>>, welcome to "bloomberg daybreak: australia." annabelle: i am annabelle

droulers and hong kong got a to major market opens. shery: good evening, at the top stories this hour. a wave of aerial incursions as a further object to shut down over north america. china reportedly ready to take on a craft flying over its waters. haidi: the potential for the surprise choice of the next boj governor ac the yen climbing and stocks falling as investors and scurried to find out more about the economist. shery: sources say the identity company may cut its growth target and cut off capital expenditure as it seeks to rebuild investor confidence. annabelle: we are at the outset of another trading week in asia, and there is a big litmus test in the days ahead for the fed's ability to tame inflation, cpi print due tuesday. it will set the stage for what we see for fed rate hikes in the months ahead and other central banks around the world also

grappling with more sustained high inflation. in terms of outlook for stocks in this part of the world, looking fairly mixed ahead of the open. japan future is pointing slightly higher. at the one area that could outperform is what we see in bank stock, at the big beneficiaries from any boj changes. the big story we are talking about in asia today is who is expected to take the helm at the bank of japan. we had someone said to take it but we understand from local media he has turned down the position. ueda is a person who could be taking the helm. we expect the yen to be mildly positive. shery: we are following what is happening at wall street, we saw a slight rebound in the friday session but not enough when it comes to the week session. s&p 500 posting its first week -- worst week since december. tech stocks under pressure with

the worst week for treasuries as the selloff continues and 2023, 10 year yield climbing to 375 level at one point. that is affecting rate sensitive stocks. we are watching the dollar closely trading mixed against its g10 peers. a lot to do with geopolitical tensions as well. we are watching oil prices gained on the friday session, russia plans to cut their oil output by 500,000 barrels a date next month given that they want to retaliate against western energy sanctions, but really all to do this week with u.s. cpi numbers on tuesday. what -- remember what happened last year when we had the s&p 500 down 4% on a cpi basis. we are expecting easing on the headline number but not so much for or cpi, which might be more representative of price pressures in the economy and what the fed might do as well.

haidi: price pressures as well as volatility for the new bank of japan chief as well, the first will be to keep speculators at bay. we are digesting this surprise choice we are hearing as the topic for the boj. we will be waiting for more details as that gets confirmed in the coming days. because ueda is the surprise bid to become the bank of japan's next governor. he has such a tricky mission ahead, expected to keep confidence when it comes to the boj's difficult policy path without rocking global markets and putting more strain on the finances, the government, and their bond buying program and the direction of the yen we will be watching as a key story going forward. let's get back to geopolitical jitters, u.s. officials say another unidentified object has been shut down over michigan, this is the fourth time in eight days that a balloon or another craft

has been brought down over north america. chinese media also reported an unidentified object has been flying close to a major naval base. let's bring in natalie. what are we hearing, and is there a common thread in the fact that we are now seeing more of these reports? >> it does really mark a dramatic escalation of this aerial drama over this past weekend, because on friday the u.s. shut down one identified object over alaska. on saturday, candid outward of the shootdown of another one, and we have had this one today over michigan. there is still very little details about these last three objects. we do know they were all high-altitude objects. they have not described them yet as a balloon. efforts are underway to retrieve the wreckage to do a better job of identifying what they are and where they came from.

shery: we are getting more details when it comes to these balloons. we are hearing from a senior u.s. official that the biden administration directed the latest shootdown after an abundance of caution and that the on-demand object was at 20,000 feet. the object is seen as eight cited -- sided and there is no discernible payload. give us the context, the geopolitical context, because now even canada is involved with prime minister trudeau coordinating the shutdown with president biden as well. >> i think one thing to note is the last three objects seem to have been flying at lower altitudes. the reasons being given for shooting them down was that they did potentially pose a risk to civilian air traffic. of course, they are unlawfully in north american territory, so

there is a security reason for bringing them down. that said, no evidence has been brought forward yet to show that the four objects including the chinese balloon shutdown on february 4 are directly linked to each other, but there are these overarching concerns that the u.s. has brought up about the chinese balloon having been part of a global network over 40 countries that is part of china's espionage apparatus. shery: natalie pearson joining us from vancouver the latest. on the economic front, we are watching the bank of japan, and that surprise news that the economist -- that was a surprise picked to be the next bank of japan governor may be facing a rough ride trying to manage it next steps in the central bank' is policy path while maintaining market stability. we are talking about udea.

