haidi: good morning and welcome to bloomberg australia. and about: we are counting down to the major market open. shery: risk appetite continues to recover from turmoil in the banking sector, the nasdaq 100 entering a bull market. haidi: the fbi c is considering stirring the recent cost of bank failure to the biggest u.s. lenders. shery: a stopover in u.s. soil as beijing protests. this was a picture across wall street, we saw a rebound at a recovery in shares, u.s. futures are unchanged and this is out of the s&p 500 gained ground area it is nice to come back from holidays and know that the world has not ended.

we are seeing some, coming back to the markets. a lot of volatility and talk about how the nasdaq 100 and are able market. not a lot of change when it comes to the treasury space. the 10 year yield is down for a little bit more calm for the markets. when it comes to the asian session we are seeing a bit more pressure on oil prices for the $72 a barrel level. we also had pressure in the new york session, still, around a two week high given the rally in recent days. we saw the supply and demand picture not by great demand, that is spooking markets a little bit. look at the nasdaq 100 because i was talking about some comfort returning to the market. the nasdaq 100 saying i will hundred percent gain from his december 28 oh from last year. we are talking about entering a bull market for the first time in almost three years. that comfort is being felt on

the megacap space because we are seeing that a trading day was defensive stocks again. really attractive to investors as we are pressing you for perhaps the fed starting to pause given the economic picture. that has helped the technology sector. annabelle: what a nice day you are returning to in markets, something else we are watching is the big trade, investors are bringing a little bit of a sigh of relief to the market here today. we are watching how facebook settle financials and technology stocks come online in discussion today. this is the outlook for the session, new zealand is already online and keeping an eye on what happens in china. the golden dragon index is adding it to the 3.5% jump. we are seeing it and we will hold on at least to some of those gains in the market.

as you do have the risk on coming back into equities, that is also playing out a little bit differently across assets. bitcoin is back above the 28,000 mark, they have been drifting down for the 27 level earlier and we are some money coming out of gold for instance i back below 2000 and else. that is put on the aussie dollar and we see what happens with a japanese yen because that prop the most in the most in two months. -- dropped the most in the two months. the. banking sector turmoil seems to be more contained. haidi: the fbi see his face and $23 billion in costs from recent bank failures and bloomberg has learned it has considered for large than usual amount from those banks. please see regulations reporter -- we have a regulations reporter. >> the fdic is considering

charging the nation's largest lenders of the world, a larger percentage of what they are calling a special assessment in order to replenish the insurance fund with the agency wants to tap into in order to make depositors whole after the collapse of svb and signature bank. we are learning that while the fbi c does want to study the situation of what happened at those banks and how they made certain decisions and looking at his own behaviors, we know that they will propose in may of this year a special assessment revision that of course the public will have an opportunity to comment on. shery: is not even legally doable? -- is that even legally doable? what will the bigger banks say? >> this is a part of what we heard over the five hour hearing today, lawmakers are concerned

that smaller banks though they in this case, the regional bank was responsible for this crisis the agency feels it is within its remit to charge larger banks already pay a portion of this deposit insurance fund rate into the entity's budget and charge a larger amount. there has been pushed back around this already and we are hearing chatter from even larger lobby groups about this. the test is in the details around what that percentage is and other nuances around the proposal which we will have to wait and see in may. shery: the vice chair for supervision michael barr has admitted regulators could have done more to keep tabs on silicon valley bank before it collapsed earlier this month. it is the most direct acknowledgment yet of possible oversight lapses leading up to the bank's failure.

>> any time you have a bank failure like this, bank management failed regulatory system failed. we will look as part of our review as not only are supervisory issues but also the regulatory structure that the federal reserve put in place in 2019 and see whether the size thresholds we used head of the standards we decided to put in place, all of that is on the table. shery: let us bring in jodi schneider. was this a different message from what we heard at the senate hearing a day earlier? >> i think they were leading up to this in the senate hearing. may be the house lawmakers asked them more directly, michael barr, who is the supervision at the fed and also is conducting the review into what happened, what led up to the failure of silicon valley bank and why it

was not caught earlier. he said it should have been caught earlier and there were a lot of speeches by lawmakers in the senate and the house today around the question saying that when he came out and said it. that was a really direct acknowledgment we have had from the regulators that they were failures not only in management but also in oversight and supervision. haidi: what did the fed's bar actually acknowledge? >> they were not looking enough, they did not catch this enough, there were signs and they should have seen those signs and acted on those signs. i was left of the questioning of today and yesterday. why was this not cot earlier. was there a concern of the house financial committee sign if

