parts at the hong kong exchange leads our global report today as the board of the l.s.e. unanimously rejects a $36600000000.00 offer from hong kong exchanges and clearing ltd the l.s.e. cited what they termed fundamental concerns about the deal and specifically rejected the condition on h.p.a. axis offer that would have required london to back out of the previously announced deal to acquire financial information firmer affinity for $14500000000.00 the l.s.e. board seem to firmly closed the door saying it sees no further merit in furthering gauge went on the offer the share price of the stock went up by 2 percent after the board's rejection letter was published even after having risen 6 percent on the day before on reports that negotiations were in process bella seaboard letter expressed disappointment as well the hong kong decided to go public about the talks after just 2 days but the longer history of failed bids for the l.s.e. and the other similar planned international stock exchange mergers suggest the

basic structural challenges may have eventually sunk the deal even if hong kong's conditions an early disclosure of the talks had not become issues. talks in hong kong have been raging much of the focus has been to china's extradition bill and understandably so however underwood ported in the wake of the turmoil has been climbing costs of living in the region recently are 2 correspondent michelle greenstein was on the ground in hong kong where she documented the issue and filed this report. this is the peak an area notorious for its exclusivity since the british colonial era and the single most expensive neighborhood in hong kong it overlooks the rest of the city and is home to billionaires bankers and celebrities it's areas like this one that make hong kong one of the least affordable cities to live on earth internationally hong kong is known to be wealthy and prosperous but that's not the case for all its residents.

one in 5 people is in poverty here and that number becomes one in 3 for the elderly and when it comes to housing over 200000 people live in what soco hong kong social services organization calls inadequate housing like these subdivided floods in a subdivided flat your bed is your living space kitchens and bathrooms are shared in this flat by 24 people some flats don't have kitchens and the rent is more expensive if you have your own toilet in hong kong i pity the gap between the rich employees the bank seelye shan as a community organizer with so i think that the minute you. step onto the $50.00 and the fifty's they don't have political power she tells me that on average families wait 5 and a half years to receive subsidized housing and if you're in an urban area it's closer to 8 years and if you're young single and without

a family it could be 20. i spoke with the leader of hong kong's largest labor organization about this. so housing in hong kong is a big problem there isn't enough land and there are more than 10000 people who are qualified yet still waiting for public housing but the waiting period is very long especially for young people in the meantime your bed may be your home i also spoke with tech chief u.n. a founding member and the former vice chair of the democratic party hong kong's largest political party he left the party because of its unwillingness to have dialogue with beijing he says that while the extradition amendment which has now been withdrawn may have been the trigger for the current unrest it was never the full story many of the protests. the young people there are angry about the society people can get more and the young people get nothing and the price of

holding up very fast does mean. the rich people get more and more. distribution of resources is unfair so there are some people. about this this is the fundamental problem this is the root problem so at this moment we have the usual top of the p.m.'s and all the young people. in the society pressure pressure in addition to this an even distribution of resources deepening inequality in hong kong is fueled by the fact that the minimum wage has not kept up with inflation and that privatization often goes unchecked and we call it by all the economy and we've got to cut the government should not be privatizing the public services especially those public services that are used regularly

privatization makes wages lower there should be more protection for employees and more workers rights if we don't achieve this economic disparity want to grow. this disparity is a critical factor in causing instability in our society and tech thinks that despite television coverage it's a small minority actually want hong kong to be independent from china and that most hong kong are simply feeling unrepresented and see democracy as a way to increase wages gain housing and better living conditions home from people to not want to violence not want the reformation this is a noble thing for the. local government to be seen. to the humble people. distribution of resources and the rich people get out a lot and the poor people and he will be facing should do something expressible in. him to not be economic growth you. know

those are very. much of the us corporate press hungry for a reason to vilify the people's republic of china during an unprecedented economic war characterized hong kong's unrest as a pro-democracy movement much of the underlying root conditions and fears of the average hong konger facing the rising cost of living go virtually unmentioned and it's these conditions that make the situation in hong kong the perfect storm for a widespread protest movement especially among the young 5 and joining us now in the studio just back from hong kong is our t.v. producer guest host of the news with rick sanchez and front of the show michel greenstein michel one of the experts you talk to the labor leader in this piece about the sheer lack of surface area to build on the scarcity of actual land which just takes the dynamics of inequality that cause housing costs renters to spiral to an extreme level in this case in hong kong give us

