and vector capital. they've all come up as the favorites after submitting bids on monday. at&t and private equity form t.p.g. have put in offers. yahoo is expected to hold a further selection round before deciding on the final bidder. roger ailes is said to be in negotiations to leave his job, following allegations of sexual harassment. he was sued earlier this month by former anchor gretchen carlson who said she was fired for spurning his sexual advances

and complaining about his conduct. 21st century fox is now discussing possible exit terms with him. air new zealand's passenger numbers rose 6% last fiscal year. domestic passengers rose 5.2%. the biggest gains were seen in the long haul with a jump up 16%. guess who we hauled into the andio right now, joining me julie, brett mcgone gal. i.m.f. revised its global outlook except pretty optimistic about china. just flagged the debt pile. agrees with you. still bullish on china. >> finally somebody. the china story i think is playing out, how i've talked about in the past.

which is that people are starting to get their attention to things that are driving the positive side of the market. we've got the fed hopefully to not talk about for a while. brexit behind us. i think what's happening now is people are looking at their risk pro file and looking at investments. brexit really did shake up the way that people look at things and if you are going to compare what's going on in the world right now, china sticks out as someone who is managing the economy well. i think they're going to start to, people will start to really get behind it. get a ground swel. >> they are kind of managing the currency as well. they've let it weaken down to, what, 6.699 or something to the dollar and it seems like there -- they may be intervening to keep it from falling even further that is kind of in contrast to the welcome of outflows that we've seen. but if the fed does start typing in december, do the outflows

resume? >> i think the fed is probably far away from doing anything. if they were to do something in december, i think it would be pretty well telegraphed by that point, i don't think it's going to catch anybody by surprise. what they can't grasp is the uncertainty. the balance china needs to strike is to really take on the real effective exchange rate. that's up 25% in the last three years. in order to get that in line and make it competitive, china is an exporter of technology now. they compete with korea, they compete with japan. when you have real exchange rates, that's 30% more than your neighbor's, it's very challenging. the issue is if you try and attack it too aggressively, then you have spurned capital flight. so this balance needs to, it needs to be -- i think they're addressing it in the proper way right now. i think it's funny how the world talked about this huge amount of latility that existed in the

y.n.b. no one gives credit for fixing it. we want this, we want it, we get it, nobody talks about it. >> we said there was better transparency and communications which is reflected, though in the currency market because investors aren't fleeing in the way they did. >> can they push the brakes now or step on the brakes now? 6.7, floating around that must remember? >> i think these are comfortable levels. i think that when you compare what's going on in the world right now and you look at, the lack of inflation, the ability to really kind of influence any sort of growth, it's actually happening in china. you look at the -- if you draw a timeline out of when you would want this inflection point, you had last fall when in october, when you had kind of retail sales at all-time highs and investment and s.o.e. and all of the kind of old industries at lows. industrial output at lows. so you got that inflection point.

now when you look at it, the service economy is driving china. so trump is on about these guys are manipulating the currency because they're exports. china is not an export country. it's a domestic demand driven story. it's happening. the numbers are showing it. the issue is, their conventional molds, watch all these matrix, they're not written for the way the country is playing out. it's hard to see in a headline number this change that's going on. you're always met with the bumps in the road. when you kill an industry a big industry, you're going to have a lot of bumps. i think that's where people are now starting to get their head around it but what we focused on is the ability to match fiscal reform with monetary easing and infrastructure spending is happening in one country in the world. it's only happening in china. >> speaking of inflation, japan, former chief economist saying the central bank has to stop the lies and stop the 2% inflation target, d you atpwhree?

>> i think we've all been taught that calling someone a liar is a difficult away to go at a situation. the issue is, i think, we've talked in this group about this bhfer. it's the credibility of getting ahead of the curve. managing from behind is a very hard thing to do. i think that if you look at what japan can do, i don't think the balance is that much. however i do think the e.t.f. purchases will be picked up. it will have some sort of effect of the stock market. because everyone will try to get ahead of it. the japanese retail customers are very smart. they're very good traders. and they will most likely save the rally. the issue in japan is it's a momentum market. if no one is there, it doesn't matter. right now, i think that they can, they still do have power. they still can push, i think they own 90% of the bonds already. so i don't know what more they can do on the debt side. they could buyback debt and go after that my personal opinion is it's a story for someone else

to take a look at. i don't see why anyone would want to be there right now. >> why don't they open up, i mean they can't now because nobody wants it, so you're in the going to buy j.g.b. as mostly it's bound japanese debt holders. and we're seeing a flight out of japan into u.s. treasury markets down to record low yields. >> which will go lower. >> it's going to go lower. i talked to kathy at goldman sachs the japan head there, she said if this continues, actually, it could have an adverse effecten the balance of japan. >> it certainly can. first of all, the government is fully loaded paper. the real issue comes down to the fact that where are you going to get a return? this is preservation of capital almost. there's $10 trillion worth of bonds in the world with negative yields. right?

