haidi: come to daybreak

australia. i'm heidi stroud lots. annabelle: we are counting down to asia's major market opens. shery: i'm shery on. the top stories this hour -- the world top finance chiefs failed to agree on a statement over russia's war in ukraine. we will hear from the imf managing director and treasurer at the g20 meeting. haidi: fed officials tray -- flag to high inflation is a key report comes in higher than expected as some investors are clinging to a second-half stock market rally. shery: recession risk rising in australia as the rba is seen hiking more than the fed. annabelle: we have the start of a new trading week upon us in asia and we are looking decidedly risk off as we head into the day's trading. two factors driving cap -- we did not have that preferred inflation reading coming through the core pce numbers. off that, we are seeing futures for us trillion setting up for a

weaker start and new zealand in the red already as the session gets underway. other factors we are focusing on in the days trading, we will be watching what happens in china throughout the week, giving a sense of anticipation tilting for the upcoming congress. a lot of traders expecting there will be more progrowth policies, especially watching what is happening with the property sector. we are watching moves in bitcoin. we see that decoupling with bitcoin versus what is happening in traditional financial assets, but really very much focused on what is happening with china ahead of that nbc. haidi: we are waiting for this fresh catalyst to come in the way of policy and that potentially comes with the march 5 start to the party congress. it is really about how you play these stocks and there is clear preference when it comes to unsure chinese equities. investors expecting the former to benefit more directly from the attentional progress

measures we could see being announced out of this political gathering. the index of mainland shares setting to outperform chinese equities traded in hong kong. this would be the first time it has seen this outperformance since october. morgan stanley saying now is the right time to add for short exposure. we keep talking about the low hanging fruit from the reopening being picked. shery: it makes sense if you think the global economic outlook is uncertain and the correlation between chinese talks could be a hedge for global investors. we are seeing perhaps more stimulus measures. interesting that deloitte is saying this measures for the property sector need to be more targeted because consumers have overweight real estate. a price appreciation rather than lower cost of capital is a more important inducement. we will be talking to the light chief china economist to ask her views about this.

haidi: the world top finance chiefs failed to agree on a consensus statement at the g20 meetings in india. russia and china disagreeing over language on russia's war in ukraine. for more, let's bring in tony chips go. what did we hear about this back and forth when it comes to the drafting of this, the language? tony: it was a sign of the geopolitical tensions being unusually high, as we know. it played out at an event that is perhaps slightly less in the public eye than these big leader summits. what was remarkable was at the least -- at the last g20 leaders summit in bali, indonesia, this language that was now put in

brackets and not endorsed by russia and china was agreed on. basically, we have gotten to the point or we got to the point where russia seems, particulate china in this case, are backtracking on this language that condemns the russian war in ukraine. shery: really going to raise more concerns about the credibility as -- of the g20 as a group. let me ask about the debt side of things because it seems dealing with mobile debt has been elevated as an issue. tony: that was actually, were it not for the war in ukraine, that would be and that was india's intention to make it that way. that would have been the main topic or the headline of the g20

finance chiefs. it has become an increasing problem for obvious reasons. interest rates have been going up in the developed countries and that has created a problem in what some like to call the global south and elsewhere. that was addressed by, among others, the imf managing director who got together a roundtable on this matter and appealed for help for a country like zambia which has become the first african country to default. there was consensus that this needs to be tackled. it is a very thorny problem and broad problem. we will have to see how that impulse translates into actual policy. haidi: as we continue to watch

the geopolitical context of this week. in the middle of earnings season with energy numbers crossing the bloomberg now. it is a bit of a miss when it comes to the underlying profit. the final dividend $1.44. for your net income at six .5 billion, a little better than expectations. we were expecting some pretty hefty numbers and space for the company to raise its cap x and dividend payouts, 2023. we had that boost of high energy prices really strengthen the balance sheet. we saw the big gains in will and gas, almost 40% higher. lng prices in asia jumping about 90%. we have preliminary numbers suggesting production volumes grew over 70% with that merger with bhp petroleum.

