westpac, samantha, is indeed ina very story., samantha, is indeed in a very tough situation after being accused by the country's financial crime—fighting agency of violating anti— money—laundering laws on more than 23 million occasions. regulators say westpac ignored red flags and enabled payments from convicted sex offenders and high—risk companies like iraq, zimbabwe, lebanon and the congo. banking analysts say each breach is liable for a civil penalty of 11-15,000,000 breach is liable for a civil penalty of ii—is,000,000 dollars, which leaves west westpac open to crippling fines if they approved in court. in 2017, samantha, the commonwealth bank of australia was accused of 50,000 breaches of monty laura laundering and antiterrorism laws, a case later settled by $500 million, the largest civil settlement. this comes at a time of heightened global regulatory scrutiny following high—profile scandals involving several global banks and this has sent shares down after they are counting the reputational costs of this violation stop

just yesterday westpac c.e.o. brian hertz of told stuff it was not a major issue and that he intended to stay on but under pressure from the government and financial advisors he's capitulated and announced he would leave the post at the start of december the australian government welcomed his announcement $23000000.00 alleged break is of money laundering. and also track has said. that there was a level of indifference by say new management a lack of appropriate oversight by the pool. and i says to make. the bank in its court filing austrac said the oversight failure at westpac led to serious and systemic noncompliance with anti money laundering laws the regulator is pursuing fines of up to $21000000.00 australian dollars for every transaction westpac fail to monitor adequately or report on time will still get his salary of $2700000.00 australian dollars but he'll lose all bonuses he's the 3rd top executive from the country's 4 major banks should have caught in the past 18 months after a bruising public inquiry int

we have westpac shares higher by in early trade. still to come, a deals in the charles schwab confirmed a $26 billion move for ameritrade. we have the details. shery: up next, alibaba make awaited trading debut, piece of the city's largest share sale in nearly a decade. this is bloomberg. ♪ paul: this is day break asia, sydney.l allen in shery: i'm shery ahn in new york. long awaiting listing comes from the long in the city, as china pushes company closer to home. big day for hong kong, sophie. ophie: also a big day for alibaba, 20 years on from the company. here in hong kong given that the $12.9 million if an option is exercised. $20 is less than the billion that was targeted, the biggest listing in hong kong in decade, the city during the political eruptions. ore tech unicorns could be enticed here, allowing shares pave the way for companies to be eligible for in the housing index. horizon, alibaba stock e added to the connect and they are ready, the first time on shore investors a third of buyers for the offering. sophie, a huge

of course westpac. shares lowere again. last week's losses off of 1.4% as it deals with the fallout of six years and 23 million separate violations of money laundering laws. westech setting aside 80 million australian dollars to deal with it. the ceo remains in his job but is under pressure from the government the treasurer singer there needs to be some accountability of westpac --. plenty more to come on "daybreak: asia" the latest from the desert election and hong kong's. results coming in throughout the morning. we be joined by the hong kong liberal honorary chairman. this is bloomberg. ♪ asia.this is daybreak i'm paul allen in sydney. sophie: i'm sophie in hong kong. the city has witnessed a record turnout is voters have their first opportunity to cast a view on the increasingly violent street protests and the government's handling of the issue. joining us now is james tien honorary chairman of the hong kong liberal party and a former member of -- thank you for joining us after the sunday polls which are widely being se

westpac accused of an incredible sounding 23 million breaches, sounds like an awful lot(!)the bank is not accused of laundering itself, so much as the charges that itself, so much as the charges that it did not properly report international transactions to australia's financial watchdog, so that they could police potential laundering cases. austrac is seeking claims of summerand laundering cases. austrac is seeking claims of summer and the trillion dollars, but it is unlikely that they would send westpac out of existence, a similar case a few years ago saw a smaller find. westpac has not denied that there is an issue, they are sounding contrite about it, the ceo expressed disappointment that westpac failed to meet its own standards or regulatory expectations, perhaps the most upsetting thing about the case is some transactions may have been linked to child exploitation, relating to small transactions to the philippines, that may have been connected to live streaming, it is possible there is another explanation but the point is that austrac says that a system should have bee

