x good morning. from the new economy form in singapore, i am juliette saly. this is bloomberg daybreak: europe. these are the top stories. asian stocks are mostly positive. you must futures are dead flat. there is the hope china's vice

readiness.ignals a we will be speaking to the ceos mobil, and fedex, right here. ♪ manus: we are live in abu dhabi. that does not stop us from bringing you breaking news. 14.85 is the third-quarter revenue. about jobese stories cuts.

estimates flipped. there is just that little bit of a drop. going through a monster transformation. net income, 1.2 6 billion. june, they said the prophet for this year would drop. 3.2 billion. they are confirming their earnings target for 2018, and through 22020. there are bright headlines. eadlines.d h i don't we have a number to get through. friedman is to leave.

ofre has been a great deal change in regards to one of their hedge funds. alexander friedman is to leave the company. have more on this story throughout the show. -- a new ceo at gam. david jacoob. -- david jacob. you have more? >> let's have a look at what is happening with the asian trade. the u.s. midterms are very much in focus. we have seen the regional benchmark index slightly higher across asia. you are seeing a lot of concerned about what is happening with the u.s.-china trade relationship.

the pboc government advisor has is not worried about to be seven to the u.s. dollar-yuan relationship. manus: thank you very much. juliette is in singapore. let's have a quick check in on our main story. it is about china. xi have chinese president remaining ready to discuss the trade solution with the united states. he said that they are not going to be believed or pressed by foreign powers. both china and the u.s. would like to see greater economic cooperation.

china is ready to have discussions on issues of mutual concern. toward issues that are mutually acceptable. that was china's vice president speaking to bloomberg in singapore at the new energy forum. we have a host of opinion makers and politicians. we have much more from bloomberg's new energy forum throughout the day. we will have the had of investment strategies at berkeley investment solutions. the movements are incremental. we have much more moderate language coming from the chinese. they are being very forthright. tell me about the progress in the global trade war.

we probably want to dial down expectations. big deal coming at the november summit. the sides remain a long way away from each other. they are recognizing import tariffs small benefit chinese household consumption. they still have a long way to go. there is a deal to be found. temperatures are slightly lower than they have been. we're with the biggest relief be coming from in markets? there with the greatest relief rally be from an investment point of view?

will it be the china mainland? or would it be global? >> that is interesting. debate about how much global equities have suffered as a result of this trade war. how much of this is a self-inflicted slow down? and how much of it is down to simple dollar translations? the trade probably accounts for a slightly smaller portion than many people would realize. but you thought the same reaction last week, the street from the white house, e.m. asian equities doing very well. german equities are very sensitive to the trade tensions. manus: i had a conversation with

james mccormick. the stories are not going away. the fed is on tightening mode. global central banks will go into a tightening mode in 2019. they are not dropping. is that a fair assessment of what we've had in emerging markets? ask there is a bit of a debate going on. saying, youple are have the same thing that was going on in the mid-90's. the emerging markets space and aggregate looks sufficiently better managed from that perspective. there are incidents of danger. this is especially if you look at some of the most vulnerable economies.

aggregate, the space looks much better. there is far less dollar denominated borrowing. in aggregate, the emerging markets space looks more resilient. are going to see pockets of stress. the u.s. cycle will continue. manus: thank you very much. let's get across to yvonne man on the daybreak team of. she has the first word news. vonne: president trump has been on the road and onto her urging people to vote public and. twitter urging

people to vote republican. the outcome could hinge on what may be a larger than normal turnout. join us for special election coverage starting at midnight tonight london time. we will bring you the latest on all the key braces. e.u. finance ministers met in brussels. italy's budget was not on the agenda. finance minister of italy is said to be ready to cooperate. he looks to produce the italian -- reduce the italian debt ratio. ian finance minister spoke in brussels. will gope this debt down.

we hope our strategy will be better understood. after dialogue with the commission. you have said you are not changing anything? >> u.k. cabinet ministers are looking to study the latest options for the brexit deal in secrecy. they may be looking at how to avoid customs checks regarding the irish border and the u.k.. officials have given up on a special summit for european union leaders. global news on air, 24 hours a day and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries.

manus: thank you. let's get live to the bloomberg new economy forum in the cigna part. we are joined by our guest. in singapore. we are joined by our guest. >> we have the ceo of exxon mobil. good to see you. thank you for being here. i want to ask you, what brought ?ou to singapore climate change and sustainability are always on the brain of a carbon company like .ours

