paul: good morning and welcome to daybreak australia, i'm paul allen in sydney and were counting down to asia's major market opens. shery: from new york, i'm shery ahn. paul: d top stories this hour, tesla disappoints wall street despite profits. and strong demand for the model three that leads to deliveries. broader earning season boosting

stocks, u.s. openings hit a record high. investors also awaiting reports from two big banks, looking for cues on hsbc, whether they can shake off the archegos debacle. plus, china widens its crackdown on tech. shery: this is the picture across wall street, we are seeing u.s. futures holding steady at the open after stocks climbed to a record high. most of the industry groups on the s&p 500 went higher. energy from consumer discretionary led the rally. russell 2000 outperform more than three quarters of the s&p 500. 10 year yield hovered around 50 day moving average. we had wti retreating in the new york session, the demand from

india stalling. amid the ongoing surge of the coronavirus pandemic offsetting the surge from the technical committee. >> sharon, this tuesday, kiwi stocks are back online trading higher. elsewhere, asian futures are going into a session that brings us to the gdp, hung court -- hong kong exports. entry of 108 ahead of that. the aussie dollar around 78. support coming through from the rally we have seen in base metals. reaching fresh eyes. with that, pulling up h-shares. we are at the part of the copper super cycle, we have seen copper prices jump to 2011 highs on the rallies. the delayed reopening in india may be headwinds for industrial metals. pulling up the chart on the terminal, soft commodities also

rallying with bad weather. chinese demand pushing prices to eight year highs. the surge in food prices has some analysts worried that a second bubble maybe forming, around food. paul: thank you, sophie. tesla beat profit expectations once again, the san francisco executive quarter profits met strong demand for the top-selling model three sedan. it kicks off year in which the ev giant is looking to expand operations on three continents. their outlook for 50% growth and deliveries unchanged, our west coast reporter ed ludlow, what were the big takeaways? >> tesla is just getting better and more efficient at building ev's. you are right that in china, lower prices compete in a more crowded field.

basically, tesla was able to lower the cost of production at a faster pace than they had to lower prices. that is what we saw the adjusted earnings-per-share and $.93, although it is noticeable shares are lower after hours. it was a quarter we knew the financials would be good because the delivery numbers were so far ahead of expectations. that said, it was a quarter in which they delivered on the more expensive higher-margin vehicles. the call is ongoing, it was explaining that because they took out those models entirely, we met the new versions on the way. that was a headwind to profit and free cash flow. shery: how much of a concern is it that regulatory credit still takes is a huge chunk? >> there are number of analysts i speak with an say if you have advantage, why not take advantage. we are in a situation where

especially if you look at the performance of stocks like general motors and ford, they're coming more laughter the idea that competition is coming. at the same time, the same names like voltswagen are continuing to make profit on combustion engine cars. is there for tesla to make money on the credit and they are taking advantage of that. also interesting, tesla invested one point $5 billion in bitcoin in the quarter. we got more details on that. they trimmed their position by 10% and still made $101 million of profit on the bitcoin investment which also boosted the bottom line. depending on who you are, some met sandor not making money on the cars. others would say they are making money in any way they can. paul: china obviously a hugely important market for tesla. what does the company have to say about that? >> the shanghai factory is going well. what was interesting is they only just released for capacity.

bear with me on this, member, it was march of last year that tesla started delivering model lies from the bay area. that could be a guide to how long it is going to take to ramp model why in china. it is interesting to hear details about that model and how popular it has been. we know is there were two headwinds of the quarter. the global semiconductor service -- shortage, which they were able to navigate. the problem in china is a lot of the engineering had to quarantine. they said that, specifically, hampered them in expediting. shery: ed ludlow in san francisco with the latest on tesla. we will have more analysis on those earnings. the financial partners join us in about 90 minutes of time to discuss. for more on tesla and the broader market, let's bring in hilary kramer, the cio at kramer capital research. great to with us, we are now

seeing tesla stock falling after hours. are they running out of fuel? >> they are running out of fuel for tesla, that is because it just seems that there is a capacity constraint. elon musk certainly believes he has handled the chip situation because he is bringing out these microprocessors. ultimately, there is not enough there were tesla for to continue having this kind of revenue and even their margins, 5.7%, people expect more than that. the issue of competition, from ne-yo, from lee, the reality is tesla did all of the work and put in all of the time and money, but everybody else is catching up from detroit gm and ford to japan, and then the traditional carmakers, it is

just too much. then, one other point, you also have the suppliers to autonomous driving vehicles. there is a lot of money in entendres driving. a lot of money rotating to companies like microvision. and vix. talk about companies the doubled in two trading days. shery: is there enough for the rest of the market given the incredible rally we have seen? the chart is showing how high valuations are right now. >> it is all about taxes. i am a bull, i do believe the market will continue to rise. because, jerome powell the fed chairman is going to make sure he keeps rates low. he is going to lag behind rather than trying to get ahead of flip -- of inflation. it is a real number, we are going to see on friday.

