we are keeping an eye on reliance industries. trading at a record high. in advanced talks with reliance to invest $4 billion in jio platforms. they are joining in the party. they are up .9%. rishaad: let's have a look at google. they are said to be in advanced talks. it is seeking to join facebook and other investors in chasing growth in india. all of the interest in this geo platform push the reliance industry stocks to record highs. investors will be listening when he speaks later. it is one of the most-watched indian investors. what can shareholders expect from him today? >> they made a promise to their shoulders -- their shareholders that they would be debt-free by next year. -- more than $15 billion. he would announce proudly that his company has become net debt-free ahead of time. shareholders also expecting some kind of update. he made that promise that saudi investingin talks for -- they would be investing into oil. shareholders are expecting some kind of update on that prestigious high-profile date with aramco. is there anymore deals expected? >>

reliance industries stock is up 135% since march.ne has risen almost $19 billion this year. that is the bloomberg business flash. francine: earlier this week, european leaders came together on that historic recovery. now let's look at the stipulations deeper with the policy and research firm head of research. sylvia, thank you for joining us. twitteryour friends on are urging everyone to go back and look at them. overall, there was a misunderstanding with questions about the rule of law,. is the overall package enough in terms of the money transferred to really help some of the countries in need, or is it more of a political will? silvia: i think it is both, and this is an historic step with withility because integration on the fiscal side, one of which was opposition to large size e.u. issuance. to happen tooing the tune of 750 billion. if you look back to the previous decade, the capacity of the u.s. marginallyt was only $70 billion total over 10 years. explicit net fiscal transfer that has long been a redline even north of europe,

finished with 3 straight days of gains this was pushed up by the country's largest company reliance industries but concerns are growing as india is seeing a record increase in current.

correspondence are tabular thank you for keeping us up to date shares in india's largest company reliance industries hit a new record high monday afternoon following the company's telecommunication arms geo releasing its new meeting app for the general public geo meets release comes as web conferencing apps have taken off amid the pandemic with zoo microsoft teams and a host of others seeing huge traffic as face to face interaction just isn't possible with me users can hold a meeting of up to 100 participants and if you can't get enough of online conference call their website states mexico for 24 hours reliance geo recently received huge investments from social media giant facebook as well as intel corp and that's it for this time you can catch boom bust on demand a brand new portable t.v. epic which is available on geo platforms as well as smartphone through google play and the apple app store by searching portable t.v. or but you can also download it on newer models of samsung smart t.v.'s as well as roku devices or simply go to portable t.v. so you next time. we go to work so you straight home fo

the richest men in all of asia owns other kind of industries as well he owns something called reliance industries as well right alliances in the oil and gas company there are about $20000000000.00 in debt so all of the selling off of a 20 percent stake in geo is essentially in order to help cover the cost of some of those losses that have occurred because of this pandemic and the fact that there's so little travel in oil prices have fallen so low now we notice this because suddenly this program has become very popular. in india and other countries but india in particular interestingly enough in just a matter of months we've accumulated over a 1000000 viewers people who are now depending on us to bring us their news which makes us feel pretty good so when we heard that we are now going to be part of the geo platform as well it made us feel pretty good what what are we taking out of that bed what does it mean it means that we're now going to be able to reach even more people oh it absolutely does i mean if you consider the fact as i mentioned reg that essentially the audience just for this one tele

this is the landmark for reliance industries. are more deals in the making? >> of course.ic and financial partners for his retail venture. financial said the -- however he would be open to look at strategy for his digital service unit with the gl platform at the same time, would forooking at investors reliance retail limited. all right. p.r. sanjai in mumbai. coronavirus cases on the rise again in the asia-pacific. the origin cannot be traced. we have a look at that and more. details coming up. this is bloomberg. ♪. haslinda: global coronavirus cases have risen beyond 13.5 million with the u.s. still at the epicenter. the aipac region is staying a resurgence in infections with unknown origins. rachel chang in hong kong. what is the important data point to look at in the resurgences happening across the region? rachel: that's right, resurgences across asia. casesis a proportion of of unknown origin. cases thathe officials cannot link to any confirmed infections or existing outbreaks, which means they have no idea how these people got infected. share of these types of cases

