haidi: welcome to "daybreak australia." counting down to asia's major market open. ♪ haidi: uber shares prime to go public. the ipo will be the biggest in the u.s. this year. worldrnings about the economy. the global outlook is really quite uncertain and theresa may is urged to step down over the

brexit delay. she's tells -- she tells parliaments is a difficulty working with labor opposition. was a thin trading day for u.s. markets. investors pretty much focused on the start of earnings season. jpmorgan and wells fargo reporting friday morning here in the u.s. we had financials, one of the big gainers today, on the s&p 500. like health care and real estate weighing on the index, the s&p 500 finished unchanged. not to mention we have energy stocks lagging as we had wti falling from a five-month high. let's see how you choose are doing. at the moment.nt >> a busy friday coming together . as we learn more details about the uber ipo, plus shareholder softbank is expected to price its mega bond sale today, which

could depend on a single trench. japanese futures nearly higher to that front, so we could see some declines. kiwi stocks taking off on the while a kiwi dollar looks steady. and a bloomberg interview, the fed governor said it is not yet clear if a rate cut is warranted. singapore's gdp report is due, which will be accompanied by the monetary decision expected to .eep policy settings unchanged industrial outputs, later this morning, we will get chinese trade figures, exports aftersted to bounce back the 20% drop we saw in february. idi: this get you to first word news with selina wang and san francisco. theresa may is hinting at a compromise with her opponents, a move that would

apply -- him to an even softer split. conservative hardliners are resign.on may 2 she has missed a firmer and flaming argument saying it's vital to work with the opposition on a plan. the council agreed that this extension could be terminated when the withdrawal agreement has been ratified. for example, if we were to pass a deal by may 22, we would not have to take part in european elections, and when the eu has also ratified, we will be able to leave at 11:00 p.m. on may 31. selena: at least four people were killed in clashes as india launched the world's biggest exercise in democracy. the prime minister seeks a second term. turnout is estimated at more than 60% with almost one billion people eligible to vote for 543 members of parliament. the election has one million polling stations and 10 million

electoral officials. wikileaks founder julian assad has been charged in the u.s. after being expelled from his long-standing refuge in london and being immediately arrested. he appeared in court to complain about what he calls it illegal arrests at the start of what is expected to be a lengthy legal battle against his extradition to america. he's accused of a hacking conspiracy with former u.s. army analyst chelsea manning. it has been revealed that boeing said an upgrade to 737 max was not suitable for certain airports even before last month's fatal crash. plan documents said the should not be used at high or hot airports. altitude has not been cited as a factor in the disaster, but one pilot said it could have made the situation worse. to keep future tech stars at home is showing some success. , some have month

scrapped plans to list in hong kong and are expected to list on shanghai's new tech board instead. it's a vote of confidence after regulators said the board will have looser rules for ipo's. one of president trump's picks for a board seat is losing support among republicans. one senator has now said he will a e against herman cain, sinking the chance of the former pizza executive being confirmed if democrats remain united. 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. i'm selina wang. this is bloomberg. uber haser has made -- made a public funding for an ipo

and given a first look at its books. bloomberg technology startups reporter eric newcomer joins us now. not a surprise, but a huge deal, of course. what with the takeaways in today's announcement? >> it is a growing business, obviously. that is why investors are excited. over three years, the operating losses add up to $10 billion. in 2018, the operating loss was about $3 billion in losses. if you look at it on a gaap basis, it might look like they made money because they sold their business in south east asia, but this is a company losing a ton of money. given that we've seen not exactly a welcoming debut when it comes to lyft over the last few days. lyftthink the story is made some pricing mistakes and did not manage expectations and

that it is not a criticism of the industry overall. it is still trading a substantial market cap, given that it is a u.s. majority business with a slight presence in canada, ridesharing only business. they haveing to say the food delivery business and are growing into freight and are global in ridesharing. we muchthose things and more valuable. trading will be seen as how it rolled out rather than a rebuke of the industry. haidi: lyft took a hit after the uber filing announcement. what would be the dynamic between the two? to have toare going figure out the equilibrium between the two. of ink just having sort delve intouber -- i think us uber'ssort of dove into