looking at taxes a minute, that is the big elephant in the room. even with the fed being on the side of keeping those rates so low that the money keeps flowing, investments keep happening. and with stimulus, it makes a big difference. to actually illustrate it, 42% with the new capital gains tax. in terms of income tax, we could see new york city, i paid 60% 25 years ago, we can see that again and that is going to change, the whole horizon within the united states. and create incredible shifts, we can't afford to see our cities start to lose people in business. paul: we were hearing about taxes earlier from the national economic council director. both listen to what he had to say. >> i am making the sort of

change for that top 3/10 of a percent of taxpayers. equalizing ordinary income would restore fairness. and do so in a way that would not significantly affect investment and allows to make high return investments for which there has been broad, bipartisan support. paul: talking about fairness, also an enormous infrastructure program that is going to need to be paid for. how else will this money get raised? >> by taxing the middle class, and the upper-middle-class. maybe some of the working wealthy. but, it is not going to be paid by the billionaires. and those who have enough money to actually afford. it is going to be the couple that is out there, working, a teacher, a police officer, combined income of $275,000.

they are going to see the tax, it is supposed to be for more than a million dollars but they have avoided. we haven't heard anything from the biden white house yet about that. the infrastructure project are not going to create the bottom of the stimulus that you really need. a lot of the money is going to get caught. potomac maryland is going to be a lot more mentions being built. paul: i want to talk about another aspect of the coming infrastructure plan, that would be the impact on materials. we are seeing would banks metal, industrial metal, oil, huge runoffs at the moment. how much do you think that trend has and how are you playing it? >> we are staying away from commodities. we did see a run-up in the summer of 2008, very interesting how that happens. this is happening because of infrastructure and the expected demand there. in metals today, the etf, we

were watching to a half percent or so. that is going to run out of steam because it is a long lead time. a lot of bits that go out, politics it take place. it is not just going to be the kind of materials expected because so many projects may not just require metals and iron, it is going to be interesting to see what happens to companies. paul: hilary kramer, cio of criminal capital. thank you so much for joining us. look it over to vonnie quinn for a check on the headlines. vonnie: the philippines is the latest nation to record more than one million confirmed coronavirus infections. officials are assessing whether

to extend the month-long lockdown made a deadly spike in cases. the philippines has the second-highest caseload in southeast asia after indonesia. the head of the wto has urged wealthy nations to explore more covid-19 vaccines, singling out the u.k. in the u.s.. although more than a billion shots have been administered globally, more than 400 billion's of those have been given to those in america, britain and the european union. they stressed the need to ensure poor nations are not left behind. >> vaccine and equity does not work. i would urge companies -- countries to share, as quickly as possible. it would be great if we could get the u.s. also to be able at the vaccine need. >> vonnie: egypt is eager to

reach a settlement tied to the suez canal last month. it is paying $960 million of damages from the ever given's owners. to cover losses, including costs associated. the authority claims you will look out on $50 million every day. former u.s. vice president al gore says the world is entering an era that may be unlike any other when it comes to investing in the future. he told the bloomberg green summit the global fight against climate change is accelerating and reaching a tipping point right now. >> we are now in the early stages of a sustainability pollution. powered in part on machine learning and artificial intelligence. as a revolution that has a magnitude of the industrial revolution, and the speed of the digital revolution. many are saying, it is the biggest business and investment

opportunity of all of history. vonnie: global news 24 hours a day, on-air and on bloomberg quick take, powered by more than 2,700 journalists and analysts in more than 120 countries. i'm vonnie quinn, this is bloomberg. paul: still to come, washington will send 60 million doses of astrazeneca shot once the vaccine clears federal safety reviews as president biden pledges his support. the details next. we also discuss that with the mayo clinic director, plenty more to come. this is bloomberg. ♪

paul: the u.s. plans to export 60 million doses of the astrazeneca vaccine once it clears federal safety reviews. president biden pledged his full support to india's five minister