kathleen hays is here with a breakdown of what to expect. >> we do not know. the questions are big, he was a policy board member, but he has not been in the policy business for a long time. he has not written many articles. when i was talking to people on friday in the u.s. that is what people said, we do not know. people close to the boj said just that. he was on the board from 1998 to 2005, he graduated from m.i.t.. stanley fisher was among the people who taught him then but this is many years since. right now, you kind of have to guess is he going to be more hawkish? or is he going to be dovish? when he was approached by reporters in the last couple of days he said the current policy is appropriate. monetary easing needs to be continued at this point. he also said the amount of policy review should be done at some point.

he also said recently in an article that the boj is far from achieving 2% inflation that is sustainable, and rate hikes would only lead to economic deterioration. you see a variety of things coming from him, and i think that it is interesting. that would be the first academic in the postwar period. usually it is someone at the bank of japan or ministry of finance and the two deputy governors are the former commissioner of the financial services agency, and then the boj executive director. he is the current bank of japan policy guide that may guide uchida, particularly since he will be the one that will be the takeover, the policy thread for stimulative policies, yield curve control, that the corona bank of japan is put it -- corona -- kuroda bank of japan

has put in place. i am sure it was a shock. haidi: keeping us on the toes -- your toes. let's get more on how the markets are digesting all of this. let's bring in garfield reynolds. how do you gauge this? >> markets definitely, there are knee-jerk response was that this would be a hawkish decision. the yen appreciated, japanese government bond futures dropped on friday afternoon when the news first came out that it was likely going to be ueda. those comments kathleen flagged are a lot more nuanced. it smacks of wanting to be very careful, which is understandable. the bank of japan's assets are larger than japan's economy, so it has potential to cause a lot

of problems. if you had somebody from the existing bank of japan makeup like others considered, presumably it would have been difficult for them to jettison the legacy but also difficult to argue that, for example, if the current policies remain appropriate, the favorite word of bureaucrats, then you need to keep them, so i think the government and bank of japan are looking for flexibility and credibility, which is not something they have really had for the last x months. they have been inflexible and struggled with credibility. shery: let's turn to the federal reserve, because it seems that is the key motivation for all policymakers, flexibility and credibility as well. we have seen more hawkish rhetoric and bond markets having to adjust to expectations of what we could get a pivot from the fed or a rate cut and pushing out those expectations. what will we see when we get

u.s. cpi numbers this week? >> that depends on what the numbers are, because a lot of the things powell in particular, he has liked what he has seen in terms of disinflation, but it is not enough for him and in particular and in particular his colleagues to consider significantly lowering where they think the terminal rate is going to be. this data set will matter a lot both on the headline and the core, and we will have this continuing tension between a market that in general feels like the fed should be slowing down but fears that it is not going to. that is why we have got a deeply inverted yield curve, strong demand and government bond options at least for the 10 year even when you have great traders betting on the potential for a 6% terminal rate. there are a lot of bets out there on either side that could

get slammed if we either get a hot or cold cpi number relative to expectations. haidi: we talk about what is at stake when it comes to central banks. things are looking shaky at the rba for the leadership. what is your take? >> things have been shaky in a lot of ways for the rba ever since they made what is now seen in markets as being a miss step -- misstep. they did not expect to raise interest rates were three years and the yield curve control that went along with that, so to turn around after that and raise interest rates by more than three percentage points of less than a year, that has had a huge impact on markets. it has had a huge impact on society and the economy, and now you have got two days of testimony, wednesday and friday, where it looks pretty clear the

board will face hard questions. haidi: garfield reynolds there, one of the busiest men in the business. let's get over to vonnie quinn. vonnie: the two earthquakes in turkey are expected to cause the economy $84 billion, 10% of gdp according to the turkish enterprising business confederation. it based its calculations on the 1999 quake near istanbul. this month's quake has been far deadlier with almost 35,000 confirmed dead and many still missing. german chancellor olaf scholz' is party and scratched in its worst elections. support for the social democrats fell from 21% to around 90% while behind the christian democrats. the result will be seen as a blow to scholz. sources: bloomberg adani's

conglomerate has scaled-down capital expenditure. we are told the target is 50% to 20% -- 15% to 20%. it scribbles to undo the damage from the hindenburg short seller report. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. this is bloomberg. shery: still ahead, the chief economist and kpmg gives us or take on the japanese economy and its prospects. up next, walser wealth management gives is the outlook on federal reserve policy as well as geopolitical risks for 2023. this is bloomberg. ♪

haidi: you were watching "bloomberg daybreak: australia." we get a sense of whether global central banks are making progress in their fight to curb inflation it did a duet from india, the u.s., and the u.k. indian households see inflation moderating, data from december showing price growth slowing suggesting inflation has speak. on thursday the philippine central bank is expected to hike rates again.