this was cut early what we have avoided a digital bank run? there was a vagrant and a cause a lot of worry about the u.s. financial system that the government has no had to try to comb and that was still the message today by the regulators who testified. that things are sound mistakes were made. things are sound and for looking into this and they are supposed to have the results of this by may. we will see what happens then and as this is acted upon. shery: let us talk about the questioning itself. over the lawmakers trying to get at. as in a lot of these hearing some of it is what we call performative. there was adequate supervision and about management and how this was not taught.

-- caught. the senate banking commission is run by the democrats because the senate's democratic control out of the house be more republican, more republicans on that panel because that panel is controlled by republicans. there were pointed questions in some ways about that. there are questions about esg and whether the banks that failed were looking more at things like environmental policies than some banking practices. we heard that from the some lawmakers today too. haidi: that is jodi schneider there. shares rallied following the announcement of a return as ceo. the credit suisse takeover is the biggest in the 2008 financial crash and it needs the ceo at the helm. there is a sense of deja vu in terms of his remit and the

challenges this time? >> he led the bank through a very tumultuous. period and did a favorably looked at restructuring including fixed income business and relate down risking, a lot of his risky areas of the bank and removing -- moving the focus into wealth management and the sense that he has done it before and he has come back in the middle of a scandal before with everything that went on with the rogue trader scandal and more than $2 million worth of losses associated with that out of the reputational damage that he worked through. many adjustments to the way that the bank handled clients. he has been in a bank for a long time, i think he knows well, and certainly that is the leading unit really about why he wants -- you want someone like him in this position now. the difference is this time around we had the taxpayers

staying on your side through the rebuilding process. it is not just ok to be delivering the benefits to shareholders. they do need to please the public side of this takeover as well. that is a big difference. annabelle: credit suisse has had its own challenges when it comes to management mistakes, also scandals. what sort of change can we expect at the cultural level of this combined entity? >> the culture will be very courted this and what you are hearing from the ubs chairman in relation to this, he used the phrase culture filter about how he is going to be putting staff of all levels through this challenge of are they the right fit for the bank that they want going forward? indeed that speaks to a broad term. it speaks to him being allowed

to -- people are not going to be fitting with the culture or have some issues they are, of course they will all be part of people who will be leaving the institution and will no longer be working there. there is also this timing of the senate committee and sent a financial committee report that has just come out on credit suisse and i feel that is speaking quite clearly to the problems, there are problems related to existing legacy issues that have long plagued credit suisse and that will be one of the key challenges for management at ubs. shery: adam haigh printing us from sydney. let us go over to vonnie quinn with the first word headlines. >> taiwan's president has arrived in the u.s. in a stopover. she is heading to guatemala and belize which both recognized taiwan as an independent nation.

u.s. officials have tried to play down the trip despite china warning of new damage to relations. meeting with kevin mccarthy on her return trip next week. regulators in singapore are describing the lengthy outage that hit dbs on thursday as unacceptable. the biggest bank has had to conduct a thorough investigation following the outage which lasted 10 hours. the dbs ceo says the company will review what happened. it follows a similar incident in november of 2021. the fed chief was told of mocon lawmakers that lamar rate hike is likely this year. kevin chairs the american study committee which met with jerome powell and they said when asked about further rate rises this year powell pointed the committee to the latest dot plot forecast showing one more anticipated hike. thailand's central bank has raised its interest rate and signal more tightening to come.

policymakers raise the basis rate to one and three quarters percent, the bot cited higher demand pressures. they expect one more move in may. global news 24 hours a day, on-air and at quicktake, powered by more than 2700 journalists and analysts in over 120 countries. haidi: the latest on alibaba, or other tech giants could potentially learn from the planned break up. coming up next, ameriprise financial tells us when investors need to stay defensive as the banking turmoil fades. ♪

shery: welcome back. we are seeing a strong set up

for the asia open and we could see risk assets rallying after the s&p 500 again topped the 4000 level. the s&p 500 is back above the 4000 level and the nasdaq 100 also entering bull markets again. rising more than 20% from its december low and also poised for the best quarter since 2020. all of this is ahead of u.s. fourth-quarter gdp numbers on thursday and the monthly pce data the fed follows very closely this week. our next guest these financial market anxiety easing in the absence of more bank failures and advise clients to stay calm but still defensive. ameriprise and opus ceo nancy sherif daoud joins us. in this environment would you recommend adding some positions to some of those sectors we have seen a selloff in? >> every misfortune is someone's