we will be speaking exclusively later, talking through the company's latest results in the outlook for the industry at 4:10 sydney time. shery: the international monetary fund is urging central banks to persist in the fight against inflation. the managing director told us she is optimistic about china's faster than expected reopening as russia's war in ukraine casts a shadow on the global economy. >> right now, stay the course. it is not the time to debate whether we have the right inflation target because that debate would swing us away from the main purpose, central banks to bring back price to billeting. it is important for consumers and important for investors that we return to price debility and as we make progress, to see

inflation, including core inflation going in the right direction. there can be a discussion about how does the future of central-bank targets look like. it is true what we see our some structural factors that are going to impact price levels. for example, moving away from cost being the only definer of where you place production to also security of supply. if we are to provide some backup for security of supply, that would increase cost of production and that would have systemic significance for the level of prices. but, right now, we have to win the fight against inflation, restore price debility as a foundation for growth. if you look at where we are in terms of growth, we are not in a great place. shery: the imf managing

director. the pressure for more fed hikes is building after u.s. inflation unexpectedly accelerated and consumer spending surged after a year in slump. that's the view underscored by two central-bank officials and a study by top academics. kathleen hayes is here with the latest. friday's pce index dampening a lot of traders hope that perhaps the fed might be ending its tightening cycle soon. kathleen: traders have become more on view with the federal reserve was not going to hike as fast as they thought it would, but these numbers underscore that view. when you look at the personal consumption expenditures headline number year over year, up 5.4 percent from 5.3 year over year. wrong direction, folks. energy, 4.7 versus 4.6. not the right direction.

if you need to look at the monthly numbers, both of the monthly numbers on the headline and on the core came in at 0.6%. in some sort of normal month, that is a very large monthly number. consumer spending and new home sales coming very strong unexpectedly, so not too surprising that the university of chicago's monetary policy where there were about half a dozen fed officials, including the president of the cleveland fed and jim bullock, they were commenting on an academic paper released every month in new york. she was not on board with the 25 basis points downshift, still looking for something like 50 but i think jim bullock hit the nail on the head a little harder. he said the fed has to move

quickly. it has already lost debility saying inflation would be temporary. let's listen to mr. bullard now. >> move quickly now, reestablish credibility now. sometimes i use the phrase more game theory, less econometrics. what you really want is the establishment of the credibility of the 2% inflation target. there is a certain amount of demonstration to markets if you move quickly. kathleen: this study says they would see the fed funds rate having to peek at 5.6% or 6.5%. analysis is casting doubt on the ability of the fed to get to a soft landing where inflation turns to 2% by the end of 2000 tony five without a mild recession. they just say it ain't possible. haidi: just love that phrase.

kathleen hayes, let's get to vonnie quinn with the first word headlines. vonnie: china were in science holdings says it's chairman is assisting chinese authorities in an unspecified investigation. it is the first public information about the banker's whereabouts since he disappeared more than a week ago. the abrupt disappearance has unnerved business elites and fanta speculation that the nations finance industry is set to face increased scrutiny. embark has been told that u.s. will hold talks on the globe i glad -- global semi conductor supply chain. the videoconference of the chip group discussed an early warning system to ensure a steady supply. we are told the parties held off on discussions of export controls and no companies were involved in the meeting. the australian treasurer says he plans to deliver a responsible budget to avoid soaking in inflation.

back in october, it opted to pull most of its windfall into the budget rather than funding spending programs. >> we cannot be compliant with the inflation challenge. just because the inflation peak is behind us instead of at us, distill the defining challenge in the global economy, in the australian economy. vonnie: australia's energy minister has ruled out a ban on new coal mines, saying it's not part of the current climate agenda. his government was elected on a pledge to end climate wars and a -- and emission reduction. he defended the use of controversial carbon offsets, saying they are essential for some industries to keep operating. 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'm vonnie quinn. this is bloomberg. haidi: still had, more on the g20 finance meeting in india wrapping up without a traditional consensus statement.

a boomerang survey suggesting the chances of recession and i'll show you have gone up while the outlook for the u.s. economy is improving. more on the risks of a downturn, next. this is bloomberg. ♪