a quick snapshot of the broader real estate market is as extreme as the rental market given the wealth inequality in these lane constraints. to hong kong firstly well since you brought up lending i'm pleased you brought that up because chief executive kerry lamb actually last week talked about going out into the community and speaking to people she says from all walks of life to address the issue of lack of land supply and affordable housing which i think shows just how main stream of a perceived problem this housing issue is in hong kong now in terms of the broader real estate market the short answer to your question is yes i think the property market is the perfect microcosm for the broader issue of inequality in hong kong and hong kong the average home costs about 18 times the median salary in hong kong and because of this special status that hong kong has as an autonomous region hong kong is very market driven right the government really can't and doesn't do much to reduce property prices and there's been this constant real estate bubble for years

sustained by what many are calling a property cartel although it's interesting in recent months you know given the current political crisis and these protest movement in hong kong the biggest developer is just the latest to actually announce that they're really driving their prices down there a lot of these developers are a kind of defacto being forced to cut their prices one batch of these units in the calhoun area from the biggest developer in hong kong is now priced at 20 percent lower than current market levels in the area thanks to this protest movement interesting and all will get will be going back to singapore with khrushchev to the break where some are speculating that singapore could soon surpass hong kong in their sort of regional rivalries due to the protest movement during the hong kong economy did you get the sense that in hong kong they might be worried about falling behind in that region rather than we would singapore so on the ground i did not get the sense in hong kong that this is what people are thinking about but in terms of you know people in our profession right the broader picture perhaps like

international observers not only is this speculation this is already happening right hong kong investors from hong kong took a total of $1.00. $1000000000.00 from investments that used to be in hong kong and are now pumping that money into singapore and this is accounts of more than a quarter of $5200000000.00 in total out of real estate investment from hong kong so not only is this you know being perceived as a problem we're starting to see the fruits of you know people moving their investments to singapore absolutely direct financial nexus there very interesting michelle greenstein archie correspondent thanks so much for your time thank you. closing out the week there is one more small step of progress in the u.s. china trade fight you know it was made on friday on chinese state t.v. but the nationals you tell me it was. and the ministry of commerce. china is going

to make relevant chinese company in for just a certain amount of american goods including soybeans if you want you can remove market president and then i don't you know. us has decided to put it. on chinese exports still scheduled to take effect well october 1st. meanwhile u.s. president donald trump suggested on thursday that a so-called interim deal with china would be aimed at simply restoring the pretrial tariff status quo before moving on the challenges around intellectual property and agricultural purchases with his usual level of precision and clarity trump told reporters it's something we would consider i guess. and staying in asia for today's special theme show we catch up on the state of and yos india's auto sector with lauren fix the car coach lauren we've been past due to do this segment for a while and really busy round up all the news about this deceleration in the indian auto sector so let's kick off with one statistic here 35000000 that's how many

indians are employed in the auto industry they generate 7 percent of indian g.d.p. according to the b.b.c. so lauren for those of us in the global audience who may not be familiar with his niche of the global auto industry give us a quick profile of the indian auto industry's role in the indian domestic economy domestic economy and this rank in the overall global lot of qana me. ok so 1st off you've got some pretty major players when it comes to the indian car industry we know about mahendra is a very well known name. jaguar and they own land rover but there's also a partnership with suzuki when they are letting people go we're reducing production actually stopping production of let go about a 1000000 of workers this is a big problem there's also a cash crunch is going on and low consumer sentiment the total sales for india is down about 36 percent that's a 10 month continual low and decline and they're trying to do everything they can within the government they've even offered

a scrappage policy which we know does not work because it ends up happening is that people with that are wealthy end up purchasing cars and those that are really in need of vehicles are you're noticing low decline in s.u.v.s trucks and even 2 wheeled vehicles which they use a lot of that includes bicycles and scooters but another indy. kater is you're noticing that even regular goods such as shampoo and spices and so they're also on the decline the only thing that's on the incline it's television sets you're looking at washing machines refrigerators and cell phones those are on the increase which is interesting because those are consumer goods we're watching a really terrible sentiment that's going across the country of india and this is really a huge concern and the only way they're going to turn that around is they're going to have to adjust production to demand and that is a huge problem because they produce vehicles on a global basis and one more statistic here is 41 percent that was the percentage decline in auto sales for august that's a 10 straight monthly decline for the sector and the biggest monthly drop off in 20