fortune and the focus in the past couple of weeks was on small regional banks which are the lifeblood of the u.s. economy. it behooves everyone and it is in everyone's best interest to restore confidence and that is giving them the big word. the buzz word is confidence and i think fast forward a couple of weeks, some of that confidence is being restored based on what is happening in the market and things are easing a little bit and people are taking a deep breath. our advice to clients is to not panic and stay calm and at the same time we continue to be defensive until later this year. shery: where is the fortune and that misfortune that we have been talking about? would you go back into financials and if so would you go into the regionals that have been so much?

or into the bigger players and what other sectors do you like? >> went something like this happens, it is -- when something like this happens, it is a knee-jerk reaction. the market reacted the extreme. -- react in the extreme. it was totally unnecessary because many of these companies obviously are in great financial position and solid stocks. just by virtue of being in the financial sector, they took the hit. that creates an opportunity to buy specific companies or may just the etf, that is the sector itself. i think that when that happens, that creates a tremendous opportunity. haidi: what do you feel about tech and this rotation that we are starting to see gather steam

from value back into growth? we had a really strong session for the nasdaq and in asia we have seen an performance when it comes to growth again. ? ? is that compelling to you >> i am a big fan of the technology sector and it has taken such a big hit. it has taken a deep dive during 2022. i mentioned several times that it is a great buying opportunity. only if you are in it for the longer term. there is a lot of volatility in this sector. one has to be very careful. there are so many wonderful opportunities in the sector as a whole and we all know technology is not dead. if the market allows it and as we can see it in the first quarter, certainly, that proves to be true. there is a huge comeback. haidi: where does your

assumptions about the u.s. dollar go from here? >> i think the dollar continues to remain strong. it does fall periodically, it may be for a day or two but it will continue to be strong as long as the financial industry is where it is and also inflation is where it is. the fed, the fomc meeting last week had a very big job to do, it was a tough moment because the number one objective is to curb inflation. at the same time we have to restore financial or maintain financial stability. i think they made the right decision and moving forward, probably, at least one more rate hike, perhaps two. there is a question of whether this credit crunch will cause a hard landing instead of the soft landing we were all predicting prior. maybe a recession perhaps.

we continue to be cautious. i would advise to continue to remain cautious for at least until late summer or early fall. until maybe at that point we can see a lot clearer how much opportunistic -- how many things are out there for opportunistic buys. as of right now we remain defensive which means value stocks are still in vogue, anything that has pricing power, we are at a higher level of inflation. inflation is not back where we wanted to be. those continue to be good holdings. of course, the biggest opportunities currently is in the financial sector. haidi: that is nancy sherif daoud.

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australia, here is a chart of the latest business flash headlines. executives have met u.s. investors including from black rock, blackstone, and pimco as part of plans to market privately placed bonds. the conglomerate is looking to raise up to $2 million through this route. adani transmission and green may sell their proposed bonds. wall street banks looking to trade private credit loans, this is the latest efforto capre a slice the $1.4 trillion private credit industry. j.p. morgan chase, goldman

sachs, and barclays are among the forums talking to private debt funds by facilitating secondary market transactions -- . petrochina's annual net income down to 62% to $21.6 billion. earnings doubled to $20.5 billion. the two producers forecasted a rebound in domestic economy can help cushion the impact of slower global growth and the aim to lift output in 2023. haidi: let us take a look at the day ahead for australia. they job vacancy data is due out in a couple of hours time that follows a decline of 4.9%. jim chambers is set to meet with financial regulators monitoring the financial banking situation. this is a story that is doing the rounds, unions are pushing for the largest minimum wage rise in decades. inflation fears, we will be

watching that given the expectations that are firming up for an april rba meeting pause come next week. take a look at asian markets, most asian equities are firmly in the green. u.s. stocks are advancing risk appetite and returning and continuing to recover especially as we continue to see this bullish rotation from. value back into growth. tech stocks are doing particularly well, we are watching tech names in asia after the nasdaq entered apple market for that december low. coming up, the taiwan president's trip is expected to strained ties between washington and beijing. a report from new york is next. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network,