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the first time you connected your website and your store was also the first time you realized... we can do anything. cheesecake cookies? [together] the chookie! manage all your sales from one place with a partner that always puts you first. godaddy. tools and support for every small business first. shery: you are watching daybreak us truly a. taking a look at the week ahead -- on monday, china's plenum continues as weak countdown to the nationals -- national people's congress. it's the top legislative bodies first post-pandemic gathering with xi jinping setting to begin his third term as party leader. we will be getting fresh growth data from india and australia. economists expect indonesia's inflation to have picked up in

january. china's mi data due on wednesday set to provide insight on the recovery from covid zero. in the u.s., economists expect jobless claims to rise in february and we will be getting growth data out of macau, the gambling hub easing its masking policy as it looks to a post-pandemic recovery. that is your week ahead. haidi: back to inflation and getting back to the reading we had from the u.s. this feeds into the narrative the fed will have to do more to stay higher for longer and stripping out the core readings -- very robust. take a look at this chart that shows how overheated we see inflation numbers -- that core pce rising at the fastest pace in seven months, as you can take a look at this chart which shows the surge. let's bring in a market analyst at ig. this is one of the key risks when it comes to the continued

market downside we see from higher rates and higher inflation. >> exactly right. inflation is definitely getting to that stage most party participants did not expect in the early days of the year. as you just talked about, that is the reading that we get. the other thing that i think is a lesson is the economy data, even the top economists are underestimating the inflation. it's not getting to the tail end as everyone hoped it would be. actually it is getting into phase number two. the -- another factor has to be taking into account that this trend transfers into the service inflation and that is one of the readings from the fomc meetings

last week. the dangerous part of that is once this recorded wage price is informed, it is getting extremely difficult to bring it down because it will be more exposed to the job market and we all know how hot it is and how hard it is to cool it is to cool it down at this stage. i see more dangers ahead and the danger is much odder than we expected in early february. haidi: you are not that much more optimistic when it comes to china. does that mean you are not expecting more progrowth catalysts to come from the party congress? hebe: don't get me wrong, i do expect something will be coming this weekend. the more likely would be for the

domestic consumption boost and that is what the presidency has promised. but let's focus -- in other words, the resolute sectors would only contribute about 20% of that and that is not the healthy pattern and not the chinese economy that has benefit the rest of the world. the other part is investors had been very optimistic what you had hoped to come out of the meeting. last couple of years, the downturn of the chinese economy starting in 2022, the lockdown has accelerated the pace. the central controlling economy has -- the question now is

whether the new leadership which has been picking up will change their strategy fundamentally. i think that is the key question we have to think about. shery: there was a lot of optimism not only about china's reopening in stocks directly affected by china but also multinationals that are exposed to china. we have seen the broad pressure on u.s. stocks as this chart on the bloomberg shows. if you are not expecting inflation to come down anytime soon, yield rising, perhaps not a lot of tailwind and stocks exposed to that. how much lower could the s&p 500 go? hebe: as we discussed, inflation is definitely not adding any better and the picture that we have earlier this year, if we

agree the picture is not getting any better, there's no reason we can't see making a correction accordingly. the second from a technical point of view, we have noticed it has breached through this marginal trendline and the second one is it is coming to the final hurdle. once they are breaking down, it is very likely for the coming days, that will mean the s&p coming back to the 3800 level. shery: are we going to see the safe haven moves toward a japanese yen especially now we are thinking where we are -- where will the be oj go from here with a new governor? hebe: the -- i can't see any

reason why that bank of japan shouldn't increase their rate. on the paper, it doesn't look as high as the u.s., austria or new zealand, but is the highest japan has seen since 1981. if you look back at history come at that point in time, japan is moving toward 6% and now is zero. so that is a big contrast. the only thing holding the bank of japan back now is this leadership transition now. for the next two months, we are unlikely to see the announcement . when they are coming back to have the meeting, it is very likely it will move and at that point in time, there's no reason for the bank of japan to not make the change there. it is very likely we are talking

about a july timeframe, just in time to make a change there. shery: we are out of time. more to come. this is bloomberg. ♪ science proves quality sleep is vital to your mental, emotional, and physical health. and we know 80% of couples sleep too hot or too cold. introducing the new sleep number climate360 smart bed. the only smart bed in the world that actively cools, warms,

