emily: your state in tencent -- stake in tencent is worth more than naspers overall. your strategy to close that gap? we are of course a company that is quite diversified, so you would expect a certain discount to be for us normal to trade at. us, there are structural other factors that make our lives a little different from others, but fundamentally, what we focus on doing is find these great entrepreneurs that build great businesses. actually, the last set of results are good examples where we see very strong growth in the e-commerce business growing close to 40%, accelerating year-over-year, and our core e-commerce investment starting profitable. building great businesses is what we do. you look ataid listing some business units individually. curious which of your businesses are you think our listing-ready? -- are listing-ready? bob: we are looking at a broad set of options to which businesses can actually help us over time to unlock this value. there is a broad set of options we have. we have done it many times in the past. for example, we have an online for deliv

stake in tencent is now worth more than naspers overall, and your performances largely nearing tencentegy to close that gap? bob: we are, of course, a company that is quite diversified. so, you would expect a certain discount to be for us, normal to trade at. for us, there are structural other factors that make our lives a little different from others, but fundamentally, what we are focused on doing is finding these great entrepreneurs that build great businesses. actually, the last set of results are good examples where we see very strong growth in the e-commerce business growing close to 40%, accelerating year-over-year, and our core e-commerce investment starting profitable. building great businesses is what we do. emily: so, you have said you look at listing some business units individually. curious, which of your businesses do you think are listing-ready? bob: at this point in time, we are looking at a broad set of options at which businesses can ask the help us overtime to unlock this value. there is a broad set of options we have. we have done it many times in the past. for exam

their ceo joins us to talk about backing tencent next. bloomberg. ♪ emily: last week, africa's biggest company by market cap reported a 72% increase in earnings. they credited advertising and e-commerce for this boost, and happens to be one of the biggest tech investors in the world, and has long relied on its 31% stake in the chinese tech giant tencent to accelerate growth. but its investments in online companies are starting to bear fruit. folded 2% stake in tencent and then netted another 1.6 billion dollar profit from the sale of a stake in the indian e-commerce startup in may. their ceo joins us to discuss. >> the main reason we freed up our capital is driven by opportunity. we have been focusing building our e-commerce business in class -- classified and online for delivery. getting to some scale, we realized there is so much for the opportunity to pursue. we really wanted to shore up the balance sheet and give us the capacity to do that. repeat the model of finding a great business, finding a way entrepreneur, putting our backing b

stake brought the small in tencent in 1951. million. i am sure there's dramas on whether to get into games or e-commerce. you've been ringside for that. your u tell us more about shared history, what is it like of be on the front line tencent's growth. bob: it's probably the company by an incredible leadership team in the world. they care ave done, about the customers, they start ith the customers and technology, and they have been taking a view on what is the we can sible product offer. hat's what we do as well in autoinvestment. we find entrepreneurs with focus. trent is by far the best example of doing that, that's we do.ntally what >> your stake in tencent is over more than naspers all. and the performance mirrored tencent. what is your strategy to close the gap? > we are a company that is it diversified. you expect a discount to be for at. ormal to trade for us, there are structural actors that make our lives a little different from others. fundamentally, what we are finding the ing is entrepreneurs to build great and the last set

jd.com, it's in the tencent universe, and google just invested in it. competitor to alibaba. we now see google potential he aligning itself with tencent, which is a big deal. is making a lot of investments in china. they are very much aligned with alibaba, their biggest historical success. alibaba versus tencent is really where the action is in the chinese tech industry. kathleen: isn't that different in the u.s.? david: yes, it is different. you don't have to align 100% clearly with facebook or google or amazon. those companies or possibly to dominant, but you can be independent in the u.s. market in a way that is much harder in china. long-term, you will have to be allied in china. kathleen: david kirkpatrick, thank you for a fascinating conversation, putting so much so much of this in perspective. check out his latest book, the facebook effect. on our interactive tv function. you can dive into any securities and bloomberg function that we talked about. be part of the conversation by sending us instant messages during our show. check us out at tv