filing, investors will have to spend time understanding their business with the depth of information that is provided and come up with some multiple between uber and lyft. haidi: it was initially seen as being a pure play ride-hailing business. what do they learn in terms of theirling from uber about global businesses, in particular? places, theybal are still operating. europe, latin america, australia the one hand,n they have more than 65 percent category position. they are the dominant player in a lot of these regions where they are operating still. on the other hand, they think actual market share is small, less than 1%, because they think

the space can grow so much overall. it is sort of dancing around being in a strong position but saying the market has a lot of opportunity to grow. it's a very complicated obviously, owns a big percentage of the chinese grab, there, along with the southeast asia player, and those deals are all having sort of crazy impacts on its financial, so it will be a very complicated business for investors to dig through. just working our way through this long overweighted filing. , i.t.'s chief discussgy officer will

how the company plans to attack and myriadmore users challengers. the president and ceo of william r rose

haidi: we are counting down to the start of the final trading session. we are seeing the upside just shy of about .5% as we get into the start of cash trading over the next couple of hours or so. we have u.s. stocks declining. the s&p bucking the losing trend, managing to stretch out into a tense gain, but trading volumes thin. in fact, about 20% thinner than that 30-day average. the imf and world

bank spring meetings are under way in washington with christine lagarde and others warning of a quite uncertain outlook. hays is in d.c. for the meetings. we continue to hear this pessimism growing among policymakers around the world over the state of the global economy. what are we hearing now? kathleen: a number of different things. i think everyone agrees that broadly, the global economy is slowing and broadly, the biggest risks are the u.s.-china trade war and the risk of a no deal brexit, but everybody knows -- the stories have been different for every country, and when i the new chief of the central bank about his concerns about growth and inflation, he was pretty sanguine on the onnomy, pretty sanguine borrowing a lot from china and japan from some of their important infrastructure spending. he also seems that despite all

of that, inflation is low enough that maybe the bsc could consider cutting their rates at the may meeting. let's listen to what he said in an exclusive bloomberg television interview. is the agenda, we increase interest rates by 1.75% , 175 basis points last year. now the operation is normalized. i think there is room for some relaxation. >> i also spoke to the head of the imf regional division for asia and talk a lot about china and the impact of the china slowdown on the rest of asia. number one, he think china will recover in the second half, and they both think economies are very resilient. they do not have an inflation slowdown problem. many of them are doing well. the head of the bank of japan

was talking with reporters and did agree with the imf that the global economy is slowing, but he sees china recovering in the second half. europe's problems with regulating diminishing. these regulations have been weighing on their economy and he thinks things will pick up in the second half of the year. more thing to mention, the new head of the world tag spoke at a press conference -- the new head of the world bank spoke at a press conference and he said one of the things he is going to try to do is have a more positive relationship with china. the treasury secretary was critical saying that he has the most hard-edged bio of anybody since probably about world war ii. this, someone here from our washington bureau. he has been here with the meetings that go along with the imf meetings. i want to start with you on this question of global growth and the risk, particularly from

brexit. what do you see? >> i think brexit is still a real problem, without a doubt. i was with the vice president of the eu at a breakfast which i hosted this morning at the new york economic club, and there's no doubt that the europeans are very concerned as to what will happen. he made the point that they keep theyding time out because don't really know what the u.k. wants, and the problem is the u.k. itself does not know what it wants. i think there lies the road because you have both parties in the u.k. divided. yn isi our party under divided on theresa may's party is divided, so they have extended this to the end of october that -- hoping they can

get their act together, if it's a new referendum or new action or whatever, but they feel frustrated because the rules of the game keep changing with the u.k. because they do not know really what they want to do. kathleen: i want to come back to the question of the head of the world tag. do you think he now has to prove himself as someone who is part of donald trump's team? larry summers called him someone whowas appointed by someone is the most anti-liberal, anti-international president since world war ii. does this make his task bigger? >> i just came from a panel which i introduced at the center for global development, and larry was on the panel, and he expressed those opinions half an hour ago. i am more hopeful than larry because i go along way back with david malpass, and i think he

