ramy: david stringer coming to us from melbourne.s peer-to-peer lending sector is under scrutiny with hundreds of platforms failing. we look at the impact of the wider financial system. yvonne: chinese e-commerce startup falls on his debut, making its founder among the world's wealthiest people. more on that. this is bloomberg. ♪ yvonne: this is daybreak asia. i'm yvonne man in hong kong. ramy: i'm ramy inocencio in new york. check out in china's it appear lending industry is getting faster. at least 118 platforms failed this month alone according to shanghai-based you tom group, the highest number in two years. let's go to beijing were tom mackenzie is joined by the ceo chinesetease, this is a wealth management firm. tom? yes, thank you. one of the biggest semtech companies in china. and it listed in the u.s. thank you for your time. i want to kick up with a credit environment. in the first half of the year, we're in an an environment where we saw tightening. now we are seeing a switch, a looser credit environment. what impact -- ar

david stringer in melbourne for more.stralia now forecasting coal to become its top export earner this fiscal year? >> good morning. that is exactly right. it is forecasted that the combined export earnings for are steelmaking and call just going to nudge ahead of iron ore. 58.1are expecting about australian billion dollars from coal exports. a couple of key factors that may prove temporary rather than permanent. we have seen higher prices for thermal coal. they are expected to continue. they're going to help boost export earnings in the next 12 months. side, iteelmaking coal is a slight creep up in volumes. prices flat to declining. slightly higher volumes. both of those factors boosting up warnings -- earnings. this might tell us more about the iron market than the cold market. key has long been the compartment of australia exports. that market suffering from a move to a weakening in demand in china, the key importer. volumes are largely stable, small rises. prices are declining. it tells us more about iron or than any

our asian metals and mining reporter, david stringer joins us from melbourne. production further. we are seeing production from its two biggest rivals. push higher from where the have gone? david: absolutely. forecasting is a fit particularly increased that. a record annual production and after 12 months and ended at the end of june. there are options beyond that. on the middle of 2019, it will have the capacity to go there the. it is whipping through ray lahood support, all of that is boosting capacity. that is the thing. this is the biggest exporter. this is a similar position. a lot of iron ore is coming up, i guess you would see some reduction in prices. though,not seen that prices have held steady at over $60 a ton. benchmark prices have ticked up. the net impact on the market is not as pronounced. we are seeing a lot of lower quality, higher cost production exit the market. the net impact is probably only about in addition of 2 million tons. that is kind of why we are uping that #rise really hold in that 60-70 dollars a ton range. ramy: why are there some

david stringer is in melbourne. they are expecting to lift output further in australia.roduction from its rivals. what has been the response in the iron ore price? >> that is right. we've heard from all three, the three largest iron ore exporters. raise orlanning to telling us they are on track for beating estimates. we are seeing more supply from .hose three key producers you might expect that to be weighing on prices, but it is the benchmark holding resilient, refused to budge, $60 to $70 a ton range, for a good while. it has been trading above $60 since november. what it appears, the dynamic playing out appears to be that the losers in this scenario are the smaller players, the higher cost iron ore, producers of lower quality products. close,e seeing mines trimming production, while the biggest producers raise output. we are seeing strong steel production numbers from china. continuedpporting exports from brazil and australia. david, just an idea, because it is all about grades of iron ore. i want to move to copper. is the company closer to selling that shale business

david stringer there in melbourne. ,et's look at amazon second-quarter sales missed a little bit.ccentuate the positive. our asian tech reporter is with me now. increased profitability. >> who have thought we would be looking at a they were amazon's to be showing off all of their profits, and it really kind of pushes the flow to any kind of worries people have that revenue for growth were slowing down a bit. what are they have any guidance in the future that will be key as well? >> amazon is currently lumpy. they will have a corner where their profit is going up and down, so that's a worry for investors going forward. amazonseeing so many of store profitable business is becoming a bigger part of the company. insight cloud, advertising ,usinesses, third-party sellers these are things that are more profitable for amazon and becoming a much larger part of amazon plus whole business. haidi: that was kind of that shift in focus to the growth in sales to profits and some of these other operating areas. shelly: it has been interesting to see because for 20 years, they've been the whole b

david stringer live for us. now a look at the latest headlines.ia's mccory group is close to a deal to buy a majority stake in t-5. we're told an agreement could be announced as soon as this week. valuing the u.s. data center operator at about $800 million. the state sale by iron point -- let's try that again. requires approval from the committee in foreign investment into the united states. now a push by the distributor of jim beam to persuade more indians to booze up has left them with a hangover in the u.s. they've agreed to pay more than $8 million to settle claims it bribed indian government officials for years. they say the distiller paid to have their -- to secure prominent placement on store shelves. to banking. the meds -- head of mitsubishi's deal with morgan stanley says he wants to put an end to workplace harassment he said it will be a difficult job but many employees have risen through the ranks of what he calls a sports jock culture. ihe wouldn't comment on individual cases but says he's aware of incidents in the equities division a