tencent got millions of users overseas.to the united states with their social networking. alibaba has been very active in by international expansion importing chinese products to the united states. chinese internet companies will definitely have more exposure in the overseas markets. there was a story out that a company is launching right here in australia this month. it is interesting what the markets are pushing until. -- pushing into. companies have grown but what about the saturation when it comes to the domestic market? >> most of these --nese-internet giants have when they expand into the overseas market, they need to comply with the local in order to find a local team to work with. those are the challenges they face in the future. rishaad: the nasdaq is hitting recordsrecord, several where the broader markets have not been doing as much sand -- s &p. 2018, tell us about what you are looking at, nania? the chinese internet stocks had a very big performance year to date. the overall evaluation more than doubled last ye

companies like tencent at this time?till have the underlying floor support. haidi: catherine, how do you hedge in this environment? you could hold cash, but then you run the risk if you are an equity fund manager, you should be invested in equities. i work with the portfolio manager who for the past couple years has documented a 15% notional protective strategy via puts on various industries as protection for these kinds of events. they are quite long-term, but he keeps these. positions rolling over from a cost perspective, it has been quite cheap. is an overly expensive relative to other areas in the marketplace at this time. ramy: all know, we are there again. [laughter] haidi: catherine, stay with us to react fidelity international investments director in hong kong. let us get the first word news with paul allen in sydney. paul: china and the eu have promised to oppose trade protectionism, saying that it risks pushing the world into a recession. following talks in beijing, the vice premier says china and the eu oppose

tom: baidu, alibaba, and tencent are all buying into this as strategic investors, 21.8 million sharesughly at about 13 to 14 yuan per share. this is the unit which is the main assembler for apple. the company unit is called foxconn industrial internet, and clearly baidu, alibaba, and tencent want to get a slice of the action. they are hoping this company to raise about $4.3 billion u.s. they will plow into things like 5g wireless and smart manufacturing, and again, it highlights not just interest in this unit, but the clout of these companies, baidu, alibaba, and tencent, when it comes to investing across the tech space in china. >> the u.s. is open to starting talks with the e.u. to try to reach a settlement over illegal state subsidies that block paid to airbus. that is according to a person familiar with the matter. a resolution could potentially avoid billions of dollars in sanctions against brussels. now how significant is the proposal put forth by the u.s.? >> it came unexpectedly. we were expecting yesterday at the wto dispute settlement body, that the u.s., the u.s. tr, trade

emily: coming up, one hedge fund manager has a novel way to turn a profit from investing in tencent,or down. details on that, next. plus, why goldman sachs is betting big on blockchain. getting into late funding rounds, exploiting the blockchain to tackle what they say is a $9 trillion business opportunity. we will hear from the c.e.o., next. this is bloomberg. ♪ ♪ emily: facebook is planning to offer whatsapp paying services to all of india starting next week, even without a partner. fourth partner state bank of india will join once they have the system in place. this according to people familiar with the matter. the rollout shows just how urgent the race is to win market share from local rivals google and alibaba. whatsapp has more than 200 million users in india. while tencent remains one of the biggest tech firms in the world, the stock has seen dramatic swings over the last year. one hedge fund manager says he has a novel idea, to invest in tencent without taking on so much risk. the partner and founder and c.e.o. detailed the strategy to bloomberg's stephen engel. this from hon

ext baidu, alibaba, tencent who do you think has the potential?ly to make it? has the bestably chance. eventually, what company can beat it? maybe on the social app. they can get a large user base quite fast. enough that it is no way to copy. >> tencent and alibaba by far the biggest investors in the start up space in china when it comes to technology. how are they shaping the landscape? >> i think they feel really anxious about the startups. they are really worried about some integrative company beating them someday. make a lot ofy investments to make sure that something doesn't happen. when you worry about something happening, something will happen very soon. capital'hat was panda peter miao speakings to us. we take a look at the stories trending across the bloomberg universe today. we have a story of a leaked chinese government-backed think tank report, which warns the potential financial panic in the world's second-largest economy. a sign of concern over market turbulence and trade tensions. among the stories on the bloomberg, amazon's push in

