>> good morning, welcome to " daybreak australia." >> we are counting down to the asia major market open. >> a finance ceo telling us exclusively about his plan to raise $1 billion to save struggling players in the crypto industry. >> a global stocks extend gains as pressure grows to downshift interest rate hikes. >> china's daily covid cases hit record highs, unrest grows, the capital is braced for a major battle with the virus. >> here in asia we can be happy we made it to friday. this week generally the mood in stocks has been based on the expectation that the fed will be moving to moderate the pace of hikes in the months ahead.

u.s. markets are shot for the holiday here but that is what we saw in the last close of the european stock index. dollar weakness has been a theme and we are seeing that down against every other currency in the past week. brent crude looking softer around these expectations. let's take a look on how that sets us up for trading today. so far futures have been pointing most -- mostly higher against new zealand, most of the ones standing out already as we get underway with trading. keeping an eye on the yen are continuing below or under the key 140 level as i said, down to the predictions of the fed with a move into the say phase and it -- safe haven assets. let's take a look at what's happening in the bond space. this chart here from bank of america taking a look at bond buying, 39 straight. all bond buying here, flows are really picking up over the past

few days. it's really about positioning the in's -- investment shocks we could see next year or the rate shocks of 2022. >> a lot of political news today, the age of 75 there is a new prime minister of malaysia, he has the job he's been promising to claim since the 1990's. there he is, taking a bow after being sworn in. a difficult situation to manage with a number of disparate coalition partners. a big weekend coming up in taiwan, local elections are going to be held there. referendum on the approach to china, promoting peace and stability across the taiwan strait. not just politics are dominating the agenda though.

>> yeah that is really going to be up around her for 2024 and how it's want to play out. after we saw the fed minutes, a lot of those speakers are starting to change the narrative of it of where the pace of tightening is going to be where maybe there is now a reason to pause or slow down hikes moving forward. you did hear from them overnight, they are not there yet given how slow they were in the tightening cycle to start but again, that recession risk in europe right now, how far can they really go? for it to be ok, that's not exception to the narrative even they have been aggressive in their tightening over the last couple of months or so. we heard from the bank of korea, signaling that the end may be near for the precedented streak of policy tightening with the bank returning to that hike on thursday as concerns grow over economic wrote in the credit

markets. over and soul now kathleen is standing by with the governor himself. kathleen? >> absolutely. very special day, very special guest here. governor, thank you for joining us. >> thank you for visiting. >> i wouldn't miss the chance, believe me. very simple russian. you moved from the 50 basis point hike in july and october. now you have shifted back to 25. what's the significance? how much closer are you noticing and end to those interest rate hikes? >> it will be hard to judge where we will start or when. but our board members believe probably we can go about 3.5, around that range.

we actually see several factors. first, the fomc of december and then how that price will change after the price ceiling debates go on. and how the china covid will evolve. domestically we have to see that progress around the unfortunate credit crunch in the short-term money market. considering these factors, we decided to maintain defensibility and think about our next move and probably january because we do not have a meeting in december. >> how important is what the fed does with that question, the fact that the data has been signaling they are looking at 50 and now the latest minutes from that last meeting show it's clearly a debate and it looks more like a may just do this. how much easier was it for you? was it a factor in deciding that we could go from 50 to 25? >>

you can see how much the exchange rate has stabilized after the simple indication that the fed would slow down the pace of the interest rate hike, right? the thing that the market, it gives more room for me, for us to have different options. >> speaking of your board members, it's interesting that you yesterday at your press conference talked about what they are looking for. you have got three of your board members with a terminal rate was just one hike away from 3.5. one thinks you have done enough, two think that what you need is to be ready for something that needs to go about 3.5%. i know you respect all the views but which would you say is closest to your own view?

fax as the chair of the board i would rather maintain my last option. so at this moment i think all of the options are good options given the uncertainty that we have. >> in your view what will determine that rate? >> at this moment, most of the shops and shocks that we experience now are from upload. the most important decision is how fast or how long the fed will increase the interest rate. there is an impact on the exchange rate. mechanically we are not following the u.s. interest rate that we are very mindful of the impact on our exchange rate because we have to secure those dollars. then we look at how much the gross slows down in europe, the