understands he has to be much whole areave on the of development. i personally think two of the biggest challenges they have -- number one, the area of corruption, and he has to tackle that. christine lagarde has made that a primary point going forward for the imf, and i think he has to join them because corruption is an area which has been ignored by the international financial institutions for so long, and i think that is a major one. the other one i brought up to him and to the panel in general aboutneed to do something the refugee situation in venezuela, which you know i follow closely. crisis which we have not seen in latin america in its modern history, and david malpass and i have had discussions on that and he was very concerned even before he

got his nomination, with what is going on in venezuela. he needs to really act in a number of areas. he has got to show people that he really believes that the world bank can be a major factor in infrastructure and development, but also in tackling corruption and taking on problems like this tremendous refugee problem that we are seeing throughout latin america, driven by the enormous number of refugees, which are getting close to 4 million, out of venezuela. >> i want to move on to the state of the markets, in particular, the continued headwinds we keep getting over economic growth. the last time we spoke to you, i arek we said the risks certainly mounting, particularly when it comes to investment risk. are there still too many market participants out there that are feeling complacent that we are setting up for another year of these so-called goldilocks

circumstances on the markets? to you before,id there is so much liquidity that has been sloshing around the last year, i think a lot of companies, firms, and financial and editions are taking big risks. search for yield, because of this tremendous liquidity situation, and eventually, that is going to be sopped up. even mario draghi now is getting concerned enough about europe. instead of tightening up, he is talking about easing again. the question is -- how long can you have these risks out there without something happening? of course, europe is in a difficult situation, without a doubt. when you look at german industrial production, german growth, italy is in a recession. france is not doing much better, of themajor drivers european economy have substantial problems. and of course, we just discussed brexit because it's not clear

where the u.k. economy is going, depending on what is going to happen with brexit. >> does the extension just make things worse in terms of kicking the can down the road and creating an even longer period of uncertainty that markets have to grapple with? >> i think that is probably true. then, of course, we have not touched on a favorite subject of yours and mine, which is china. doubt the central bank has been pushing a lot of liquidity in the market by easing reserve requirements and trying to get the economy moving again to get up to their target of 6.5 are sent growth, but the you stillu have is have the problem of state owned enterprises over borrowing by municipalities and provinces, and a number of smaller banks in the northeast that really should be closed down. i think they should take a look at the playbook some 25 years

ago when he claimed of the chinese economy. they are searching for growth, but at the end of the day, you have to watch china also and remember that the former head of the people's bank in china and 2019 at the party congress said , so ive to watch out think everyone is getting optimistic on china again because they are pushing liquidity in the market, but debt tot dries of third gdp, which is over 300%, as it is, and you have a shadow banking situation still existing, so i see china still as a risk. have a little more time with you before we let you go on to your dinner, but i want to ask you to talk to us a little bit gopt the opening of the still a center in new york city. a very important project you have played a big part in. .> thank you very much

my wife, god bless her soul, of theree years ago fastest-growing cancer among and 35,ults between 19 at least in the united states. there has been really no cure. john mccain died of it just recently. joe biden's son died of it. ted kennedy. they have not come up with a cure, so i felt it was something i could try to do. have this center, which i named after my wife, and it was inaugurated as new york presbyterian hospital last wednesday, and it is the first center specifically designed to fight glioblastoma, both in the sense of education and patient care. a lot of their illogical centers around the world, but this is the first one just dedicated to glioblastoma -- a lot of neurological centers around the

world. i have already received a number of interest points from hospitals around the world, including one recently from france where they want to work with the center to try to see if they can beat this terrible disease, this terrible cancer. >> always appreciate you coming on for us. very worthy cause indeed. can get a roundup of the stories you need to know to get your day going in today's edition of "daybreak." you can customize your settings on the get the news industries that matter to you. this is bloomberg. ♪

>> let's get a quick check of the latest headlines. the bonds issued by saudi aramco this week and its dramatic debut

triggered a selloff. bondsremiums on the climbed amid a mild decline in the oil price and rising yields parent.o's roughly half the deal went to u.s. investors with europe, asia, and the middle east splitting the rest. >> jeff bezos has delivered his shareholder lecture. elizabeth warren says big techcrunch is small business -- says big tech crushes small business, and bezos fireback. rec tesla dialing back on expansion plans for the battery giga factory project, but panasonic has already swallowed billions of dollars. the two have frozen spending on the plans with tesla indicating it may be able to ramp up battery production.

