slumped to a 10 year low blows asia's business hub is beginning to feel the heat. and china loses its taste for european companies the number of chinese takeovers drops sharply is that because western governments are getting wherry or does beijing simply already has everything it. is business on. as welcome hong kong's apple will remain closed until 6 o'clock tomorrow morning authorities that house council all flights for monday as thousands of protesters occupy the main terminal apple authorities said operations have been seriously disrupted by the demonstrations against the policies of the beijing government planes arriving in hong kong will still be allowed to land in a separate development hong kong's flock area ally and cathay pacific has threatened to fire staff who take part in the protests is already dismissed to employ staff its shares slumped to 10 year low. now let's have a look at the bigger picture here with the business editor. if it what do you think was behind those doors his decision to cancel flights well the no choice really we have hundreds thou

let's go to our asia business hub where shara njit leyl is following the story.about versace. that's right, sally, all of this happening and it appears to be inflaming the tensions at a time when protesters in hong kong are already demanding universal suffrage. has been fierce criticism of the site —— versace on social media. the company has said it's made a mistake and has stopped selling the top, saying it respects the sovereignty of the territorial state. versace is the latest foreign firm facing a backlash or not it hearing. the t—shirt is causing controversy saying hong kong, hong kong and macau, macau, suggesting they are not special administrative regions but countries in their own right. china has been wanting to police this in the way people describe hong kong, a special status offering more autonomy than people on the mainland. in a post on weibo, the italian fashion label has said it stop selling and has destroyed those t—shirts and the label's artistic director, donatella versa ce, artistic director, donatella versace, has issued an apology. very inte

let‘s go to our asia business hub where shara njit leyl is following the story.dropping south korea from its list means a number of things. it means japanese exporters will now have to make sure their goods don‘t benefit south korea‘s military weapons industry because of —— before they can be sold seoul said they will scrap the military sharing pack. tokyo says all claims from the world war ii says we re all claims from the world war ii says were settled and essentially this whole row has been going on for some time and it flared up injuly. japan imposed controls on things crucial to south korea‘s companies. samsung was hardest hit. they produce more than 60% of memory chips globally. we have seen semiconductor sales plunge 30% and a nalysts say semiconductor sales plunge 30% and analysts say a version — make further escalation could disrupt global supply chains as the world wrestles with the intensifying us— china trade war, for instance. it might also lead to higher prices for things like smart phones and other consumer items and it will mean things getting mor

let's cross to our asia business hub — and rico hizon. good morning to you.ve develop in terms of earnings. it is more than doubling net profit, despite the saturated e—commerce market in the economy that has been weakened by the us — china conflict. this is the last before the billionaire founder steps down as chairman next month, it was bruised by the company ‘s expansion in unprofitable businesses like food delivery and cloud computing services. it is like amazon, ebay, paypal and twitter rolled into one and they increase revenues by a lot compared to the same period in 2018. in that feed the estimates. with a two—thirds market share and they continue to grow. strength to strength. a private financial investigator who flagged warnings about bernard madoff‘s $65 billion ponzi scheme is now targeting one of america's blue chip companies. harry markopolos has claimed that general electric is hiding an accounting scandal, sending its shares tumbling. ge strenuously denies the claims. samira hussain has more from new york. this man causes of a forensic —— foren

let's go to our asia business hub where rico hizon is following the story. lovely to see you back. are celebrating your return as well. of course not, it's all about president trump. fill us in. they are celebrating the latest move by president donald trump, delaying levies on cellphones, laptops, and other consumer goods worth around 150 billion us dollars. that it won't impact us holiday sales will stop see if you take a look at the asian pacific indices, they are all in positive territory, from sydney to tokyo, shanghai and hong kong stop to tokyo, shanghai and hong kong sto p s ha res to tokyo, shanghai and hong kong stop shares of apple suppliers in asia, mostly higher after the technology giants or its stock surge. more than 4% annual trading. but this latest balance hardly clawed back the sizeable losses of stock prices over recent months. about market sentiment remains fragile — but given that that conflict is still far from being resolved. the delay of this tariffs until mid—december is purely for political timing rather than a more substantive change in the us approach to