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haidi: taking a look at the day ahead for australia and new zealand -- philip blows expectation of further x -- further interest rate rises has prompted -- watch the stock moves as earnings continue to roll in. climate policy in focus -- us really is energy minister ruling out a ban on new coal mines. we will be speaking exclusively

to the woodside ceo about the outlook for energy prices at 4:10 in sydney. still had, despite weaker results across its key businesses, berkshire hathaway investors got a sweet surprise. we will get the details, next. this is bloomberg. ♪

haidi: shery: -- shery: yes trillion treasure is promising what he calls a responsible budget to be inflation. he said a defining feature of the fiscal plan will be

restraints on spending. >> i think inflation will be higher than we like for longer than we like. one of the key contributions i have been making in these discussions, including in the discussions behind closed doors, is we cannot be complacent about this inflation challenge. it's important we focus on all the lateral institutions and the development banks and all these sorts of things. all the challenges we are dealing with are a subset of the inflation challenge. we can't be complacent about it just because the inflation peak is behind us rather than of us, it's the divining challenge in the global economy, the defining challenge in the australian economy. at some future point, the challenge will shift to growth. but for the time being, inflation will be the main thing i am concerned about. >> why are you so confident inflation in australia has peaked when the fed has gone from below 5% to 5.5%, some suggesting even six to come? >> we are obviously monitoring

that very closely. we have had a familiar combination of challenges in the australian economy, shipping costs, labor shortages, all of this together has created an inflation challenge and that has pushed up interest rates in our economy. treasury forecasters think the pink -- the peak was in the december quarter. we think the peak is behind us but nothing is assured and we need to be vigilant. there is a job for central banks they do independently. there is a job for government and we have a three-point plan to address this inflation challenge. it is about repairing our broken supply chains and restraint in the budget. that is what i will do in the may budget -- there are similar challenges we are dealing with, not an entirely identical situation. we need to strike all these balances in the global economy and to mastic economy, that is why we are here and we are

engaged. >> a bloomberg survey suggests the probability of recession industry is higher than before. are you confident you can avoid a recession? what might change that >>? the things that will slow our economy considerably -- hire interest rates and a slowing global economy. we have seen early indications both of those things are bogging down the us trillion economy. we will learn more about the december quarter when we get that data but our expectation is the australian economy will slow considerably. we are expecting to avoid a recession. we are optimistic about the future. haidi: jim chalmers speaking there.

a, 70 markets are narrowing the other recession. the reserve bank warned of further rate hikes. talk me through the -- how the markets are pricing in a greater chance of recession here. >> we had our economists survey which published last week which is pointing to a 35% chance of a recession in austria, which is up from 25% last year, when everybody was expecting a pause in the tightening cycle. that did not come to pass this year when the rba raised interest rates and said more hikes are expected. for more hikes are being priced by the markets now and that is the biggest risk a lot of economists feel australia's economy would not be able to absorb and we are seeing signs

in terms of consumer confidence and business confidence. it is like can australia withstand those many hikes and that is the big question. shery: the understanding was us trillion perhaps felt less of the pain other global markets did with supply chain disruptions. when you look at the state of things, what is the likelihood you will be able to engineer a soft landing as compared to here in the u.s.? swati: the problem is we saw the inflationary pressures picked up a bit late in australia and that explains why we are likely to see a slow easing in inflationary pressures as well. there are questions about whether inflation has really peaked in us trillion. the rba has said it has peaked but it is not really confident

because it has seen no evidence of a peak, which is why they are warning interest rates will go further up. which is why it is very hard for them to engineer a soft landing. the rba governor himself said this path of cooling inflation and a soft landing is narrow and there is a risk we get knocked off that narrow path. there is increasing anxiety about this whole economic situation in australia, that inflation not showing signs of easing yet. haidi: the housing market, has it been responding to the current rate cycle? i suppose the risk is going to respond once it narrows. swati: the interesting thing we saw in the housing market in the

past two or three months was a slowdown in the downturn momentum. price falls were slowing and that caused expectations we are toward the end of the tightening cycle and now, increasingly, there is that expectation price points will gain momentum and the housing market is such a big risk for australia, it is close to $10 trillion. so many households have mortgages and a large part of mortgages in australia are variable interest rates. the transition is really quick compared to u.s. where 90% of loans are fixed for 30 years. another risk is the fiscal -- the fixed rates coming up this year. these are the biggest risks in the housing market for us trillion. shery: bloomberg's economics reporter joining us in sydney