extendsfall on thursday the stock's year to date declined to almost 20% and we will be speaking to the ige ceo next. this is bloomberg. ♪

>> it is 8:30 a.m. here in sydney. the market open is 19 minutes away. sydney had a pretty lackluster session overnight, most u.s. stocks giving up gains, though we did have the s&p clinching that gain out of 11 sessions. volumes very thin, about 20% below the 30-day moving average. on tattoo day, we are awaiting trade numbers out of china to give us their idea of how this u.s.-china trade war is weighing on demand and volume. shery anh: in new york, it is

6:30 p.m. what you are watching "daybreak australia." launchedloomberg has -- uber has launched an ipo. warns near-term losses will continue. lyft fell in late trading. china's attempt to keep future tech stars at home is showing some success. the city has yet to attract any major startups, but the news is a vote of confidence that after regulators said the board will .ave looser rules for ipo's the sudanese president has been overthrown as the army seized power, suspending the

constitution and announcing a months long ducted on curfew. increasingad come pressure under soaring living costs as inflation tops 70%. human rights groups say about 50 people have been killed and thousands arrested in protest since december. at least four people were killed in clashes in india launching the world's biggest exercise in democracy. the election stretches over six days as the prime minister seeks a second term. turnout is estimated at more than 60% with almost one billion people eligible to vote for 543 members of parliament. wikileaks founder julian a song has been charged in the u.s. after being expelled from his long-standing refuge in london and being immediately arrested. he appeared in court to complain about what he calls the legal arrest at the start of what is expected to be a lengthy legal

battle against extradition to america. assange is accused of a hacking -- hacking conspiracy with former u.s. army intelligence analyst chelsea manning. i'm selina wang. this is bloomberg. >> let's see how we are setting up for trading in asia after stocks fell to a low that we have not seen in about heat of weeks. stocks andcomes to alleging that mix in australia, watching minerals, watching rio tinto as the minor threatens to walk away from industry lobby groups on climate policy, also keeping an eye on miners ahead of chinese trade figures, which may test commodities and demand and keeping an eye on property developers on a report in australia that japanese companies have indicated interest in its engineering unit. flipping the board for stocks to watch in japan, fast retailing is on the radar after cut its

profit outlook for the first time in three years and boston forecast a 30% drop in full-year net profit due to its decision to wind up low profit stores. watching, electric as the company sees profit dropping after orders sank 17%, including a 13.9% pledge in orders to china -- also watching kawa electric. >> it has been a big week for space. horse, our first-ever image of the black hole is weak and now we are awaiting the launch of frompacex heavy rocket florida for the kennedy space center. it will be carrying a saudi telecommunications satellite into the earth orbit. this is the first paying customer for spacex, for elon musk, and this is a launch that was delayed from yesterday because of poor weather conditions. it has been more than a year after that demonstration launch

in february 2018. cannot forget about that one. we saw the cherry red tesla roadster being launched along with the manikin in the driver seat. we're looking at a payload for saudi arabia that really represents a key commercial .lement and moment for spacex >> it has been a big year for spacex, right? this is the fourth launch of 2019. take a look at that launch going on right now. >> 3, 2, 1! [cheers and applause] >> i think we're beginning to depart.

>> 33 seconds in the flight under the power of 5.1 million pounds of thrust. it is headed into space. we are throttling down. >> you are taking a look at the world's most powerful rocket, now taking off that nasa's kennedy space center in florida. we are also going to see spacex trying to land. three landings after the booster theration will happen after booster attempt to land again at cape canaveral. we have seen such a similar feat at last year's and out girl flight. you're looking at the world's most powerful rocket right now spaceing nasa's kennedy center in florida. we will bring you more updates as we get them from spacex, that

historic launch right there. the fourth launch for spacex of 2019 and we go from rockets to streaming technology. china's popular netflix-style streaming service wants to build a short video app by 2020 to compete with rivals. they plan to invest heavily in video content but also faces headwind from weaker economic conditions and tightening regulations. great to have you with us. very great day to talk about technology right now. let's talk a little bit about what you are doing. you are one of china's big three video streaming services. you have been pretty much focused on creating original content. on are working hard artificial intelligence, big data technologies. how are these helping your efforts and your business? >> the chinese content market is highly competitive and we have