sharanjit leylis in our asia business hub in singapore. 0ther any more details about the delay?ssentially the reuters news agency who have been citing two people with knowledge of the matter so people with knowledge of the matter so that is how we know it is a story. alibaba so that is how we know it is a story. aliba ba has so that is how we know it is a story. alibaba has the bbc does not comment on market rumours but reuters siding those sources they said the decision was made after alibaba held said the decision was made after aliba ba held a said the decision was made after alibaba held a board meeting last week. the listing was set to take place in august but the decision was made under the lack of financial and political stability in hong kong which we have been reporting, more than 11 weeks of pro—democracy protests which have become increasingly violent and have planted the city into turmoil. hong kong stock market fell to an all—time low. according to sources, alibaba could all—time low. according to sources, aliba ba could lodge all—time low. according to sources, ali

let's go to our asia business hub, where shara njit leyl is following the story., tell us about sharanjit, tell us about today's move on the chinese currency and the trade data that's come out as well. that's right, sally. it's really interesting because the central bank of china set its rate again reasonably weakly, but asian markets seem to be shrugging it off making slight gains. part of it is there to — yuan slight gains. part of it is there to —— yuan is stronger than most a nalysts —— yuan is stronger than most analysts expect, saying the chinese central bank want to limit declines, including reassuring foreign companies that the company won't wea ken companies that the company won't weaken too much. china's daily fixing has become a closely watched event after the weak reference rate was set on monday, and that helped to trigger the huge loss you talked about on the markets as well as the biggest loss on the yuan since 2015. and it sparked concerns about a global currency war, including china the label of currency manipulator from the us, a tag they haven't

sharanjit leyl is in our asia business hub in singapore with the details.y gave investors something to cheer about with unexpected growth in its video streaming service in the second quarter, this even though its net profit actually tumbled over 60% in the quarter. revenue only grew about 196 the quarter. revenue only grew about i% from the previous year. the fact that its bottom line was more than twice as much as forecast by a nalysts twice as much as forecast by analysts is the reason why its shares were surging as much as 9% in after—hours trade. its main search business, we know, is hurting, as is the ad business. the outlook for advertising is weak but the outlook for streaming services has managed to offset all of that by surpassing 100 million subscribers. there was also some evidence of growth in its mobile sector. users of its smartphone app rising about 27% from the previous year, 188 million subscribers there, and baidu‘s a nswer to subscribers there, and baidu‘s answer to amazon‘s alexa smart speaker system is installed in five times more devic

let's go to our asia business hub, where rico hizon is following the latest developments.of the asian trading session seem to have calmed down a bit? that's right. we saw a calming of the markets in midday trading. asian equities bouncing back after steep falls in early trading as an inverted us bond yield curve, as mentioned by michelle, sending a warning to investors about the risk of a recession in the united states. investors are recession in the united states. investors a re basically recession in the united states. investors are basically buying back oversold stocks injapan, australia and hong kong. despite the turnaround, sally, investors' sentiment is still very nervous and it also doesn't help economic data from china and germany suggests a faltering global economy hit by the worsening us—china trade war, brexit and geopolitical tensions stop and it's been a rollercoaster ride for the markets. 0n it's been a rollercoaster ride for the markets. on wednesday, stocks gained after donald trump delayed imposing tariffs on some imports from china until december the 15th

mariko oi is in our asia business hub in singapore with the details.ight, this is not the first time he has linked the hong kong process and the ongoing china us trade war, urging beijing not to have another tiananmen square. i guess from his point of view he could stall the trade deal while portraying himself as a human rights protector. as you mentioned, over the weekend, we saw more protests, for the 11th weekend in a row, although this time they managed to keep them largely peaceful. we heard from beijing, hinting about sending an military police in the event of clashes. but the government and investors are clashes. but the government and investors a re really clashes. but the government and investors are really starting to worry about the economic impact on the city's economy. last week, a package with $2.1; billion to help shore up growth. analysts say it was too little, too late, and that the city's economy will most likely fall into a recession. mariko oi, thank you. now let's brief you on some other business stories. president trump and white