u.s., china. that kind of aspect is also important. those will be the key concerns first. >> if the fed pauses this spring does it mean you can pause, to? >> not necessarily. our exchange rate will stabilize more and increase that pressure. but we have to see inflation. the first mandate is price stability. as long as it's about 5% we might need to continue. if as you say the fed pauses in the exchange rate stabilizes, probably the inflation rate may go down. we may then have that option, too. >> a key rule of thumb for many monetary policy academics and

policymakers is when you have high inflation rates and a tough time getting it down, you won't get it down until you get the key rate above the inflation rate. right now it's 3.25. it's five point 5% year-over-year and you still have a negative rate that is still considered stimulus. >> you can talk about that rate but on the other hand when you subject that, the investors thinking about it as a current nominal rate minus expectation on the investment rise, that's longer. if you think about the five-year credit at 2%, you can think about it in the moment. using that inspected -- expected inflation is in the 1.5 range. i would call that part of the mutual rate or maybe even the beginning of that restricted area.

including how fast it's going to go down. >> this all points to rate hikes ending potentially in the first half of next year, depending on how those things turn out. example of household corporate debt is still high and growing, does that mean that the key rate has to stay in restrictive territory and in the upper range of neutral, even after inflation starts coming back down? >> you really pointed out that my key to medium-term goal, the korean leverage rate on household debt is a relatively high range. it's not systemic risk. but unless we address the issue it could mean future risk factors. i really hope to pin them down. but i think that's a medium-term challenge rather than short-term. in that short amount of time there are many relative side effect.

you are right in the sense of which terminal rate goes down, that can bring other options but the first job at this moment given inflation being about 5%, we have to take care of that issue first. >> so it could be a long amount of time or you stop raising rates but that's where they stay for months or a year? >> price stability is the first option and mandate but we must think about what will impact the real economy and then the medium-term impact on our leverage. >> so if there is a second-half pickup on gdp that you in your team are forecasting, with that rule out any kind of pivot to actual rate cuts? if you see it again with inflation coming down and the economy picking up again? with that mean well --

>> i think we would have to discuss the issue with board members. maybe after the second half. our projection in the first half of the first quarter of this year, inflation would be close to the 5% range. really focusing more on stabilizing it. the close would be lowered. we are expecting more severe slowdowns in europe especially. not turning around very soon. and it heavily depends on the price of semi conductor there's and that semi conductor price will be helped to pick up in the second half of next year. we also believe that china zero covid policy will be losing after march, you know? the sign of economical coverage will probably come in the second half of next year.

taiwan, we have to think about the trade-off you mentioned >> investments are traders. once you pause in the u.s., that scenario is why would you look start cutting rate when there's an economy picking up? >> my point is that it's premature to start putting. that is why we decided to move. let me say that in the first half of next year we will think about how we will handle the inflation. once we have the strong sign that inflation is under control, then we have to think about the next trade-off you just mentioned. >> looking at the credit markets , given the conundrums around what happened, it was the worst rout since the financial crisis.

>> i wouldn't say worse, but unexpected. unnecessary. >> and one of the reasons it's unexpected i think, south korea, highest in asia after singapore, according to moody's. usually considered one of the safest havens in asia to invest your money and now it's like you have emerged as the epicenter of , you know, there's been a credit market kind of route around the world. but why? >> i think what you said has been misunderstood. we don't have a wide range credit crunch at this moment. the financial markets are working fine. some segments that are heavily reliant on the u.s. sector, especially the so-called project financing in the short-term money markets, they've had some difficulties. i thought the difficulties might

come in the beginning of the next year or in the middle of the next year because of that dependence on that sector. you know the housing price goes down. and suddenly there's a saga of one local government a sickly denying that high quality protection in the project and that deteriorated investor confidence in this market. even that the price would go down further. there is extensive -- excessive sensitivity in that mode. confidence has really changed at the moment. at the end of the year many financial institutions are closing and so now at this moment after the destabilizing policies are now, all the market seem to have improved except for the short-term market that

didn't take time. instead you think about whether or not the measure is thrown out given that this is the end of the year, this market is a small market without having taken the time to mend it. but i'm sure that i think next year, at the end of the year when we provide more into the sector, it could be -- this problem could actually be solved. >> speaking of providing more liquidity, big move in the commercial paper. 180 basis points? commercial paper rates are not rising as fast. but anything that's been done so far hasn't convinced people. they are not coming back down. it's still continuing to rise. do you need to do more? >> i wouldn't be surprised that they are not coming down.

given that we are still increasing the interest rates i would ask beck them to go up. the problem is the big spread and it depends on the, you know, this perception of the investors. this misperception of the delinquency rate, it's still very low. it's this perception that prices will go down in the future because of interest rates and this one event will shakeup that confident. i don't mean it's easy to or that the housing prices will go down every year. i think that at this moment i'm saying is there is overreaction and that's what we are focusing on. this overreaction in the short-term market is really deteriorating the environment and transmission mechanisms and we have to address this issue.