-- prime minister, who is combating the world's largest surge of infections. michelle, is the vaccine going to help with this? >> the vaccine will absolutely help india. but it is going to take quite some time for it to have an impact. you have to remember, these vaccines, the astrazeneca vaccine is given and to does shot. you need to take them several weeks apart. we will need to get them there, and then the system kicks in after that. in terms of the outbreak, the catastrophic outbreak happening right this minute, the best way to get that under control is to do the social distancing thing, to keep everything clean, try not to be close to other people. limited though that may be in order to have that impact immediately. but, the vaccine itself will take some time. shery: any idea how those shots will be distributed?

who decides who gets them? >> that is important. the u.s. that it will distribute 60 million of its astrazeneca shots. astrazeneca has been fulfilling its commitment to the country, but we are not using it. so, president biden is going to start spreading out. there is still a huge question of where it is going to go. we are assuming india will get a large number of those doses, but there is an equally terrible outbreak happening in brazil right now. we haven't heard anything about that. the u.s. has already given some of its doses to canada and mexico. they have asked for more. exactly who is going to get these vaccines and when they will become available, those are questions we don't know the answers to yet. paul: how about the situation in the united states right now? were vaccinations are happening quickly but some people are not getting the second shot? >> that's true.

and not getting a second shot means you are not fully vaccinated. even one-shot does offer some level of protection. we are starting to see much more availability in terms of vaccine access. so, many americans who have been trying desperately to sign up for the shots for the past several weeks now, all of a sudden, there is a plethora of appointments available and not as many people who are taking them. so, good news bad news there. because only about one third of america is fully vaccinated at this point. hopefully we get to the higher, 50 to 75% to reach your beauty. -- to reach herd immunity. many states are starting to lighten up social distancing, allowing bars and restaurants to open a higher capacity. state fairs, that type of activity. summer is coming, people will be of reopening more fully in 2021. paul: michelle cortez there.

singapore has left to the top of bloomberg's covid resilience rankings. more than one billion shots have been administered globally, but not enough are going to poor nations like india. you can read more about this on the bloomberg terminal and on bloomberg.com. shery: we do have the earnings call on from tesla. we are hearing from the cfo talking about how the company will continue to invest in bitcoin. now, bitcoin gaining ground more than 1% and a daily session, trading around $54,100. we're hearing more when it comes to the crash we saw and tesla went to texas men were killed earlier this month. they were -- they hit a tree.

the tesla model s caught fire. local police said there was no one behind the wheel of the car, which of course led to speculation that perhaps it was an autopilot feature. elon musk blaming deceptive media coverage of that crash, saying there was likely a person in the driver seat and that tesla crash. elon musk also talking about the semiconductor shortage, saying it is a huge problem. we will continue watching that earnings call. play more to come. this is bloomberg.

shery: china has expanded its antitrust crackdown beyond jack ma's empire, launching an investigation into monopolistic practices by a food delivery giant. the spring and tom mackenzie in

beijing. tom, what are authorities telling them to do? >> the antitrust watchdog here put out a statement on monday, saying there investigating. which as you say, is a food delivery giant. but it also offers direct services around hotel bookings, flights, it is a significant part of the economic fabric here. a major after millions of users on the chinese mainland. regulators say they are looking at alleged anti-monopolistic practices. unfair competition. examples they say of arrangements, exclusivity arrangements with merchants on the app essentially forcing merchants to pick one or two. it compete strongly against the alibaba backed out. the allegation that they forced merchants to choose themselves or no access at all.

now, according to local news reports, it has already been fined and found guilty in legal cases twice just this year alone. and, it has long faced criticism from merchants and rivals for this kind of arrangement. it put out a statement saying we're going to comply with the program. we will step up efforts of compliance. we will cooperate with the investigation. but, it is a reminder, again that regulators and china are expanding their net. after hitting alibaba with that record fine. asking to restructure the business and pulling in biggest tech companies and telling them, within a month, they have to change and rectify enzyme content -- and i competitive behavior. paul: how is this going to impact the company? >> we have already seen the impact on the dollar, of course investors will be looking for an

impact today. a stop to perform very well in 2020. we are expecting, potentially a fine. at least not higher than the flows -- than the fine imposed. for percent of alibaba's revenue. they have the scope to impose a fine of up to 10%. you are at between one point $7 billion and $1.8 billion potentially as a fine. bluebird intelligence thinks it will be less than that. then i think will be any material changes

paul: this is bloomberg. ♪ (text chime) (text chime) (text chime) (sighs) (text chime) (chuckles) (text chime) it's the biggest week in television. watchathon week is your chance to finally watch shows you missed for free. now you get to talk about them with your friends, no matter what time it is. say "watchathon" into your voice remote and watch for free

vonnie: you're waging daybreak australia, -- watching daybreak austria, on vonnie quinn. president biden has confirmed that capital gains tax hikes will only affect those earning more than a million dollars. it would affect a tiny share of american households. on wednesday, biden is set to unveil his american families plan. the u.s. says it will send up to 60 million doses of astrazeneca's covid-19 vaccine abroad.