baidu,, alibaba, -- alibaba, and tencent. 21.8 million shares apiece at roughly 13-14 baidu, yuan pere unit which is the main assembler for apple. the company unit is called foxconn industrial internet, and clearly baidu, alibaba, and tencent want a slice of the action. it has raised $4.3 billion they will plow into things like 5g wireless and smart manufacturing, and it's not just interest in the unit, but the cloud of these companies when it comes to investing across the tech space in china. u.s. is starting talks with the eu to reach a settlement over state subsidies that would block paid to airbus, according to a person familiar with the matter. a resolution could potentially avoid billions of dollars in actions against investors. now significant is the proposal put forward. >> it came unexpectedly. we were expecting yesterday the dispute settlement body, the to start the process for sanctions against the eu as a result of illegal subsidies to airbus. the result was actually a proposal by the ustr to say, we are prepared to talk. billions oftially dollars in potential trade and ta

. >> a big question on many tople's lips is who is going be the next baidu were alibaba or tencent? do you think has the potential? which startups in china are likely to make it big? hauright now, i think to c probably has the best chance. if you asked me this question, what company can beat the bat? on the social app, they can get large user base quite fast. fast enough that there's no way to copy. >> 10 senate alibaba by far the biggest investors -- tencent and alibaba by far the biggest investors. how are they shaping the landscape? >> i think they feel really inches about the startups. they are really worried about some innovative companies -- and some day beat them. so, that's why they make a lot of investments to make sure that something does not happen. when you worry about that, that is something, going to happen someday very soon. emily: that was panda capital's peter mao. more from our venture china series. and a look at china's unicorns. has invested in 15 startups valued at $1 billion. the founding partner tells us how changing chinese consumer trends are driving his inv

tencent, going into the market tariffs, why do you think the market is down? china tariffs.are scared about them, that is the simple reason. liz: should they be? >> i don't think so. i think it is market noise. i'm worried about the fed rising interest rates and continued spike in interest rates. mix that with a trade war. liz: perfect way to end that on an upbeat note. josh, good to see you. [closing bell rings] stocks off the low but the dow looking at the longest losing streak in 15 months that will do it for the "claman countdown." melissa: she said it, the longest losing streak in a year-and-a-half. the dow falling the eighth straight trading day. s&p and nasdaq also closing deep in the red. i'm melissa francis. melissa: i'm david asman. glad you could join us. this is "after the bell." the house wrangling over the bill for path for citizenship for dreamers and working out funding for the border w

fallout in february with alibaba and tencent, but strategist at goldman, deutsche bank, all stickingo bullish calls. thanndex is less volatile the shanghai composite. i want to mention one company suspended from trading in hong its possible disposal announcement. the stock was cut to hold at cicc, this as chinese solar stocks have been pummeled, and that could trigger consolidation and asset sales. the company has slumped 13% over the past two days. rishaad: something going on at the moment, that moving average also in the frame. let's get to first word news and joined paul allen. it haswhite house says confirmed the location for next week's summit between president trump and kim jong-un at the capello hotel at 9:00 a.m. next tuesday morning. long trackas a record of hosting top-level international meetings and offers good security. meetings and offers good security. singapore posts long-standing ties with north korea. the u.s. government has asked saudi arabia and other opec producers to increase production by one million barrels a day as gasoline prices surge to their highest in th

we are being supported a little bit but tencent -- by tencent. australia's market is up.is worth noting that singapore and several other south asian markets closed today. you see some buys coming through in south korean defense stocks, which is interesting. it seems they are now back in favor. india,banking space in lloyd up by 2.3% -- 3.3%. anna: thank you, juliette saly in singapore with the latest on the markets. bloomberg sources say president trump has approved tariffs on about $50 billion of chinese goods. china has said it will immediately respond with levees. this could even trigger an economic slowdown. >> china completely is aware that the relationship as it exists today cannot be the relationship that we have a forever. we have to get to a better, more sustainable, equitable relationship with china on trade , and on intellectual property. anna: that was a gary cohen speaking in washington, d.c. tom mackenzie joins us from beijing with the latest. what do we know at this stage about the sarah: -- about the tariffs? >> we know that by the end of the day on friday