>> you called this an idiosyncratic event that hasn't really happened in the u.s. or other nations, it's only korea. >> my point is that i do not want it to be seen that i'm underestimating this. i point is i expect some difficulties will happen down the road if our housing price go down further. if our dependence on the sector is large. but i don't expect it to be this year. i expected to be next year. given the lagging impact it happens every year. one mistake i that one province, that really shakes up that confidence at the back time. you have to address it and see how it goes. >> just a couple of days later an insurance company didn't want to call it perpetual bonds. seems like things really sped up

when that happened. >> you know that the australian regulators actually issued a note that they themselves encouraged australian insurance companies to not use that call option and they just rolled over. they believed that the environment of a high interest rate was more beneficial. i can actually understand this. why they decided that. it's very for the benefit of themselves. without considering the market impact. i think that this is an issue of this perpetual bond issue. and then we decide. it has a relative speed over to other companies. they decide to go there, with the options. they honor the call options. i think that these kinds of things will happen. in a rising interest environment.

so we will see. >> and if it continues? what if something happens again and you see this starting to build up? would you see this, reactivating the special funded purpose vehicle created in 2022 purchase corporate bonds and commercial paper? >> not at all. as i mentioned, according to our law and according to the law from central banking, as long as the whole of the financial market is in trouble, we shouldn't take a credit risk. at this point we are deep and south. you know, we can provide liquidity to address this kind of issue but this is not a time where we really need to take a credit risk because our some segment of it except the one that is real estate related in

the money markets. other than that the other financial money markets are working fine. you cannot use the drop first, right? you have to use the weak medicine first and move on. let me put it this way. the whole world after the global financial crisis, of course after the pandemic, they had low interest rates and massive physical support for the q. week, whatever. however the difficulties come, they cry for the heavy medicine. but this time, it's not a time for the object. at the time we need the interest rate. you cannot give this heavy medicine before you try other measures. so my point, bank of korea had a lot of truths but the truth that you mentioned around buying

their credit materials and things, that's the option we have to use down the look -- down the road if necessary. >> it's sort of like you are saying sometimes you have to break some eggs to make the omelette. not quite the right metaphor but the idea is that if you are going to bring down inflation and go from a time of excessive liquidity, central banks having to err on the side of doing a lot, this may be, this kind of thing may be what happens and it is a part of the price you pay for having inflation go up and then having to bring it back down. >> you mean this kind of financial crisis? >> yes, when there is pain in financial markets. >> yes, the central bank has two roles. price stability and that's another goal. you have to really look at how much you use interest rates to bring the price down.

but it has a serious impact on financial stability. you have to use some other tools. that's one of the reasons you do it with relation to the money market, to improve that transmission of interest rate hikes. in some instances providing this liquidity to the section is not inconsistent with the price of the interest rate increase. by stabilizing that mechanism our monetary policy can be more effective. so my point is that at a certain point of time, when the entire financial markets are in trouble , we might need to use qe for not have to buy the credit reactivate her credit risks. maybe in the future if the financial risks are so bad. my point is that this is not the time. everything has a right time. i think that what we can do at

this moment is just use liquidity and the rest is short-term crunch. that's the medicine. we don't need a large spoon. >> you know, it was interesting, in october you said him and you were right, depreciation was likely to peak soon and now we see the exchange rate falling with capital flow rising. do you still think that will be a continuing trend? >> that's very difficult to judge. it really depends on how the u.s. policy, how long u.s. policy continues. what you can tolerate. a huge gap, that could be the implication and it also depends on the risks of geopolitics. you know what i worry about? if the russian or korean war

continues. -- russian ukraine were continues. the u.s. may need to increase things further. the whole world will have another round of strong dollars. i think that at this moment the first attempt to address global issues is to stop the ukraine more. the rush ukraine more. the supply chain issue. restore that stability around the oil market. then bringing down you know the u.s. incentive to increase. then good things will happen. first, and the war. >> quickly and on a brighter note, korea is still there, still in the world cup. >> yes, i'm very happy. we have our first game, zero in zero. i think it was a good game and i hope that there will be good news in the next week.