>> we are looking to address the risk of climate change. people don't realize technology is going to be critical toward handling climate change. you have to invest in technology. we need to have that conversation. this part of the world is important in the exxon mobil portfolio. do you think demand is growing faster here? morethe world see a important part of exxon's business going forward? demandbalance between and supply determines the opportunity. when you look at the growth in gdp, you have a large percentage

of what is happening in the region. at prosperityg moving into the middle class. a lot of the prosperity moving into the middle class in the next 20 years is going to be in the asia-pacific. we look to supply products from all around the world. there is a growing need for power across the asian economies. we know the role we play. chemicals are a huge part of the business. we have a large integrated facility here, with a refinery. been investing that pretty consistently to meet that growing demand.

>> there is a lot of talk about the prosperity here. --re is a lot of talk about back home about the tensions between china and the united states. at what point do these tensions have an impact on your investment decisions? has always been to have a fairly diversified portfolio. we are looking to manage the business for the long term. we are trying to make sure we are focused on the fundamentals to manage the ups and downs. we are looking at the basic within countries to make the lives of people better. venture was a joint announced a few months ago, the

petrochemical complex in southern china. things have changed in the months since that agreement. we had a pretty good conversation with the chinese, with where things were at. we think there is an opportunity there, and a growing demand in china. we think there is an opportunity to meet investments. >> do you see any change thus sanctions, any changes in the flow of fuel or ?roducts >> the markets we put into systems are global. what we see in the markets is an optimization of the supply

chain. we are not changing demand. we are changing how demand is being met. we are looking to re-optimize the supply chains and move things around. >> what about the chinese and i grant >> i could not tell you. -- and iran? >> i could not tell you. our business depends on free trade. we are a big believer that economies are best served by a freeing fair trade. think that our companies are competitively positioned. there is an optimization in the supply chain. we feel like we are dealing with

that very well versus the competition. >> given the reach of exxon mobil around the world, i am going to move on from the asia-pacific and ask you a question. how closely are you monitoring developments in saudi arabia? do you worry about the potential for some sort of disorderly fallout from scandal? >> we have significant businesses in the middle east. we have been in saudi arabia for many years. we have a good presence. in with what is happening in the middle east. that region has seen its ups and downs. we try to stay diversified. arery to make sure we meeting the needs of society and stay focused on that.

>> will it relieve pressure on qatar? this is where you have business. i don't know how you eat late those two things. we are trying to see more of a government to government deal. >> whether it is because of china or saudi arabia, or russia, i have heard what some of the people have been discussing today. have been not exxon mobil for more than 25 years. how would you characterize the operating environment today. -- today? >> you are seeing this tension and movement at different times when you have all of these

businesses around the world. we keep thinking about it in the long term. to serve societies around the world. we want to stay focused on the long-term and what is right. most of the host countries we work in a appreciate that. does this feel like a good operating environment? you have to be prepared to operate in any environment you are in. you have to lay the foundation and build fundamentals. we don't try to second-guess where policy is going to go. there are fundamentals that underpin this business. they will be successful in the long run. we will focus on those. manager should focus on the things he can control.

what factors outside your control? >> if you look across the three in, we we participate have found opportunities to grow the business. we have the richest portfolio we havent opportunities had a since the merger between exxon and mobil. our basket is diversified. out of resources and partners will have their own ebbs and flows. when you have a portfolio as large as us, they cancel out one another. you have some big projects in development in order to get there. most of your production is years

away. in the meantime, you have set a target for the permian basin, 750,000 barrels per day. can you get there faster? we want to find out how we develop the resources. we have had an approach we have taken in planning out how we produce that. we want to make sure we are dealing with this in the most cost effective way. the business we build in the permian will be there for the long-term. it needs to be efficient and cost-effective. we need to make sure our pace allows that to happen. >> do you want to be bigger their? are looking at opportunities all the time. if there is an opportunity for

us to purchase, we would be interested. our opportunities are secret. most?t appeals to you is it incremental acquisitions? is it smaller operators? to dohave the capacity just about any size opportunity that comes about. at the valueooking exxon mobil can extract. it is more of the value proposition that is a particular driver. you have also been a seller. objective?long-term that -- assets you have are not as attractive compared to new stuff you are developing?

