high. rishaad: relief for india's struggling telcos after the government uses foreign ownership -- eases foreign ownership. haslinda: asia getting dragged down by the hang seng. we have the hang seng currently down by more than 1%. a lot has to do with evergrande. that stock down 7%. it's bonds suspended from trading. china says it will not be paying interest due next weekend. risks seem to be spreading to who property with banks with exposure to evergrande. the casino story continues. taking a look at where crude is right now, up by .4%, 72.93, giving a lift to energy stocks. we heard from ray dalio, whatever you are doing, do not stick with cash. he says cash is trash. rishaad: easy for him to say.

let's check in with that, up 1% at the moment. we have the thai baht holding at this level. we have analysts out there saying that the key level is 33 and if it did break that level, the next resistance would be at 33 .30. telecoms and focus as we have been discussing. seeing some signs of life advancing against the dollar. one unit of the greenback. ha let's get back to our top story. evergrande has suspended trading of its onshore bond. contagion fears are rising as chinese authorities warn lenders not to its back evergrande to meet interest payments next week. rishaad. rishaad: a china editor, rebecca, with us. every day, we ask you the same

question. thank you for coming on. you must be rather busy. give us a sense of what is the next shoe to fall with this one. rebecca: the thing that investors are watching for our the coupon payments that come due next week. we have seen signs that evergrande and chinese authorities are paving the way for a potential restructure. it is casting doubt over whether evergrande will pay those coupons and if it does not, that will be the first major miss on a public type of debt for evergrande. haslinda: we keep asking the same questions on contagion, whether there is one or not. rebecca: in equities space, some banks suffering. in china high-yield, dollar bonds, they are down three cents on the dollar and i do think it is important when we keep talking about contagion, we make a distinction between the names

falling because they have some kind of exposure to evergrande or because they have a similar weaker program to evergrande versus where we see good credit or strong robust names falling. they are not directly correlated to evergrande and so far, we are still seeing the former, still seeing that these names are related to evergrande that are weaker. if we see that spread in a more broad way, that is when markets will start to be very alarmed. haslinda: thank you. rishaad: we talk about contagion. we are seeing a bit of two and fro. -- to and fro. rebecca: absolutely. chunky liabilities, somewhere approaching that 300 billion that evergrande had. i think still, these bigger, safer real estate firms from a bondholder point of view, obviously, as a shareholder, you

have less support here, but from a bondholder point of view, those firms will stand up better in the long run. haslinda: we continue to track evergrande. editor rebecca choong wilkins, thank you so much for that. let's delve into deeper and bring in the founder and ceo of hg research. weigh in on this evergrande research, contagion seems to be there. we are seeing the properties sector. on top of that, a slowing economy in china. >> absolutely. the second largest economy in the world slowing. we have this evergrande problem which has an impact on the high-yield market. but china is not the only one. we have high-yield for junk bonds globally completely mispriced in the united states, the largest economy, which is also slowing so you could see contagion effect and that is a bit of a yellow flag that goes

up here. haslinda: is china putting a risk on the rest of the em world? hans: yes, because of the way things are, obviously. if you have china -- let's say they pulled back. you have an impact on the rest of the emerging world. what speaks for china is the prospect of easier monetary policy because that is the next shoe to drop. you have a slowing economy, the authorities will probably continue to ease, whether they will cut the rrr rate, there are other tools to ease policy and that is something that could help chinese equities here. rishaad: you are suggesting they will not go for a rrr cut but they are looking at something a bit more nuanced. what else could they do here? liquidity has been reined in. generally speaking, we are

perhaps seeing calls for more liquidity or easing, if you will. haslinda: -- -- there will be a more hans: there will be a more targeted approach. make life a bit easier for medium and small enterprises. probably targeted mending into some green energy. it is more targeted. rrr is a very blunt instrument. it might happen. i think that they will try a few other things before that. rishaad: ok, so how does china fit into your overall strategy if you will compared to some of the developed markets? emerging markets performed well but they have not done and we see evaluations continue to rise in the developed ones, particularly the u.s. hans: evaluations obviously are much more attractive in emerging markets. the u.s. is putting much off the chart. most specifically to china, the

downside risk seems limited as long as we have the prospect of monetary policy. in the emerging markets space generally, you have to watch the dollar. the dollar is in a consolidation to see whether it grows higher or not. that will depend on whether the federal start announcing a tapering. not sure if they will do it. emerging markets are more or less neutral. a lot more emphasis on japan, for instance. possibly some places in europe. the u.s., probably less so. haslinda: short yuan versus the dollar? hans: looks like the yuan is going to weaken against the dollar. monetary policy in china. the fed is talking tough or whatever.