let's go to our asia business hub where shara njit leyl is following the story.of imports are already in the pipeline going to india. we know india isn't pa rt going to india. we know india isn't part of the g7 but prime minister moody was an invitee and he it comes in the wake of lots of strange that have popped up in the bilateral relationship between india and america in terms of trade and political interest — make issues over kashmir. trade is an important pa rt over kashmir. trade is an important part of the tubing bilateral strategic partnership — make issues over kashmir. there have been a raft of tariffs escalating leading to fears of a protracted trade war. it hasn't always been a smooth sailing between the two and trump has called india the tariff king and there is a yawning trade gap between the two in favour of india. india has dragged the us to the world trade organisation over it dispute on trade. we do know that mr moody will be seeing trump again. —— never enter a modi. he will travel to houston where there is expected to bea houston where there i

let's go to our asia business hub, where shara njit leyl is following the story.works, why this works, and why a lowering of a midpoint could signal real aggression from china. well, yes, victoria, you said it is a new front. it is to some extent. it is not having the impact first fell to the decade low on monday, that's when you recall us markets suffered the worst day of the year. markets today are in fact staying fairly steady, because traders were expecting the yuan to be set at an even expecting the yuan to be set at an eve n wea ker expecting the yuan to be set at an even weaker level. they are saying that the chinese central bank has actually shown signs of trying to stabilise the yuan in the last few sessions. it at that daily rate as a 296 sessions. it at that daily rate as a 2% range against the us dollar and, of course, as you mentioned, this is the lowest it has been in some 11 yea rs. the lowest it has been in some 11 years. one analyst i spoke to said this is indeed a new front. he agrees this is a big move in the china us trade war. china is not bac

let's go to our asia business hub where shara njit leyl is following the story.urrency is and what you can hide. here's an example. absolutely, it sounds like something out of a spy film, doesn't it? because essentially as you say it has been revealed by the sleet united nations confidential report i should add, saying that banks were targeted, noted —— backs were targeted, to try and collect cash was not sources confirm to the bbc that the humans actually been investigating some 35 cyber attacks and the reporters were sent to the security council is north korea censures committee says that north korea's attacks against crypto currency exchanges essentially allowed to generate income in ways that are harder to trace and subject to less government oversight and regulation in the traditional banking sector. experts a p pa re ntly traditional banking sector. experts apparently are also investigating cyber mining activity designed to earn foreign currency. we know of course all this comes as north korea launches to missiles this week alone in fact the fourth such lau

let's go to our asia business hub, where sharanjit leyl is has been following the ups and downs, but equity markets thinking, the chinese yuan hitting an 11 year low, this after donald trump ramped up tariffs on $500 billion worth of chinese imports. it is the latest salvo in the us china trade war. he also called for american companies to pull out of the largest economy in asia after china said it would impose retaliatory tariffs on us goods. this flight from risky centres to safe haven saw some assets rising. the likes of gold, for instance, jumped to a six year high per ounce, while the japanese yen, also considered a safe haven, was at its strongest level since the end of 2016 earlier today. however, sentiment hasn't somewhat improved. that is after the chinese vice premier reportedly said in chinese media but the country is willing to resolve the trade disputes through dialogues, with a calm attitude. —— said that the country. we have seen the yuan edging back from its lows, and this latest turn in a trade war comes during an already very tumultuous month the financial markets.

let's go to our asia business hub where sarah toms is following the story.rt of versace. there has been a lot of fierce criticism of versace over the weekend and social media in china and also today and it is all over this image and a t—shirt featuring a list of cities and country pairings for instance when london was listed it was london uk oi’ london was listed it was london uk ormilan, london was listed it was london uk or milan, italy but when hong kong and macau were listed there was no mention of china hong kong and macau are both part of china but have special status and that gives people who live there more autonomy than people living on the mainland. china is increasingly strict in policing help foreign companies describe hong kong and versace is not the only company to face the ire of china but the timing is particularly sensitive coming as we have been reporting as hong kong has seen ten weeks of pro—democracy protests and they are becoming increasingly violent. thank you very much indeed. markets in asia, that was last week in japan, it isa asia,