if convicted, westpac could face a fine of up to 300 trillion euros. australian government has called on the group to take responsibility for its actions. >> the alleged reaches that have been leveled at w westpac have and there was a level of indifference in management and a lack of appropriate oversight by the board, and a systemic failure by the bank. reporter: the australian banking sector there has been plagued by high skit -- high-profile scandals after major inquiry exposed rampant malpractice. paidac ceo, who will be his full year's salary of 1.6 million euros, is the third executive from the country''s tp banks to resign in 1 18 months.. poland central bank has rearranged and will l 0 tons of gold back from the bank of england where it had been stored. poland says bank of it is a bid to demonstrate the strength of the polish economy. poland has been stocking up on gold, doubling its reserves in the past two years and says it is only moving home what about so far this year. quite a lot of countries stalled their gold at a bank of england and it

westpac is facing more pressure. to go against the report in the reelection of tucows keyboard members. board members. ant financial is said to be raising funds to invest in startups. on digitalcus payments and online finance growth to strengthen mobile internet market positions. players such as paytm, and has invested in 60 companies. shery: one of china's biggest drink companies is weighing an ipo that could raise a billion u.s. dollars. bloomberg has been told they are working with advisors for the share sale. the offering could happen as soon as next year. they make bottled water, juice, tea, and soft drinks. last year the company scrapped a decade-long plan for an a-shares listing in china. paul: barely 24 hours after uber's u.k. future was put into doubt. has startedola signing up drivers in london with the intention of launching a ride-hailing service within weeks. -- wanted to open in lund up london before the end of the year. the company is already in birmingham and bristol. shery: abu dhabi is said to be re

coming up westpac begins a global search for a new ceo.live in sydney for the latest on the banks deepening scandal. this is bloomberg. ♪ a quick check of the latest business flash headlines read alibaba surges on debut in hong kong. than $11ny raised more billion in the share sale with the stock heavily oversubscribed. if it fulfills jack ma's of trading close to home, and will place makers in beijing it is the biggest listing in the city since 2010. indians air safety regulator is indigoleading -- carrier ground its fleet of airbus a-320 planes. indigo's readiness for changes do not instill confidence. the order will be in force into units have been replaced. harveyian retailer norman is set to face shareholders this week amid a weak domestic economy questions about its corporate governance. the company is a favorite of short-sellers making up 20% of equity flows. that makes it the most shorted stock on the asx 200. although the shares have enjoyed a 40% rise so far this year. a change in westpac as the money-laundering scandal deepens.

down with peter king taking over after the country's financial crime regulator accused westpac of 23aches of anti— money laundering laws including allowing payments between known child exploiters. tour of america's used on line brokerages are merging to create a wealth management giant as charles scwhab agreed to by td ameritrade, with more than $5 trillion in assets. shares rose on this development. uber has lost its license to operate in london, which is one of its top five markets. the regulator said it had repeatedly failed to meet safety standards. we sat down. tfl's decision today not to renew our license in london is exceptional and wrong and so it's a decision we are going to challenge and in the interim, while the challenge is going on, i want to reassure riders and drivers that the service will continue to operate as usual. how do you respond to some of these railings that sometimes drivers have not been properly insured, potentially haven't been properly vetted. sometimes people will have a hailed and uber and the driver who appears on the phone is not wanted turns up. saf

this is 23 million charges that westpac is facing.ng asked, has the industry actually learned any lessons? is it being run on this culture of greed and poor behavior? we heard from the chief investment officer telling bloomberg that it is almost like australia is having a delayed response to the global financial crisis. all of these problems are starting to come to the fore. you wonder if some of the nontraditional lenders might pick up some of the slack from consumers who might be quite furious and over how the big 4 are treating their customers. anna: you wonder what is the process for restoring credibility. juliette saly with the latest on the australian banking sector. the stock movers this morning, annmarie hordern has a breakdown . >> i want to start with the biggest decliner in the stoxx 600, compass group, down 6% this morning as they booked a restructuring charge on weaker outlook in europe. that company was citing a deteriorating macroenvironment in the region. de la rue plunging, down nearly 18%. they have had a really roug

what is next for westpac? to go back to their institutional investors and keep talking with them. they had a meeting on monday morning, they also had a chat with the body that looks after a ,ot of the governance issues regarding a lot of the listed companies in australia viewed -- australia. it was already scheduled, but given the allegations over the past week, the conversations turned to money laundering discussions and what the bank would be doing with that. they are going to put out a recommendation we believe sometime later this week. we have not seen it just yet. they have already called for next year, they will be king -- looking for more. the bank has about two weeks to soothe investor nerves and get the remuneration report. juliette: looking like it is giving back yesterday's gains. thank you for keeping us updated on westpac. india's markets have just opened, let's get to mumbai. take us through what to expect from the session. we saw fresh highs, and it looks like on the nifty, more highs today. we