hbo.com sues to have been blocked, but hbo programming license to tencent has not been blocked.t treasury curve keeps getting flatter, the gap between two-year yields and 10 year new loweached a yesterday, and wall street firms are questioning their year and forecast. morgan stanley reckons that for 2018, the peak for 10 year yields is in the rearview mirror. the asset portfolio manager is still with us, hani. we are at 2.88% now? hani: we think that yields will go higher, at a gradual pace, given that there is a global savings glut that is not going away anytime soon. we saw the ecb delaying any kind the fed ises, and going to continue to be on its path.ization of the other hand, we think of global growth will accelerate in the second half of the year, which will keep yields rising the other gradual pace. bonds have had the worst start of the year on record, is that the end of this? saying that they expect a big rally going into the second half of the year? ani: some pockets of the em really feel overdone, and i think it is a great time for investors to be sharpening their penc

tencent is that giant holding company, they have their own division tencent games which generated $27illion revenue back in 2016. so they are a huge player in the united states as you mentioned, they bought up chunks of a lot of different companies. they own both pug and part of fortnight. i don't know that is huge conflict of interest in my book. they're invested in activision, ubisoft, huge game developer. stuart: what you do for a living is what i do for a living. you sit on a set. you are a news commentator on the gaming industry, is that correct? is that what you do? >> yes. so i am a news commentator for gamer world news and over the past four days, our biggest events, the electronic expo is going on and we provided live coverage of the event. stuart: we're not interested in the games themselves. we're interested in the money. that is how we roll on "varney & company." >> of course. stuart: of course. i understand, is the big new game, the new "assassin's creed," is that accurate? >> yes. so ubisoft gave their presentation a couple days ago and they debuted "assassin's creed" od

of two thousand and fourteen when the company demanded participating banks agreed not to work with tencent or with j.t. dot com a competitor e-commerce company without ali baba's consent while the specific agreement has expired alia bhatt will reportedly remains eager to keep partners away from j.d. dot com as a direct competitor experts say ali baba and ten cent do have reason to be anxious about who their bankers partner with since agreements and shared projects may reveal critical data and strategic plans. the european union's general data protection regulations g.d.p. are went into effect on may twenty fifth in an effort to protect the privacy of european union residents what does it do and will it work here discusses attorney and global privacy expert miles edward miles thank you so much for being with us really appreciate the g.d.p. are lousy you residents to access their collected information and have the information amended or even deleted how does that actually work and what else does this regulation do. well first of all thank you bart for inviting me on what it's does is well fi

i think there is going to be huge room for growth. >> does the involvement of tencent and alibaba asrnt an opportunity? them, theythe two of mix of, cloud, finance. they are so many different subsectors in the overall industry. it is becoming more important that companies pick a side at a later stage instead of arriving with them. they don't have enough power to compete event -- compete against them. >> is your preferred exit an ipo? with some exitng so far, something acquisition. times, they want to buy one or 2% of our state. it is a great way for us to take some money off the table at a billion dollars valuation. i can sell 1% and get some money back to my investors. i have a little bit more possibility to get my money out. >> that was the ceo speaking to tom mackenzie. we have some breaking lines coming through here. this is a french electricity company speaking out and saying they are not preparing a bid. this is the renewable unit of portugal's edp which is quite interesting. there was some speculation that they were considering a bid for the renewable unit. pay theentially cou

tencent the biggest drag on the benchmark. eye on what's going on in the currency space. offshore rate trading against the dollar. senators in as u.s. talks with trump regarding how the company may stay in business. play.a few catalysts in does el like it will be a down day for shanghai stocks. >> let's get more on markets with andrew harris. -- andrew ferris. let's go to the shanghai market and bear market terrain, seeing declines every day. is this something which is a big concern to your clients? what do you tell your clients with regard to it? >> i tell them two th the markets might be right in being worried about specific companies that areoing to be affected by the tariffs. to be concerned about thet in china as a macro unit is completely absurd. global trade is 4.1 trillion u.s. dollars. the inputs that will be affected billion.ven $50 they have been reduced to about $36 million. not even 10%. >> u.s. trade with china amounts to 3% of gdp. will impact all of it.he tariffs they are not. they will impact a tiny percentage

tencent, shares failing to hold above the key technical level.k. frustrating few months for analysts and investors who watched the tech darling struggled to recover after losing $100 billion since march. they say nothing grows in a straight line. why has china not collapsed? this question to drive our next guest for decades -- did drive our next guest for decades. china has changed the greatest show on earth. it is due to a tradition of , which isilosophy behind the country's record-breaking transformation. hugh is our asian economics correspondent. tell us about your findings in general terms. ugh: probably the most interesting thing for your that westerne fact , has donet america well over the past 200 years until the past one or two decades. rishaad: it is about long-term thinking. hugh: and pragmatism. particularly with a country the size of china. quickly,t do things but you have to do things in the right sequence and half to implement them. them.e to implement seen a rapidave transformation. never in history have so many people been allevia