president biden pivots to ramp up pandemic assistance globally. the president also commented. to helping india as it battles the largest surge and affections. he does not care how many -- it is not clear how many doses would be sent. the vaccine is not needed in the u.s., the astrazeneca vaccine has not been cleared in the u.s.. meantime, the european commission is suing astrazeneca, saying it has not honor the terms of its contract. they deliver just the corner of the doses that you was expecting. it revised downward is projections force shipments this quarter. and eu official says the aim is to obtain this number of doses. emmanuel macron has said that he has great -- he has great concerns about the health of alexei navalny.

he said moscow must respect his fundamental rights. they have ordered navalny's campaign offices to close over alleged extremism. germany is pushing for more people to get a covid vaccination. the government is opening vaccination to all adults by early june. those who are fully m&a's to have or -- or who have recovered will go shopping, without needing negative test. angela merkel is under pressure to lay out a path for more after a controversial lockdown led over the weekend. they will help make up 200 million doses of modernity's covid-19 vaccine. the agreement to throw its weight behind another drugmaker. it will perform, fill and finish work for moderna is starting a note -- starting in september.

global news 24 hours a day, on-air and on bloomberg quick take, powered by more than 2,700 journalists and analysts in more than 120 countries. i'm vonnie quinn, this is bloomberg. paul: getting to some breaking news on the bloomberg at the moment. it is unsolicited and nonbinding. we are seeing some ongoing consolidation of movement in the wagering sector here in australia. it has received that unsolicited offer. we will keep an ion that at the open for you. shery: on corporate news,

first-quarter results later on tuesday, we should get more insights into the bank's strategic recess, that includes further cost savings and a refocus on asia. stephen engle joins us from hong kong with a closer look. what are we expecting? >> it is going to be some of the momentum that we got from the results which came out in february. we had first quarter results which will probably reemphasize a strategic reset, is how it's being surprised. cutting 35,000 jobs globally. 9000 were said to already be cut. they had $5.5 billion earmarked in savings. cost savings that they are looking at right now. we are seeing signs that that process is credible, and is achievable, quickly. at this low interest rate environment, the key leverage

will be net interest income. a key figure is 6.5 billion dollars. you can see up and down from that. that is where we will judge where they need to gain elsewhere, in noninterest and fee generating income revenue. that, combined with the cost-saving measures. the full-year results did say, we had a good start to 2021. i am cautiously optimistic for the year ahead. again, it is tough coming off of what has been some restructuring at the bank. again, they are looking for higher earning areas, like asia. that is why there are three of the top vision heads. focus on management, the greater bank. key areas for revenue and profit is right here in hong kong and china. paul: we are also getting

results from a japanese broker, what are we likely to see? >> the key there is going to be the outright exposure to archegos. probably the back -- the second-biggest one with exposure in the united states, after credit suisse. we have to look at how that is going to drag down employee results, fourth-quarter employee results is what we are getting later today. the consensus is, for profit to have pretty much remained stable, despite this one-time loss on these transactions. they have indicated that there could be a $2 billion claim from transactions with an unnamed client. that is, very much likely to be archegos according to market participants. for your earnings, ¥206 billion, may include losses at the nine-month results, actually pretty good. they were above can distance for

nine-month. those losses and charges will likely be reflected in fourth-quarter numbers. shery: stephen engle, they will be speaking to elin stevenson after we break those numbers in a few hours. that will be add 2:40 p.m. in sydney, 12:40 p.m. in hong kong. breaking news at the moment, gilead sciences will be expanding availability of the drug remiss severe, saying they will be donating a minimum of 450,000 vials, it is approved in india for emergency use for the treatment of covid-19 in adults and children with severe disease. we are going to get $450,000 -- 403,000 vials of the drug donated.

