happened was when they went to the bubble bursting in stock, he went from -- you have two problems in .hinayou have a debt problem you have to restructure. that is a manageable problem because it's in their local currency, and by the way, the -- they aregotten very intelligent, prudent people, so restructuring your debts in your local currency is a manageable exercise. have done it three times. we have defaulted in 1971. we at the latin american debt crisis. we have the snl prices and the rpc. that is a manageable process. is a have tosue restructure what they are building money on. a newave to rebuild economy to replace the old economy. that is a challenge. that is like a heart transplant, it is a serious process. like most transplants, you'll get through it if you have good surgery. they had a bubble. they went from an equity market, which is normal. in the early emerging stages of many economies where you get the speculator in, get leverage on margin, then you have the bubble. they have the bubble. that bubble was a negative at the same time. you went from a full market -- a ull market.

disputed lines drawn by .hina across miles -- this ship miles into the waters around the island. officials say the u.s. regularly has operations to challenge maritime claims. u.s. defense officials said it was the first of a series of patrols in the disputed region that would not be unique to china. ship began its patrol, japan said it was communicating with washington. it is prime minister says important the international community unite to maintain peace and stability in the china sea. >> china began turning two submerged reefs into islands in 2014. revealed photos have military links of airstrips. >> 10 years ago today, two french teenagers died. people let cars on fire and rioted in anger at the hopeless lists -- the hopelessness of life in france's poorest suburbs. many residents say nothing has changed. suburbs,ndscape of the especially where there has been 600 million euros of development -- of investment development put in. in more lawns, football pictures, all of that. the physical face of that has changed. shows nothing has the financialr as crisis. the socio-economic c

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when china talks about win-win economic relationships, what really happens is that .hina wins twice whatis that china wants access to technology economies, advanced but in return it offers restricted access to its own economy unless you can offer technology into the chinese market. often, that technology is misused, some would say stolen. it is a precarious relationship, but i think that london has to be careful. mired is it one that is in historical behavior, and are we not getting china enough credit for wanting to be more internationalized, especially and joining the fdr basket from the imf? we havet is true that always wanted china to integrate and be a responsible stakeholder in the international economic system. we should encourage that, but if you look at the last two to four years, what we have seen is a concern of cheating by the chinese when it comes to economic relationships. we are not just talking about ip theft, we are talking about massive subsidies, many of which given torading rules indigenous companies. we have to find a way of discouraging the chinese to do that. but b

there is front page reporting in "the wall street journal" that america,hina not in let chinese officials in a secure room read their code. ibm keeps track of a lot of information for government in america. releasing source code in china, not in america with the fbi or nsa around, and c-span did not do any follow-up on this. you spent two hours showing drones, because these people that own these drones run them , wildfireports suppression. why take another cheap shot at as opposed ton this guy with his former employees gave written statements to the fbi saying his former -- saying he did deals with drug dealers, prostitutes in china. one other thing if you don't mind. back to yourto go drone point because i want to make sure our audience is clear. we actually did follow up on that topic not only here at "washington journal" but we also did a couple of programs in the afternoon on a show called "washington today." and we actually looked into the house hearing on the topic. go on. minutes.or about 10 tot: no, the hearing was three hours. it was a lengthy hearing. it is on our website. check

early -- tripsre than 750 million were taken for holidays, most in ,hina, with sales rising 11% $170han 4 million tourists traveled overseas. an online company says that japan, south korea, and thailand were among top destinations. in asiaking on markets pacific, south korea where we are looking at gains again. they are going back and forth, up a 10th of a percent. s&p.emaining in red, the the estoril finance minister says he is -- the australian finance minister says he is optimistic. and in lima, we will go to paul -- about lima, we will go to paul allen in sydney. what does korman have to say about the slow growth in china? >> china is australia's largest trading partner, they have their eye on full. -- coal. weakening growth has seen the worst in australia's trade. they are should be more and the weaker australian dollar has helped, but he is optimistic about china's growth prospects. from an australian point of view, this is our most important relationship. 6.9% growth. that is very strong growth by international standards, we are supportive of the country and their efforts to m

the rose garden just a few weeks ago, president obama made clear that the united states would judge ,hina not taste on its words not based on any verbal commitment, but taste on exactions. assured that the relevant agencies in the united states government are closely initoring china's actions this regard. this is obviously a priority and it is something the united states government follows closely. i can tell you the national security officials at the white house and across the federal government are regularly in touch with the kind of private sector entities like the kind of put out this report. there have been national security professionals that have been in touch with this particular private actor company. i anticipate we will soon receive a briefing on the details as well. there's a priority this administration places on information sharing and is a critically important part of our cyber security strategy. this is one of the reasons we continually try to impress upon congress the importance of passing cyber security legislation that would enhance this kind of information sharing. dow

watch out for currency wars. .hina's losing streak exports were down.ould hear this from the ceo of airbnb. he wants to be regulated. it is a bloomberg exclusive. stephanie: welcome to bloomberg . i'm stephanie ruhle. david: i'm david weston. we have a lot today. we have our favorite friend. our very special guest host for the hour is the ceo and chairman of starwood. david: matt miller, can we have some breaking news? matt: we are looking for $1.45 eps, and the numbers have not rolled across the ticker yet.