>> this is a company that wants .o become the next generation it has holdings from tencent.popular and almostfied, it is getting toine its own fate. reviews and as food food delivery has spread out to encompass everything from taxi services in a couple of chinese movie ticket purchases, massages and travel services. rishaad: this could be the second-biggest listing after xiaomi and hong kong. the depositad receipt element to that listing. any sign of that happening with this company? in favor hasgument been that chinese compani operating in china are better understood by chese investors. this is a prime candidate. , butn't know if or when there is a high likelihood it will eventually take place. rishaad: thank you very much, david. our asian tech reporter in beijing. after in apa taking off of $10 billion. if approved, it would be the biggest ever take over. expert isonglomerates with me having a look at how this deal stands compared withcki' previous in the market -- with cki's previous for race into the market. ays into the market. deal show the group did not change the di

because of the tariffs, and you are shipping it through, you pay the $.10 and that is where you see the tencent puts is as $.22 per pound to get into the u.s. vonnie: thank you. >> this is a chart about the biggest name in m&a. fox shareholder, a good time for you. comcast, disney shareholder, look at this, we have comcast in the blue. since disney agreed to buy the fox assets, shares about 20% down. if you look at disney, roughly flat. that says what the investors think about whether these companies should be going for these assets. see my chart on the bloomberg at g tv . vonnie: it is a tough one. a tight race. caroline, you have a vote. caroline: content is king and i'm all about technology. aluminum but the winner is. ♪ >> we will have a great discussion. tremendous discuss -- discuss -- airbus,: let's talk amid brexit pressures, threatening to pull its u.k. investments if there is no deal. theresathe stakes for may as she fights to deliver a solution that will not wreck the country's economy. only were they complaining about no deal but if the transition time, saying we have so many su

with the likesit of alibaba and tencent.0% of its sales coming from internet sales. among games, apps and so on. companies that are in alibaba have over 80% of sales. that is a pretty significant difference there. yvonne: when it comes to -- i guess it speaks to what xiaomi is going to be doing with the merits and challenges of their business, it is getting so hard for investors to put a price in value for the company. it is not like in apple, gopro or fit in any way. anthea: just now we mentioned about the disruptive power that picked thatld have up. we would keep our margin not more than 5%. everyone wants to be in the high premium and to make the most of it. so, the strategy is completely different. it is new. number oneg lost the position in india. from our conversation, they said wereis something that they not prepared for it. again, the challenge is, in emerging markets how can they keep the users? it is not like china. in other countries you have a .ot of new rivals also, you do not really have the expertise and distr

in this letter that the lawmakers wrote to the company, they threw tencent into the mix gowe have a loturther to in terms of the result of this. emily: thank you selina. the federal communications commission approved a plan to free up high-frequency airwaves for next generation networks and other services. the action sets rules on sharing -- action sets rules on sharing an operating a 24 gigahertz band that will be auctioned to multiple carriers in november. this could be a breakthrough for consumers. >> the easiest way to think about 5g is that it takes what you think about on a server or a device from an operating system and puts it on the network. you are going to have a network out in the world wireless network that will allow you to do services you have never seen before to consumers. emily: coming up, google is making its ai ethics clear. the company says it's technology will not be used for harm. we will discuss. if you like bloomberg news check , us out on the radio, bloomberg.com, and sirius xm. this is bloomberg. ? emily: google just released its for ai applications. the compa