we will be getting a rate decision out of the bank of indonesia. job numbers out of south korea, gdp figures out of singapore, japan, and thailand. the japanese government is nominating udea to succeed the outgoing governor. we will be expecting a formal nomination to be submitted on tuesday. that is your week ahead. shery: our next guest says we need to buckle up as 2023 could see the largest economic chips ever. walser wealth management president joins us now from tampa florida. good to have you with us. would one of these economic chips to be the federal reserve cutting rates at some point, and how do you position if they do not? >> when i looked at the analysis last year we saw that the fed funds target had to be between the 5 to 7 range. that is a big bill to swallow

when you start with a 25 basis point fed funds rate. the market was never going to like it being that long. the fed started out with a 5% target, but if you look up the bloomberg chart for this past week where it's at the rate hikes expected in march and may, which would put us less than 52. you see jamie dimon saying we see the fed going to six. this is the beginning of expectations that we will have to go beyond what the market has been willing to accept. shery: were to be go in the treasury space which is already seen the worst week this year? >> all three industries are weak but into the negative. i think the market is realizing that it has got a longer road to a pivot. i feel like the market has been pushing the fed and not fighting the fed. they have been pushing the fed to give up on this rate hike mission and pivot.

now with this new information it looks like we are going to 824 david -- a q4 pivot the market is expecting. the fed is in such a rock and hard place they have never been before and they have to make this a longer term recovery. the market is not willing to accept that because the market once to get back to stimulus and low cost of capital so they can bank it out -- bang out go to the moon. haidi: how are you investing around this? >> it is really difficult. this has been the most difficult situation. the second we feel like we might get economic reprieve we go to geopolitical factors. we have never seen such a conglomeration or consolidation of events that can turn the economies of the world negative. what we are looking at on the geopolitical front is escalation of tensions into ukraine. we have all of these balloons

flying all over, are they chinese? are some of the parts american? we have the world health organization saying there is a new bird flu coming up. there is a lot of health, economic, and geopolitical risks right now, and you combine all of that with nations like saudi arabia announcing they are willing and ready to sell outside the u.s. dollar, which would really we can, be disastrous for the u.s. dollar. we have to start to realize where could we actually be safe? safety is very important first. it is not always about growth, sometimes we need principal preservation. for those that are still looking for growth, i think that your sectors are commodities, energy if china fully reopens and stays reopened and does not shut down and if we have collapses, we will be looking at precious

metals to get us through where we are headed. haidi: is that your best exposure to the china reopening story through energy and potentially more commodities? >> obviously if china reopens we expect having a market that will actually produce. i wish china could fully reopen and make that commitment to stay the course no matter what happens, but that will not happen. with everything going on geopolitically i do not see china not pivoting again. we would be pivoting our stance, looking at sectors we can capitalize on for short-term wins. shery: rebecca, good to have you with us. get a roundup of all of these stories in today was bs edition of daybreak. terminal subscribers go to dayb, customize your settings so you get the news on the industries and assets that you care about. this is bloomberg.

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shery: here is a check of the latest business flash headlines. lgkm is securing raw materials. the ceo says the company is working on salvaging a sufficient supply chain. efforts include potential partnerships and investments in mining companies. >> we are preparing ourselves for first of all secure supplies of raw materials, which is more important than price. we need material to produce, and the price comes secondly. our first and foremost priority is to secure rock material for the future.