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>> you're watching "daybreak: australia."

lobo has learned the fdic may ask big lenders to pay extra to cover the cost of recent bank failures. our sources say it could be part of the agency's so-called special assessment that will be announced in may. the ftse says it expects to pay close to $23 billion to cover deposits of svb and signature banks. credit suisse continues to help rich americans evade tax, the committee says, committing major violations in its plea deal with the justice department. it also cited what may be an ongoing conspiracy involving $100 million in secret offshore accounts. credit suisse says it is cooperating with agencies to clear concerns. a.i. experts and industry leaders are calling on developers to halt the training of powerful ai models, calling for a six month break from training ai systems. the tech leaders say ai systems more powerful than chatgpt's

latest edition should only be shared after added safety protocols. india has announced $109 billion of bond sales for its fiscal first half borrowing plan as global banking prices rise yields lower. the offering represents 50% of the record full-year target. -- 58% of the record full-year target. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. ♪ >> taiwan's president tsai ing-weng has landed in new york. officials have tried to play down the trip with china saying it would further damage ties between washington and beijing. let's bring in cindy wang, joining us from new york. you are covering this trip. what do you know about tsai's agenda in the u.s.? >> tsai ing-weng

landed in the u.s. about an hour ago. tsai will show up in her first public event on u.s. soil, that is a dinner bank with the tony's in new york -- the taiwanese and new york. so far, her office has kept the names, the details very secretive. the reason why tsai's office has to be so low-key about the trip is they don't have official ties in taiwan. this is an official visit of the taiwanese president. china has already warned that if thailand has a meeting with u.s. house speaker kevin mccarthy, that would be a serious

provocation and china would definitely take measures to respond to that. that is something we will keep a close eye on in the following days during her trip in the u.s. and central america. >> in terms of business deals, intangibles, what are both sides hoping to achieve? bringing the most basic it of -- most sophisticated of chipmakers is going to be key for biden. >> yes, we know that u.s. president joe biden wants to attract the most advanced chipmakers from taiwan to invest in the u.s., such as tsmc. but taiwanese officials and companies have been pushing hard for an agreement to eliminate the burden of double taxation, just as the u.s. did with many other countries. another big issue is the u.s. has not formally recognized taiwan as a sovereign nation.

so any kind of treaty signed with taiwan will further escalate the tension that the u.s. and china already have. that is going to be a big issue for the u.s., to think about how to assess investing in the u.s. while at the same time not further escalate the tension it already has with china. so the u.s. government certainly has to come up with some creative ways to deal with this issue. just like president tsai's visit to the u.s. this time. this is a creative arrangement to meet with the house speaker on u.s. soil, like last year, when the then house speaker, nancy pelosi, visited taiwan. that led to a very strong reaction from china. so any creative arrangement from the u.s. with the taiwanese government is going to reduce the tension with china and they

will touch on the eliminating double taxation issue. >> at the same time she is in the u.s., the former taiwan president is the first former president of taiwan to visit china. how do we read this visit? the significance of it going into the fact that we know beijing has been making these overtures ahead of the election next year? >> exactly, the u.s. visit comes at a very critical time for taiwan. it's not only because the u.s. and china relations are at their worst point and probably decades, it's also because someone is going to hold a crucial presidential election in the coming january. this could have significant implications until u.s.-china and taiwan relations going forward. we would see that president tsai

is visiting the u.s., her first trip in over three years, and at the same time we see the former taiwan president visiting china. and also another presidential hopeful, the technology group's founder, is also visiting the u.s. this week. overlapping ties with the u.s. visit. it is interesting to see, they are trying to use the u.s. trip as a bargain chip power for the power to nominate him for the presidential candidacy. whether he will succeed or not, it remains to be seen. and so, that is something worth keeping an eye in the following days. >> cindy wang, who is traveling with president tsai ing-weng, covering busy stores are on that

trip. coming up -- alibaba's breakup is a game changer in changing expectations for other companies. we will discuss that next. this is bloomberg. ♪

>> are watching "daybreak: australia."