this is as we continue to see a surge in cases across india. we have already seen president biden pledging his full support to india on this after india recorded a million cases of just three days. time now for morning calls ahead of trading day. -- ahead of the asian trading day. what is going on there? >> blackrock investment is saying markets are at an uncertain juncture, given the unusual growth dynamics we have seen across the globe. they are still recommending low risk. they have seen less room for further rises in u.s. yields on the tactical horizon. all of the major asset classes, treasuries are the most, 10 year yield about 26 basis points below the target of 183. technically speaking, they have

trimmed their treasuries. updating the currency debt on valuations and the prospect -- the prospect of a safer dollar. they see a world that is starred for income. paul: all right, thank you sophie. still to come, washington going to send a 60 million doses of astrazeneca shots abroad. we will be joined by the mayo clinic's dr. gregory paul meant to discuss. this is bloomberg. ♪

paul: let's take a look at the day ahead for australia. there may be some relief, australian home prices cooling. several factors, including strained affordability and likely landing curbs combined with prices. on the corporate front, financial reviews reporting that the sharp part your of the agl ceo fueling speculation the plan developed would be in doubt. the rest of australia's three day lockdown occurred in the region has ended, as scheduled at midnight. after reporting no community cases. staying with the coronavirus, the u.s. saying it is going to share up to 60 million doses of

its after seneca vaccine with other countries as they become available. meanwhile, e.u. has launched legal action against astrazeneca for not respecting its contract. we have dr. gregory poland, the vaccine research director at the mayo clinic. i want to start with this donation of 60 million doses of the astrazeneca vaccine from the united states. those are being made available. we have also heard making 50,000 vials of remdesivir available as well. how crucial is it to get vaccines and treatments into developing countries right now? dr. poland: no question about the importance of this. we are seeing a simplified equation, the rates of devastating rates between virus and vaccine. so, the quicker we get them, these lifesaving measures, the

better. the other point that should not be lost on any listener is when any country is not safe and control, none of us are. paul: are you concerned in that regard about the effects and the united states, there is a reasonable chunk of people who have received one shot but haven't bothered going back for their second? which does that create? dr. poland: no question, that does add some level of risk. there were people who got their first dose who had not yet returned for the second dose, even though they are due for it. likely, this was due to some people being spooked by the j&j pause that occurred in the u.s.. people have seen the headlines saying after one does, i'm 80% protected. others hear misinformation, disinformation regarding second dose. all of these are, no question, areas of concern. shery: already, we are seeing

talks that masks will no longer be mandatory outdoors. how big of a risk is this? outdoor dr. poland: outdoor transition is not an issue other than in the context of a very crowded mass gathering. religious festivals, political rallies, that kind of thing. otherwise, 90 five plus percent of transmissions occur indoors. shery: talking about mass religious gatherings, of course, we have seen scenes across india as well. we will continue to see a surge of cases. what was more puzzling this time around, viewers are showing how the second wave is more lethal than the first one. what is happening here? dr. poland: number one, you have a lot of susceptible people crowded together. you have a paucity of

vaccination, only a couple of percentage points or so of the country, 1.4 billion i think. have actually been immunized. and, importantly, you are seeing the development of variants that, are not only more transmissible, but lead to higher viral loads. and, likely more lethal. take all of that and overwhelm an already overtaxed medical system. and, that is what you get. shery: is this what we are going to see in developing economies as well? given what is happening in india, is this a reflection of what is to come? we thought at the beginning of this pandemic, the developed economies were suffering the most. now, we have vaccination drives in richer countries, but not so much in poor ones. dr. poland: you can take it is nearly gospel, that where you

have viral variants, crowding, and the low use of masks and low vaccination rates, you will see surges. how bad will depend on each area and their medical care system. there is no question you will see surges. paul: if there is no question we will see surges, i'm wondering what your opinion is on some of the loosening of travel restrictions. we already have a battle between australia, hong kong, singapore has announced one. now, it has been said that europe will welcome travelers from the united states. you have concerns? dr. poland: when you move humans around the globe, you know question increase the risk of any sort of transmissible disease. the key is whether they are immunized. if you are lucky, in australia and new zealand, outbreaks were handled very well.