finished with 3 straight days of gains this was pushed up by the country's largest company reliance industries but concerns are growing as india is seeing a record increase in corona virus cases in australia the a.s.x. also in the green again just under 3 percent for the week the market is reacting to hopes of some future stimulus in south africa the all sure was a roller coaster this week it actually ended up on a stronger rand even as new data did show that the economy was already contracting prior to the pandemic and let's move over to european markets we have some a little bit of a mix here the footsie 100 finished down for the week as concerns over coronavirus started to grow in the country starts to lift more restrict restrictions well the french cac and german dax are in the green for the week as well both fell slightly on friday over the pandemic but positive economic data really helped to maintain some of those gains and let's move across the atlantic to brazil where the evil best buy is in the green the end x. gained 31 percent in the 2nd quarter of this year but it's still down abou

agreed to purchase four point $5 billion stake in india's geo-platform, the digital arm of reliance industriest of a series of larger investments. google will receive a 7.7% stake .n geo earlier this year, facebook took a 10% stake. the first electric vehicle since management took over in september. the car is mason's latest effort to refresh the lineup that as -- is nissans latest effort to refresh the lineup. the car is designed to take on rivals such as tesla's model y. company's 88% controlled by atlantia, controlled by the billionaire. the company has been under fire since the deadly collapse of a bridge in genoa almost two years ago. that is your bloomberg business flash. guy: thank you very much. that is a big victory for apple at the european general court. winning its battle over the e.u. order to pay ireland a $14.9 billion tax will. the court ruled that ireland's arrangement for apple to pay a lot less was not illegal state aid. maria today are now from brussels. maria, is this ruling is surprise? maria: it is on many fronts. it is a huge defeat for the european commission on a numb

reliance industries be expectations to post record rising profits as a pact with bp and rising incomeices offset declines in oil. reportedndian company profit in the quarter ending in june. the owner's is the fifth-richest person on the bloomberg billionaire index with $79 billion. ford posted much better than expected results for the latest quarter, but projected a full-year loss as it attempted to restructure amid the pandemic. carmaker's second-quarter loss was half of the $5 billion it forecast, as demand for suvs and trucks held up. ford's adjustment of $.35 a share smashed estimates of $1.18 per share loss. oning up in the next hour "daybreak australia," we discuss the outlook for emerging markets and more. we check out markets setting up this friday, trading in new zealand already underway, the asian session flat at the moment although we are above session lows when it comes to trading. the kiwi dollar losing ground at 66.9 five, sydni futures, the cash trading session starting unchanged. seeing minimalar gains, holding above .71 and just to have the point72 u.s. cents. pmi num

it is the chairman of india's reliance industries.ording to the bloomberg billionaires index, he has a net worth of $77.4 billion. the stock is up 135% since march. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am karina mitchell. this is bloomberg. ♪ >> we cannot piecemeal this. integrity about meeting the needs of the american people, defeating the virus as we honor our heroes and put money into the pockets of the american people. jonathan: nancy pelosi. we predicted it. the tensions between democrats and republicans trying to pass the next stimulus bill. from new york city, good morning. alongside tom keene and lisa abramowicz i am jonathan ferro. i will step away getting ready to count you down to the opening bell. looking forward to catching up with mohamed el-erian. tom: it'll be interesting to talk about the game theory of the moment on many different levels. this is a joy. dash are people that through the government and people