have seen them chip away at returning to mainland china and they recently had a partnership with tencent, and now with jd. emily: what is your take on this, isaac? isi think the move important, mostly on symbolic levels. roughly less than 1% of the company's worth. but really what it is is google trying to say to beijing, listen, we want to come back into china, we want to do business with chinese companies. and so they picked relatively a nonsensitive company to do it with, e-commerce is less of an information business, than search engine, which has caused google problems in china in the first place. emily: i was in beijing when google left the country and there has been no sign of a potential return, so could this be more about being back into the good graces of the chinese government than it is about building an e-commerce strategy? >> we did see google open up that isnter in beijing, what they have been pushing with chinese developers. i think they are trying to back end with their cloud service. this is much more around their strategy in china, to go to chinese companies, the larger

we have alibaba down more than 3%, down 3.3% in the overnight session, tencent is up chinese equities are under pressure because of the mixed messages that are coming out from the white house, even though treasury secretary mnuchin has gone at lengths to say they're not singling out china. joining us on the line, we have tim adams, ceo of institute of international finance joining us from beijing great to chat with you i know you're in china meeting with tech companies. interesting timing here. what is the mood like from the ground, from the various business people that you've been speaking to given the onslaught of news, rhetoric, and exchange of words that's going on between the u.s. and china now >> sure. obviously there's enormous interest, i've been bombarded with questions just today on the u.s. approach to u.s./china trade relations and also with respected to investment. your previous segment touched on the cfius process. enormous interest here focused on the u.s./china trade relationship >> have you detected concern from businesses that you have been speaking to that ultimatel

company's strategic investor list reads like a who's who of china's top firms, including alibaba, tencentnd baidu feud -- baidu. state companies also took a large part of the pie. tom mackenzie, bloomberg. emily: here to discuss the global supply chain for apple and the foxconn ipo, we are joined by ian king, and we also have garrett with this. you have an apple analyst who says the report is just noise, should we be skeptical? garrett: i think it's worth treating the report with a hefty grain of salt, we have seen reports about the supply chain before, it is an sure what supply chains they are talking about in the report. you can see how investors are reacting on the supplier chain sign, there have been deeper in tech's, but in terms of what to expect from apple in terms of sales, i don't think you can expect concrete evidence that it will be as negative as the report suggests. emily: en, broadcom -- ian broadcom reported orders, and you were listening in on the call. what did you figure out from the call? ian: we're back on the roller coaster we have been on for i don't know how many ye

we compare them to baidu, alibaba, tencent. they have less than 10% of internet sales.have more than 80%. look at growth margins. they are at 14%. look at user base. alibaba has 500 million users. user loyalty to hardware seller is relative to software. rishaad: they are also content providers, too. they talk about loyalty and user base. guest: if you think about eechat, for example, it's cor -- they aren selling the operating system of the phone. when you change the phone, you stop using the operating system. the loyalty is much lower. rishaad: we are going to have dickie back. thanks for sticking around. maker, a hardware effectively, which is trying to sell itself as being an internet software play. guest: you can call it a high-growth company, but it's definitely a hard where company -- hardware company. there's no question. they smell the -- they sell smartphones. no matter of valuation or market cap, is definitely lower than two or three months ago, where people anticipated. phone just buying a smart if you ask me to pay 2000 hong kong dollars to buy a samsung gal

we like tencent.ch or that's the same as saying we are going to go into peru or turkey or brazil. i think there is something to may in a way,a there could be some safe haven there and there are some attractive businesses. china is still a very strong economy and there are still some great bottom-up stories there. haidi: think you can order -- you can argue china is like anything else on fundamentals in the story. ,reat to have you with us, john to talk through the turmoil in the markets overnight. the --r day going into today's edition of "bloomberg daybreak: australia." get the news on the industries and asset classes you care about. this is bloomberg. ♪ ramy: a quick check of the latest business flash headlines right now. mercari enters his 2nd avenue trading as the most bible dan trading, shares closed above price,'s ipo opening valued at $6.5 billion. investors will be keen to see if the founder can execute an ambitious overseas expansion plan. that's our mission is to reach global customers. we a