>> we have a portfolio of investment opportunities. we have been filling that portfolio. our competitors stepped back from the market in 2014. we found opportunities to reload our portfolio. as you bring in higher value investments, you have to look at opportunities to monetize that and bring that value forward by selling it. we don't think about it from a geography or geology standpoint. wewant to figure out where can trade that value. envision transportation demand for fuel continuing to grow beyond 2040. electric vehicles get taken up at a much faster rate

than anyone is expecting? there is a law in the world of technology to describe it. do you incorporate that into your thinking? guesstry to do our best to determine what the future holds. we do sensitivity analysis. there are a lot of discussions on electric vehicles. by 2025, every new vehicle sold is electric. what are the implications on oil demand for the world? though demand in 2044 oil is about what it was in 2013.

the demand in transportation will be carried by heavy-duty transportation. substitute ford the energy debt. the growth for oil is commercial. think light vehicles are going to end up being all electric? >> no. we have done optimistic projections. on debatingung up penetration rates. let's take that off the table. let's talk about the rest of the business. of aom the perspective ceo, what do you think of elon

musk? >> he is very creative and innovative. >> we believe it. thank you very much. that was the ceo of exxon mobil and is here at the new economy for him. manus: a fascinating conversation. great insight. alex friedman is to leave gam. ceo will take over. the killer blow was at tim fund.d's he was suspended over risk management.

alex friedman is to go. $18 billion of assets under management. how gam opens at the start of the trading day in switzerland. go to our reporter in dubai with the first word news. >> president trump has repeated his confidence he will clinch a trade deal with china. both sides ultimately want to reach a solution. he is certain beijing wants to talk. he is convinced he will reach an agreement good for america. says's vice president trade wars are the anchor and relationsof trade

with the united states. >> the landscape is undergoing the most profound change since the end of the cold war. this has given rise to many uncertainties. >> european union finance ministers met in brussels. plandiscussed a spending for italy. the finance minister is said to be ready to cooperate with the european union commission in order to reduce the debt rate. the finance minister spoke to bloomberg today in brussels. complex we hope our strategy will be better understood.

this may be after dialogue with the commission. >> you say you are not changing anything? >> we will see. warninghite house is companies and countries around the world dodging sanctions on iran will hurt. the secretary of state promised to find the measures would be far more painful. has imposed penalties on the 700 individuals and companies tied to iranian industry and energy. countries can ceo economies crumble. until i ran makes changes in the 12 ways i listed in may, we will be relentless and exerting pressure.

an airplane that crashed into indonesia last week had faulty airspeed readings during its last four flights. investigators searched the flight data recorder. u.s. aviation authorities confirmed the issues. pilotsot clear why the on three flights were able to handle the airspeed's problems, while the last week's crew could not. global news on air, 24 hours a day and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. manus: thank you. back to the bloomberg new economy forum in singapore. we have another guest. the parade of ceos continues. we have the chief executive of

said acts. fed-ex.acts -- >> are the fundamentals of your business as poor as the stocks would suggest? how is the trade war affecting fed-ex? company. is a big we do a lot of differet things -- different things. there's a lot of adjustment going on. >> what are people telling you? >> customers are looking to

shift some supply chains to vietnam. they are trying to ship products at peak season to avoid tariffs. change you have a lot of like we have today with the tariff dispute, businesses reaction. >> put a finger on the percentage impact. you talk about customers shipping supply chains away from china. >> it is easier to talk about it than to do it. builttructure has been up over the years. the wage advantage is only one fourth of china, but we cannot

just move a factory to vietnam. there is more talk about it and advanced planning. everyone is hoping the tariff dispute will get resolved. >> so it is more a matter of frontloading? >> yes. indicatedsident has he would like to see some kind of a trade deal with china. what happens if that does not materialize? >> this whole thing is more complex than people like to

think. action begets reaction. the world will survive. there will be some changes. complexity is what a logistics company like yours is about. is there a difference between what you are seeing and what customers are telling you? the company capitalize on these disruptions created by trade tensions? everywhere.s we serve all of the countries we talked about. important market. tariff-eligible revenue is about 2.4%.

things to and from china from a lot of different places. >> so you will make up the difference somewhere else? >> hopefully. >> you bought a bigger piece of in europe. what about in asia? m&a.e don't talk about tnt was a very important acquisition. there is none other on the horizon quite like that. how concerned are you buy this very hot topic that underlies much of the rhetoric

around trade? >> there was a cyber attack acknowledged by the u.s. either done bye a state or a state sponsor. tnt.s very costly to we have very efficient cyber-security folks. every day you have to work at it. >> who were you worried about most? the russians, chinese, or north koreans? >> it may not be the government's. it might be rogue elements. >> you don't think state sponsored espionage is the big concern? it is a very big concern.