of the straight a 2nd biggest bank has been giving his marching orders to accusations westpac bank committed to 23000000 breaches of anti money laundering and counterterrorism financing the wars financial crime regulate is a pursuing westpac and the federal court for failing to report millions of international transfers including payments linked to child exploitation. the u.s. state of texas has dropped its opposition to the merger of mobile phone companies sprint and t. mobile usa announcing a settlement that would stop them from raising prices for 5 years 14 states and the district of columbia still planning action to block the $26000000000.00 merger. and new figures show mexico fell into recession during the 1st half of the year revised data shows the economy shrank before flattening lining in the 3rd quarter the figures come one year after president under his own but i look to power promising growth. all right what to do with a set of priceless 18th century jewelry stolen from one of germany's most iconic museums. unlikely to try and cash in on the pieces any time soon because the collec

more pressure on westpac as the fallout from money laundering

westpac has been accused of breaching money laundering laws.t is the biggest breach of the laundering and terrorism financing laws in australian history and includes failing to detect payments that may have been used to facilitate child exploitation. westpac says it recognizes the severity of the issue. investigating sanctions against russia. includegations transactions after the annexation of crimea. they said they have not found any signs they breached sanctions. that is your bloomberg business flash. thank you so much. the first u.k. election debate ended in almost a tie, good news for labor leader jeremy corbyn, who defied negative approval ratings to essentially draw level with boris johnson. 51% of people said the prime minister won the face-off. the latest went head-to-head on brexit, the nhs, and their spending plans. >> we have a deal that is oven ready. it is ready to go. by ourpproved not just partners in the european union, but by everyone of the 600 35 conservative candidates. it delivers everything we wanted from brexit. a credibl

tell us more about what westpac is being accused of.ly from the bank, firstly not reporting a whole slew of , anti-money laundering, counterterrorism, financing reasons and easily breaches systems, so it is pretty serious. we have 23 million breaches in total, which by contrast, commonwealth bank of australia, which you remember, had its own issues with a regulator last year. rishaad: the point is how serious are these accusations? 23 million occasions they did it, you immediately think it is hugely serious, but tell us about where that is really the whole gamut of things. >> it is pretty serious. there's really not much point in trying to underplay this one. .ou have this headline number what will obviously be very hard for the bank to explain to the public as there are also did not havehey systems in place to properly suspiciousnts or patterns that could be associated with child exploitation. child exploitation are two words you never want in a headline with your institution name. juliet: this is really going to affect confidence in t

analysts had to prepare for a polar result from westpac. this was worse than forecasted.he return on equity falling. a final dividend was slashed to $.80 a share from $.94 last year. westpac is seeking to raise $1.4 billion and a 92% discount to fight its closing price to meet capital rules. an august 28d at low after citing for five straight sessions. westpac ceo brian hartzler said of the challenges they remain after this disappointing year. haidi: sophie kamaruddin there in hong kong. let's get more of watching the training get underway across asia. global markets editor adam. we saw pessimism give way to optimism. no doubt it will go in swings as it goes to trade. i'm wondering if the comments from president trump had enough substance to keep treasury yields edging higher and equities gaining higher? adam: i think we can say at least that it firms up the position markets have been taking. that we will get the resolution, this phase one deal signed. that is the kind of move you have seen overall broadly speaking in the last few weeks. the appetite has taken more risk a

keeping a close eye on westpac after a disappointing set of earnings. ozzie yields tracking friday's drop in treasuries, rising six basis points amid trade optimism and a stronger jobs report. the aussie dollar is firmer. offshorein on the yuan, trading below 704, building on friday's gains amid signs of stabilization. asian stocks broadly looks to rises monday. japan is off-line for the weekend. semiconductor players will be on watch on a report that the u.s. government has urged them to stop this applying chips to huawei. here's where we stand as november trading warms up. the asian regional benchmark has outperformed the s&p 500 over the past two months. past 16 sessions, asian stocks lost ground on three. friday, chinese stocks had the best day since ms. -- since mid august. the nikkei 225, 150 points shy of 23,000. this rally has been supported by the recovery in asian tech hardware plays but credit suisse warning the potential for a reversal that cannot be ruled out. haidi: sophie kamaruddin there in hong kong, let's get you to first word news. su