with an outlook for the economic picture for us trillion. let's discuss how investors are changing their views around central bank hikes. we get so much fed speak. last week was -- how strongly are markets reacting to all of this? annabelle: extremely strongly, as we know. that has been the big focused -- the big focus, the outlook for the direction of rates and what we hear from economists. one of the stories that came out was rates will go as high as 6.5%. the question is are markets ready for that. in terms of what we are hearing, they are saying perhaps not at that level. we do have traders pricing in as high as 5.5%. the question is when will we stop listening to outfit officials are saying and discount the peak for feds rates

given the expectation is they will continue to hike until the midpoint of the year from july onward. that has been the likes of sanctuary wealth, a rally in stocks is possible. let's see what has been happening in u.s. stocks. we've seen that uptrend starting to take hold. you can see the lion yellow, that is the 50 day moving average, holding above the 200 day moving average. a lot of strategists saying we could see that continue as we move into the end of 2023, but still a lot of risks remaining on the table. haidi: what does this tell us about the direction for the dollar? annabelle: it is interesting because we had seen the big rally in emerging market currencies rising from december until the start of february. then those risks did start to take hold again. the question of whether those inflation signals we've seen in

the early part of the year were going to prove to be transitory. we are seeing emerging markets currency gauge sliding again. some saying perhaps the move we did see are moving too fast, too quick. others saying we need to be more cautious on the outlook ahead. just so much uncertainty playing around the outlook and the fed rate hikes on the back of that. haidi: let's get you to new york where vonnie quinn has the first short headline. vonnie: the world top finance sheaves failed to agree on a consensus statement due to an impasse over language on russia's war in ukraine. host india issued a chairs summary as opposed to a communique. russia and china disagreed with two paragraphs on the war. the group did agree the economic outlook remains uncertain.

the u.k. and e.u. are said to be preparing a post brexit settlement on northern ireland. our sources say the agreement will be announced after a monday meeting. a deal will seek to soften trade and regulatory barriers governing northern ireland's unique place in both the u.k. and eu trading markets. the european central bank says it will raise interest rates as high as necessary to bring inflation back down to 2%. the governing council members says policy will hinge on shifts in the economy with a future path to be set on a meeting by meeting basis. ecb policymakers have raised our owing costs by three basis points in july. >> the first component is the gap with increasing inflation. if the source of inflation

recedes, we should expect prices follow nonenergy prices. if they don't, this calls for monetary policy being appended. vonnie: 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'm vonnie quinn. this is bloomberg. haidi: warren buffett's berkshire hathaway reported mixed results, underscoring fears the u.s. economy is facing a bumpy road ahead. but spring and sue keenan with the latest. despite earnings, some businesses saw key demand. su: this does support a lot of concerns there are rough economic headwinds heading our way. this was despite operating earnings reaching a record for the past year of $30.8 billion. the billionaires annual letter to berkshire hathaway, releasing

results over the weekend, was nonetheless optimistic and reminded investors to keep the faith in america's economy, championing long-term investing, they saw a 14 percent decline in the fourth quarter and despite seeing weaker demand in some units, citing higher materials, freight and labor cost, buffet set i have yet to see a time when it's safe to make a long-term bet against america. he took issue with recent criticism on share buybacks after the biden administration recently proposed quadrupling the levy on them. buffett wrote when you were told all repurchases are harmful and particular beneficial to ceos, you are listening to either an economic illiterate or silver tongued demagogue -- characters not mutually exclusive. you want to ask buffett what did he really think. buffett increased buybacks in the fourth quarter, spending 2.6

billion dollars, repurchasing its own stocks. other highlights, the company has a huge stockpile of cash, $128.6 billion. while the conglomerate did not turn heads earlier this month when it announced it had slashed a position in taiwan semi conductor by 86% of -- after only announcing it had taken the position in november, there was hope we would get some reasoning behind these in the letter. there was no such reasoning but analysts say it is more likely we will learn why the u-turn in taiwan semi conductor in the may shareholder meeting, likely some questions. haidi: coming up next, more on the g20 finance meeting in india wrapping up without a traditional consensus communique. the former imf chief economist will join us for a recap.