they are considering tapering. i'm not convinced that they will actually do it but as long as they are talking about it, it will put pressure on the dollar. there will be pressure on the yuan. rishaad: always a pleasure. hans goetti from hg research. taking a look at some of the economics as well. the world's third-largest economy losing a bit of steam. first word news with vonnie quinn in new york. vonnie: exactly. gains in japanese exports slowing for a third month in august as the delta driven coronavirus wave weighed on the global trade economy. the value of japan's overseas shipments increased 26.2% compared with last year's depressed levels. it was a slowdown from july at 37%. economists forecasted a 34% advance. exports edged up 0.8% from july. north korea fired two ballistic

missiles from a train wednesday in its second major test in less than a week. the launch came on the same day moon jae-in observed his own military test of a submarine launched, becoming one of only a few countries to acquire the technology. one of the top ranked conservatives seeking to be south korea's next president told us the u.s. is being reckless in its diplomacy with north korea. >> americans view things in such a naive way. they thought north korea would like europe. they are not rational. they are locked a monarchy from a feudal era. vonnie: australia is joining a new into pacific security partnership with the united states and the u.k. which could pave the way for nuclear powered submarines. leaders announced the trilateral security partnership in a virtual meeting. the deal will increase cooperation on cybersecurity and military ai. a u.s. official says the agreement does not target china or any other country.

>> 4, 3, 2, 1. vonnie: spacex has successfully launched four civilians into orbit, beginning a new phase of human spaceflight. the crew including jared isaac men, will spend three days orbiting the earth. the drop in capsule received $17,000 -- 17,000 kilometers per hour. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. haslinda: still ahead, a look at the impact of ford's decision to shut its factories in india. we speak to the automobile dealers association. rishaad: indonesia says risks for casino operators in macau -- moves to tighten its grip on the gaming industry.

we are looking at that next. this is bloomberg. ♪

rishaad: just taking a look at these macau gaming stocks. stabilizing but still seeing weakness overall. you can see on the bloomberg intelligence, macau gaming index, 3.8% down, but nothing compared to the devastating day yesterday. our guest joins us now she's looking at these proposed changes to the laws around gaming. what is the deal here? we have some idea but we have to fit in the gaps. we have the industry trying to do that. >> based from what we heard from the industry, operators, some of

them are pretty concerned about this proposal because these operators provide services to high rolling vip clients and they provide credits to them and this is really a gray area that beijing has been cracking down. beijing has been cracking down on their operations for the past few years and their revenues have dropped quite a lot and a lot of them are concerned that this time, things may get even worse for them because the macau government seems to want to increase the sort of scrutiny on these operators. from casino operators, they seem to be still trying to figure out this whole thing in forming their own views. some of them tend to think that this does not have much of an impact on them because they have already been working very closely with the local government and its already expected that there will be some form of increased local presence

in the companies. haslinda: we have been talking about the proposed changes and which ones are key, which ones to watch. shirley: the government wants to pre-approve profit distribution amongst shareholders such as dividends. a lot of shareholders are watching very closely on this to see what the government may announce after the public consultation on the revision of the gaming law and the government wants to add this so called direct supervision over casino companies. right now, there is already a government body overseeing gaming activities. some people are guessing maybe they also want authorities to oversee non-gaming activities or maybe they want government officials to sit on boards in casino companies. so these people are all watching very closely and of course, there is increasing local shareholding in companies. people are still trying to

figure out how exactly the government wants it to work. haslinda: bloomberg's shirley zhao. thank you so much for that. still to come, time for morning calls. a look at the top recommendations across markets. positive territory, up .4%, and by the way, morgan stanley singapore hiring bankers from ubs to help them cap the rich chinese. she is now a singapore citizen. plenty more ahead. this is bloomberg. ♪

haslinda: if you were a billionaire, it's easy for you to say that cash is trash. that is the view of ray dalio. he was speaking at a bridgewater event.