it is one of the things the u.s. government has put on its list. big said acts -- fedex customer. s today's announcements about h2qb a good thing? amazon has delivered things from fulfillment centers to customers. transporting things from every business in the world to every other. the biggest single provider of delivery services to the amazon fulfillment network is the u.s. postal service. they are the ones that amazon's

delivery system will take the most value from. >> does this have any downside on fedex ground? >> none that we can see. will be a bigger customer in the years to come. they are going to do some deliveries themselves for many reasons. >> thank you very much. >> good to see you. ofb, -- mith the ceo smith, the ceo of fedex. manus: cracking conversation

there. you can follow the bloomberg ne w economy forum on your terminal. --y cohen is the forumer former white house economic adviser on a panel at the moment. he is talking brexit. he says it looks more like a divorce. a bunch of analogies. .n on live midterms the u.s. gets underway later today. nine districts are moving toward

democrat. one shifting republican. the president is watching over illegal voting. let's give you the question of the day. are midterms key for markets? you can reach out to the team on the mliv blog. jump in. been very has patients. he is the head of investment strategies at r. kelly investment - ent solutions.stmne regards to midterms, the years, the average

move for the day before and after has been 4.7%. this is an unusual presidency so you may find unusual market reaction. high odds are being placed on a split congress. humility is appropriate. there are a lot of close races. there is the potential for republicans to retain congress. there are investment implications of all of this. if you get a split house, legends is -- a legislative gridlock is something we are pretty familiar with. manus: i want to channel into

the equity markets. we had morgan stanley say it is going to be a rolling bear market. pricesy the global asset are not going to reflect risk. do you think the risk in the market is not fully reflected? >> probably not. we took a little bit of money out of the united states. we are less positive on the u.s. than we have been at any time during the economic cycle.

we believe the cycle continues, if you look at the major indicators for economic growth. that does not believe something can't come out of the blue. stock markets around the world are predicting profits on the horizon. stock markets around the world are probably quite depressed. there could be a decent bounce back over 6-12 months. it is going to be more pronounced in european and emerging-market equities. the cycle continues. you have to try to make money. it still looks to be the stock market.

thank you. will hobbs, there. thank you for being our guest host in london this morning. he will join the conversation on bloomberg radio at 7:30 a.m. watch all of the election action as it unfolds on bloomberg. we will bring you the latest from the races and a special guests.- special join us for our special coverage. coming up, we are on the road. we have a conversation with the talk about the jewelry markets. and if you are traveling to work, tune in to bloomberg radio

live on your mobile device or on dab digital. this is bloomberg. ♪ >> you can slide between

containment and cold war. >> many feel that donald trump

is the american president that the chinese deserve, because the chinese have gained the system. system. the game on theosing part of the moral authority of the united states. president trump is talking about wanting to negotiate a deal in the midterms. view is that it is more headline grabbing to improve the odds of the republicans in the midterms. there will bee any major progress. the talk about the traded tariffs is somewhat overblown. it is hard to shift the supply chain as quickly as most people

think. the overhand on the broader sentiment in markets does not help. i have not seen any substantial structure. that was quite a rhetoric we heard on trade. we are at the bloomberg new in singapore. >> thank you. theatre said it would buy back as much as $2.2 million of stock. oyota said it would buy back as much as 2.2 billion dollars of stock. swiss asset management said its ceo is to step

down and will be replaced in the interim by board member david jacobs. gam is trying to hold a slide in its shares. that is your bloomberg business flash. >> pandora is cutting a four year sales growth. it will use a forceful program to cut costs. copenhagen ism the cfo of pandora. you have cut your outlook. we are going through some of these numbers. now sees revenue growth

in constant currencies of 2% to 4%. it is also reviewing its margin targets. the dismissal of the ceo. cfo ofoined by the pandora. manus: let's start the conversation. announced some of the issues. is this as bad as it can get cost-cutting outlook? will try and reestablish some

communications with the interim ceo. , let's talk about some of these numbers. down 40% on the year. the ceo had an amazing conversation with us. was a gold glover people involved in this decision on ofategy -- whole group people involved in this decision on strategy. it sounds like there will be more cost-cutting to come. a lot of there is concern from analysts about this search for the ceo and how long the company can be with out it. -- be without it.