while tencent remains one of the biggest tech funds in the world, they have the stock has seen enormousngs over the years. the partner and founder and c.e.o. detay tailed the strategy to bloomberg's steven engel. take a listen. >> the stock has been bullish for so many years that people are not assigning a high probability to a selloff. just to be clear, we are not necessarily calling for a big selloff in the stock but if one were to occur, they would have a significant amount of value. >> what is the distribution of your call? you're also saying go long with some shares. >> that's right. we would do what we call a theoretical delta. when you buy the put, we're recommending to buy the march 201925% out of the money put that means we have a 10 delta. that means you buy about 10% of he stock when you buy the put. that means you buy 10% of the stock when you buy the put. where the stocks to rally a lot, you will lose money and the premiums, but make quite a bit of money on the stock you are long. this bet really allows you to make money in extreme moves either way. if it's down a lot or up

going to this article, the van lews tencent sent one of their slaves to philadelphia to be educated, only to send her to liberia, only to welcome her back to richmond on the eve of the war. the same mysterious slave was planted so -- the article claim -- by van lew in the confederate white house, where in her guys as a domestic servant, the spy gathered intelligence for the union underground and funneled it on to van lew. the story took on a new life when van lew's executor, a northern man named john reynolds, purportedly asked the identity of this spy of van lew --nice, who remembered it nice, who remembered it as mary elizabeth bowser. and shed the name on was named as the white house by. -- white house spy. life,esearched van lew's i was keen to learn everything i could about mary bowser, and what i learned, trying to follow this tenuous trail of evidence is the woman all these years that we had remembered as mary bowser was in fact was one mary jane richards. the records of the colonization society and the freedmen's bureau and other sources demonstrated it was a slave girl named

shares in hong kong are set for the best run in three weeks with tencent driving the bulk of the gainsng on the stock movers, in seoul, we have a biological company sliding. kong, chinese solar players are seeking the government's policies. toyota is up for a third day. the u.s. car sales came in better than expected. we had goldman with a bullish outlook for the car maker, iy that. isoyota to by based on its cost-cutting. -- to buy. that is based on its cost-cutting. manus: breaking news on a few new stories. could there be a merger? they were talking about barclays. the society general reaches the pact to resolve libor. and libya. these are issues they are trying to square away with the department of justice. let me read you from the statement. i is fully covered by the positi -- it is fully covered by the provision. of records.stment ibor. the much more fascinating story is there is going to be a day, if it is not barclays, standard charter, never before in the past 10 years have there been so many european m&a banking stories making the loop. anna: banking m&a seems to be something

every country there's 52 names in there, and i bet you have never heard of two thirds of them >> tencent, amazon, baba, netflix, microsoft, jb, and snap >> then the other 40 are names all over the world that are doing the same thing and growing even faster. that's what i love it. i loveively managing indexing i am never going to stop >> i agree with like that you should own tech globally, and i agree with you that it's underappreciated by u.s. investors. the chinese technology names have been amazing over the last few years. a lot of pe still really don't have exposure. >> i would have never built this if it already existed. there isn't a single index that is global thatxists. this is global disruption. one index does it all. >> okay.e do you want to go on this now jason? where do you want to go? all right. let's ta appoo pushing for change aallergan leslie picker is following the money for us this itingr that drops about a half hour ago. >> extremely interesting and very rare. you don't hear that much from apaloosa who is teaming up with douglas silverman's group, disclosing a serie let

retail, sm holding, glencore, tencent, hsbc in terms of the points.ill chase -- change this to percentage changed. the minerals and mining stocks are feeling at this morning. you can see that across europe area there are a few upside stocks. it is the basic resources, it is the banks, the retail sector and the construction sector that are leading us down. basic resources down by 2.5%. moves to theg downside and with the exception, not a lot of movers to the upside. markets taking a big hit after china has vowed to retaliate against u.s. companies following donald trumps threat to place tariffs on another $200 billion. the ministry of commerce said it was retaliating with strong countermeasures. the u.s. secretary of state launched a strongly worded attack on china. with us now is michael metcalf, >> we have been wonderingegy whether this trade would impact markets. this is much broader than the steel tariffs now. we have been through trade scuffles before and been unscathed. this looks like escalation. we are going to see if this puts the cat in the b