counter that, i'm going to switch this back to china, i think it's more vell rant -- relevant, there's $8 billion of inflow into the chinese debt market last month. that's not a lot of money. however it's showing you that yields will eventually -- that money will find yield. and that they have broken the walls down from both the safe tide of moving money back and forth thnd the ability to own the debt. if you're benchmarking a global index right now, you have to own 20% of your bond portfolio needs to be in tchy these debt. no one has anything there. i think that that is the thing that is troublesome to japan, should be that there's another place to put your money and it's someone who is a competitor. relationships are obviously not that strong right now either. so i think that is more of where people should be focused. >> it's such a nascent bond market there. it's not structured yet in china. >> noo, it's not. >> people panic out there too. >> so the debt-to-equity is

rumored to be up and moving. i think it's a longer term story. but i think it's addressing the need for china to grow now and to basically foster growth through a cheaper mechanism. you cannot build a country on equity costs, it has to be on debt costs. this has to happen. it's a natural progression. if you look around the world, the biggest markets around the world, ebond markets are bigger than equity markets. it's a big market. what's been open to the public has been very small. but that is changing. i think that that is the thing that when you start to look at how scenes start to play out and sentiment changes, with a wblinging stance now for the chinese to say come in and own these bonds. >> it all comes with caveats too. we're going to leave it there. we're going to get you back next time and continue this conversation. thank you so much for that. coming up, singapore is about to

get fine dining with the mish lynn guide seal of approval. we ask the director what makes the city so delicious. ♪

angie: welcome back. it's known as the red bible, prized by foodies all over the world, the michelin guide is considered the authoritative voice on dining. singapore is the first soviet asian company -- country to get its own guide. we're joined by our own gourmand. did any of your favorite eatries make the list? >> as a matter of fact, they did. we would travel long distances to ensure we get the food we want. this is a long time coming and why has it taken so long?

michael ellison, the guide of mishlon guide joins us today. why did it take so long? you've been watching singapore for a couple of years now. >> we have been. singapore has always been on our radar very much. we've been developing the guide outside of europe now for the last tech cade. we developed first of all the united states, went to japan and had extensive coverage of japan, hong kong, so singapore was the logical extension for our expansion. >> 34 big gourmands awarded. -- michelin is not just about expensive food. i think people don't realize it. >> obviously the stars are what's the most visible part of what michelin guides do. but they are 10% to 15% of a given guide. just being in the michelin guide is important.

our inspectors look for five cry tier yasm quality of ingredients, freshness of ingredients. mastery of cooking techniques, things should be neither under or overcooked but perfectly cooks. harmony and equilibrium of flavors, chef's personality expressed in the dishes and value for money. those criteria are what we use. it's only about what's on the plate. >> some have been critical. they say the selection does not represent the array of food you get in singapore. they say who are these people coming to judge our food? do you hear that kind of comment often? >> i think that the guide comes out tomorrow. we released the big gourmands, value for money, so we'll wait to see what people say when that come os out. michelin guide, we've been doing over 115 years. we first came out in 1900 in france. we have, i think, unique inspectors.

the michelin inspector, that job is unique in the world. they are full-time salaried michelin employees. they are food experts. most have gone to hotel or cooking school. they're often former chefs. they are anonymous when they eat and they always pay their bills. and we feel that that objective -- that gives us the objectivity we need to explain and express ourselves about what the inspectors find in their plate. >> there's also what's called the michelin curse because those with the stars often end up having to raise their prices or maybe even lose their customers because of the long lines that eventually develop. what's your own thought for that? >> i think that in my experience, i'm in my sixth year in this job, i have wret to meet a chef who hasn't wanted to be part of the michelin family. i think that the michelin guide has a unique ability to put an international spotlight on a dining establishment. we have our methods, you know, we have our traditions. we have what we've been doing for over a century.

i think generally speaking the chef world, i think that's appreciated and recognized because we are independent. >> all right, we thank you for your assessment. we're all excited. we are excited about developments here when it comes to food. angie: you can say that again. i'll be hopping on a plane right over. thanks for that. we're almost wrapped here on "asia edge," bloomberg markets middle east coming up at the top of the hour. my co-anchor is stand big in dubai. what are we going to be talking about today from your neck of the woods? >> as you will continue our conversation, our discussion of the unfolding events in turkey in light of the central bank's decision there, in light of turkish lira flirting with record lows that discussion will be with the president at signet institute, he'll give us some perspective. joining us for an emerging

market look at this, the head of credit at commerce bank. i'll see you at the top of the hour. ♪

♪ yousef: turkey cuts its key interest rate and the lira sings to a record low as erdogan extends his post-coup. angie: gloom returning to the global economic outlook. trump saysriumphant he is going all the way after securing the republican presidential nomination. angie: getting back in the game. the