bank broke counter-terrorism finance laws $23000000.00 times westpac is also facing massive fines of failing to monitor customers transferring money to child pornographers. flooding continues to hit the italian city of venice sustained heavy damage after several floods in the past month the man has estimated the repair bill will be worth a $1000000000.00. square in venice and explains why the damage is so extensive that high tides the city of venice continues to flood particularly in areas such as mark's square and you can see behind me while there is a sense of normality continuing people going about their daily business tours still visiting the area it is causing an enormous amount of damage because this water that you see here is salty water from the lagoon where venice is located and that causes enormous damage to the buildings here the cultural treasures such as the basilica behind me here the mayor of venice has said already more than a $1000000000.00 worth of damage has been done that's what's known so far however the full extent of that will be known in the months to come but

westpac will not have to pay that hefty fine. it amounts to over three times the global economy. four biggest banks were accused of malpractice. last year, the largest lender paid a settlement find of 700 million australian dollars. international transferors that went -- transfers that went unreported, they are in another level of misconduct. >> the trade war between china and the u.s. the stakes have been raised again. b billed as phase one.e. at deal turning out to be more complicated than either side expected. be removedts tariffs as a condition is leading to the u.s. increase its d demand. donaldld trump of a mind that giving u.s. concessions without achieving core u.s. deals -- goals is not a good deal. supplyhey don't, their chain will be killeded. we will see what happens. i am very happy right now. if we don't make a deal with chinina, i will raise the e tars -- tariffsea >> how to higher. >> h how are the marts reactingg to that? >> they y are losing ground. banking shares leading the way. ftse 100, london, off .25%. paris, off nearly y half a percent. >> boeing has stru

now this year westpac has seen its first drop since 2009 when it was struggling with the aftermath ofed on trade income to post a profit above analyst expectations as a sluggish italian economy weighed on income from lending. >> showed some pretty resilient results, growth net income, 42% coming from wealth management. is this your better area for the future, wealth management? >> yes, absolutely. and in this negative interest rate environment, we will have the speed of wealth management areas because we have a lot of italian clients, italian families coming back to wealth management. at we are in the unique position where we have this opportunity, our wealth management assets by 52 billion euros. so very good opportunities for us. ♪ >> german industrial giant siemens expects a decline in market volume for some sectors next year, highlighting weakness in software and automation divisions. the group warned in august downturn would weigh on its forward earnings goals. questions are being asked about whether we have found a bottom in global manufacturing. do you think we had a bottom in

. >> westpac will change this laundering scandal. >> brian has stepped down this morning.lest contenders to replace brian hartzer. the mix.es in they spent the last few days institutional investors, ahead of what was a real crunch for the bank on 12.mber the fear was that a voter backlash against this money laundering scandal could precipitate a vote against the report, the remuneration package for executives. that could then have precipitated a motion to call for the entire board to step down. hope within westpac is that hartzerlution of matched his own announcement that he would step down in the of 2020.f that it would alleviate that pressure and save the rest of the board. >> strong earnings this morning prepares for the holiday season. the retailer posted sales to beat analyst projections. theirir last quarter, second quarter was a little bit of a stumble. uncertainty.bout that got people a bit spooked. then they come out with the proverbial beat and raise, just like their partners in targeted last week. things are looking pretty good for them going into the holiday se

australia's second—biggest bank westpac has been accused of breaching anti— money laundering rules.s it allows payments from high risk countries and convicted child six offenders. it is pursuing fines. boeing faces another challenge as regular letters have called on it to redesign the engine cover of its 737 planes. the call comes after a fatal accident last year in which a woman died after being nearly sucked out ofa died after being nearly sucked out of a window. but the safety board did not call for the planes to be crowded. the 737 max model remains grounded after two fatal crashes. turning to india, and catch me's main business body says that economic losses have run well over $1 billion after they revoked the economy in august. let's cross to monica miller whojoins economy in august. let's cross to monica miller who joins us economy in august. let's cross to monica miller whojoins us now from mumbai. what kind of impact has it had on the region? when we look back in august to win the indian government revoked the economy of kashmir, one of the promises were that it would promo