the acting ceo has only been in his role for a few months. pandora might have to go back to the business that got them on the map. they were trying to get more movement coming through in terms of sales and revenue. the company will use 2018 and 2019 to reset the business. let's go to the cfo of pandora. we've been talking about the numbers. how long can the company go with out a ceo? >> it's clear from the that we are facing

some challenges. have we had any approaches? we are aware of the rumors in the market. we are looking to follow the regulations as they are. on in are you focusing china? pleasure of the

china a new hit from coming about a month back. it's very important for pandora. we've seen positive growth in china in the third quarter of this year, plus one percent. we've seen total growth in china in the high 20's. we are still growing in china. labels -- we will open up new concepts in china in the future. anders, do you want to be full-time ceo? anders: no. i'm a cfo. i enjoy being the cfo of pandora.

we've been running a health check of the business the past couple of months. we can see we need to have a different approach to how we manage costs and how we look at the use of capital. we need to direct our focus toward like for like growth. importanting a very step in announcing we're changing our network expansion strategy, slowing down our franchised stores and the speed of opening up new

concepts. that's the most important part of what we are announcing this morning. what countries are you looking at? do you want to get back into the u.s. market? up new we are opening stores, if that's what you're hinting at, we are focusing on growth markets. goingll probably see that forward. less so in the mature markets. manus: when you say you are going to cut costs, what are the top things you are going to do?

cut materially into the business? during the last couple of months, we have looked at every cost across the company and looked at all parts of the venue chain. one singleot been part where we have not seen opportunities to take out costs. a lot of things have been done ,n the past already that has there was the procurement program and organizational change in august of this year. ask the fundamental questions on why do we do like this, why do we do like that? there is more opportunity to take out costs on top of what was already announced in august.

manus: that was the latest on pandora, the guidance and material costs that affect the company, the cfo of pandora. he does not want the job of ceo. juliette saly, good morning, how are your futures? juliette: good morning, good afternoon from sweaty singapore. , nore looking for that matter what you hear, we are seeing futures of across the board. a bit of a choppy session coming through in the asian market, china markets under pressure, the focus will be on the u.s. midterm elections but at the moment, when you look at the europe futures, they are pointing higher. let's have a look at breaking from the consumer company that sells cigarettes, cigars, pipe and smokeless

tobacco. has come through with numbers in operating profit of 3.77 of 3.77 british pounds, that is a beat on an estimate of 3.71 british pounds, getting some numbers coming through on imperial and looking at what we were expecting from our bloomberg intelligence group, imperial brenton it will offset in the second half to deliver it profit growth and we felt in a slightly lower adjusted operating profit to the first inf and it sees investment bloom by one hundred million pounds in the first half, also expecting revenue growth in the 4%er end of that 1% to target. having a reader nation that full-year adjusted operating profit coming in as a beat at 3.7 7 billion pounds. manus: let's get into the bond market, a little bit of data

where bond traders will be focused, september manufacturing orders down by .3 of 1% on month on month, a year in your contraction of 2.2%. in terms of what was expected, let me go back on the desk back here. we have beaten on those factory orders and we are less negative year on year. into on the bond market which is getting underway and in the year, 114 is where we are on the euro. i had a conversation with the global head of sovereign ratings . this is where we started the conversation. in that conversation he said the fiscal deficit, markets are thing able to take the level of supply. aaa is not in question. the euro is spiking on the back of those slightly better-than-expected numbers coming through from germany. that will be a relief because

people are talking about stagnation and a slowdown in europe. the bond markets will be important. you can go back on mliv and you can see that conversation on italy and the message from the , is a movie the gentleman and gentlelady's that will exert the pressure on the italian government. it does not mean the government will last. let me give you the abf numbers, they plan to continue investing and expanding abroad. 1.37 billion. this is the high street fashion side, on a constant rate of 5.2%. full-yearmes to abf revenue, that is 15.16 and profit 1.4perating billion, a slight beat on

operating profit. they break down the numbers and it comes in with a sales growth point 2%. the other side of the business is the sugar business, they see sugar will be lower in terms of profitability. those numbers on abf and the onaking news coming through germany. more forhordern has you. how does it look? emery: third-quarter profit came in bang in line, 1.2 billion euros, that is the estimates but the headline here is that the third-quarter adjusted earnings before interest and taxes, their loss was narrower than what was estimated. that is the berlin-based online retailer. looking at their options yesterday, pricing much greater than average volatility ahead of

today's report. let's get the first word business news with -- in dubai. >> president trump has repeatedly said he will clinton traded with china because both sides will want to reach a solution. he told a rally that he is certain beijing wants to talk and he will insist on an agreement that is good for america. speaking at the new economy said tradeadvisor chinaill a propeller of and u.s. relationships but he warned of uncertainties ahead. >> the global economic and political landscape is undergoing the most profound change since the end of the cold war and its implication, giving rise to many destabilizing factors and uncertainties. >> we will bring you the best of our exclusive interview from the first day of the inaugural new economy forum in singapore.