we have seen a good pickup in a lot of the tech players like tencent, also mining players. at the stocks we have been watching. around aopper holding three high. a big boost coming through in the big mining layers. bhp closing higher by more than 2%. toshiba is in focus on news it will sell part of its pc is mr. sharp. number of has affirmed its neutral rating at is jumping the most since november last year. a little bit of corporate maneuvering happening in malaysia. a couple of ceos resigning including ahead of esther malaysia -- astro malaysia. she wi.ll leave the company on good terms and january. anna: breaking news coming through from the middle east. the divide-based asset manager him a -- manager. it has been trying to get agreement with creditors to [indiscernible] on debt payments. it seems it has not agreed with all. kuwait funds which is -- has filed the petition for holdings to go into liquidation. they filed this in a newspaper in the middle east. keep an eye on that story. warning of deep splits at the upcoming g7 summit saying she will challenge donald trump

since it has rally 9% -- tencent has a rally 9%. singer lot in focus.kong listed stock falling after little bit of profit taking. it is a stock that has done very well because the shangri-la hotel named ahead of the kim-trump summit. 44% which is the daily limit in shanghai. >> juliette saly in singapore, thank you so much. -- acrimony ahead of emmanuel macron has said no head of state is eternal and he sounds ready to work with the other g7 members if the u.s. wants to stand alone. trump struck back on twitter saying france and canada cost the u.s. -- the most contentious in years. the white house has already announced that trump will leave the event early to head to singapore for his meeting with north korean leader. we are joined by jodi schneider. first, president trump will be leaving the g7 early to attend the summit with kim. tensions at the g7 are going to be on the rise already, and now we hear he is not staying until the end. what kind of signal does this send? jodi: he is going to be leaving early to go straight to singapore for that other su

authorities have blocked hbo.com but hbo programming licensed to tencent has not been affected.ncluding running references to winnie the pooh. guy: bmw is warning it will pull back investment in the u.k., if a brexit deal cannot be reached. it joins a chorus of businesses speaking out. airbus warned a scenario would be catastrophic. to u.k.ntial hit investment. good morning and welcome to the program. manufacturing is talking about the idea that it is going to be severely affected if we get a no deal brexit. guest: it has to because today in the u.k., we look after the savings pensions and investments as 70% of british households. europe's leading asset management center. not only will there be a great british asset that we look after more assets here than france, germany, and switzerland. brexit is hugely important to the industry. w andi imagine the m airbus are the tip of the iceberg. if there is no deal, what kind of, what size of move do you expect from industrial producers in the u.k. out to other places? regulatoryuse of the rusher, firms are having to put together their

over in hong kong, consumer and health care stocks are leading gains and tencent, the backbone of theg seng, rising for the first time in six days. zte shares in hong kong jumped as the company said the u.s. senate defense act that six to reinforce penalties on the company has more hurdles to go through before becoming law. 15%.s rising as much as we are seeing crypto stocks exchangescrypto exchange continue to suffer from robberies. manus: thank you very much for the roundup there from hong kong, sophie kamaruddin. donald trump's threat to impose tariffs on another $200 billion of chinese imports could take away as much as half a percentage from the nation's economic growth. the bank of china governor pledged to use monetary policy to comprehensively support the economy. that is go to tom mackenzie who is in beijing. good to see you this morning, tom. a very small from the pboc. what exactly does this tell us about the level of concern about the amongst china's policymakers? tom: it is significant that he came out and made these comments at all. as you said, it is a message of, don't

tencent holdings owns a 40% stake in epic. temperatures across the region will cool below normal through wednesday afternoon. temperatures are then expected to warm slightly late in the week, but late in the (robin) no major hot spots. bay bridge wb 80 is less then 30 min from the maze to sf. accident sb 17 big moddy curve slow from bear creek creekfrom bear curve slow big moddy curve slow from bear creek ( james ) an east bay teacher is behind bars... accused of commiting sex acts with children. police arrested brandon genest at his home in walnut creek. the investigation started with accusations that he had children inappropriatey touch him... while he was working as a babysitter. genest is also a high school teacher at bentley school in lafayette. he is on administrative leave. ( darya ) and before we go to break... here is a look at more election results from across the bay area. they'd tell you to go to ross. because there's so much to choose from. listen to your pets. they're your best friends, so they don't want you to