westpac extending declines, erasing its gains. meet this friday to discuss allegations of money laundering and financing that have been made against westpac. haidi. sophie kamaruddin in hong kong. first word news now with jessica summers. jessica: we former governor of the people's bank of china says policymakers still -- providing fiscal work. he was speaking at the new economy forum in beijing amid continuing debate about how the government will handle china's widening slowdown. underlying the central banks concern. we can still try to avoid that very soon into the negative interest rate area. if we could successfully manage the macroeconomic control in this regard, then we do not need to consider that much unconventional policies. >> the top political jobs in sri lanka are now being held by brothers. the new president has appointed his sibling, the former president, as prime minister. their party has been calling for a snap election. the current vote not scheduled until at least next march. the president has announced tax cuts

westpac senior economist matthew hassan here in sydney.unting down to that rbnz rate call in just about two hours time. that is 9:00 a.m. in hong kong. on friday, we will be speaking to the man in charge himself, who joins us on daybreak australia. 6:30 a.m. if you are watching in hong kong. emergency crews in australia continue to battle more than 70 bushfires across new south wales and queensland. outbreaks in suburbs of sydney coming under control now but the political debate over the link to climate change continues to rage on. let's get an update from ed johnson. what is the latest that we have? d: sydney had a reprieve despite facing catastrophic fire danger warning yesterday. outbreaks of fire were really limited to a handful of incidents. the closest was 20 kilometers from the city in a suburb where there was some activity and a plane quickly swooped in and doused nearby houses with fire retardant. that danger level has been dropped three notches down to very high. the attention is really focusing further up the coast about 200 or

westpac says it recognizes the severity of this issue.eplacing its investment banking chief, according to "the times."l he will move into a nonexecutive role at the division in part of a series of management changes. .sbc is declined to comment a new head coach has been appointed for -- he most recently oversaw manchester united after previously coaching chelsea, real madrid, and ac milan. global news 24 hours a day, on-air and on tic-toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. anna, matt? matt: thanks very much. leigh-ann gerrans in london with your first word news. emerging economies central banks from india to brazil still enjoy the firepower to shore up the global economy if they can. while policymakers at the fed and ecb are similarly set to keep interest rates on hold. many of their developing nation counterparts have room to cut further. that should help support the world economy amid its weakest expansion in a decade. joining us now is marika fixed incomee inves

westpac certainly suggesting we will see qe from the rba, which will be a step in a new direction.'s get into the markets with mark cudmore, who joins us now from singapore. good to see you, as ever. we are asking what markets have to be thankful for. it is quite a long list, isn't there? when we sit here on new all-time highs for u.s. equities. >> absolutely right. we have had a year where almost every asset class has had an extraordinary year. assets across financial markets should theoretically and i will come back to why i froze at that, should theoretically be happy. trading these markets is always much more difficult than looking at the returns at the end of the year. i think unfortunately, many investors are not quite as happy as those returns would indicate. many have missed out on the rally across the board on many of these assets because they are suspicious, particularly on bonds and even in equities. i missed out on 4% of the upside in the s&p for having stood out of the rally. overall, it has been slightly more difficult than the returns but there has been just such abu

westpac says after talking to the regulator, retail investors have until the end of next week to changes all the equivalent of 1.3 billion dollars. is seeking more for retail buyers. farming industry bellwether dear fell after delivering a more cautious outlook than expected for the year ahead as trade tensions keep customers from replacing large equipment. demand for machinery has taken a backseat as trade concern has farmers wearing about who will buy their products. construction equipment purchases are also set to the claim. it's check back in on the mainland markets. the csi up three tens of 1%. trump has signed off on the hong kong bill. we also have the news that special bond issuance is being fast-forward. that can feed into some of the infrastructure stocks. i.t. stocks on the mainland are up. industrials are up five tens of 1%. energy, essentially flat. the hsi down to chance of 1%. china has reiterated it will retaliate. the offshore currency not doing much on the back of the news. holding the line at 7.024. yvonne: we continue to see the weakness. it seems we are off the lows

back australia's 2nd largest bank is saying sorry about the money laundering seriously the board of westpac banking as apologize for 23000000 breaches of money laundering laws but continue to stand by management the board met to discuss allegations by all strata that the. bank ignored red flags for years including payments between no child exploiters the bank's chairman lindsey maxton said that the bank will hire independent experts to overhaul its in time money laundering systems might be a good idea but then has also started with discussions with community groups they say about how to fight child exploitation the scandal triggered calls for resignation of top executives including the bank c.e.o. but so far no one has actually been forced out. when you're so high up and get knocked down it's a long way to fall and that's what's happening over we were where every single day there's another crisis we work is now laying off $2400.00 employees representing 19 percent of the total workforce the company has continued to catch reporting over $1250000000.00 in losses for the 3rd quarter that's 3rd