invested a lot to have better content. ai technology is import and for us to help improve efficiency where we create content and where we improve the efficiency of postproduction and we push content to the right users. it can also help advertisers to target the right audience. >> all of the hype these days seems to be around the launch of oig services around the world. how is that going to affect your business? 5g introducese less latency and can help us to stream better content. in beijing, we can stream

we see in the future, we think the content business will be changed and evolved after the 5g arrival. >> can you give us an update on these ambitions to create the 2020? ideo by it is a very crowded sector in china? -- sector in china. >> yes, we are seeing that people like to see content from cell phone, and we already launched content last december, very popular for the youngers, and this year, we plan to have videos that can top original content available for the users. >> what are your user goals? produce betterto

welcome content that is and popular for the users. it is quite different from others because we produce and it isal content, available on cell phone. >> of course, right now, you're looking at pictures. the core stage has shut down. we have also seen booster engines cutting off. the boosters have separated and they are beginning their flip maneuvers to head back to cape canaveral for landing. the core stage has shut down. rocket's upper stage engine payloadted and the bearing has been jettisoned. you are looking at those live pictures. the rocket launch continues at the moment. of course, we continue our conversation. person.a tech how excited are you about this launch?

>> i'm excited. i looked at the launch before. it's good. talk about what is happening with chinese tech in general here and we have seen as u.s.-china trade tensions escalate some distrust about chinese tech companies. are you at all concerned that might affect you as well? >> actually, no. an entertainment company, so we focus on the content and the user experience. tensions think the twitter u.s. and china affect our business. a lot of people watch our content through the internet, and we are not affected at all. thehat about the fact that chinese economy has started to slow down. do you expect that to have any impact on your business or how can technology and innovation keep bringing those users and consumers to your service as

opposed to your competitor? encouraged, we are to buy their membership revenue. it was very big last year. we do not see that having any effect on economic points. every day, we are averaging more than 100,000 new members, subscribers last year. >> in terms of some of the other ventures you are planning on, i know you have ambitions to get into gaming as well as online rating. are these parity growth areas? yes, gaming and reading and other bonds of entertainment ways is to help to leverage more

value from the same ip. andan have the same game .ther formats of entertainment our technology and our innovation in content can help values. leverage the ip >> thank you so much for joining us in new york. we are looking at life pictures boosters fromhree the spacex launch in the last few minutes. we are looking at these engines that give more than 5 million pounds of thrust, the most since the saturn rocket for the apollo moon missions back to the 1970's. we are looking at something of a historic day when it comes to heavyunch of the massive,

lift rocket for elon musk's spacex, carrying its first paying customer. there are several paying customers, in fact, committed to flying the falcon for some of these other satellite companies, .s well as the u.s. air force you're looking at, as we see, the landing of those powerful boosters after that launch was delayed from yesterday at -- on account of the poor weather, but no such issues today. spacexnal features with boosters landing successfully. coming the best coming up next, or notest from the skies so much, more on the ground. there are warnings the 737 may not have been suitable for certain airports. this is bloomberg. ♪

i'm shery shery anh:

ahn in new york. haidi: i'm haidi stroud-watts in sydney. the new york bank governor has indicated a willingness to use as inflation stabilizes and threats to growth amount. he spoke exclusively to bloomberg at the imf world bank meetings in d.c. >> anybody who works in government should really look after growth. we want to make sure the economy is growing. underwrite new growth. pricely have to focus on stability. >> are you concerned about price stability or inflation right now? >> know, last year, we hit a 5.8%.here inflation hit that is unusual for us, but right now, it is under control. inflation this year will be may be in the neighborhood of 3%,

plus or minus one percentage point, and that will be the outlook for the next three years, 3%. >> that is a much more manageable rate of inflation. news a problem with inflation last year. now you have what was slower .han expected inflation you hit your target. the slowest rate of inflation of 15 months. did that make the case for rate cuts in may? >> that's in the agenda. we increase interest rates by 1.75 percent, 175 basis points last year. now that inflation is normalized, i think there is room for some relaxation. kathleen: at your next meeting in may, you are going to debate that.