years so what is the current predicament of the auto sector as we enter looks like you know not what they want to hear as we enter the month of september with the nerve variety and do all the celebrations kicking off a season where people are sort of in the mood to spend what's the timing here isn't it rather inconvenient to have the lower confidence going into it could be buying season. right that could be very risky but they're hoping that the going into the holiday season that they're going to cause some excitement there or they're hoping that the incentives to get people to purchase vehicles of any type to help bring jobs back into the factories right now letting go a 1000000 people is a huge impact on consumers not spending money especially when they come to automobiles or any form of transportation they're hoping that the scrappage policy of releasing a little bit more cash into the economy and of course the holiday season will cause an increase in sales which could help the global basis when it comes to the indian car industry and of course there's also been the scandal in the indian banking

industry which analysts say has decreased credit conditions and in turn depressed the car market there's also this factor of right healing services are people particular don't see the need to buy a car or would we looking at you suggest. to this downscale on the size of the auto immune auto industry for the forseeable future is that right that's probably going to be where happens is that down scale the auto industry well they may have a scrap of policy like i said that may cause higher end vehicles to be purchased by the wealthier but those that don't have money will be continuing to use bicycles and other forms of transportation remember deedes got a huge footprint in that country that is a ride sharing company and that's probably going to become more popular for those people that need to go longer distances remember this country tends to get their people in places difficult different than they do in the united states we get in a car use public transportation typically they'll have 3 or 4 people on a scooter so it is a little bit different yes so much to go and into here we've got to come back to

this lauren fix the car coach thanks for your insight. thank you. time now for a quick break but stay tuned because when we come back we hand things back to christine singapore where she caught up with song saying one of c.m.d. private banking to dig through what's in the future for asian economies and then as we go to break here are the market numbers at the close. this is a stick out from the open water bottle found in the stomach of the fish the brand

is sponsor of the coca-cola company which sells millions of bottles of soda every day the idea was that let's tell consumers there are the bad ones there's a litter box they're throwing this away industry should be blamed for all this waste the company has promised to reuse the plastic. on. at suny school said their class to. stay on your phones at a special projects funded. on the i'm your best bet is the end of a footy team but for now the mountains of boys only grow while. the world is driven by shaped by one person with those words.

the day there's things. we dare to ask. thousands of american men and women choose to serve in their country's military. lives every song came to a complete. the day that i was raped. you know told to shut up kill me and i see how i would destroy. any screamed at me and he made me come in and he grabbed my own arm and he write me with his birth thinking if you take into account that women don't report because of the extreme retaliation it's probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military rape is a very very traumatizing thing tat happen but i've never seen trauma like i've seen

women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished don't be offended and almost 10 year career or chose very invested in and i gave a sex offender who was not even going to justice or put on the registry this is simply an issue of our. violence male sexual predators for the large part of target whoever is there to prey upon whether that's a man or woman. walking back as trade war transitions begin to wind if only a little the future of asian economies is still in question kristie i managed to catch up with song saying won't of c.m.i. be private banking in singapore to get his take on what he sees on the horizon for the region. i understand you have a very unusual way of looking at the economy through food so apparently people

spending behave various their habits and their consumption levels through food industry food and i mention a strategy to always want to remind people you know very simple concept but with the economy growth all there is a recession can be just believe day to day. i suppose activities. wake up home good depressed about your job prospects or you're about to get fired you don't consume if there is going to be across the board for everyone in your company you might be a company specific problem or if you see across all industry then it's a country problem itself coming back to days in terms of the ongoing secretly spew us it's so primarily you have seen it affecting the manufacturing sector we have seen industrial activity slowed down but we haven't seen you know a significant drag on the services sector typically service. roughly about 7080

percent of the country g.d.p. 20 percent 30 percent from the so-called good sector. so i tend to do centuries to see what's happening on the ground by what people are spending on where the they feel happy enough to go and spend in the high end restaurant or whether it's just carrying on the normal i saw typically coming to singapore specifically i think it's more using food as a kind of a history and economy history of singapore which see 200 years ago when it was migrant comes to singapore so. roughly plus european as well so that's the backdrop and the culture of singapore i see so as we roll in to see years ago but now singapore being a global hub for businesses we thought we have seen a lot more interaction of different countries differ in nationality and food when

they turn up on the streets of singapore and restaurants etc representing culture itself so whether restaurant get filled up or where the hawker center get below with different kinds of people and what their consuming all consuming can tell for a lot in dental happening on the ground who sells. i always use that excuse on me doing my job that's right and boss and i'm monitoring you know i'm here drinking beer drinking beer by mob serving was opening around the economy and you know. we are seeing a more upbeat assessment just what people are spending on or what they're consuming or whether things are quiet because you know they're staying at home and you know being i suppose more prudent and careful with their spending last quarter singapore's g.d.p. actually can translate to a point you know and the manufacturing industry has bare. so do you think right now that singapore is trying to pivot itself almost as you said like