the chief executive of a scandal plagued australian bank is stepping down regulators say westpac broke and t. money laundering and counter-terror finance $23000000.00 times the most damaging allegations concern the bank's fadia to monitor customers who were transferring money for child exploitation the company is likely to be forced to pay more than a $1000000000.00 in fines. a politician from the chilean president's party has sparked outrage by suggesting that normality can be restored without violating human rights so that. made the remarks hours before another round of protests demonstrators throwing rocks at police cars they were met with water cannon and tear gas demonstrations began over 2 months ago over an increase in metro fares and social inequality earlier president sebastian pinera had promised a set of reforms to satisfy the protests is. a lesson america editor lucien newman is in the chilean capital santiago de explains why women are a big part of these protests. and this is the way that 1 may have come out. and there is. no peace without us this banner for example says a

on highlight westpac shares earlier. we sought off by more than 2%. is being sued million and anti-laundering rules. want to highlight what's going on with the reaction to the news that the the u.s. senate has the bill about hong kong. we saw a reaction in the offshore yuan. we also have the yen trading. the bill about hong kong. it has been a reaction in u.s. futures as well. the s&p e-minis off this morning. >> moving onto alibaba's hong kong share sale. according to the latest dow --es report, according to our sources, alibaba is telling investors that it is likely to price the institutional portion of the sale -- at around 176 hong kong dollars per share. that's a discount from the last close of trading in new york. taking orders from institutional investors. earlier, there were reports that strong investor demand. we know the taiwanese let's ensure is planning to buy as much as $500 million for the shares in this ipo. itording to these numbers, looks like alibaba is going to raise at least $11 billion in this share sale which makes it one of the

the boss of australia's second—largest bank, westpac, has stepped down after the bank became embroiled scandal with alleged possible links to child exploitation. the depature of chief executive brian hartzer comes in the wake of allegations the bank committed 23 million breaches of counter—terrorism financing and money—laundering laws. google has fired four employees in what activists within the company describe as an attempt to "crush" workers' attempts to organise. the people, who have been dubbed the "thanksgiving four", had their contracts terminated on monday. staff were told via an internal memo that the firings were related to data security and employee safety. poland has brought about 100 tons of gold home from storage in the bank of england, in a bid to demonstrate the strength of nation's $586 billion economy. after adding to its existing gold reserve, the country has now become the 22nd—biggest bullion holder in the world. shares in the chinese e—commerce giant alibaba have surged in its hong kong trading debut. the company, which is already traded in the us, raised at least

the chief executive of a scandal plagued history and bank is stepping down regulators say westpac broke and see money laundering and counter-terror finance laws a staggering $23000000.00 times the most damaging allegations revolver and the bank's failure to monitor customers who are transferring money for child exploitation the company is likely to be forced to pay more than a $1000000000.00 in fines. ever has lost its license to operate in london for a 2nd time the city's transit authority transport for london cited safety problems including an app faults that allowed suspended drivers to simply creates a new accounts the royal tailing rights hailing company is appealing against the ban and can continue to operate in london volatiles police in georgia's capital have sprayed water cannons to break up protests near parliament's opponents of the government's are demanding reforms to an electoral system they say favors the ruling party open for sue walker reports from tbilisi. georgia is the opposition wants to show that the government won't be put given the breaking its promise of the loo

executive of australia's 2nd largest bank is stepping down over a money laundering scandal regulators say westpac broke on time money laundering and counter-terror finance laws a soldering $23000000.00 times the most damaging allegations revolve around the bank's failure to monitor customers who were transferring money for child exploitation the company's likely to be forced to pay more than a $1000000000.00 in fines hong kong's leader kerry lamb has promised to listen to voters after the pro-democracy candidates won a crushing victory in local council elections the results follow months of demonstrations and political unrest candidates pushing to loosen china's control won an overwhelming majority of seats and despite the scale of the victory beijing says it will continue to back carol lam and her government andrew thomas has a view from china's capital in mainland china hong kong's election results are being effectively ignored asked about the landslide victory for pro-democracy candidates a spokesman but china's foreign ministry of voided the question should go to ruin ending violence and rest