one company heavily investing in .hina today a lot of them coming from asia-pacific region.wanese company, those all generate revenue more than 50% that comes from apple. we are seeing a mixed picture on some of these apple suppliers. some big moves today. all falling today here in the asia-pacific. ask you. -- back to you. anna: yvonne man, thank you very much. ♪ manus: it is fed decision day. , ourand i have been saying guests is chief european hewin.st, sarah welcome to countdown. anna, what is your number for today? anna: for percent chance of a change in interest rates. does that some things up for you today, sarah? market economists have a slightly different way of viewing the world. serpico i think a 4% chance sounds about right. what is more important is what comes out of this meeting. do we see any key changes in the messaging. importantly, what is a signaling for december. it is a ho-hum meeting. there's no conference. no news forecast. we get the whole works. the press conference. they are also being to us, it would be quite shocking. the nuances of the language a

at today's ministry of foreign affairs briefing,hina called the u.s. patrol illegal and provocative. if we're forced to record, spokesman said, we'll dece when and how to respond in our own way. >> does thatt mean a military response when you talk about stepping up the response? >> reporter: he replied i will not answer a hypothetical question. it's believedhere will be more near chinese out posts but those claimed by other countries too. >>> this morning the death toll from a powowful earthquakak in afghanistan is above 300. the rescues are still trying to reach many people trapped in the debris.. a local governor says they have supplied for the victims but in his words, getting there is not easy. >>> this morning a woman accused of driving her car into a crowd is in jail on a million dollars bond. four people were killed in saturday's crash at the oklahoma state university homecoming parade. chamamrs will u uergo a psychological evaluation. >> reporter: the memorial here at the crash site continues to grow. yesterday y e district attorney said that a

china is surrounded by enemies. ,hina had a war with russia japan, philippines, north korea, pakistane enough food, water, and energy. they have huge issues. it will be a long time before they overtake america in any shape or form. i want to point out that when i speak about the american know terry, they often tell me the biggest threat to know terry donna mintz -- dominance is that the economy isn't strong. at the end of the day, the economy is what pays technology dominance. we should focus on making sure the economy is the best in the world. betty: that was jamie dimon early this morning on bloomberg . much more ahead in the next 20 minutes on "bloomberg market day." corporate shakeups at a critical time in yahoo!. who is coming, who is going? we will go through all of that in a moment. ♪ ♪ betty: welcome back to the "bloomberg market day," i am betty liu. time for business flash and a look at the biggest business stories in the news right now. shares at morgan stanley are lower today. they posted their recorder earnings that missed estimates. in a conference call, they blamed

we have people from chechnya, .hina, and from europe for example, the chinese are good at one level. they are not the suicide bombers. we have people from north iraq -- africa who are suicide bombers. iraqis are good as suicide bombers. -- are not good as suicide bombers. there in action is an action. in facilitating these is coming into syria and iraq. to us, that is a crime against humanity. countries should not allow their young ones together. thirdly, when they are finished in iraq and still in one piece, they will go back home and take the havoc back home. this is something which can't be exported, nor should they want them to be imported. ofocracy is not in a sense who has the highest. the sense oft in what actions are they doing, engineers, bomb makers, or so on, and this is where the expertise comes in as well. by the way, syria versus iraq is different, majority of command -- control are iragi baptist bathist army. ofse who have shown signs weakening going back were executed as well. there is terrorism going on within a terrorism organization. nuclear p5 to plus one, we supp

premier li floated the idea that %hina needs to be heading 6.53 growth over the coming years.hat is a long way from double-digit figures china grew at in previous decades. still a positive in some respects. stephanie: chinese stocks have posted the biggest three-day loss in some time. do we think an announcement like that could cause a turnaround? there are different factors driving the chinese stock market. some people say it is disconnected from what is happening in the real economy and he may. -- anyway. chinese stocks are driven by soe reforms, state enterprises dominate so much of china. prater detail on how china wants to continue to transform the economy for consumptions and services, that would flow to stocks. it is a little too early for stocks to take a significant direction out of the economic blueprint because we have to wait for all of the details. matt: i thought the same thing, it is going to take dinner and drinks and nine months before this comes to fruition. stephanie: more like 10. stocks that look at make baby formula, as soon as we got the headline that ch

we have to show some signs of life in the asia-pacific region too, we have not for long time. ,hina will have their own block where the standards are not as high. for china to be part of the tpp, they have to up their game. they will have the of the game in terms of market access and openings, particularly around financial services. they will have to give up this innovation drive with a favor, companiest indigenous and state owned enterprises. they have a lot of work ahead of them. i think longer-term, it would be good to link up china with the transpacific partnership. i think it would be better for experts in the united states -- exports in the united states. host: in terms of the compromise, were you surprised by the reactionary a got, particularly from the house and the senate democrats, republicans somewhat supporting it? breeze apprised by the political reaction? what does it say about the nature of compromise and trade? guest: i think trade promotion authority was a pretty good example of two parties coming together and expressing the aspirations of the american people. trait has

we have to show some signs of life in the asia-pacific region too, we have not for long time. ,hina willave their own block where the standards are not as high. for china to be part of the tpp, they have to up their game. they will have the of the game in terms of market access and openings, particularly around financial services. they will have to give up this innovation drive with a favor, companiest indigenous and state owned enterprises. they have a lot of work ahead of them. i think longer-term, it would be good to link up china with the transpacific partnership. i think it would be better for experts in the united states -- exports in the united states. host: in terms of the compromise, were you surprised by the reactionary a got, particularly from the house and the senate democrats, republicans somewhat supporting it? breeze apprised by the political reaction? what does it say about the nature of compromise and trade? guest: i think trade promotion authority was a pretty good example of two parties coming together and expressing the aspirations of the american people. trait has al