-- raw material for the future. shery: the goldman sachs eeo david solomon said he should have acted sooner to cut jobs. he told 400 of the bank's partners in a private meeting the layoffs would have been less drastic if he had reacted when signs of a slowdown emerged. goldman is slashing 6.5% of its headcount. the streaming services chief technology officer of disney+ has left the company, the latest hide position departure as the ceo announced a new corporate structure. it will return oversight of the streaming services to the company's top creative executives. haidi: let's look at how fx markets are faring so far this monday morning. watching the yen given the big jump we saw trading in the japanese currency on the surprise boj nomination.

we will be seeing whether that has the legs to continue. we have seen the dollar climbing along with yields after some of those jobs, but starting the week mixed ahead of the key inflation number out of the u.s.. the aussie dollar just under 170, the kiwi at 63, the yen holding steady at 131. also watching trading in dollar china given that we have more reports of these objects in the sky and still to determine the outcome as to when the de

♪ vonnie: china is reportedly set to take down an unidentified object flying near the port city of qindao the object was seen

close to the city near a major naval facility home to ballistic and nuclear submarines and china's first aircraft carrier. the u.s. shot down a third unidentified flying object thursday over lake huron in michigan the latest of a series of burial incursions over north american airspace since a chinese balloon was shot down earlier this month. two objects were shot down over alaska and canada friday and saturday. the white house says it's too early to characterize those two objects. new zealand is second -- stepping up preparation for a powerful cyclone. airlines have canceled some slides through tuesday. northland declared a seven-day state of emergency with unplanned power outages affecting thousands of people. india is discussing with other g20 members ways to develop a

regulatory framework for cryptocurrencies. the finance minister said one country cannot do anything regulating assets. global news powered by 2700 --global news 24 hours a day on air and on bloomberg quick take . >> investors are keeping a close eye to see if there have been any shift in stance. kathleen hayes has more. kathleen: no matter who is finally selected by prime minister fumio kishida, the next question for the next to be oj chief will be maintaining extraordinary monetary stimulus are taking the first steps towards politician -- policy. a topic and tenure -- contender.

>> the bank is considering how to support the economy and gradually move towards normalization in a way that does not cause major turmoil in bond markets while watching the economic and financial situation carefully. >> the next governor of the bank of japan is taking over at a time when deflation turned into inflation. the doj now owns more than 50% of japan's government bond market and is struggling to keep it functioning smoothly. what will it take to keep the job of transition done? >> inflation is up and we think wage growth will be up. our view is a curve control will be dismantled in the second quarter and japanese yields should be higher. >> the next governor may widen the band for japanese government bond yields but for the foreseeable future the ycc model is here to say. >> yelled cap control is at

1.75%-2% rather than the 1.5% now. the operating model of the yield cap control being in place, the bank of japan is committing in its budget to a strong warchest to buy government bonds. i think that operating model will not change. >> will the new governor make the kind of changes investors are pushing for as the prime minister pushes for a review of the doj's decade-long commitment to achieving 2% inflation? it is an issue that will be at the top of their list. kathleen hayes, bloomberg, tokyo. >> let's bring in annabelle with morning calls. how are strategists reading initial market reaction? >> this caught investors off guard. the expectation we had had over the past few weeks was that someone else would take the helm instead. yen, rates up, stocks down.

he saw yen the last close, the move shifting into the later part of the session. ing is among those saying, do not expect that sort of trading activity to last. that is because they don't see any immediate changes to be oj policies after this -- boj policies after this. you would need some exit from the current ultra easy strategy at some point in the future. the bottom line is investors will be focusing on other things ahead including important data from the u.s. on tuesday. >> how do we see this playing out for japanese equities? >> we have mixed views on this. mitsubishi, morgan stanley securities is one. saying japanese stocks will open lower. note with that caveat that chicago nikkei futures are

looking higher, not the most liquid contract. this is also saying that the way the government handled this in japan was not great because it was priming investors that emma mia would take the helm. banks and insurers are sensitive to be oj policy. bloomberg intelligence says that this might bring chatter back off some changes to the control policy death -- the yield curve control policy and yields might move higher and we could see more purchases of japanese debt. we are already seeing life insurance -- life insurers offloading overseas debt. part of it down to high hedging costs. >> a look ahead as to how markets will continue to deal with this boj leadership

surprise. dbs numbers just crossed the bloomberg, fourth-quarter net income. that is higher than expectations of 2.1 7 billion. a special dividend per share, 8.1 9 billion sing dollars. the total income, just shy of 4.6 billion, short of expectations. act one ratio at 14 point 6% and nonperforming loans at 1.1%. some allowances for credit and other losses at $42 million. we are seeing a decent number out of dbs as we see the quarterly profit had been expected to be markedly higher potentially on the back of a boom in the lending income. but, potentially looking for a drop in fees and commissions for dbs. our top market story. potentially the change at the boj and the unexpected