one of the movers in australia that we are watching, westpac bank resuming trading today.g the most since november 2018, after the bank reported the first profit decline in a decade as well as almost 1.5 billion dollars worth of new shares sold in a capital raising effort. that's the market that's get you up -- that's the markets. ritika: president trump has begun the process of withdrawing the u.s. from the paris climate accord. it is a move that will take another year to complete. the administration submitted formal notification of its withdrawal to the united nations but will continue to work on the issue with "a realistic and asthmatic model backed by real-world results." air pollution in new delhi remains near record levels, forcing the government to close schools and advise people to stay indoors. the equality index spiked as high as 858 in some parts of the capital after rising above 1000 at the weekend. meetings of 50 are considered safe with anything seen over 300 as hazardous to health. it is home to 10 cities with the worst air quality in the world. iran increas

this year we've had the westpac commits first drop since 2009.elied on trading income and lower provisions for bad loans. negative interest rates and a sluggish italian economy weighed on income from lending. >> pretty resilient results. if you look at growth net income, 42% coming from wealth management. is this your better area for the future? >> absolutely. we will have an increase in the speed of what management areas because -- we have a lot of italian claimants -- clients. with --pportunity very good job. very good opportunities for us. >> german industrial expects a decline in market next year. weakness in his software and automation division. the group had previously warned in august a downturn in some markets would weigh on its full-year goals. questions are starting to be asked whether we are finding a bottom in the global manufacturing cycle. do you think we have hit a bottom in the manufacturing sector in germany? >> the big question will be, is there going to be a solution on the trade war activities. how will the rugs turn out event

the hope within westpac is that alleviateation will that pressure and say the rest of the board -- saveof the board. morningg earnings this as it prepares for the holiday season. they seemed to defy expectations every quarter. their second quarter was a little bit of a stumble. they talked about tariff related uncertainty. they come out in the third quarter with the proverbial beat and raise. things are looking pretty good for them going into the holiday season. it is not just about selling tv's for them. it is about pushing into new services and areas like health care where they see an opportunity. >> john deere was out with results as the company beat on earnings. >> analysts were braced for those fourth-quarter numbers to not be great given the dynamic in the u.s. in the agricultural sector this year given difficult planting conditions. that 2020 outlook, people were expecting an uptick in agricultural demand due to stimulus from the trump administration flowing down to the farmers. john deere is not being optimistic. they are being conservative in calling for a 5% to 10% decline in

shareholders who bought into westpac before it was accused of money laundering can ask for their money retail investors have until the end of next week to change their mind. earlier this month, the bank sold the equivalent of $1.3 billion of stock. let's get a quick check of what is happening on the markets right now. australia has been trading for 26 minutes. a good chance for all those stocks to come online. currently higher by a quarter of 1%. we have had the news from the united states that president trump has signed into law the amendments to the hong kong policy act. that may cloud the picture on the u.s.-china trade talks. some of theing back earlier gains. now higher by a quarter of 1%. new zealand, stronger i 1%. futures for the nikkei traded out of chicago are a little weaker. let's see what we have coming up next. we are going to hear why the european union plans to push for a digital tax. we are going to have our interview with the competition commissioner. that is coming up next. this is bloomberg. ♪ paul: this is daybreak asia. i'm paul allen in sydney. shery: i'm shery a

the financial crimes authority accusing the westpac ceo of 23 breaches.esing three because of violations of its latest security policies. afterpart of -- it comes protests in union organizations. bloomberg obtaining an internal email describing the decision, google frank -- confirmed the meadow but declined further comment. -- the memo but declined further comment. francine: charles schwab has a group -- has agreed to buy tv ameritrade -- td ameritrade. dani burger has more. is indeede up industry changing, and this is the deal that has only been made possible in a zero-fee world. first the details, schwab will be purchasing td ameritrade in an all stock deal, valued at roughly $26 billion. already schwab owns about 50% of market share when it comes to certified custody assets. td ameritrade, 20%. that means they are already a behemoth, having over $5 trillion in assets. when you have the zero commission fees, it is all about economies of scale that is what will get them the income they need. because of that scale, analysts warn this deal may draw antitru

westpac's chief executive has resigned.e allegations of the biggest violation of money laundering laws in australian history. the financial crimes agency is accusing the lender of more than 23 million breaches. paymentses the tech that facilitated child abuse. huawei's prospects in the u.k. taking a hit. news looking for a broadband equipment supplier to reduce reliance on the chinese telecom giant. it's other main supplier is nokia. that is your bloomberg business flash. nejra? nejra: annabelle droulers, think you so much. charles schwab has agreed to purchase td ameritrade for about $26 billion. is a deal that will reshape the retail brokerage business. >> it is a deal that is only made possible by this zero fee world we are currently living in. first, the details. it is an all stock deal valued at roughly $26 billion. charles schwab owns about 50% of the market share when it comes to advisor custody asset. td have about 20%. that means together, 5 trillion assets. earlier this year, they all announced zero fees when it c