should not be too reliant on cash. it is trash. what do you think? rishaad: went on to talk about bitcoin and other crypto currencies becoming too successful. that regulators and governments would really essentially shut them down. he took issue also with kathy wood from ark investments, you know, saying really, essentially, that her forecast for bitcoin does not really make sense here so there's a bit of two and fro place with regards to cryptocurrencies as usual. let's just move and have a look at christine lagarde. she has also been the latest to chime in on the crypto space. the european central bank president saying they remain highly speculative. christine: crypto's are not

currencies. they are highly speculative assets that claim their fame as currencies possibly but they are not. they are not. i think we have to distinguish between crypto's that are highly speculative, suspicious occasionally, and high intensity in terms of energy consumption assets, but they are not a currency. on the other hand, you have the stable coins that are beginning to proliferate, which some big tech are trying to push along the way, which are a different animal and need to be regulated where there has to be oversight that corresponds to the business they are actually conducting irrespective of how they named themselves. but you have the central banks. they are prompted by demand of

customers to produce something that will make the central bank and central-bank currencies in the century we are in, which is why we are not all looking at central-bank digital currencies. instead of having banknotes and cash in our pockets or wallets, we can have exactly the same thing but in a digital form. all of us are working on this and others are keen to push the issue on our agenda because i believe that we have to have that. >> if the ecb like the federal reserve are looking at it, if the ecb were to have a digital currency, would that be to the exclusion of paper currencies or side-by-side? christine: side-by-side because we want customers to have their preference. it should continue to be available. haslinda: christine lagarde

speaking exclusively with david rubenstein. you can watch more from the interview as she speaks about e.u.'s economic health on the next episode of the david rubenstein show, peer-to-peer conversations, at times you see on your screen. let's get a quick check of the latest business flash headlines. goldman sachs agreed to buy green sky for about 2.2 $4 billion goldman was one of the lead underwriters when green sky went public in 2018 at $23 a share. it is now purchasing the company at half that price. it is the market. a diagnostic testing company says its listings -- the merger gives them an enterprise value of 1.25 billion dollars. the deal includes forward

purchase agreements. the deal is expected to close by the first quarter of next year. we have learned that india is seeking evaluation for its state backed life insurance corporation between 109 and 136 billion dollars and that will be the country's biggest ever ipo. the valuation is much lower than jeffrey's $258 but in line with others. sources say india would sell 5% to 10% of it. tata group and spicejet's owner have submitted competing bids for a state run carrier, air india. it came after the government sweetened the deal by allowing suitors to decide how much of the carrier's $3.3 billion debt they want to take on. proceeds from air india's sale will be a critical source of revenue to plug the governments

widening budget deficit. rishaad: time for morning calls. sophie kamaruddin is with us in the global energy crunch, turning prices skyrocketing. it is a world of difference from this time last year where we saw the market being oversupplied. >> we have buyers scrambling to secure stocks at these lofty prices or perhaps holding off until prices come back down-to-earth. when you take a look at asian spots, pretty high above $20 so against the backdrop mother is a rush to expand generation capacity of firepower in japan or the push to ramp up coal mining capacity in india. this is at a time when emerging economies might be revisiting plans to import lng and phase out fossil fuels. i goldman, switching out the board, they are expecting a cold winter in the north that will see europe compete with asia for these supplies, driving lng even

higher which could incentivize demand disruption but that means the risk of blackouts in europe, for example. haslinda: turning to metals, china set to sell more copper, aluminum, zinc. where are we when it comes to aluminum? sophie: prices trading at 29 hundred dollars, the second-best performing metal year to date. they have raised their year-end forecast for aluminum to $3100 on a tightening market and while they see a leveling off early next year on growth in china and around the world, ubs said those supply challenges are stacking up. production costs are soaring. energy costs play a big factor here. rishaad: thank you. sophie kamaruddin. chinese markets in shanghai and shenzhen up their lunch break that check in on what's going on. there is a lot of drag coming

from a variety of industry groups. we are talking about property in particular. the saga of evergrande does continue and that is something we are watching as well as the stock down 7% last time we checked on it but that is at the moment affecting sentiment with regard to property as we do see of course this whole set of regulations which have been instituted. galaxy entertainment on the hang seng moving to the upside. generally speaking, we are seeing it sands china, down 5% last time i checked on it. this regulation or regulatory overhang with regards to gaming does continue. people unsure about the details. they have to be filled in, as it were. we don't know how many companies will retain their licenses. it has not been mentioned in any of the literature which has been passed around. again, it is an overhang for these markets. it is dampening down sentiment.