leaders from around the world will be engaging with some of the world's most significant changes and challenges. stay with bloomberg for full coverage of the debate. president trump has been on the road and on twitter urging supporters to get out and vote republican as the most expensive midterm campaign in history heads for the finish line. markets are bracing for the democrats to potentially when the house while the gop retains the senate which could dramatically alter the second half of trump's term. the outcome may hinge on what could be a larger than normal turnout. you can watch all the election action as it unfolds here on bloomberg, join us for our coverage from midnight tonight on london time, we will bring you the latest from the key races along with special guests including the dnc chair and eric cantor. the finance ministers met in brussels, the rope breaking budget was top of the agenda. toy were given two weeks

offer changes. he is determined to reduce italy's debt ratio. brussels insists there is no decision on potential penalties. global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. manus. thank you, $73.2 million, that is what resources has delivered and in terms of gold theuction, never forget 28th ounces at the end, that is the key thing there to be acquired. nowing us -- joining us with the numbers. good to see you. bloomberg intelligence wrote this about you, crazy big gold miner, how do you grow what -- and what will the benchmark be when this company gets together,

how are you going to grow and deliver value in this marriage? good morning. it is all about quality, quality assets, quality management, quality financials and that is what i have always said. if you want to be in mining, a good place to start is world-class high assets and you cyclical nature of the industry. manus: you have been a picture when it comes to cost cutting. put the two of you together and it really is a marriage that creates cash, two point $7 billion, if you want quality assets, do you think the way forward will be to use some of that cash to buy more assets? >> sure. the big thing is to lift the main currency which is your equity and it is about delivery

and you have seen the markets deal in lifting both share prices higher since the announcement, over 20%. i think that is the key. we bring into tier one assets, two of the top 10 assets in the world and there are two more visible immediately in nevada dominican the republic asset and so, we will focus in on those what we call it your one assets and with good assets, as you know, you get good cash flow and hour drive in mind is to get the new one back to the randgold model where you are delivering returned sir equity increases.

>> something that market so is like. is the merger likely to signify we could see more consolidation in the gold sector? >> yes, i have been on record for a long time that this industry really does need reinvention. trump section brings the concept of value creation through combinations to the fore and i am sure that i have no doubt that the industry to remain relevant has to rearrange itself. there are too many management teams, not enough assets to go around and we need to put those assets together with the best management team. juliette: how does it rearrange itself, what is your johnionship like with bolton? >> very constructive, we would

not have done this deal if it was not a constructive relationship. he comes from outside the mining industry, i am part of the money industry but always being a little bit of an outsider and i think both of us share the common vision of the effect that if you're going to be mining, you should be able to compete in for allal market investors, not only specific specialists like the gold industry has become used to. the market wants to know about certain asset plays, i want to talk about your roles in a moment but when it comes to merger goeshen the through, what happens, in your mind's eye, i want to extend them off for what conversation has there been? is in anacia

unfortunate situation, it has become a bit of an orphan, it was, it had lots of potential and then it had its own challenges and then people tried to sell it. isn you look at it today, it by any metrics undervalued. shareholder bring that to account. rankled has a lot of african experience, we believe in partnerships with our host countries, and so the assets have real potential and so, it is about how can we together with the host country deliversy forward that value for all stakeholders and i am confident we will find that common path and be able to unlock value for the benefit of everyone. thank you very much, we wish you well with that.