this is bloomberg. ♪

and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. >> i want to be clear, we are not yet seeing inflation going down to target fast enough. so, central banks need to stay

the course, and here, we are comfortable price stability is returning. shery: the imf managing director there. her next guest says that g20 should broaden its framework for debt treatments to bring in middle income countries and the private sector. let's discuss with the former chief mccartt was at the imf. great to have you here in the new york studio. let's talk about what came out of the imf. before i turn to debt, what do you make of the statement? we continue to see the g20's credibility being eroded without actually being able to achieve a common statement. maurice: it is very hard when there's conflict over geopolitics in the face of semi pressing global problems which normally would get unanimous verdict from the g20. in fact, one way to look at

their communique is to say 15 out of the 17 paragraphs got unanimous approval, but we can't underplay the tensions within the group, which i think substantively prevent them from moving forward. i have big agenda of challenges ahead of them. shery: does that make the fact they were able to do that a bigger achievement? maurice: the common framework is now being applied for zambia and ethiopia. ghana has asked to join. but there are tensions over the private sector's role, especially over china's role. china is the biggest official lender to emerge in developing economies and is very resistant to taking haircuts on the loans it has made. until that happens, it's going to be very hard to move forward

and hard to get the private sector to move forward. haidi: is there anything that gives you optimism we are headed for anything other than a decoupling between the u.s. and china's economies that's already underway? maurice: i think the interconnections are so various and tight that it is going to be hard to achieve a full decoupling. certainly, there are tensions, tensions with europe, tensions with the united states. but i don't see a full decoupling going forward. clearly on the technology side, there are going to be big issues surrounding chinese potential surveillance and worries about that. otherwise, there will remain a

lot of trade and integration with china and the global economy despite many countries wanting to diversify. haidi: something we have heard recently out of commentary from fed speakers, there's a bank of us really a governor contemplating the question whether modern monetary policy is sufficient to deal with the shocks the global economy has had, the shock of covid and the lockdown and global supply chain followed by the ongoing war in ukraine and the potential risk of specific aspects of decoupling, like high-tech and security between china and the u.s. are there better ways to view the prism of policymaking going into this next time, whatever it is for the global economy? maurice: there is just so much monetary policy can do. monetary policy can constrain aggregate demand or stimulate aggregate demand. but when you get into the weeds

of sectoral issues or issues like protecting the most vulnerable, then you are in the realm of fiscal policy, regulatory policy, trade policy. all of these tools have two be deployed in a sensible way to get a good outcome. unfortunately, these are the more political branches of policy and that makes it very hard to achieve the kind of quality of policymaking you see from independent central banks. shery: you've done extensive research on the pain of a strong dollar on developing economies. is the worst of the dollar's done with? maurice: it's hard to tell. the dollar has come down significantly from its heights of last october. but recently, it has begun to inch up again. it is driven very much by the market expectations of what interest rates in the u.s. are

going to do. there was some premature celebration at the beginning of february as chair powell seemed to indicate the fed was close to the end of the tightening cycle. but almost immediately after, we saw that mammoth job creation report for january. now, just last week, the fed's preferred indicator of inflation, the pce index came in for january and the version that is called super core, mainly with energy, food and housing stripped out, came in at 4.6%, which is well more than twice the fed's preferred target pce inflation. it may be the markets are regretting some of the premature celebration and we are seeing some repricing of that interest rate risks. that interest rate risk is a positive factor for the dollar. haidi: do you think it was a

premature celebration? maurice: i do think so. part of the early impression about the power of monetary policy to slow the economy, we are seeing in the u.s. that parts of the economy, interest sensitive parts have slowed a lot, but others have not slowed that much. the service sector is going forward strongly and then labor market is strong. shery: really good to have you with us. plenty morehead. -- plenty more ahead. this is bloomberg. ♪

haidi: as we mentioned earlier, australia's guest lng producer has announced net profit tripled over the past year, boosted by higher energy prices. this is an impressive set of numbers. how much of that is coming from a boost energy prices? >> can they do it again? 100.70 one million barrels of oil thanks to that acquisition from bhp. demand side, prices pushed higher by external events, including the war in ukraine. west texas up 39%, asian natural

gas up 90% as well. that is the part they can't control, but plenty of return for shareholders. two dollars 50 three cents dividend and significant progress on projects in singapore, oklahoma, a hydrogen project as well. we will find out what from the ceo what is coming into thousand when he four. shery: we do have that coming up at 4:10 p.m. sydney time. this is bloomberg. ♪

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