nomination for the next leadership at the bank of japan. let's bring in sarah hunter to look at this and other stories we are looking out at the start of this week. there is a lot at stake for the bank of japan. one of your expectations of policy from here and how welcome the change would be? >> it is a change very well telegraphed. it is a succession, if you like. the key will be transitioned gently. i don't expect a sharp change in policy that will be destabilizing for the markets or broader economy. i do not think we will see that shift. clearly, the be oj has had the challenge for sometimes of how you get inflation to a level where you are comfortable but exit from extraordinary monetary policies? i do not think we will see yield

curve filed back anytime soon but we may hear over the coming weeks and months talk and announcements over how they might exit from that and what it will look like. >> it is not just the bank of america struggling with policies. the last week it feels like we have been recalibrating on inflation. how hard will it be for policymakers to do this? >> it is a challenge thinking about the fed, the rba in austria, or others it's a really difficult question because they will have to pause well before inflation is where they wanted to be. we will shoot way to the other side if they wait for inflation at target and that's not what they want. they have to make the decision and calibrate what they are seen based on market data and it's getting very mixed pictures. sometimes the data is saying it is slowing and that is what we

want to see but data on the u.s. drug -- jobs market is strong and it is forcing central banks around the world to consider how they set monetary policy and how it transmits through the system. we are going through a time we have not seen before and as economists we learn from that buffer policymakers it's difficult because they can't default to the usual play look. >> data for singapore fourth-quarter gdp numbers. headed towards the budget release as well. what will you be watching? >> i mean, the gdp data, as we see, is always backwards looking. i think it is pretty clear that singapore's economy from the preliminary release slowed the last two or three years on your own year terms -- you're on your terms. that's not surprising given global headwinds. singapore is so exposed that when the economy picks up a sneeze singapore picks up a sniffle. the reopening of china is an

upside surprise and traded data will be beneficial for singapore. they are looking to carry that momentum. i think the budget will reflect that and the forecast will reflect that going forward. >> are there any economies you are bullish about when it comes to the economic recovery given china's reopening? >> good question. china is at the center of the asian manufacturing supply chain. that is good for all major manufacturers. it will spill over to indonesia, the philippines, thailand economies. it is a major consumer of products across the region. thailand will be seeing a big pick up in terms of the visitors from china as we move forward as chinese households get back to some sort of normal. it does not have to go all the way back to pre-covid levels for there to be upside surprise there. other tourism in other parts of the region will see that

benefit. flows into indonesia, countries like vietnam should see those really lift as chinese households begin to travel overseas again. >> serra, great check with you. one more question when it comes to the rba. we have the testament. we are expecting a lot of pressure to come down on phil low over his guidance and things seem to have heated up over the last couple weeks. is there a danger of destabilizing policy going forward you think? >> it is interesting. he has faced a lot of pressure in the past. roll the clock back to pre-covid. there was lots of pressure on why the economy was not stronger, why the unemployment rate was relatively high. he absorbed that and went through the other side and did not noticeably have a direct impact on policy though they obviously did eventually change and shift. i do not think the testimony will necessarily force a move near term. but, the idea he is looking and

policy settings as they might pivot and change, that is entirely possible and hopefully we get that in his communications. >> sarah hunter chief economist at kpmg australia. >> in emerging markets we are watching for a fresh wave of currency devaluations. already this year we had heavily indented egypt, pakistan, and lebanon dropping their exchange rates on imf assistance with at least 24 nations queuing up for rescue packages, more countries may need to sacrifice their currencies to get them. rising rates and slowing economies are leading to unsustainable debt and so -- shortages. sometimes, distorting markets with multiple exchange rates. this is how much of the official currencies of these countries could fall to bridge the gap with much weaker unofficial exchange rates. all this can lead to more volatility. and uncertainty. to read more about this story, you can find this on the

bloomberg terminal. em go is your function. >> next, the adani group cutting growth targets and capital expenditure. we get the latest to restore investor confidence in a moment. this is bloomberg.