the chairman of reliance industries -- that is your bloomberg business flash. very much. laura wright. gold trading near 1900 dollars an ounce, edging closer to its all-time highs set almost nine years ago. the mobius capital partners cofounder mark mobius says gold is an attractive asset to hold right now. he spoke with bloomberg on emerging markets and the precious metal. interest fact that as rates have gone down, the emerging markets rates with sovereign debt and corporate debt can also move down. amount ofthing is the money the world bank, the imf and other organizations are putting into these markets to enable them to pay back their debts and do infrastructure spending. within the countries themselves, they have been increasing spending, taking a lot of the budget which will be greater. theas been pouring into markets. i think it is a combination of these things that led to an increase. the interesting thing is gold has done just as well as the equity markets. i noticed that although gold lagged since the beginning in march this year, until now, gold has

reliance industries beat expectations and posted record rises in profits with rising income that offsetin oil. india's biggest company reported a 1.8 billion dollar profit for the quarter. risenrsonal fortune has $23 billion this year. he has $79 billion. ford posted much better than respected -- expected results for the latest quarter. they projected a full year loss restructurempted to around the coronavirus pandemic. suv's and trucks held up. smashed estimates of a one dollar and 18% share loss. apple's results crushed forecast after lockdown consumers snapped up new iphones, ipads and mac computers to stay connected during the pandemic. in rises iner 80% share over the past year. from a year ago. apple did not provide guidance for the next quarter due to the ongoing impact of covid-19. amazon's profit exceeded estimates by a long way despite spending heavily on logistics through the pandemic. the second-quarter earnings came in at $10 30. they had a 40% rise over last year. for the current quarter, amazon says covid related expenses amounted between two and $5 billion but it still p

to is the focus of a plan transform reliance energies -- industries away from energy and into a domesticested in a stake in french game developer voodoo. 25%, worth be for about half $1 billion. voodoo has other suitors and we are told there is no certainty tencent will reach a deal. the deal could value voodoo at around $2 billion. huawei has been formally banned from 5g in the u.k. as the government reverses its formal position amid u.s. pressure. operators will not be allowed to add new huawei components to networks after the end of the year, and huawei equipment must be removed by 2027. the man is expected to cost u.k. wireless operators as much as 2.5 billion dollars in additional expenses. todi: before we headed over china open, let's get a look at how asian markets are trading midweek. we are seeing optimism carry through that we had when it comes to u.s. stocks. the nikkei to do five up -- 225 up. looking for nuance when it comes waiting to outlook, hear from the boj. tokyo alert level has been raised to the highest and that could play into plans to loosen restrictions for large

texas has seen an increased diversification beyond its traditional reliance on the oil industry compared to a few decades ago. what impacts do you see longer term for your region and our nation if green energy continues to grow and if the marketplace embraces electric vehicles? >> okay, so to mark's point, as opposed to 30 years ago, today the energy business as a percentage of gdp for the state of texas is probably, right now, as we sit here today, between eight and 9%. much lower than it was in previous decades. still significant. i think most people i talked to in the energy business believe that there is going to be substantial growth in alternatives. very substantial. our research at the dallas fed is consistent with that. we believe at the dallas fed, even with substantial growth alternatives, you will have some reliance on fossil fuels, substantial reliance for the next 25 to 50 years. right now, in this year, u.s. production is likely to go from about 12.8 million barrels a day at the end of last year, to about 10.8 million barrels a day by the end of this year. we will have a de

closures, certain regions like the midwest are more challenged due to greater reliance on child care it also points out in some industriese health care, one if five workers relies on child care tyler. >>> thank you very much. here is what's coming up we are talking podcasts, rvs and underwear in power movers. that's a tease thousands of people are buying tesla stock and if airlines didn't have enough problems, they are now in a price war. ayitus experience the adventure of a bigger world in a highly capable lexus suv at the golden opportunity sales event. lease the 2020 nx 300 for $339 a month for 36 months. experience amazing at your lexus dealer. >>> time for today's power movers spotify downgraded from a buy to a sell that stock is down by .7 of a percent. hanes is holding up better than competitors during covid-19 closures the company sold $300 million of masks in the second quarter. camping world, it thinks strong demand for rvs will continue into next. that stock up 800% from its march lows today up 11% the ty. >> 800%. to the bond market rick is tracking the action. hey, rick. >> hi tyler. look at it 8:30 eastern.