let me confess that central banking makes it much more difficult. we have to watch tv during the night. >> i have to admit i stayed up too late watching them to score. thank you for joining us. this has been a wonderful conversation and i look over to doing it again. covered a lot of ground but had to touch on the world cup, right, guys? >> kathleen has got to deal with the important stuff for sure. bank of korean government very generous with their time, making interesting points, particularly about where the terminal rate might settle. understandably a bit equivocal there, three point 5% with so many variables to consider. not the least of which is the path of the fomc tightening. the oil price cap debate. covid in china and the credit crunch being experienced right now. so many macro factors to juggle. >> interestingly he said they

are not mechanically following the fed certainly the the fed does impacts their exchange rate and if at that point there is some sort of fed pivot it will help to stabilize the wand in some way and then the credit markets might given more room to assess that path moving forward until they determine what the terminal rate really is. certainly a great conversation with kathleen talking about the credit crunch and what could happen. could they start looking at qe again, buying credit and given what we have been seeing? definitely bringing out the best of the best in the next few hours. still had not just the p ok, the fed, the china covid cases and when it comes to fifa world cup we've got to talk about it. discussing more of the human rights issues

>> global stocks extended gains and the dollar fell after the fed -- let's bring in our next guest. i know you caught a bit of that conversation we just had with the bank of korea governor. he was also suggesting a possible downshift but difficult to judge with so many macro variables vic about. can we say we are closer to the end of the tightening cycle than the beginning? >> i think we can. you go back six months ago global growth was still strong, economic indicators were high. there wasn't much sign that inflationary pressures were decelerating. now you can see more evidence globally that economic conditions are slowing quite rapidly. we have slower inflation

indicators coming out of the u.s. particularly on the supply side. that will flow through the -- to the demand side as well. therefore it makes sense for the central banks to slow the pace of hikes. main the biggest they have already hiked so much. it makes sense for the bank of korea to slow down the pace because following what the reserve bank did a month or so ago and also indicate in terms of the terminal rate that we may be getting close to the top. i think it all makes sense now. it's about managing the downswing growth and aching short they don't over tighten and and up with excessively low inflation. what we heard from the back of korea along with several other banks has been it does make sense. paul: the governor suggesting a terminal rate of 3.5% but that might be subject to change. you mentioned inflation. the governor says there are signs it's coming under control but i know you think inflation

could slow a lot more sharply than a number of market watchers are anticipating. what are the risks associated with that and what would drive sharply slowing inflation? >> if we go back a year ago, people were still talking about the rise of inflation being temporary. then we got surprised on the upside. that encourages the whole market and most commentators to say the surprises going to be on the upside and the risk is that we call -- we get called out again. we have seen supply-side indicators improved dramatically. some of the rental pressures in the u.s. are starting to abate with many cities seeing decline in rents. used car prices, goods price inflation is already rolled over in the u.s.. when you look at business surveys including the pmi's that

came out yesterday, they are all showing continued drug -- downtrend and order backlogs, delivery times of improved. important out port times have improved. services inflation will start slowdown as well as labor markets start to ease up. i think all of those things risk surprising central bankers. on the one hand it would be good for investment markets to support the ultimately lower interest rates and bond yields which will help valuations. >> epic a lot of people in the market think we have reached the peak of inflation but it's going to take a long time for prices to go much lower from where we came from before the pandemic. i have to ask, how does china

reopening story change or thesis in any way? if we see china exit out of covid zero, could that mean spike in inflation or could it be manageable? >> i believe it's probably going to be more manageable. what happened in the other countries was that they pumped in a lot of cash into households so households were cashed up with lots of spending power through government support like in australia, household cashed up. households in china are not as cashed up so there is not as much pent-up demand as there has been another western countries so therefore, i think the bigger impact from china reopening will be an improvement in supply chains. i think that would ultimately be a good thing. where it might impact is possibly commodity prices would be given a lift higher.