goldman sachs says the u.s. banking stress is a growth headwind but not the hurricane some had feared. let's bring in annabelle in from hong kong. that could be a bit premature. a lot of people are saying it is still not over. there is a lot of uncertainty. >> that's right, shery. we have been watching closely this chart here, u.s. financial conditions. we are still in really tight territory. a lot of analysis out there saying perhaps this is doing some of the fed's work for it. when you have the tighter financing conditions, it does remove some of that additional need for further restrictive rates. goldman sachs, sticking with a view that when you have tighter lending conditions, that will also be a drag on u.s. growth over the coming year. of up to half a percent as well. goldman is saying. that could be in manufacturing, information, commercial real estate, three areas we have also been tracking closely. changing on now, why goldman

sachs is saying the drug is going to be much smaller than what was observed during the financial crisis? they say lenders had already been tightening their loan standards ahead of the collapse of svb. still goldman sachs is saying risks are tilted to the downside. what they are looking at in particular is a risk that we could see another sort of deposit run, which the bank does say it could be helped a little bit if there was that guarantee given for all deposits in the u.s. goldman sachs, also saying it is unlikely and we see the crisis you been here. -- deepen here. >> we also looking at the risk of another liquidity crunch. >> yes. they have been looking at implied volatility across different currency pairs. we have been seeing this jump across the board here, this chart taking a look at implied bottled teddy on a one-week basis for the japanese yen, the aussie and kiwi dollar, the norwegian krone, as well.

they are saying this levels are pretty far from crisis levels. but it still could get worse, if inflation stays high, let us change on and take a look at more details of why bank of america is saying that comes really down to fed tightening. it is focusing on the lagged nature of this. bank of america says this has a way to play out -- ways to play out and you have the u.s. entering contraction territory, so bank of america says if inflation does prove to be overly sticky, on the way down, then spot liquidity is likely to be tested again. >> but for now, we are seeing really that resilience when it comes to emerging-markets, at least. we have seen the em msci index now at a three week high. this is as not only was a risk assets advancing and u.s. stocks advancing and more risk on sentiment, but alibaba's shares

in hong kong also searched. -- surged. this of course after the giant it -- giant said it would split into six units. also the china crackdown being over, that also boosted stocks. latam stocks, also gaining ground. currencies as well gaining ground, haidi. >> even before that restructuring has happened, we are already seeing the plan to split up alibaba, sending the company stocks storing, unlocking about the already for investors, introducing a potential model for global tech giants and certainly potential for tech giants in china. our next guest says it is a game changer in terms of raising expectations for other companies. we have the portfolio manager of gwmk development strategy.

the big reaction we saw at ali baba and stocks more broadly, does this tell us that china is an anchor for the emerging-market complex has return? -- as an anchor for the emerging-market complex has returned? >> definitely this is a game changer. if you think about a year ago not only baba, but the chinese tech sector was considered by investors and analysts as not investable, here we are, a company, alibaba splitting itself into six baby babas, announcing different multiple ceo's, and a focus more on an entrepreneurial approach to managing the company. this is a game changer. it is once to definitely raise the bar to other chinese tech companies. i think it is an affirmation that really china is back into a growth mode rather than a regular constraint mode. >> it is very interesting

because immediately you think about what else can happen with this model, tencent is the obvious one, how difficult is it going to be for alibaba to actually do this restructuring and how complicated will it be for a company like tencent to be able to execute that? >> i would say tencent, the process of splitting the process into six baby babas has already advanced. the naming of the ceos for each unit is a product of that. this is going to mean the units are going to be more focused on to their strategy, focused into their profitability plans, and also they are going to be more agile and faster in terms of managing and competing. therefore, definitely investors are going to take this opportunity to ask some serious questions to other chinese tech companies like baidu and tencent as to plans about

subsidiaries. >> will this be the chance for investors to become more confident about the regulatory system in china given that we have seen in the past investors and markets not really convinced that china is done cracking down on these big tech giants? >> the last two years have definitely been difficult. but we do not think -- we do think that this was proved by the chinese government. and it is not a coincidence, the fact that jack ma appeared in china for the first time, in mainland china for the first time a few days after the restructuring being announced. we already believe we are into the phase of implementing the regulatory blitzkrieg we had in 2021 and we are definitely seeing that happening and the government be more focused on growth rather than regulations. >> are you worried on the

backdrop right now of the banking turmoil that we have seen in the u.s. and europe, we are seeing more calm right now, but how long will it last until em banks get hit as will? >> -- as well? >> we do think that the em banks we are focusing on do not have any exposure to the u.s. regional banking crisis. the emerging banks that we look at, the ratio is 50%. just as a comparison, silicon valley bank had approximately 10%. so we don't think that the emerging-market banks that we are looking at -- not only do they not have a direct exposure to u.s. regional banks, but also their shareholder base and investment portfolio's less risky than some of the regional banks that are in trouble now. >> there's been a lot of weariness from foreign firms and