a services and more consumption based economy some want to watch china dead instead of primarily it's i think putting up or so singapore is although it is singapore the country it is really a very weird. so consumption from domestic standpoint isn't large enough to offset the drag from external weakness in demand for goods and services in a similar to those 2 economies here which are most dependent on external demand is singapore and hong kong hong kong and singapore exports or goods and services is twice the size of the g.d.p. so so the mystically can do. so i should point out we had a contraction in the 2nd quarter growth mainly because of the small for several key major export items in the manufacture of goods particularly in electronics. certain chemicals. and those are related to create in the goods and services so

the risks continue to be fairly resilient primarily so because they were market conditions remain still quite ok i mean if we look at the data is the way i think is true for employment although all the is taking a bit longer for people looking for work especially in those industries which i suppose. not actively hiring i would look for those in. the digital space they're not official jobs. employment opportunities i saw what we will have to look for is whether the slowdown in the manufacturing side spillover the services we haven't seen that in a meeting poor significant manner yet but there's something. i'm watching out for and this is we're looking of food and consumption patterns and hopefully tell me a bit more when it comes do you think that there's anything there we in clean from the singapore capital markets equities markets because as you mention you left the

equities market back in 2015 when it started slowing down and last year there were actually had their worst year in terms of public i.p.o. the only managed to raise 700000000 which was down and then meanwhile there was a huge amount of outflows almost about 20000000000 got poured out and this thing apart in capital markets so do you think that there is concern that there's going to a lack of liquidity both in that market as well as a secondary i suppose. to continue to be the hub of financial services. you know all the big global banks financial services. in singapore so but for the local species it's always rich avenue and rich more economy what. beyond the large number of government companies listed here we should build up singapore and those that can pull in from outside especially related to the sector i mean once i think the one industry and

one industry segment they have done the well i suppose the best has been the real estate. outside of that far more challenging i suppose again it's just a case of for those company wanting to live in singapore. can i get that would induce me to being in singapore tends to be the really fit species otherwise you do tend to see people you know go for just. a larger you know if you are malaysian company you need to be in singapore know where you are we know the build my local boss the bosses from their running want you to be in care or want you to being in jakarta or in care or in bangkok or for those looking for larger international audience or the large market. it had been hong kong but who knows maybe the process ongoing process in hong kong may spill over but

it's hard to see so you might be a little more shanghai to them in the longer run automatically but i think this is one of the key challenge for those policy makers within singapore's of the how to so what bohm along singapore. but i suppose the guineas is the money supply if it works will try to make it see where the most attractive source of growth come from it is derivative at least everything else by think space it's continued to be a lot more challenging process capital is far more interesting in that if the region sees growth and opportunity come through singapore tends to be a conduit coming through the region is so if the region also seeing slower growth. and just because growth generally slowing down capital markets activity slows down we tend to see it slows down in singapore as well so i think we took in there

really is a down year just because the whole region may be softer. on an up year it is because you know since the asian tigers a regain a couple of their stripes in the breeze bouncing on a little bit more as well but in the meantime i suppose it's just you century trying to fly the flag for whatever they can. and that's it for this week see you next time. today there are good terrorists and bad deadens the bad terrorists and those in yemen who the united states deems to be a threat the looked at it is some of those who work in syria the cia and the u.s. military were engaged in covert actions really throughout the world. where they

were assassinating populist leaders they were backing up right away military windows funding an army of death squads there's no phones anymore because there's always a small people for really good. profit. join me every thursday on the alex salmond show and i'll be speaking to us from the world of politics sports business i'm show business i'll see that. he. had a huge the addition to. the early she don't. go to work. that's for sure and. there's laws on the call from day to hold recall no calls when he does it's all of you know the false soldier dr scott you can see chum and you

don't know the bullets of the someone on some of the last ones lots and lots you know something should come out in dramatic video of the condition of the soul to die i mean she's on that you know found a soft spot will not keep you down at this time i don't tops. on the need to promote. the. well you want me to be 50 continued communities of people who are both for the work. but for the loss of the present. like. the.

county of telecom giant wall way says it's ready to sell the key elements of its high speed mobile internet technology with a view to addressing concerns about its equipment poses a city which has also had. a . peaceful picnic protest in france over declining living standards and descends into violence with demonstrators challenging property and riot police to pointed out. the 1st of its kind pact between the u.s. and israel could be called something the 2 nations are ready to a mutual defense treaty.