we are pushing ahead with a lot of initiatives in apec. it is a pretty important time.ve to have more clarity on what the us will be supporting, where their sensitivities are and how to proceed forward. the us seems to be supporting protectionist policies, so supporting protectionist policies, so how will apec respond to this?” am not here in the usa that he doesn't want to hear more trade, i think they do. they are mainly talking about rules of trade. we will have some discussion about that and we are really looking to work out what. .. where and we are really looking to work out what... where these points of agreement between the us and other 20 economies in apec who are broadly aiming to want to push ahead with these things we are doing. trade is very much on the agenda in the us. washington has set mid—august as the date where they wa nt to mid—august as the date where they want to begin renegotiating the north america trade agreement. president trump promised to use these talks to reduce the trade deficit the us has with both canada and mexico, but his plan threate

the wrapup of apec.official statement about its restructuring program. fromrming what we heard the south china post that they will be eliminating about 600 jobs according to a statement from cathay pacific. 25% will be management, 18% andmanager roles are to go, at of those job cuts, 190 will be management roles. willof the restructuring be completed by the end of this year. further confirming what we heard from early reports, but it goes the pain that cathay pacific has been feeling being squeezed by middle eastern carriers as well as chinese rivals. indeed. the competition from china affecting cathay pacific regionally, but stepping up the for u.s. airlines as well as a look abroad to expand the stops so a lot be flying to, of pain. in the u.s., airlines as well. ofty: you can get a roundup the stories that you need to know to get your day going in today's editions of daybreak. bloomberg subscribers go to dayb in> on their terminal, also the bloomberg anywhere app. you can customize your settings to ge

apec ministers speaking about trade under the trump administration.t says tpp can and will continue. the executive director of the asian trade center in singapore is with us now. you have been looking at the tpp for a long time. we were talking about this in places like singapore during negotiations. is it time to move on? the u.s.ment is that had committed relatively little, so we just get along with the rest of the countries to fill-in. >> that makes the most sense. it is a little confusing to people because they assume the big prize out of the tpp was access to the u.s. market. you heard the malaysians make that market. other than textiles, footwear, and some agricultural products, the u.s. committed relatively little because the u.s. market is quite open and they wrote the tpp to accommodate existing u.s. rules, so what have you lost, surprisingly little. among the 11, the tpp opens up markets among the 11. access,ng that preserving those benefits, quite important for the 11. haidi: to your point, just to show trade flows to the u.s. #6983 does sh

staying with trade concerns around donald trump's policy, the leaders of apec gathered at a summit inal. pulling out of that was one of the first actions by president trump. heading over to my favourite man on television. great to see you, my friend! we are not going to talk that much. i have been hearing bad news that you are leaving the mornings! i will be doing my own show later in the day. you will be asleep. i need to ask you this, what is going on? is this the leaders of a pack trying to reignite the deal between themselves, or are they trying to get america back on board? so far, america is out of the equation. you have the transpacific 11, they are trying to resurrect the trans—pacific partnership. 11, they are trying to resurrect the tra ns—pacific partnership. the members will be meeting on the sidelines of the apec trade ministers meeting in discussing how to revive this arrangement which was ditched by donald trump. they are relu cta nt to ditched by donald trump. they are reluctant to move ahead without the unite dates, japan is that the forefront of this push along with

secretary the apec and executive director.you need to get your day going, today's edition of daybreak. it is also available on mobile. or customizesee your settings. this is bloomberg. ♪ you are watching "daybreak asia." china has been struggling eo reduce its enormous debt pil stabilizing the market. but some say the worst may be yet to come, especially for corporate bonds. goingng is this bond rout to last? >> khamenei are still telling us stillute -- many are telling us the route is far from over. a big number, still growing. government bonds is continuing to rise. we have seen the premium hit a two-year high. authorities are showing no signs of slowing down on the deleveraging campaign. we expect the market pains to stay here for a while. yvonne: some saying there is more room to correct as we look for more default. what is the impact on chinese borrowers? arehe borrowing costs indeed rising. for those that can access the bond market, the average coupon is actually 5.4% this month. 1.1% higher than a year ago, with a paid

apec meeting. >> global trade and the threat of protection will dominate the talks this weekend. summit statement was diluted, indicating pressure on ministers not to criticize the protectionist trend. >> it is very interesting, this watered-down communiquÉ. we seem to see that theme following the g7. >> the diluted statement, apec ministers pledged to work on regulations, but there was no mention whatsoever on resisting protectionism, and like you indicated, we saw this happen at the g7 as well as the g-20 summit, where treasury secretary mnuchin refused to sign off on any strong wording resisting protectionism. it is suggesting that the u.s. "america first" agenda is permeating all talks on trade everywhere in the world. hasoftbank's masayoshi son formally announced the first round of capital commitments for the tech investment fund worth more than $93 billion. who is in, who is not in, and what is next here? >> well, softbank originally announced plans for this fund in october of last year. it is going to be one of the cornerstone investors along with the saudi arabian soverei

