sever our relationship with china, do you think we would really come out ahead? that is the question. i think they have 1.4 billion people who are going to prove to us that we were wrong. >> consumer sentiment is primarily impacted by discontentment of property prices going down and to some extent policy uncertainty. because of this, the houses actually rocksolid. we believe consumer will be in an early cycle recovery place. we believe the consumer may recover ahead of other sectors. rishaad: just a few of the key voices that bloomberg new economy forum in singapore. this is bloomberg markets: asia. welcome back. i think a little bit of an uplift or equities with what is going on in regards to the rally in the u.s. and the nasdaq and

s&p, looking here at the market. the biggest gain going for the japanese lunch break in terms of the waiting they have, toyota, and nintendo. 637 on the way down, including tencent, recruit holdings and tsmc. you can see real estate is the only industry group on the way down on that regional index as it were. s&p futures little bit dragging. the dollar steadier. talking about that event in singapore, the bloomberg new economy forum, discussing and navigating global uncertainties, including concerns here about what is going on with the cost of borrowing and beyond, we are looking here at china's recovery.

one bright spot has been travel. let's get over now to yvonne. yvonne: that certainly is when it comes to domestic travel in china. certainly been flourishing. outbound travel could be another issue, but we are discussing all of this year with jane sun, trip.com's ceo. always great to have you. we had you during a time when things looked positive. when it comes to the upcoming holiday season, what are your expectations for new year's and christmas? jane: after the golden week holiday, business is back to normal. we have seen the market stabilizing. we are preparing for the holiday season, christmas, the new year, and chinese new year. very exciting time. yvonne: what are bookings looking like? jane: so far, so good for domestic travel. not only have we recovered fully to the between 19 level, but we

exceeded it -- fully to the 2019 level, but we exceeded it. we look at demand and supply side. on the demand side, it is already exceeding 2019's level, which indicates people would like to travel. on the supply side, we have two major hurdles. the first is the visa application time is quite long. for europe and americas. there are a couple of regions doing very well. the middle east, qatar offers free visa. and they also doubled the flight capacity. yvonne: they are also increasing flight capacities. we are seeing more increases in the u.s. and europe, as well. how positive is that development? jane: very positive. after the secretary's visit, a flight has been added between

china and america, so we have seen another 20, 30 flights being added. however, by the end of the year, we should be able to recover to somewhere around 20% to 30%. we hope to hear, the recovery continues until it is fully recovered -- we hope next year, the recovery continues until it is fully recovered. yvonne: we see recovery patterns changing because of this consumption downgrade, tourists are looking at shorter trips and closer destinations. not so much big-ticket items. is this a new normal? jane: when we look at every segment, we saw that young travelers, the travelers who were born in the 1980's and beyond, that is 75% of our customers. if you ask them their spending priority, the first is travel, the second is wellness. because after covid, people pay

a lot of attention to travel around the world and take care of their wellness. yvonne: do think the travel industry has adapted to the changes? what is trip.com doing differently? jane: we saw a trend which we call four s's, the first is safety that gets a lot of attention. we advise partners to provide hand sanitizers or masks if it is necessary. the second is short because with the visa situation, people do not know whether or not they can get the visa? the third one is people prefer to travel with close families and friends. the last one is sustainable, so that young generations really pay attention when they make the reservation to make sure they have travel initiatives. yvonne: are there certain markets that you look at that you deal with that are adapting to these different preferences and travel in the best way?

any examples you can give us? jane: we just hosted our global partners meeting in singapore. i think singapore stands out, leading the way to pay attention to sustainability and wellness, so it comes a very popular travel destination. europe is one of the top three because of the wellness programs they offer, as well as the beautiful sceneries. yvonne: one thing the travel industry is still dealing with is a shortage of staff and rebuilding the workforce. why do you think it is so hard and what needs to happen to attract talent back into the industry? jane: a couple of things. when we survey young people, lots of young people prefer to work in an office environment. because work-at-home options now is prevalent globally. however, in the service industry, there is no

work-at-home policy. as an industry player, we need to work together to address this global issue for shortage of laborers. for example, for hotels, if we can pretty note customer requests, that will reduce the waiting time in the lobby. where if hotels can pre-loader manual for dinner and lunch, we can ask our customers to make pre-selection for their menu. all of these factors can potentially reduce the labor pressure. yvonne: one of the key topics here at the forum's ai. to what extent do you think ai can help alleviate staffing shortages? are we talking about a travel industry where it will be less human interaction? is that what you are exploring? jane: ai definitely will improve the efficiency. we look at four areas. one is the user's interface between our platform and users. the second is engineering and coding time can be significantly