foreign investors, foreign startup looking at china after the last few years. do you think it's possible for confidence and sentiment to return? whether or not you can make money out of china really depends on how aligned you are with policy priorities and execution, which can sometimes seemingly change overnight. >> good question, we think that china is too big to ignore. when china trades at a yield of 10.3%, with an expectation of growing earnings 15% per year for the next two years, investors not investing in china are actually taking too much of a risk at face value. and we do think that the investors are to realize that a lot of the risks are fractured in -- factored in and we are really coming out of zero covid policy, coming out into a new administration focused on growth, and the consumer is healthy and china. and looking forward, with

an increase in wages. we think the consumption-led growth in china is going to support and therefore investors are concerned with what happened the last two years, but our call is, it his way to princeton -- too priced in. >> many investors have also liked india as well, for the long term. last year, they thought it was too expensive to invest in it, then we had the adani crisis. have things become cheaper and a better buying opportunity? when with that but start to pay off? >> that's a great question. -- bet start to pay off? >> that's a great question. it did not happen with the adani enterprise crisis. it is the same population, 1.4 billion, but the population in india is much younger. so a much longer run rate of growth. and fortunately --

unfortunately, the multiples are high. but we continue investing in india and looking for the best companies serving the consumer, and we will see whether we can have a situation where in 2023 and 2024, china rallies back to relatively will price levels. -- well priced levels. if india stays behind, that creates a valuation that becomes attractive. >> good to have you with us, nuno fernandes. it was telling us all things em, especially with alibaba now sending tech giants across the emerging market space into a rally. the company is holding a conference call to discuss plans to split into six business units. we will bring you that live at tlive. plenty more ahead. . stay with us.

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is viewed as one of the top weight traders out there, this was a global macro fund that pre-pandemic had come to huge prominence in the hedge fund world, it at one point managed $18 billion, the global macro strategy firm is seeking to pair assets and essentially shrink in size to about $8.5 billion from just over 12.5 billion dollars under management in january. this effort to shrink the size of the fund is according to bloomberg sources who tell us the firm believes it has grown so big, that the smaller move will allow it to be more nimble after two straight years of losses. you are looking at those losses there. this was a firm up 18.8% in 2020 but then down almost 9% in 2021, down almost 3.5% in 2022, and year to date is now down 9%. that is tough for investors

in this funds, because one element really unusual and additional to really having great returns in the late 2000 teens is that it doubled the size of its management fee from 20% which is the norm to 40% in 2019. so those who were investing in this fund were paying double what was out there just as it went into these two plus years of declines. and now some are being forced to take their money out. >> su, tell us more about this forced redemption we are seeing. >> what we do understand and the financial times reported back in february is that the lockups that usually exists to lock up the funds were released, so many investors who had seen their money decline perhaps under this management were able to voluntarily pull their money out but the remaining 20% are being in a position to be forced to take their money out. i called one trader about this

and he said, this guy was a hell of a trader, referring to jeffrey, he is clearly cutting his toe if not cutting off his leg at this point, he believes, the trader i spoke to, that a lot of the investors are really suffering as a result, normally in a hedge you are allowed to stay in until the fund gets back to his high water mouth without paying any fees. these investors, these 20%, are being forced to withdraw without the opportunity to see their money come back to what was pre-pandemic -- to where it was pre-pandemic. back to you. >> su keenan with the latest. let's get you the latest. china life insurers says profit fell 37% last year due to a surge in covid cases. net income for the nation's largest insurance dropped to $4.7 billion from around $7.4 billion a year earlier. and economic reopening has improved prospects for insurers this year, but a surgeon covid

cases during the fourth quarter has hampered profits. ses is in talks to combine with intelsat to combine a satellite giant that can create better competition against berliner elon musk. the companies are set to be an advanced -- in advanced negotiations to written agreement in the next few weeks. a transaction could value the combined business at more than $10 billion, including debt. that is just about it from "daybreak: australia." we are a few minutes out from the start of's trading in sydney -- the start of trading in sydney. "daybreak: asia" is next. this is bloomberg. ♪ it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next.

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