evergrande now 8.2 percent down which means over the last four days, with week today, we are down 28% for evergrande. total gym includes everything you need to get into the best shape of your life. for every body at any age. it works every muscle group, including your core, using your own body weight as resistance. customers love total gym because it's fun, fast and effective. nothing delivers

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haslinda: let's get back to markets and take a look at some of the movers. continuous stocks in particular, those traders in hong kong still under pressure and it sands china down by more than 5%. that is extending losses after slumping by a record year. u.s. consumer stocks were not spared either overnight. tightening its grip on the cow, prompting one operator to say sell, sell, sell. picking a look at some energy shares after oil surged

overnight. u.s. inventories continue to fall. the world is facing high energy prices in the foreseeable future. we are not looking at -- we have paladin up by 2.2% and that has to do with uranium. peninsula energy serving after the government announced it is acquiring nuclear powered submarines which will be built in australia. rishaad: ok. just taking a look at the headline coming through from japan at the moment. sorry. have a look at the nikkei here and tell us what you are seeing. haslinda: the nikkei under pressure, down. same sorry for the topix. looking at the end, -- same story for the topix. looking at the yen -- rishaad: turning from japan to

india. some of the key stories. up to a 10% stake. nonretail investors. the aviation industry. a financial bid for air india and we have dell he -- delhi announcing an infrastructure plan. the nifty trading in singapore pretty much indicating a flat start to the session. more on india. haslinda: that's right. major regulatory changes have been announced for india's telecom industry. that eased government payment deadlines and foreign ownership rules. the changes may boost the financial health and challenge the market dominance of a billionaire. an intelligence analyst has been following this. one of the most significant measures --what are the most

significant measures? >> the most encouraging sign is the government showed their stance that they want to keep everyone afloat, especially extending the payment for four years so they have much more time to gain of capital. although they still need to pay interest on those payment dues. for years is a big help for the industry and that helps them and encourages them to invest in the 5g network. david: we have -- rishaad: we have applications for the big three players. must be better news for them, surely. there's been so much uncertainty surrounding these companies, especially the foreign-based ones. backdated taxation has gone by the wayside. they are grateful for that at least. anthea: as we mentioned, they have more time to pay off those payment dues.

they would benefit the most since they share the most burden from these payment dues. at the same time, the other measures are -- they could potentially attract international investors. there have been rumors saying google is interested in investing. they attracted facebook. that healthy development and bringing in more capital for the digitalization project. haslinda: what is next? what to watch out for? anthea: the most exciting story would be the long-delayed 5g option because there was not very much interest by the mobile carriers. they complained about high prices. hopefully, the government would introduce more favorable

policies there. after this round of relief measures, we expect that intentionally there could be more to come. especially, they say they will redefine the definition of the agr by the government so hopefully, they will introduce more of these policies to keep the 5g network rollout up and running. rishaad: thank you so much. anthea lai taking a look at the regulatory framework as it evolves in india. talking of which, the country seeing another unicorn, the digital hiring startup. it reached a valuation of more than $1 billion in two years after it was established, led by tiger global management. it seems as if the appetite is continuing to grow for more and more of these unicorns and for them to also simultaneously get listed. haslinda: more importantly, it

is trying to solve one of the main problems we are facing in the world today, unemployment. if that can be solved, you will be, i guess, solving other problems like access to education, poverty. what is so interesting about this company is that, currently, it is targeting cities in india and it wants to bring that average to the rest of the world , for the u.s. and southeast asia. made in india, they say, but for the world. i kind of like that. rishaad: absolutely. on that note, we will move back to one of our big stories this summer and it's all about a property developer which has to pay something like 305 billion dollars, has $305 billion in liabilities. the real question is whether it can pay. let's get the latest on that.