reduced. the third is the content generation will be more ai driven. lastly is our service quality can be increased. yvonne: great to have you, jane sun, ceo of trip.com at the bloomberg new economy forum in singapore. speaking of technology, my trip from hong kong to singapore, don't think i spoke to anyone at immigration. i just went straight through with the machines and then to the luggage carrier area. certainly you are seeing that throughout the travel industry. [laughter] david: convenience. it is frightening, too, isn't it? yvonne: efficiency. david: i do think you need to share documents anywhere. and that is how you like it anyway. we really don't like talking to people, generally speaking. there is no good prove it to

this one, insurance a big story. we are down for the third day, nearing 10% this week from friday. over 41% from the peak right now. thank you, 1.3% for ping insurance. yesterday, ping said a report was not true, and then they went on to say, they are not interested to take over country garden. some of the reaction from the street, and to start things off, they are basically saying that authorities will not be encouraging this anytime soon, and the likely scenario for shareholders, you will get wiped out. that is redmond wong. zerlina zeng, who is on the show regularly, and to paraphrase this, if you have been heartbroken before, it is hard to love again. ping is certainly -- these are

complicated assets, which takes us into the next. rishaad: steve is an insurance analyst. this story is downright odd. what do you make of it? steve: ok, if we took a step back, it is a cesspool for the government to try their best to save this company because it is one of the bigger pieces in terms of the economy. at the same time, if you think about i agree with analysts and i personally think this has a less than 10% chance that ping, from the takeover standpoint, will. a little aid here or there, never say never, but if you flip all the stones, it is impossible for them to have a majority stake in this one. i say that because, you know, obviously, we understand that in the past, ping had already written down real estate property exposures, and they are

trimming that down. it is closer to 4% now of total investment already. directionally, they just do not want to get more exposure in real estate. they are mostly looking for long-term assets. so residential properties are not in the asset class. if there are longer terms offices and industries and whatnot, there was a possibility to acquire an asset instead of the company, but probably i don't think country garden holds any of those of interest of ping at this moment. david: is this a ping specific rationale or can we take the same reasoning for other insurers and developers? do we need to marry these two to sell the property? steve: i can probably speak across the insurance sector.

their risk appetite should be contained, and who knows? somehow some bankers or some other people within the organization can think about some ways that they can structure a deal that is not involved a direct investment and country garden, per se, maybe there is a way out. as far as i am concerned, a direct investment to country garden is unlikely. as far as any insurance companies. rishaad: stephen lam, -- steve lam, there, thank you. much more on the way, including the bloomberg new economy forum. we have the latest on energy. ♪

>> the industry demand will be higher. so, look at the new policy. ♪

yvonne: singapore's prime minister says there can only be a two state solution to ensure peace between the israelis and

palestinians. he spoke exclusively with bloomberg and says any other approach risks in this conflict -- endless conflict. >> what happened on the seventh of october was not only against national law but a horrendous terrorist attack on an enormous scale. so i understand how the israelis feel about it. and why they have reacted the way they have. but what has happened since then in gaza as a consequence of israeli operations is an enormous human tragedy. the numbers keep on ticking up every day, as many as what happened on the seventh of october. again, women, children, many innocent civilians, and instruction is on enormous scales -- and the destruction is

on a normal scale. everyone around the world looks at this in despair and says, surely this has to stop. whatever the rights and wrongs, you must pay attention to the humanitarian considerations, and we have tried to express that in our statements. i think it is important that we recognize the evil things which are done in the attack on the seventh of october, and the tragic things happening in gaza now. we have to have the israelis and everyone else to abide by international norms and have consideration for innocent civilians. >> do you think there is a long-term civilian? you have been a supporter of the two state solution, is it possible? >> there's no more alternatives to that. the alternative to a two state solution is a one state

solution. that means one side or the other has to be squeezing the other, and that is unimaginable. if they cannot work towards a two state solution, we will be in this cycle of neutral destruction for generations to come. >> do you worry about security in this region? next-door, in malaysia, you have abraham in support of the palestinians. some people worry, and i have seen you take precautions because of israel and hamas. >> i think sun country support palestine and some support israel, and we also have friendly relations with israel and palestinian authority. terrorism is a danger.