the ceo of randgold resources. we have an indication in terms gam. -- friedman is to step down and we have the ceo, the indication is up 7% at the moment. alex friedman has a lot to do with different issues. with the gym hayward -- jim hayward dismissal. stock indicated up 7% and change. coming up, an exclusive conversation with the president and ceo of mastercard. that is live from the bloomberg new economy forum in singapore. if you are traveling to work, you know what to do, you can

tune in on bloomberg radio live on your mobile device or on dab. this is in the london area. one destination, this is bloomberg. ♪

us: we are 40 minutes away from the start of your trading day. eric chester is standing by. eric: once again we are here at the new economy forum in singapore and i am live with a j banga.- ajay

how different, you are in the payments business, everyone thinks it is a credit card, how different are the payment trends and challenges you face in this heart of the world relative to what most people are familiar with back in the u.s. and perhaps in europe? are correct, the business is different. most people, if you look at asia, asia has a bunch of new emerging economies and some very sophisticated developed economy like japan, australia, and singapore and hong kong. australia, singapore, hong kong, people have -- carry a card or form and they are used to paying electronically. into india and parts differentyou have a

atmosphere. cash is still king in this part of the world, even in japan. and so it is not just the developed world, cash is king in large parts of asia. is leapfrogging to a native digital echo system, it is dominated by alipay and we chat. tot is mastercard strategy take a piece of the action? not cannot to the customer. if i were able to operate in china domestically, i would be a partner of this. notreal problem is we are allowed to operate domestically in china. erik: i just saw them in tokyo,

there is alipay all over the place. the chinese are traveling there. people overseas, they have a pretty good digital offering and there able to offer their own versions. we have different kinds of [inaudible] i see them as a threat in china. i look and see everyone, you do not see companies as a threat. i see as anwhat opportunity to work with them as constructive partners. the what we bring, we can offer to billions of people, millions of merchants with banks 11 the world with 200 countries. we can do dispute settlement, cybersecurity, all that stuff. almost all these players come back to us for partnerships. and at paypal in the u.s.

some time ago everyone thought they were the payment network and they came to the conclusion that we ring stuff to them they do not get. we partnered with apple and google. -- the our job is to creation of an ecosystem and infrastructure in partnership with people who know [inaudible] >> mastercard possible trajectory has been so seemingly immune to economic weakness in the nine years that you have been running the company, for example. run. we had a good when you think about the economy it has come out of the crisis and globally and side of the last two or three years it feels like synchronized global growth. what i was referring to is that

i think macro economic indicators like a change in the quiddity or fiscal policy, this could change the way that people travel, that small businesses trade and as that happens, the downstream effect impacts. eric: do you sense that is happening already? ajay: not yet. consumer confidence is high and they are spending. about mi is more concerned about it, yes i am. ofgrow also from the shift cash from alike -- to electronic. if people spend less, i buffer [inaudible] not, we have had a bond will market for 30 years, we had times of rising interest rates but we have not had a secular bond bear market rising

long-term interest rates. what do you think is going to happen if we are entering a bond bear market, how is that going to affect the economy but the second order effect which is spending patterns buyer customers. >> if you get into this situation you get a yield curve that looks more healthy. banks will get more profitability out of their yield curve and banks are the first end of this arrow quiver which gets people to convert from cash to electronic. is, i think a more profitable banking system helps create tailwinds in the electronic industry. the other side of that is the .ssue of consumer confidence without getting impacted by a yield curve, it. orit impacts mortgage rates her ability to buy a home or pay

a debt that is a problem. if it makes them feel in a long-term boom economy, long-term rates should be higher than short term. you would get a constructive consumer confidence base. of a a little bit kaleidoscope depending on which way you look at it, it will go one way or another. eric: when you think about running the company, something to think about is the cyber risk. what are the risks you are confronting? we get attacked every day. have technology capable of fighting that. the cyber system has got a couple of underlying issues that every company and government should be afraid of and the first one is that the fact that

nationstates are behind a lot of these attacks. no matter how much you spend. resources have more than you do. ajay: the most gullible is the weakest link. we do not change a password because it is inconvenient. enabling them to connect with the internet of things is going to be important. whether that is through a digital entity or biometrics, there has to be a better way. passwords are about what you remember, not who you are and that is the wrong way to prove our identity. the individual consumer or small business who cannot afford to keep pace because of the latest technology and there is the issue of the nationstate. eric: thank you for spending time with us at the new economy form, a rope pleasure.

the ceo of mastercard, more in a few moments. that was one of the more realistic conversations we have had. more from singapore throughout the day right here on bloomberg. ♪

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my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. markets, ime to the am anna edwards live from our european headquarters here in london. the cash trade is less than 30 minutes away. anna: election day. trade makes to head u.s. midterms, how much could the boat matter to markets? a swipe at trump. exxon