very stringently. allowing you a degree of freedom seen almost nowhere else in the world right now. in the u.s., for travelers that are immunized. they will not represent any real or significant risk, compared to the country they go to. shery: there is a speculation that, perhaps, those travelers with chinese shots could actually be barred from some nations. what do you think of this when you look at the effectiveness of these chinese vaccines? dr. poland: that is an interesting question that has arisen, countries might allow certain types of vaccinations -- of vaccines and not others to be immunized and immune. how that plays out is yet to be seen. i think what is important is that countries that are producing and exporting vaccines are wise to publish high-quality clinical trials in reputable

journals, so that other countries can see the efficacy of those vaccines. otherwise, all we get our press reports. paul: dr. gregory poland, vaccine research group director at the mayo clinic. thank you for joining us. we have an alert for you on the bloomberg, a screen to acquire bingo industries for 45 percheron. bingo is a waste management company, last traded at $3.20. bingo holders will receive 345 of cash or cash consideration, about $2.3 billion. keep an eye on that waste management company. when they've both opened in australia in just over an hour's time. shery: up next, blackrock's larry fink about continuing to be loud on social issues,

especially with what he calls a tectonic shift to climate sensitive investments. this is bloomberg. ♪

>> we are in the early stages of a sustainability revolution. >> the train has left the station, investors care about it, people who work in corporate america care about these issues.

>> every time the united states has some great, transformative things, there has been a partnership between government and the undecided sector. >> there is not enough tax and the world for a private sector to pay for all of this. it is going to have to be a public-private partnership. >> companies that have strong stakeholder capitalism as a part of the principal, those companies are performing better than the ones that were silent. shery: top executives, policy makers and executives speaking earlier. we also heard from larry fink at the summit. he says speaking up on issues such as climate change have resonated with clients. citing a record amount of money flowing into the firm. >> i will be loud again. first of all, i can speak for myself, i don't want to speak for others. i am not engaged in politics.

i write about issues around long-term, the issues that will impact my clients. and, everything we talk about is around principal. even issues around voting access, that wasn't political, that was principal base. every word i wrote was highly principal base. i believe the foundation of american democracy is based on american capitalism. and they are interconnected. but, related to a voice, i would tell you, eric, our voice has resonated so loudly with our clients. among the asset managers, we have the largest voice. i am willing to be that spokesperson. i get the intended people from the left and right arguing with me as you frame the question properly. but, over the last 12 months, we have rolled in $527 billion.

i talk about stakeholder capitalism, i would tell you, i get more feedback from my employees. my stakeholders. about my voice, and how proud they are. i get more clients feedback about our voice. and, it shows up in the flows of assets we are rewarding in the wallet. i believe our voice is imperative in the communities where we work. to frame it with the conclusion of milton friedman, if you are an advocate and you have a strong voice on behalf of your three major stakeholders, clients, employees, community, the ultimate stakeholders, shareholders received strong, durable profitability. you look at the companies with voices, companies that have strong stakeholder capitalism as

a part of their principles, those companies are performing better than the ones who were silent. paul: that was larry fink speaking exclusively at the bloomberg green summit. we hear from companies, and companies about their green credentials. there was a net zero carbon act enshrined in about 2050, there is something missing, greenhouse gas 50 times worse, that does underscore the importance we see of the economy and the expediency involved in the source of conversations. shery: the solution is coming with something we here in new york also drink, can boot your, what actually helps our

digestive tract. we are starting a new solution that can help the digestive system of new zealand's 4.9 million cows. how you are going to deploy it in a massive scale, not to mention the cost could be an issue. it may not be an immediate solution, but super interesting how they are having this new product, kabuto, they call it. a cocktail associated with hipsters in new york and london. have you had it? paul: i have not. i do wonder if the cows will be able to. shery: it's actually very good, i have my weekly kombucha when i can. here is a check of the latest headlines, citigroup has declined 11 transactions related to coal power or mining over the last year. a redone of the environmental policy.

in its annual statement, city also vowed to stop financing client to get 20% or more of their power from coal powered plants. apple is increasing its u.s. investment by 20% over the next five years. allocating $430 million to develop next-generation for 5g wireless innovation. the investment outpaces the original goal of $350 billion. the iphone will create 20,000 new jobs in the u.s. and fund a new campus in north carolina. apple said it is also the country's biggest taxpayer. lift has agreed to sell its self-driving division in a deal worth $550 million over five years. it will also allow them to turn a profit in the third quarter of this year. i have before your target.

it estimates the sale will save it a hundred million dollars a year in operating expenses. it joins uber in exiting the self-driving research after taking a hit in revenue from the pandemic. this is bloomberg. ♪

shery: welcome to daybreak asia. paul: i'm paul allen in sydney. were kind onto asia's major market opens. we see strong demand for tesla's model three but its outlook is on with -- unchanged. we are waiting to reports from big banks.