you have seen the isolated impacts in europe, france, belgium, there was an attack where innocents got killed. it cannot happen in this part of the world. we have sophia collide individuals in singapore that we have picked up, including teenagers who had gone and bought with proof vest, knives, and practiced, and some of them wanted to fight in the middle east with isis, and some wanted to emulate the christchurch terrorists. and attack moves limbs in singapore -- and attack muslims in singapore. there are still terrorist groups within the region who have not disappeared. one who affiliated with al qaeda and with whom we picked up in

singapore before they were going to do bomb attacks in singapore. and they are watching, and some of their followers will be riled up and they may plan something, so we have to be taking it very seriously. yvonne: singapore's prime minister speaking exclusively with bloomberg's editor-in-chief at the bloomberg new economy forum yesterday. certainly, that leaves to the discussion, and bloomberg opinion has talked more about what this means for the future of singapore and how they manage all the foreign policy that we are seeing out there. our bloomberg opinion columnist joins me now. you talked about singapore being this oasis of predictability when everywhere else is a bit chaotic. how are they managing these two

wars going on? and the u.s. and china tensions? >> it is a difficult time for singapore, given the fact that externally, there are all these pressures that it has to face, not least the fact that the two great superpowers at singapore always would like to be friends with everybody, it is difficult when two superpowers are not talking. it is great they will be talking in the next week or so. but withstanding that, you have tensions in the end specific -- in the indo pacific, and we mentioned the tensions that the prime minister of singapore referred to in concerns on how that might spill over into southeast asia and how singapore will manage that. that is the external environment. domestically, singapore faces an aging population, concerns on slowing growth rate, and criticism of how the party may be a bit elitist. accusations have been leveled

against party members with perhaps being out of touch given the cost of living crisis. all this coming at a time when the prime minister said he is handing over the reins and ready to pass the baton onto his deputies. yvonne: the timing was more surprising than the transition, but what does this mean for the future of singapore? we are talking about a father and son who built singapore. what do singapore look like? does it still drive? >> singapore has had three prime minister since there dependence. -- since there dependence -- since their independence. each of these transitions have been well-managed and widely telegraphed. i am a singaporean. my mom before me. at some point, we had a lee

running the country, and this is a generational change and that is what singapore has to grapple with. in the conversation with him, he was revealing when asked whether he would continue to serve in some shape or form in the cabinet, perhaps as a senior minister, and he said he was at the disposal of his success and would do whatever was needed. but these are huge schuster field. i have met lawrence on many occasions. he goes a reputation for himself during covid when he karen the task force. i think people in singapore trust him and rely on him. that is the issue. foreign policy is something that he is not known for, least of all in the neighborhood, but even further, his opinions are sought after, particularly when it comes to china and how china sees the world. he has his work cut out for him. yvonne: end of an era.

thank you. our bloomberg opinion columnist joining us in singapore. we have 20 ahead. this is bloomberg. -- we have plenty ahead. this is bloomberg. ♪

david: markets cross asset summation, most stocks are

higher, most currencies are strengthening against the dollar, mixed across commodity markets, the highest since march and april, oil has gone the opposite way, and energy contours are moving in the a similar direction. rishaad: just taking a little behind, but the fact that they are down 15.5%, wti crude, since the 20th of october, sub-80 now for brent. we have this panel now at the new economic forum, and the struggle for energy security is happening now. >> and wind turbi. ♪

the chase ink business premier card is made for sam who makes, everyday products, designed smarter. genius! like 2.5% cash back on purchases of $5,000 or more, so sam can make smart ideas, a brilliant reality! chase for business. make more of what's yours.

hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, chase for business. i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away.

and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works.

yvonne: almost 11:00 a.m. in

shanghai and singapore, welcome to bloomberg markets: asia. i am yvonne man at the bloomberg new economy forum. rishaad: i am rishaad salamat in hong kong. asian bonds reflecting yields and treasuries ahead of jay powell speech. also ahead, china looking back at demand, remaining sluggish despite efforts. plus, more conversations coming up from the bloomberg new economy forum. day two is sees the moment. we will look at markets, and looking at this rally that we are seeing, not broad-based by any stretch of the imagination. hence saying and chinese equities down. cpi and china fell more than anticipated last month. further sign of deflation