i don't think we are going to see the same degree of pressure reopening on inflation that we saw in western countries. >> if inflation slows faster than markets are expected, what does the path rate cuts look like for central banks in our region? how soon could we see that sort of pivot? >> i think it's still a fair way off. central banks here right now still talking about rate hikes including the bank of korea currently 3.25% talking about it terminal rate of 3.5% ab 3.75%. i think by the town we get to the early part of next year, central banks will have included this is it particularly those in asia and also maybe the united states. maybe europe will go for a little bit longer because it is lagging. rate cuts will come until later

next year at the earliest or maybe 2024 but that's a long way off. i suspect the more likely scenario is we get to a terminal rate of maybe 50 basis points above where we are now depending on which central bank you're talking about and they stay at that level for some time. in history, whenever the 10 year bond yield slipped below the fed funds rate, the fed went on a pause and that's happening right now so even the fed pausing soon i don't think they are going to pause in december, i think they will do a 50 but it's conceivable that their next meeting in late january or early february they will have a pause. >> we will watch out for that, thank you for joining us. signs are appearing that edging

is bracing -- aging is bracing for a major battle with covid. tell us about these camps, what is the purpose? >> they are erecting sometimes shipping containers and tenths in preparation for people who get covid. this is not necessarily people who have to be hospitalized who get really sick, the way china is still going about it despite murmurings about easing over the past month is that they isolate every single covid case and a government run facility and that is what they seem to have been establishing in beijing. we have seen more than 1000 more cases of covid per day there. >> give us an update. it seems like foss cap -- foxconn is making incentives for people to start leaving. apple said they want to get involved as well. what is the latest?

parks apple says they do have representatives in the factory. it's not clear if they have been there the entire time. or if they are new additions to the factory. the protests and tension between security personnel and workers that we saw early on wednesday, that was apparently mostly led by newer workers that they brought in after there was a mass exodus of foxconn workers last month. as conditions around food and the covid outbreak started to deteriorate. apparently, they were promised a certain bonus they thought would be paid out sooner than it turns out it would and that's what caused along with concerns around the covid situation in the plant, there are still cases around there that's what caused the riot. now the situation has seems to have calmed down that it appears as though they want to

incentivize getting rid of some of these people that were so dissatisfied and may have led this pushback on wednesday. >> thank you. let's go to first word headlines. the latest prime minister will test lawmakers support for his leadership with a confidence vote on december 19 as he seeks to prove that he commands a parliamentary majority. sworn in by the malaysian king thursday night, cobbling together a unity government. the monarch intervened after no alliance secured majority in the general election. talks to cap the g7 oil prices on russia -- poland says it is being too soft on moscow. shipping giant does not want to go below 70. $65 per barrel is a discount versus brent crude.

truck and south korea are on strike in the latest blow to global supply chains. a union representative says it plans to block all ports in the country. ubs has seen significant inflows into its wealth management unit from clients fleeing credit suisse. hundreds of wealthy customers have sought to place their funds with ubs and a key growth region. the bank is said to reallocate staff to handle these expanding accounts. coming up, look at the controversy surrounding world cup. it we have human rights watch joining us. this is bloomberg. ♪

>> a finance ceo has told us more about his plan to backstop the crypto industry that has been shaken by the collapse of ftx. he said he has pledged at least $1 billion for buying distressed assets. >> i see a little bit of

contagion when a trading platform goes down, there are other people with money on the platform. we have seen genesis. there are probably one or two more probably a couple others i don't know how many but each time there's cascading effect. overall, the industry is fine. there will be some, probably. >> you tweeted then deleted a tweet suggesting perhaps liquidity issues the likes of coinbase as well as grayscale. is there reason to worry about that? >> i don't think i tweeted about grain scale -- grayscale. i was just referring to two articles. one side coinbase says the grayscale has 635 k bitcoins with them. the other article said it only has 600,000 bitcoins on the

exchange. i understand the exchange is suffering from the custody so i posted it as a question are the numbers correct? that caused misunderstanding, so i diluted the tweet. >> are there solvency issues to do with those companies? some say you tweeted because you want to build your own empire to spread the fear. >> i don't not there are issues with those other businesses. unless we get very accurate financial statements, we don't know for sure. i'm not tweeting that because we want to build our empire. i reflect on the ftx and -- situation and i blame ice -- myself for tweeting that too late. as an industry, we let ftx get too big before we started to question some of those things. i'm taking the approach where we ask questions much earlier because it does not mean any

attacks on our industry peers, we just want to be more transparent and more scrutiny into the industry. coinbase has been operating for 10-12 years. the listed company in the u.s.. i'm sure they have a lot of good financials. it's just that we don't see that on the blockchain. for people in the industry, we like to see data on the blockchain which is the most transparent way to display information. >> you talked about launching a crypto recovery fund. where are you on that? you talked about interest being substantial. who is interested? >> we should have a block article going out today. there has been back and forth on how to structure that. do we make it a loose fund? i think we will go with a loose approach where industry priorities will contribute as they wish. a blog post is going out today. whoever contributes to move