one of asia's biggest business hubs hong kong is facing yet more widespread disruption.using problems across the city state's transport systems and more than 200 flights have been cancelled at the airport. violent clashes have broken out between protesters and police. mariko oi has the latest from hong kong. as you can see, tens of thousands of protesters are gathering at tomahawk here in hong kong. this is one of seven venues for this afternoon's rally. many of them dressed in black, which has become somewhat of their uniform, holding that yellow banner extent against extradition to china. that's how it started, if you remember, against that controversial bill. now they are asking for a lot more democratic reforms. and that's despite the government's request not to participate in today's strike. when the government held a press conference earlier today, that message was clear. this strike is bad for the economy. the financial secretary said, the economic growth would go into negative with these ongoing protests continuing. and yet, that has really not stopped these peop

let's go to our asia business hub where sharanjit leyl has the latest.kets? a change in the mood on markets, as you say, sally, and it has been called an early christmas present of sorts and is just the sort of thing people would be given for christmas, all included in that, toys, computer monitors, clothing, laptops. retailers will get a chance to stock up retailers will get a chance to stock up before the higher tariffs kick in mid december. us president donald trump himself acknowledged while speaking to reporters that the delay in these tariffs was in part to avoid hitting us shoppers this christmas is. the surprise news from the us trade representative sparked a huge rally on wall street and here in asia today where most markets are closing higher, but other items facing a 10% tariff will go ahead as planned on the 1st of september, making good on a promise from president trump at the start of the month that he would impose a 10% tariff on $300 billion of chinese goods. he is of course blaming china for not following through on promises to buy more

let's go to our asia business hub where monica miller is following the story.es effect. indeed. at midnight, it took effect in south korea and officials have already come out and have expressed their deep regret overjapan ‘s official removal of it from the list of a favoured trade status. they called foran favoured trade status. they called for an immediate retraction of this latest export restriction. what this means is japanese exporters now latest export restriction. what this means isjapanese exporters now have to make sure their goods don't benefit south korea's military weapons industry before they can sell them and in a tit for tat move, south korea said it would end a simplified export procedures to tokyo. it also scrapped a military intelligence sharing pact with japan, which has certainly got in the us and china very concerned at this point. in the end, consumers will feel the pinch, especially those who like samsung products. they are going to start to become a lot more expensive. monaco, thank you. monica miller in the asian business hub in singapor

i'll be talking to our asia business hub to find out how markets are reacting to the big losses on wall warm welcome to the programme, briefing you on all you need to know in global news, business and sport. also we would love to hear from you. today we're talking about finland. from 2020, workers in finland will be able to decide when and where they work for at least half of their hours. finland is being praised for being at the forefront of flexible working. tell us what you think, just use #bbcthebriefing. we begin in india today. in a major speech, india's prime minister has described his government's much—criticised decision to revoke the special status of indian—administered kashmir after seven decades as a major achievement. narendra modi has been giving a nationwide broadcast to mark india's independence day, his first since he won a massive election mandate. the disputed region has been in lockdown for more than a week, with internet and phones cut off, and hundreds of people detained. this is some of what he had to say on the subject. translation: it is our duty to fulfil the

hub. hello and welcome to asia business report, i'm sharanjit leyl.s treasury has formally labelled china a currency manipulator and its accusing beijing of weakening its currency, the yuan, as the trade war escalates. as a result of the move, treasury secretary steve mnuchin will engage the imf to eliminate what it calls unfair competitive advantages created by china's actions. on monday, china allowed its currency to full to the weakest levels against the dollar in about a decade, following this twitter outburst from donald trump. let's look at the impact on markets in asia, which are kicking off trading on tuesday. state falls for the nikkei 225 injapan, essentially due to the fact the japanese yen is so due to the fact the japanese yen is so strong. it is seen as a safe haven but it really impacts japan's exporters, so huge losses there and australian markets lower. they're taking their cues from wall street, where, of course, we know the dollar is trading lower. gold prices spiking to another six year high essentially due to the fact that gold is

hong kong, one of asia's biggest business hubs, faces widespread disruption because of strikes in support