force china to really become completely self reliance in terms of said we cannot so it's may actually. 1 that's the whole faulty you'll s. semiconductor industry so i don't see people at home pale all abandoned for example are all they know what they are talking they want to do one thing they don't care all the consequences well it comes because zeus will catch up with them this is how china u.s. relations up played out right now and anybody watching that will do with its gov's are all without his gloves are oh well there will be consequences and if i don't just exist i knew i can wrestle down china into the ground do you want it before we go to the break go ahead yeah yeah if i can just jump in on this actually 2017 i wrote a book on cyber espionage called virtual terror so i do know a thing or 2 about this the puter you're absolutely right of states engage in this type of behavior i think the objection here is the scale and the scope and the absence of consequences as a result of the actions that are often taken on the chinese side obviously the u.s. is very active in this space as well if you really want to jump in here we have to go to a h

force china to really become completely self reliance in terms of said we cannot so it may actually. read in the ethanol for the u s semiconductor industry so i don't think people at home pale or abandoned for example on the morrow they know what they are talking about they want to do one thing they don't care about the consequences for the consequences will catch up with them this is how china u.s. relations are played out right now and anything washington will do with its covers are without his gloves are now what the. it will be consequences and if i don't just exist i do want to get wrestled on channel to the radio news on t.v. before we go to the break go ahead yeah yeah if i could just jump in on this actually 2017 i wrote a book on cyber rescue virtual terror so i do know a thing or 2 about this is that peter you're absolutely right states and gave in this type of behavior i think the objection here is the scale and the scope and the absence of consequences as a result of the actions that are often taken on the chinese side obviously the u.s. is very active in this space as well if you want to jump in here we have to go to a hard

during a hearing last year, dot inspector general testified that, quote, reliance on automation is a growing concern among industry experts who have questioned whether pilots receive enough training and enough experience to maintain manual flying proficiency. do you share that concern about automation? >> i do. and automation is a benefit and it has led -- it has been part of the improvement in aviation safety that we've seen over the years. but the individual still has to be engaged with the machine. and to the extent that we are overreliance emmylou situational awareness flying airplane, you thought to manager flightpath and you have to stay mentally engage with the aircraft. so there is a balance and that's why integrating human factors and human capabilities into aircraft design has always been important but it's more important now and going in the future than it ever has been. >> thank you. thank you, mr. chairman. >> thank you very much, senator fischer. senator schatz. >> thank you, mr. chairman. thank you for conducting this hearing. mr. dickson, i wanted to change the topic of the bit from certification r

he attempted to really break the company's reliance on financial services for its earnings. he attempted to gigantic industrialuisition and in the process elsewhere in the company they were losing key element of the basics of the business especially in the power division. where the company simply it was running out of cash in a way that investors didn't see until too late and that was a perfect storm that really combined to end tenure and to shock i think the entire investing world. >> it really was, and he also wanted to unjack ge, i mean, let's face it he wanted to take jack welch name off of the leadership center. are you right in the book that you wanted to change the tagline we bring good things to life. which was in place since 1890. was it a mistake to make such harsh changes after jack built the place and unjack ge. >> well i think that's complicated. the corporation that he is inherited in -- all it was already not going to be sustainable in the specific structure that held when welch turned it over as defend leers point out stock was already falling when he took the job. also if you think about takin

covid-19 revealed the cracks in multiple industries, our food supply, permanent defense, and manufacturing in general. every american pays the price for foreign reliance. every american. and this is a moment in history when we can rebuild what america made and what made america great really means in the first place. that is, of course, american production and innovation across all industries, as consumers, as consumers of food. that's everybody, republican and democrat alike, independents included. as consumers, we should demand that we have this production capacity in the united states. every reliance on foreign production in manufacturing is a mistake, and america needs to see a renaissance of american production and ingenuity. just as an example, on july 29 of this year, it was announced that j.b.s., a brazilian owned company, intends to acquire the mountain states road and land grant in greeley, colorado. it has been recorded that j.b.s. will grind hamburger and cut steaks which unfortunately will eliminate the ability of this plant to process nearly 350,000 lambs within the united states. this is yet another example of a foreign company working t