first word news with vonnie quinn in new york. vonnie: a bit of a something tech question. evergrande's onshore real estate unit has suspended trading of all of its bonds for one day after a domestic ratings downgrade. they cut the rating from a to aa. major lenders were told not to expect interest payments due next week on bank loans. saudi arabia's crown prince plans to overhaul the flagging education system to promote tolerance and hard work and better prepare citizens to find jobs. the revamp will cover all levels of education and it is part of mohammed bin salman's vision 2030 strategy. saudi arabia has public schools have long been influenced by strict religious teachings. boris johnson has overhauled his cabinet, promoting a woman as

the first conservative female foreign secretary. dominic raab is the country's top diplomat after running point on trade. polls slump along with high covid-19 case numbers with a tentative recovery from the worst recession in three centuries. pfizer says data from the u.s. and israel suggests the efficacy of its covid vaccine wanes over time. it said a booster shot is safe and effective at warding off the virus and new variants. the company details the data in a presentation it will deliver on friday. the panel is expected to make recommendations on whether more americans should receive booster shots. simone biles says they turned a blind eye to the sexual abuse she and other young athletes suffered at the hands of the former usa gymnastics dr. larry nassar.

she said the system enabled his abuse of more than 100 women. he was convicted in 2017. he is serving sentences that amount to life without parole. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i have vonnie quinn. this is bloomberg. haslinda: coming up, how fo forward to -- ford's exit will impact india. do not miss that. this is bloomberg. ♪

haslinda: welcome back. it will stop producing cars in india. the global auto industry grapples with the shortfall in chips and other components. the automaker which has been operating in india for 25 years says it will offer $2 billion in restructuring charges. ford's decision has not gone down well. rishaad: let's bring in the president dealers association, the atomic body for car dealers in india.

they were really struggling, weren't they, ultimately? it was them cutting their losses. taking a $2 billion charge. give us a sense of the message being sent to the rest of the industry in india. >> thank you for having me. it is a different situation. if i talk about the auto industry, it is a positive stage. the operator in india had a market share. came up with the strategy. they had a good product lineup. practically, ford created this

outcome. there was a lot of waiting for customers also. rishaad: just looking at, you know, the message it is sending for prime minister modi's maiden india campaign, there is perhaps no room for this company. what are you suggesting that ford do to compensate its dealer networks? vinkesh: so, yes, there are a lot of dealers, a lot of entrepreneurs. -- manpower, which i employed. it is nullified. we are in touch with ford to

compensate the dealer. how they handle the customers -- the indian consumer act makes the dealers liable for the manufacturer. these are all legal complications. plan something in the future -- against customers on consumer court cases. haslinda: we know that the dealership is also being impacted by the chip shortage. quantify that for us. vinkesh: in the car industry, starting from two months to 12 months -- there are a lot of

products and we are actually losing 20% to 30% of retail every month. as of today, -- i'm confident that we will be touching around 3.2 to 3.5. we are learning 30% market every month. i'm hoping that the customers -- semiconductors shortage is gone. they don't lose this to used car market or some other industry. haslinda: give us a sense of the outlook for india's auto industry. and also employment within the sector is in fact at pre-pandemic levels. vinkesh: there are different segments i talk about for the industry.

back to the pre-pandemic level. the new dealerships are coming in. new setups opening in the outlook. we are including manpower. come back to the pre-pandemic level. 30%. there is a challenge. but i'll put together, the auto industry is right and we are seeing good growth. sequential monthly growth happening in all of these categories. rishaad: other countries have been seeing a message upsurge in the used car side of things. are you seeing the same thing there? and if you are, how do you compete with some of the online offerings which are getting a bit of traction in india? vinkesh: we are seeing a huge

surge. the problem is different because we give the customers a new car. the replacement market also is facing a problem. the demand is huge. yes, there is a compilation from the aggregate. there are a lot of unorganized players working in the youth car segment. the total segment of used cars is shifting more than 50%. that will slowly and steadily improve the segment. as of today, here is the ratio. normally, the ratio is -- the aggregate is coming in. and these semiconductors shortage goes over. this market will at least go

from 1.4 to 1.2 also. rishaad: all right. vinkesh gulati, we can talk a little bit about what happens in the future. how well are you protected against another covid outbreak? a lot of people during covid decided that they were not going to be taking public transport and they started going in cars because they had seat protection, if you will. do you see that demand part of it slipping away now as the covid wave has died down? albeit, people are expecting another one. vinkesh: -- already blooming. if you see how the figures are moving, that is -- all of us in india.