it's made its mark as such a critical financial business hub, not just for asia, but for the world.na continuing to exert a greater influence still 25 or 30 years before it's supposed to -- madeits agreements it with the u.k. over hong kong ends. you wonder if this will be a friendly environment after get through this crisis, and where it may be a little more safed -- more safe or more convenient for them to do business. about the united states and denmark. we have seen the tweet overnight that the president is now not going to visit denmark because denmark doesn't want to sell greenland. this is what the danish prime minister had to say at a briefing a little earlier. beenederiksen: this has rejected, a position i share, of course. this does not change the character of our good relations. greenland clearly is going to be a strategic asset. denmark runs it at a very arm's-length basis, but has no interest in changing the status quo. i am just kind of fascinated, how is this story going down in washington? hearing?you this is an incredible situation, that a visit has been canceled be

hong kong stability in danger it is one of asia's most important transport on financial hubs and a mass sitting in a port led to the consolation of flights businesses are feeling the effects tourist numbers are down and the stock market fell to its lowest level in 7 months on tuesday rob mcbride has more from hong kong. many passengers are still turning up tuesday evening at hong kong's international airport to learn that their flights have indeed been cancelled there maybe still here on the departure board but gradually this is all now turning red as it did indeed 24 hours ago when thousands of protesters came to this terminal and brought the departing flights to a standstill once again there was a call went out for protesters to come here but they didn't come in the same numbers but they were enough of them pushing trolleys many which got overturned here blocking the checkin aisles to once again force the airport authority to cancel all of tuesday's remaining flights it has to be said that many of the protesters have now cleared out those trolleys are in neat stacks many of those protesters it seems are now leaving the terminal having achieved th

hub, and the government hopes it will kickstart india's sluggish economy. that's it for the business briefing this hour but before we go, here are the markets. shares climbed across the asiaay of what have been a tumultuous month dominated by the trade war. japanese bonds slipped after the bank of japan cut purchases in its regular operations. shares in sony rose as much as 1.6% on friday after the company sold its stake injapanese medical equipment maker 0lympus, following calls from a us activist investor to offload its non—core assets. a mother, who won a major court case on bereavement benefits, says it's "shameful" the government hasn't acted on the ruling a year on. siobhan mclaughlin, from county antrim, wasn't married to her late partner and so wasn't able to claim an allowance for widowed parents. in 2018, siobhan won a challenge against that decision in the supreme court. 0ur ireland correspondent chris page reports. four children lost a father when john died in 2014. he had lived with their mother, siobhan mclaughlin for over two decades. she was denied widowed parents allowance because they were not married. 0ne widowed parents allowance because they were not

. >> that's a serious business because hong kong is the financial hub, the business hub of the free market capitalism in the whole of asiayou think it's really beginning to erode to that degree? that's a serious thing to say. >> let's pretend you and i are a major co, a major company and we are going to meet with our risk assessment team and meet with our board and here's what they will say. your timing, you've only got a couple of decades left. you've got the rest of asia moving to headquarters, you need to make some decisions. will you scale up or down? these protests are not going to just disappear overnight. i think the risk assessment is a ceo, you have to make and consider most likely you will diversify your management assets. >> do you think the people of hong kong, hong kong is united against the billionaires and against the hong kong authorities if the chinese communist quests is unity class among just? >> i don't think so. i think there's a group that don't have a lot of money or potential data very hefty. then there's business with china and they don't want to rock the boat. they like it the way it was. they a

caroline: are we hearing corporate, seeing business intoe and entities calling question hong kong's place as the financial hub of asiaxecutive and also the finance secretary tried to address today. even though they did not give a specific solution on how to resolve the crisis, they mentioned that this is hurting everybody in hong kong. we have already started to see the numbers in hong kong. our second-quarter gdp was below the estimates at 0.9% quarter over quarter growth. we are also seeing retail sales plunging nearly 7% year-over-year in june. we also got the pmi as well for july. it was at 43.8, the lowest since the beginning of the global financial crisis. we are also seeing the msci -- excuse me, the hong kong index down for nine straight sessions. that is down 10%. we have not seen this kind of fall since march -- excuse me, since 1997. that is of course when hong kong was handed back from britain to hong kong -- from britain to china. caroline: sadly it is taking effect. stephen, stay safe. we thank. coming up on the european close, you have hans reddick or of morgan stanley -- hans reddick or of morgan stan