>> adani's conglomerate holding off on fresh capital expenditure. s annabelle has been following the story. how much will it help confidence? >> that's a big question. we saw adani's reports root -- whipsawed at the end of last week bringing down moves we saw higher the start of last week but the big question is around the company's plans to manage his finances in the months ahead. we understand from sources there are big changes to the revenue growth target and the plans. -- the plans. at least 15%-20% for the next years. the first assumption had been for revenue growth at 40%.

expenditure will be scaled down now. the priority is focusing on conserving cash, repaying debt, and retrieving pledge shares. even though adani group has denied allegations in the hindenburg research report we had huge market reaction in turn and losses north of 100 billion dollars of market capital erased. >> in the meantime, we are hearing more about how indian regulators are dealing with this. >> yes. that is right. the indian government has been pretty quiet so far in terms of its -- raising this issue. they deferred a few times to regulators, the latest one coming from the finance minister at the weekend. she was basically asked two questions about adani group and then told regulators are on their toes here. she did not want to comment on

the government's possible response to indian courts on the adani issue either because the supreme court asked the market regulator to prepare a brief report detailing the existing regulatory framework and they want a mechanism to protect investors from this sort of thing happening again. >> annabelle there in hong kong with the latest. we continue to track that story. next, the battery giant lg chem and its efforts to secure the supply chain. our exclusive interview with the ceo is next. this is bloomberg.

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>> breaking from the pentagon on the latest object tracked and shot out over lake huron in michigan. president biden ordered the shooting and they connected the object to a radar signal over montana. we are hearing from the pentagon that the team will work to recover the object and the object was seen as a safety flap hazard. u.s. officials briefed us on the matter earlier, the fourth time in eight days we have seen a highflying craft or balloon flying over the u.s. or canada airspace. over the weekend canada was involved in another object being shot down over alaska that went into canadian airspace as well. we are waiting for more details as to when the debris is collected. we are hearing from officials.

we will not know the source, origins, or characteristics of the latest object until the debris is collected and analyzed. >> we will watch those developments. let's turn to south korea. chemicals giant lg is prioritizing securing minerals for ev batteries and achieving climate goals. in an exclusive interview with bloomberg, ceo and vice president. >> we are going to the bottom of the downside curve as we speak. at this petrochemical cycle we have good news. we can only think about going up from here. the up cycle can start with some sharp increase, that i don't

think will happen there are other geopolitical and economic issues. >> do you agree with some in the south korean government that claim ira is a betrayal to the united states by the partners they have in south korea? >> when it comes to ira, there is a government trying to convey their message. different countries are trying to convey their message. i think it is a process of collecting all those voices. speaking from what i understand. trying to, probably, nail down some details that have to be nailed down and narrowed down, frankly speaking. i am not sure even the u.s. government has all the answers to satisfy everybody. >> how do you mitigate against

the fluctuations in raw material prices in things like nickel? >> we are preparing ourselves for, first of all, the secure supply of raw material, which is more important than the price. if you don't have the material to produce at the price becomes secondary so our first and foremost priority is to secure enough raw material for the future. so, we are doing a lot of projects with suppliers and players to make sure they can have stable supply. number one. number two, pricing, to the extent that we can probably move up the value chain just a little bit. i do not think we will ever be a mining company. however, if there are mining projects of less young, for example, that makes sense, maybe we can invest some in that share. >> how are you addressing the climate crisis? i know hydrogen is a big push.

there is a new plant you are planning for green hydrogen. how -- dare i say, the reputation of the petrochemical industry is that it is a dirty process. >> we have a daunting goal of reducing 20 million metric tons by 2050. we are fully committed to delivering a net zero goal by 2050. we are doing that in three different ways. the first is direct reduction. this is mainly processing technology using a little bit more hydrogen and really investing in technologies like ccu, carbon capture utilization. we are investing a lot in those areas and we are doing more methods to make sure there is a secure amount of renewable energy in korea. the last one is the compensatory

tactics. you are doing like a cookstove project in africa to make sure that we also contribute to kind of a co2 emission reduction in other countries while getting the credit. >> lgchem -- lg chem ceo and a vice chair there speaking -- there hak cheol shin speaking in. planning to raise $2.2 billion to fund 11 projects in boost capital reserves. that share issued will provide the cash needed to complete and deliver projects on time as china faces a severe housing shortage. this is china's second largest property developer by sales. a deutsche bank investigation into alleged admin selling a foreign exchange derivatives

shows staff acted in bad faith, breaking rules in selling derivatives to spanish companies. deutsche bank has paid tens of millions of euros in settlements that tightened internal controls. >> coming up in the next hour, we speak to activist investor involved in a bake takeover battle in the cape obscene. aligned partners is supporting hives push and we ask the head of ethics strategy for their -- fx strategy for their yen outlook. this is bloomberg. t(jennifer)omberg. the reason why golo customers have such long term success

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