reliance on governments in the future. three different ideas at three different levels. matt: that was lloyd's of london, ceo john neal. calls it quits. john paulson's leading the hedge fund industrywith dani burger next. this is bloomberg. ♪ i got an oriole here. eh. common bird. ooh look! over here! something much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very. it streams tons of your favorite shows and movies, plus the latest in sports news and... huh - run! the newest streaming app has landed on xfinity x1. now that's... simple. easy. awesome. xfinity x1 just got even better with peacock premium included at no additional cost. no strings attached. just say "peacock" into your voice remote to start watching today. markets: european open." hey rally underway 30 minutes into the trading day, we are looking at gains across european equity indexes. take a look at the stoxx 600, up 0.8%. a little bit of volatility, but not too much. staying for the level. the group ranked returns screen, type grr on any index, and you can see which industry groups are rising and falling. only health care is doing very little today. everything else is up, led b

kodak says this will reduce reliance on china and india for generic medicines this could be the first of many changes. a knew report by goldman sachs, that select industriesl do more onshoring. the report says a large number of companies will still use a global supply chain. but you will see more localization. what that means u.s. companies may turn to mexico for manufacturing as opposed to china. back to you. neil: edward, thank you very much. edward lawrence in washington following all of that. we're also following this new stimulus measure that republicans and democrats are working on. as we were indicating the two sides are far apart. for example, democrats are looking to spend well north of 3 trillion, 3 1/2 trillion dollars. republicans want to keep it down toe a lean and mean, one trillion dollars. art laffer joins us now. art, either number is eye-popping but come on top much $10 trillion of municipal bonds purchasess and corporate bonds anything else it can scarf up. what do you make of all this. >> do you remember bill safire of "the new york times," he had these numbers, called them nago numbers, which he claim stood for my eyes glaze over. you

reliance mobility plans to add 5,500 fuel stations to its network within five years. wells fargo is preparing to cut thousands of jobs later this year, setting a bleak precedent for an industryar resisted layoffs in the coronavirus. bloomberg understands tens of thousands of positions could go from its workforce of a quarter of a million. wells fargo reports earnings next week and could post a first quarterly lost in decades. a bankrupt company is said to have a competing offer of finance that would keep it running during its chapter 11 process. it is not clear who was behind the bid. brothers had a range of $75 million loan. we are told the new offer has lower fees and provides more liquidity. haslinda: it is consolidation in the asian market. asia tracking losses in the u.s. investors back to worrying about virus cases in parts of the world, including the u.s., japan, and hong kong. msci asia pac index down. almost all sectors are down. brent crude trading at about $42.12, headed for a weekly drop. the virus impeding efforts to reopen the economy. level.tures above the 18 ray dalio like in gold. csi 300 index down by 1%. large-cap's leading the declines -- caps leading the

industries and commercial interests. our nation has become more and more reliant on technology over the last three decades. our reliance on technology and interconnected information systems is move important than ever with the pandemic forcing remotevations in our nation's workforce pivoting to a work from home posture. increasingly foreign state actors, extremist groups and domestic agitators and criminal enterprises all have a vested interest in exploiting u.s. networks. the remote administrations of pandemic have creed new cyber vulnerabilities for these malacious actors to take advantage of. these are the same actors who also target our private sector partners in state and local institutions. breaches in federal and commercial networks by foreign governments have exposed sensitive intelligence data, proprietary military designs and government personnel data. because of cybersecurity risks we must all do our part to maintain a safe and secure national cyber infrastructure and by continuing to foster relationships across the private sector and our state and local partners we could share a vital cyber threat informati