they know how to live with covid. things are pretty normal. i don't see a bigger impact to the demand or the customer. but, yes. in the current scale, this is beneficial to the car industry. every customer wants their own bubble. they should think more from an individual moment -- that is what is helping the entry-level segment to grow. it is a positive. people have started living with it. haslinda: thank you for your

insight and for your time today. vinkesh gulati, federation of automobile dealers association. speaking of cars and speaking afford, do not miss our interview with a president of the international markets group in new york and 1:30 a.m. friday if you are watching in hong kong. rishaad: let's have a look at these regulatory changes in india. we have the country using ownership rules, payments to phone companies such as vodafone, and others. nearly 10% up. gains right across the board. the biggest debt profile amongst them. as a result, nearly 10% up there. so that is india. we have indian markets just opening as well and just taking a quick look at the nifty, up 50 points right now in the session

in mumbai. that translates .3%. we were anticipating a flat start. steady as it goes across this part of the world at least equity wise. down a fraction, led by the hang seng. this is bloomberg. ♪

>> what we all missed a little

bit is a clear outline of european and german growth agenda for 2030. >> we have a coalition. we need to have a plan for the next 10 years. >> we have to strengthen the e.u.'s position and to use all the funds. >> we can only be competitive if we transform our industries. haslinda: top german executives calling on the next government to focus on how to stay competitive. rishaad: competition is the watchword here. china has been germany's biggest trading partner for a while. we have exports overlaid by capital goods. we can see the share of german

exports to china on the way up. we have the united states in white and china in blue. at the moment, that share increasing. that is the last number from 2020. there it is. it gives you an idea of how important china is to germany in s and overall, haslinda. haslin that's right here the biggest export is electrical machinery and i'm guessing it could be cars as well. a quick check of the latest business flash headlines. s&p downgraded china evergrande's rating, citing its shrinking liquidity and the probability of debt restructuring. evergrande, which is more than 300 billion dollars in liabilities, may not be able to service its debt in time. financial institutions are likely to be unwilling to roll over maturities to the property developer.

casino operators with exposure to macau tumbled wednesday after officials said they are tightening restrictions. it extended the slump from the previous session since march 2020. macau plans to introduce new regulations including appointing government representatives to supervise casino. one of australia's largest pension funds is swapping government calls for green gas. it will invest $732 million in bonds linked to sustainability by year-end. it is trying to halve emissions by the end of the decade and decarbonize it's fixed income portfolio. rishaad: let's have a look at china property stocks. they got savaged after evergrande shares and bonds were halted from trading.taking a log property index, we got it within

to percent of hitting five euros and it got hit quickly. declines across the whole country getting hurt quite badly and the likes of others also being really cut down with perhaps people looking for the next shoe to fall, as it were. property shares down and casino stocks with a bit of pressure and regulatory overhang. looking at a variety of other stories which are adding a bit of a negative tone. let's look at the benchmarks overall. having a look at the hang seng which is driving things down in this part of the world. regionally speaking, hang seng is to percent down at the moment in the index is within 2% of anything. new five year lows. that is what we were looking at as well. haslinda. haslinda: the latest episode of bloomberg studio 1.0 year, emily chang qualcomm's ceo about

taking on the top job at the company and solving the global chip shortage. watch the interview. here is a preview. >> we are short on everything, like every single product across every industry we participate in. we are short. if semiconductor companies say we are not short, you should be worried about them. rishaad: we will bring you the hang seng. 2% decline taking place as it is brought down by some of these casino stocks and property stocks weighing heavily on the index. there we go. oil -- oil prices up 3% overnight so pretty much ready at the moment. that is the casino picture. macau down 5%. china is not on that list but down 5% as well last time we

checked on it. a quick look at property as well. evergrande feeling it once more, down 9%. agile property. down 12.8% as well. that is it for bloomberg markets. you have daybreak middle east on its way, next. ♪

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