executive of australia's 2nd largest bank is stepping down over a money laundering scandal regulators say westpac broke on time money laundering and counter-terror finance laws a staggering $23000000.00 times the most damaging allegations revolve around the bank's failure to monitor customers who were transferring money for child exploitation the company's likely to be forced to pay more than a $1000000000.00 in fines still ahead on the al-jazeera news hour audacious robbery an audacious robbery more than a $1000000000.00 more on the $1000000000.00 jewelry heist in germany. and support the world anti-doping agency proposes banning russia from the m.m. pics in all major world championships for the next 4 years. hello once again welcome to look at the international forecast well as last week fun to drive across southern parts of china because some fix a cloud go into those central areas and that will be thick enough for toys to produce the spot sorts who are afraid pits that go on in sea where to stay that range is transverse a little further east was toward shanghai all the time it does stay lossy

are tracking here, certainly analysts expecting a worse outlook than when it comes to upfits and westpacnding what our bloomberg headline suggests. >> this is a day when equity markets are rising in shanghai. it is a public holiday. the game doesn't end after that insane buzzer beater. because with nba league pass on xfinity you can watch the out of market games you want- all season long. and with the all-new xfinity sports zone, you get everything nba all in one place- even notifications about your favorite teams. watch the dropped dimes, monster blocks, and showstopping dunks. plus get instant access to your teams with the power of your voice. that's simple, easy, awesome. say nba league pass into your voice remote to upgrade for a great low price - or go online today. >> 10:29 a.m. in hong kong and 9:29 here in new york. pollution in new delhi has worsened, but the government says it should be treated as a public health emergency. the air quality index rose in some parts of the city and that is according to their visual. anythingn as safe and above is regarded as hazardous. the toxic

some westpac investors have been given the option of getting their money back after the lender was accusedeach of money laundering laws in australian history. retail investors who applied for shares before the allegations came to light have the chance to change their mind. maps is facing backlash from ukraine after some apps depicted crimea as part of russia. its sovereignty has not changed. the more widely used google maps uses a dotted line to show the boundary. amazon is doubling its holiday hiring to 200,000 people. it is a signaled that they expect a strong fourth quarter. amazon is attributing the hiring dthwth to the increased brea of its logistics operations. that is your bloomberg business flash. nejra: thank you so much. now, in two weeks the united kingdom will go to the polls for the third time since 2015. boris johnson pushed for the election in the hope of gaining an outright majority for his conservative party. he has already debated jeremy corbyn while there are a range of other contenders with various views on the key dividing line of brexit. a hotly anticipated poll is pr

the big one in australia has been westpac this week. the board just met. shares have basically erased all the gains this year. analysts are basically closest to the most bearish on the stock. i'm going back all the way on record. they are very sorry about this, but obviously it will take more than that for investors to really turn around and buy this one again. analysts not very excited over the stock. here is the state of play across asia. we are down for the week on track for the second week of declines here. just two event risks on the table here. obviously, trade. more locally in hong kong and intertwined with the trade story, local elections in the city are something we will be city are something we will be watching very closely. there we go. you see declines across. we are mostly down across these benchmarks in the asia-pacific. back to you, guys. manus: thank for the roundup. david inglis there keeping us right. let's get you a business flash now. thanks. wework is cutting around 2400 staff, almost 20% of its workforce. this comes as softbank's look

. >> some westpac investors are being given the option of getting their money back after the lender wasbiggest breach of money laundering laws in australian history. retail investors who applied for shares before the allegations came to light have the chance to change their mind. apple maps is facing backlash from ukraine after some versions of its map app depicted crimea as part of russia. its sovereignty has not changed. the more widely used google maps uses a dotted line to show the boundary. over to japan, with the retail sales plunging in october after a sales tax hike and a typhoon kept shoppers at home. the fall of 14.4% is the worst on record. economists had only forecast a decline of just over 10%. the government will now need to consider this as it looks at the size of a possible spending package. that is your bloomberg business flash. francine: many americans will be sitting down to a thanksgiving feast later today but turkey is menu at a beloved american burger brand gaining a foothold in the u.k. five guys is a restaurant with about 100 stores in the u.k. and has an expansi