funds to the blockchain crypto address the people can look at so it's not just behind-the-scenes fund. i think that has been finalized now. the blog post is going out soon. >> let's stick with crypto and discuss what is going on with bitcoin? annabelle is watching the technical indicators. >> this chart is putting together the demark indicator, the elliott wave, then the fibonacci retracement levels. there's a lot going on here, but when you put them together it tells us perhaps that bitcoin could be priming for a rebound. let's kick off with the first one which is the elliott wave. it's the line that you see in yellow. it's basically a way of mapping out crowd psychology. it can be subjective so you wouldn't typically use it in

isolation, but it is basically five waves broken down into motive and corrective phases. we can see the first wave, second wave, third, fourth, and fifth wave. the fit is quite short. on its own, you might not think this is the market bottom because we could be seeing more of a move lower. it's when you look at the other technical tools as well. paul: if you can't use the elliott wave in isolation, how useful are these other tools? >> the one that is probably most compelling is the demark indicator. it is quite complex and the formula for it is a closely guarded secret. we do know is that puts out signals to us. the key one is when you see the purple 13 signal. that appeared back on november 13. that would tell us we are seeing the end of this bearish run for

started with the start of this chart november of last year. the other factor in combination is what you see in the fibonacci retracement levels. you can see that bottom, that is the key level. that is the level that the nasdaq moved off from at the end of the dot-com bubble. paul: still to come, let's look at how australian pensions are rethinking their investment as the market braces for economic slowdown. this is bloomberg. ♪

paul: australia's mammoth pension industry is rethinking investments. it steers itself for slower growth. our pensions correspondent joins us now. what are the funds telling you about how they are positioning themselves? >> i have spent the last month speaking to funds about how they have been preparing themselves for tough times ahead. in the past 12 months, the pension fund industry has been positioning itself for the downturn, the biggest pension fund in australia has more than

doubled its fixed interest allocation over 12 months to the end of october. other pension funds are doing similar. one is hunting for those opportunities at the moment. another is also increasing its exposure to the fixed interest. at the same time, reducing exposure to listed equities as they try to write out what has been a bumpy time in the markets. >> it sounds like they are staying cautious. how much dry powder is there? >> they are very cautious. the overwhelming theme is that there is an enormous amount of caution, but they have no problem with cash flow. you need to remember that the situation -- the system in australia is based on compulsory contribution of employee wages of 10.5% and that is scaling up

to 12.5%. there is no problem with income at the moment. there is duty on pension funds to act in the best interests of their members and that is to grow their savings pot. that means to ride out the markets conditions can be a real challenge. in the past 12 months, pension funds have suffered their worst financial performance since the global financial crisis. they are also under more scrutiny than ever with new measures thing put into place looking at their fees and investment performance. it is a challenging time balancing the scrutiny of the performance as well as the global economic headwinds. paul: a lot of australians might feel a little disappointed when they check their balances over the past 12 months. in terms of past performance, how does future performance look? >> the projections are that this industry is going to triple in

the next 20 years to more than $9 trillion australian. there is no question there about the inflows. but how are they going to capitalize that over the next 12 months is the big question. it's also worth mentioning that these funds are cashed up. i was told that in 12 months, they will be hunting for private market opportunities. the valuations tend to lag. one of the other funds has said that they are also cashed up and hunting for opportunities. another one has cash in the bank. speaking to one who was not part of today's coverage but speaking to them a short time ago, they told bloomberg they are holding record amounts of cash. they are in an enviable position they're able to deploy capital when they see the right opportunities but how those opportunities will present

themselves remains to be seen over the coming months. paul: let's get a quick check of the business flash headlines. thousands of amazon warehouse workers will mark black friday sales with protest and walkouts. they are demanding better wages and working conditions. employees in the u.s., u.k., india, japan, and australia are among those taking part. amazon says it takes its role seriously in these important matters. creditors are said to be asking a chairman to inject at least $2 billion of his personal wealth into the company. it is among their conditions before they agree to restructuring proposal. we are told evergrande is aiming to a restructuring plan in december. the last remaining employees of

twitter in brussels are gone. sky news reports that standard chartered is searching for the cfo's replacement.

wealth changing question is this is bloomberg. ♪

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