what would you say is the chance for what is going to tilt you towards leaving your team toward rate cuts? >> we are considering it. i'm sure that will be in the agenda at the next policy meeting, but we have to look at other areas. areexample, oil prices rising again. we're also looking at because of maybe food prices will be elevated, so we have to look at all of this and what is happening in the u.s.-china trade war. every policy decision will be alsonce-based and data-driven. kathleen: of course, but you are saying it is definitely something you will seriously consider, if it is time to cut rates in may? >> yes, it's not a matter of if we will cut but a case of when,

the timing. the monetary board, which makes a decision on this, meets every six weeks. the next meeting will be in may. kathleen: you mentioned the federal reserve. whatuch of a difference -- has it meant to the central bank in the philippines, considering a rate cut for example, for the federal reserve to pause, and in their latest meeting minutes signaling the majority do not expect any rate hikes this year? >> we will take that into consideration, the decision of relax on their normalization process, right? that will be another factor for making a decision, but it is not going to be the only factor. thehe new governor of philippines central banks begin to our kathleen hays. theresa may hinting at an eu

customs union compromise with the opposition labor party in order to deliver brexit -- the opposition labor party -- the ty in orderlabour par to deliver brexit. what is the latest on this? >> a lot of calls going around from theresa may for that possible customs union, but in the past, remember, she repeatedly said she did not want any customs union whatsoever, so she is getting some backlash calling for her resignation and on top of all of this, jeremy corbyn and the labor party saying they want this customs union. is ana may saying this uncomfortable relationship, a there here, but she says is some on-site agreement here. let's look at what she actually had to say here. she said there's actually more agreement in relation to a customs union that -- then it is often given credit for when

different language is used. we want to obtain the benefits of a customs union. no tariffs, no rules of origin checks and no quotas while being able to operate our own independent trade policies. she is clearly backtracking somewhat. she says they want to stay in trade policy but it is a bit like sleeping with the enemy, really. investors in this past trading session pulled down by about a quarter of a percent, uncertainty, frustration, lack of clarity, but the in game ultimately is that mrs. may still wants brexit before may 23, the european parliament to reelections. she had a short meeting with jeremy corbyn earlier today in hopes for some kind of house majority. they do go on easter recess right now and during that time, mrs. may urge her in. mp's to consider the future. to the question of will she

resigned, she said, "i think you know the answer to that," at a think the answer is no. >> she is a survivor, definitely. thank you for that. plenty more ahead on "daybreak australia." this is bloomberg. ♪

hery anh: haidi: regulators will meet airlines and pilots on friday to discuss safety issues surrounding the grounding of the 737 max after boeing's ceo claimed a software update will make the plane safer. we talk about that with our aviation safety reporter. what is the latest given that we're just heard from southwest airlines saying they will keep least untiloff at

august, impacting that busy summer travel season. >> i think a lot of carriers had hoped to get the plane back sooner. as a fairly significant increase in traffic that occurs starting in june or so and lasting through august. southwest is saying they do not anticipate that until august, that tells us a lot about the timing here. from lawmakers on capitol hill that they were looking at july, so august pushes that back another month, and it does suggest they are having some issues, perhaps not so much with the software, but with public relations and trying to get everybody on board. >> what needs to be done in order to see a reasonable timeframe for lifting the grounding? >> it is not a simple thing. you have a technical issue of convincing u.s. regulators and other regulators around the ,orld that the plane is safe

that the software is fixed so it cannot crash like it did in these recent accidents, but then you have this completely different thread, which is a lot trickier, and that is to convince the public and nationsans and other that this is a safe system. the definition in that area is a than just to do science. >> sure, very subjective effort, not quite as clear cut. thank you so much for that. plenty more ahead on "daybreak asia," as disney anticipate -- disney releases its highly anticipated streaming service to challenge netflix, we will be .oined by ceo bob iger >> he can get all the action of next on daybreak asia. this is bloomberg.

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♪ haidi: good morning, i am haidi stroud-watts in sydney. we are an hour from the australian market open. shery: i am shery ahn. sophie: all i am sophie kamaruddin -- sophie: i am sophie kamaruddin. welcome to "daybreak asia." ♪ top stories this friday, uber shares it plans to go public. they are operating losses since 2016. there are new warnings about the u.s. -- the global