leaders from the apec group of asia pacific nations are gathered for a summit in vietnam this week.c partnership trade deal. pulling out of it was of course the first action of president trump. tim mcdonald is in singapore. good to see you. this is the 11 nation is now going, you know what? maybe we can do this without the united states! yes, it will be an interesting meeting because on the one hand you have the countries hoping to be part of the tpb originally now scrambling to salvage it in some way, shape or form, and on the other hand the us trade representative who will represent the president, as you mentioned, who seems to have far more protectionist impulses than his predecessors. many ministers will try to get face time with him to see if there is wiggle room with his america first policies and to seek a bit more clarity about what they mean, but it seems pretty unlikely there will be any major deal that we might see coming out of this meeting but we at least might get a sense of whether the tpp is completely dead 01’ whether the tpp is completely dead or maybe just a littl

as for in terms of sino-japan relationship, the the g20 meeting and at the apec meeting, i had a meeting with president xi. this is the 45th anniversary of normalization of diplomatic relationship. and president xi and we have agreed about taking these two milestone years about foreign tourists and visitor number i mentioned, but is it the largest number coming to china from japan and international students largest number from china to japan. person to person exchanges is at a very high level and as a trade partner, china is the largest trade partner for us. so in the way that china response expectations of the global community, we would also like to urge china to move that direction. >> and finally, prime minister, a new president has taken office in south korea just last week. he favors not only a more conciliatory relationship with north korea than his predecessor, but has taken a tougher line with japan over the issue of the comfort women. he said during the campaign he rejects the agreement you signed with president park a couple of years ago. i think you had a conversation with pre

. ♪ rishaad: trade ministers from the 21 apec states meeting in hanoi.inue our conversation with stephen olson. nafta was some 23 years ago when this deal was being born. there is a lot of economic research suggesting it has worked very well, and economic research saying maybe not so great, but why this donald trump hate it so much? >> i think most criticism center around labor market dislocations that we see any time you move to a free-trade scenario. in mind isnt to keep that the nafta agreement is in fact 23 years old. is perfectly reasonable for all the countries involved to take a look at the agreement, if i wait what has worked well, but has not worked well, and if there are reasonable modifications and amendments that can be made, the way we have done business changed since nafta was initiated, so it makes sense and appropriate. you have written about the unpredictability in the president's first 100 days here it is this intentional or a sign of disarray and chaos in washington? well, i don't know if it is intentional and if it is a sign of disarr

the russian commitment to opec short- apec will fall where language about protectionism was watered down said recorded evidence was a doctored, he claims he was set up during a take conversation and temer says the accusations with evidence.rt global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries, i am tracy alloway, this is bloomberg. whereget back to riyadh j.p. morgan chase ceo jamie dimon says he is confident to increase his market share against increased competition from rivals. dimon says he is optimistic about global growth and the opportunities it will present to j.p. morgan in the future. >> the world is going to double in size in the next 12 or 15 years. this is opportunity. we have spent a lot of money in technology, we know what we are doing. we help companies go around the world. the emerging markets move twice as fast as the developing markets. >> can you break down the units were you want to defend your market share and where you are trying to aggressively push it? >> i want to push it everywhere. clients want multiple vend

apece diluted statement, ministers pledged to work on regulations, but there was no mention on resistingionism and like you indicated, we saw this happen at the g7 as well as the g-20 summit where secretary mnuchin refused to sign off on any strong wording resisting protectionism. it is suggesting the u.s. american first agenda is permeating all talks on trade everywhere in the world. has formally announced the first round of capital commitments for the tech investment fund worth more than $96 billion. who is in, who is not in, and what is next here? >> softbank originally announced plans for the fund in october of last year. it is going to be one of the cornerstone investors along with the saudi arabian sovereign wealth fund. you also have abu dhabi allstors, qualcomm, apple putting in money, too. they didn't quite get to $100 billion. they got $293 billion. that is a lot of money to be able to spend -- they got to $93 billion. that is a lot of money to be able to spend in the next few years. finance ministers failed to break impact on debt relief for grief. that means delays in the bai

so the choice they have made, that japan appears to have made, based on the apec leading in hanoi, gotpp without the u.s. liz: i see. >> i think that is a very good idea. and what that will do, because tpp is very high standard trade agreement. that will raise the standard of trade agreements in asia before the rcep comes in which is where china plays a role and that's a very low standard. so this is a moment to define where we want the standards in asia. and the type of leadership role that japan can play. i just hope we recognize that moment and not insist we have bilateral agreement with japan. liz: everybody talks about the china will fill the void perhaps the united states has left but they can't see everything donald trump sees. donald trump brought xi jinping to mar-a-lago, not washington, d.c. he had a much more casual dinner atmosphere. looks like he knew what he was doing because shortly thereafter there were deals struck, they will allow more of our beef there, they will sell some of our chicken, some of our viewers flipped out called it sick chicken because they had proble