as you mentioned, one of two main transit hubs across the asia-pacific is hong kong and singapore. if hong kong is losing business, imagine what that means for the local economy. imagine what that means for jobs, the seven million that live in this city. connell: it's a huge part of the story. we'll continue to follow. susan thanks. susan li live from the hong kong airport. all the major averages as susan is speaking there, continue the decline. we're down 2 1/2% across the board. dow, s&p, nasdaq worst of the bunch is nearly a 3% decliner. there they are on the screen. all major tech stocks, almost 180 points. so the nasdaq, the dow, the s&p 500, all down by large margins today. there it is. nasdaq composite index, nearly 3%. all right, staying on the story here overseas, that susan is reporting on, looking at china's side of it. that is the big question, what does china do next what is the response to the crisis in hong kong? we've been wondering about that for the last few days. it feels to some we're building up to some sort of chinese military response. not at that point yet. former navy seal team six comman

business in 1998. it has become a major transport hub for this part of asia.:30pm at night in hong kong. a lot of press, as you can see. these are the picture is of course, the chinese government, the hong kong authorities will realise are beaming their way around the world. according to the afp news agency, we are hearing from them a small group of riot police have used pepper spray to push back the protesters outside the city's airport. those we re outside the city's airport. those were the pictures we were looking at a little while ago. they were trying to escort a man he was taken away in an ambulance. two dozen officers found their police than had been blocked by a few hundred protesters as it followed the ambulance. we saw the police, police were seen by eyewitnesses jumping out of the van to try and clear the path and that is when they use the pepper spray and detained around two people as a result of that. let's just show you the tension we sawjust a few moments ago. oh my god. oh no. we are under attack. shouting studio: these are pictures from a shor

what it all means for asia's financial hub as the second hour of "squawk box" begins right now. ♪ >> announcer: live from the beating heart of businesshis is "squawk box. >>> good morning welcome back to "squawk box" here on cnbc i'm joe kerning along with becky quick and mike santoli. a lot of breaking news everyday it's kind of been like this, hasn't it? mostly coming from president trump. today saying that china is ready to come back to the negotiating table. u.s. equity futures at this hour indicated up over 200 points before the comments we were down about 100. last night, getting ready for this session, we were down about 300 points so that would have been a quick 900-point loss since friday morning, but that turned around and you can see now getting back about a third of what we lost on friday >>> but the day is young the president has more opportunities to make more comments for what he said to this point, let's get over to aimen javers in france covering the g7 meetings go ahead, take it away try to wrap this all up for us. good luck. >> sure, thanks, becky earlier this morning the president made headlines by saying that the

businesses. if saturday's protests are indeed put down, more people would surely support the strike, increasing the disruption of asia's financial hubn a corner. if he puts down the protests, he loses. if they continue, so does the chaos. he has lost control, which is seriously bad news for communist leader. meanwhile, over here, we'll be celebrating the labor day weekend. the stock market is closed on monday. come tuesday, things may look very different. here, because of what's happened over there. we shall see. the second hour of "varney & company" just getting started. coming up we have health and human services secretary alex azar. we're asking him about the surgeon general's warning on the risk of cannabis use. we'll ask secretary azar about regulating vaping. e-cig e-cigarette maker juul getting criticism on teens being hooked on it. can anything be done. >>> 400 police departments are partnering with ring, the doorbell camera people. they are asking for access to your fattage. it -- footage. it may help fight crime but there are privacy concerns. i'm asking a police officer about this. ♪ - in the last year, there were three v

it's one of the busiest hubs in asia like that's a connection point for 200 international cities across the continent, so this is a three-day occupation that started of course on a busy travel day like friday night, hundreds of protesters sitting in for a three-day occupation, and hong kong airport home to 1,100 daily flights and cargo flights every day so they are looking to choke off the transport artery. >>stuart: what i'm hearing is that the chinese have exposed an american diplomat in hong kong for personal details they say she was meeting with opposition leaders. our state department says you do that, and that is sluggish behavior so what's going on in hong kong now intrudes on the china u.s. relationship. yes, absolutely because thursday , they published a photo of the opposition activist meeting with a political section chief in the u.s. consolate in hong kong and they're meeting at a hotel and it looks like they've now published details of not only her state department career but names of her husband, her teenage children, as well, and this report was recirculated through the chinese media. >>stuart: that's just ratcheting things up. >> it is. >>stuart: mean