was going to pull out of the trump specific partnership under him, and that weekend xi was at an apecummit in lima, and announcing we are the globalized power. they've been building on that since. that's the chinese narrative now, which a lot of people like. they hope it will be accompanied by chinese money. if we can show that beautiful wall that we've shown today. that's barking to beijing. >> i know, barking is suddenly become a world center here. >> the first time that barking will make it on a world map. >> barking, of course, in the east of england. >> i was going to say, you better tell people. >> jonathan, thank you. >>> tune in on monday when we'll be live from beijing with all the latest developments from the forum. >>> our top story, french media conglomerate vivendi announced plans to buy group bollore stkeg in havas for $2.4 billion. it would add a combined business to vivendi with more than 13 billion euros. vivendi up by 5.3%, havas up by more than 10%. >>> now, shares in astrazeneca are rallying hard after the success of a cancer drug trial. shares up by 4.5%. a drug t

. >> eric: do you recall donald trump's apec speech?ot of people who weren't sure about donald trump when he delivered that aipac speech and much of it was written by jared kushner. people started to embrace donald trump and israel started to embrace donald trump. by the way, it's very, very refreshing to me after 8 years of contentious relationship with israel that israel likes us again. >> that's right. >> eboni: i was in israel as well, eric, everybody did not dislike america in israel. i promise you that's not true. i promise you. >> guarantee you this that president trump has the israelis' back and they know it. they know he is their best chance, their best hope in that region. now, as far as politics stopping at the water's edge, no way. not with this president, not with this press, this venomous cycle unhinged deranged appea apoplectic press that likes his guts. >> that's a good word apoplectic. >> first word rosenstein, a story about rosenstein threatening to quit. also a story about comey asked for more money for the russian in

article about a well-known couple and i forget their identity.ge they are sitting in bed and one has the apec reader and one has a book and they discussed that whole issue. as someone who has become a writer about arts and literary in brooklyn and a one-person operation i am curious innocence of here you are in a responsible position at the times. you are a mother and he said you are reading a thousand books a year give or take. i am probably reading, this is my reading and every day i read your books. my home is full of books and i work from my home. >> the key for me is that i don't watch a lot of tv. >> i don't own a tv. >> you are on the right track i guess.i certain other forms of culture that i dedicate myself to the book and i think one of the things, and i don't use an euin reader for ideological reasons but for practical reasons. for me reading is a break from that and also i love the physical object of books.bj i do think it's hard because there are so many instructions. i used to live in a five story brownstone and i would leave it on the floor and go all the way down to read. w th

he's sworn in and assumes the position, he's going to immediately go up to capitol hill and off to apecnd vietnam. so i'm sure we'll get around to it. but right now we still need to go to the process of getting him sworn in. >> last week quickly, they touched on the topic. when the president will be with nato ally, is he going to ask for a larger bigger involvement in afghanistan with troops on the ground from the members? >> i'm not going to get into what he will say or not say. he'll have an opportunity to make his position very clear. he hasn't even, i don't think we have announced the afghan strategy yet. there's two issues. one is he'd like to see a greater effort placed on counter terrorism, combatting terrorism. two is to see more of the countries live up to their financial obligation they agreed to. jim? >> two par question. is president trump still committed to his 15% corporate tax rate? he's also under pressure to keep existing loopholes such as the eliminating the state income tax write off for highest state taxes such as california. is he committed to the 15%? also full ste

is nothing wrong with the president who mavis it southeast asia in november for the apec meeting, foring to reach out, test diplomatic intentions of another country. we don't know if the visit will take place, when it will take place, there is no specifics on that but there is north side to the issue than the controversy surrounding duterte. neil: president talked about someone who at least face value to be a thug. his references to the north korean leader, saying a pretty smart cookie, talking about his survival power. and, what he has said in the past about vladmir putin, even though that did not, you know he, assure any warm fuzzy relations, since the tomahawk missile raid on syria. what do you make of that? it is not predictable? when do you think? >> i think it is okay. like i said, it is okay to test diplomatic intentions. doesn't mean you give in to their views of the world. we're looking for friends. we're not looking for foes. if you have the opportunity to meet with somebody on the table. you express your concerns about this. we have mutual interests here. i'm not troubled b

speaking at the milken institute, he told bloomberg that the apec meeting and hanoi this months willthe next focus for progress on the deal. it's absolutely possible and it is good if it happens. fundamentally, what we need to do is cap the benefits. we were disappointed but it was not unexpected when the u.s. withdrew. there have been questions about what countries might do but we met recently in chile. we had a conversation, the 11 of us decided to keep the options alive. nejra: independent emmanuel macron will face marine le pen of the national front tonight for their first and only head-to-head debate of the election. with four days to go, plls suggests macron would take 60% of the vote but more than 1/4 of electors plan to abstain. global news 24 hours a day powered by 2600 journalists in 120 countries. this is bloomberg. getcine: we're just breaking data out of the u.k. this is for april. it's construction at it is a beat. 53.1 instead of the 52 we were expecting. i'm surprised we are not seeing much reaction on the pound. 129.29. yesterday, we did have some pretty encouraging