/asia pacific command, which is probably missing in the statistical analysis. and secondly, r and d, can it go beyond the dod/mmd cooperation -- regarding that question, i think that should be the overall direction because, in particular, r and d cooperation between government agencies should not be the norm continuously rather military relations between our two nations, rather, military between our two nations should actively be encouraged to toe operate. also, joint marketing, joint purchasing should also be encouraged as well. in that vein of said system which i am personally responsible for our military r and d in the system itself needs to be france formed and improved upon. and along the way, korea's military industry, and particularcally the private or the commercial component, needs to be encouraged for more cooperation with their counter-parts in the united states. and policy support is going to be provided alone that line. thank you. >> the most exciting advances in u.s. policy for international reference and development cooperation that's occurred ov

and asia pacific specialist which tony speaks a lot is pretty easy to do than say thank you very much indeed for joining us here i mean do you expect any breakthrough at these talks between north and south korea . it would be a gradual process but i think the would be a breakthrough definitely with regard to a limpet participation that is a low hanging fruit and i think it can be achieved well donald has claimed credit for the talks saying if i weren't involved they would be doing no talking or be much more serious i mean do you think he's right. no i don't think i am certain here's not correct the credit for this actually should go to the new south korean administration of president in what kim jong un spoke in his new year's message was in fact in reply to a speech made by president moon in berlin early july where he laid out points on which they could be concerned the issue with south korea kim jong un has responded on each of those points which in had put out on reducing tensions on the military demarcation line in terms of participation along pics starting exchanges particularly

for the asia-pacific at deutsche bank.t really think there will be any material announcement, because as we said, it is the last meeting as chairwoman, so hence they will keep the interest rate unchanged until of course she hands over tojerome powell, and then we would expect the first rate hike to happen in march. and we know that in the interim we have the low interest rate environment. yes, there have been small hikes, but we have also had us tax cuts which have been helping corporate sentiment a great deal, driving up those stock markets, for instance. when do you think these will start to have an impact? so we think the risk is more on the upside, especially on inflation. so if tax reform comes through much better than expected, we have seen and heard already the example of apple announcing they will move much of their money back to the us, and hence this can cause inflation may be to move even higher than the fed would expect, and hence then they might bea would expect, and hence then they might be a little bit more

the msci asia-pacific index holding on to record highs.hat japan remains out of action. the hang seng is faltering in late trade, not up as much as in the earlier session, but still great gains coming through. also south korea had a good day today. in techhowing the rally stocks similar to what we saw in the u.s.. costco looking good, -- posco looking good. this is a malaysian government holding company up by 10%. a lot of these malaysian government companies rising on reports that there could be an election. , thank you very much. donald trump has responded to the north korean leader kim , theun's threat saying u.s. has a bigger and more powerful nuclear button. have protests in iran -- thefied talks about markets have to deal with the geopolitics. manus: away from the geopolitics when they raise rates for the third time since last year. david bloom joins us. a lot of tension surrounds north korea. there is a twitter battle between donald trump and kim jong-un about who has the largest nuclear button. with have another year geopolitical t

we've got japan back in action, so we move higher on the msci asia-pacific.a bit of a ght on the korean market. the dollar is a little weaker. the yen is a little stronger. arebank of depend -- japan not buying bonds on the long end . we've had some better data out of germany, so perhaps that is helping things move along. we will talk more about inflation, aren't we manus? manus: absolutely. we looked at the amount of money flowing into those treasuries. inflation will be the core focus at the end of the week. the bank of japan has i think, set out a store. if the u.k. has raised rates, if there is a debate in germany talking about the need for the end of --. signaling thatan they are just adjusting the rates at the longer end of the curve. it is certainly unsettling the bond markets. the is definitely igniting viewpoint that in the bond markets, you are going to have to reconsider. the bank of japan is beginning to fiddle with the long end of the curve. you may think about less negative rates before the end of the year, not rate hikes. juliette saly has much

we will be live in shanghai for congress and speaking to head of asset management for the asia-pacific a backdrop of of another day and another rally , asian equities moving to the upside. that is the scene in hong kong. this is bloomberg. ♪ erg. ♪ rishaad: asia stocks extending their strong start, investors betting growth and profits will support high prices. he isent trump declaring open for talks with north korea, saying the meeting with the south may be great for humanity. on the counter attack, the president's allies flood u.s. against to defend him claims he is unfit mentally for office. i am rishaad salamat in hong kong. haidi: i am haidi lun in sydney. malaysia's longest-serving leader seeks a return to the top job, taking on one his -- one of his former protÉges. this is "bloomberg markets: asia." ♪ haidi: after a quiet start to the year, most markets coming back online, earnings season kicking off in asia, high expectations we will see buoyancy when it comes to profitability, companies benefiting from this global synchronized growth story. take a look at this chart. taking a

the msci asia-pacific shilling a little softness. this is the picture. n australia, weakness in japan. the hang seng doing well. sincengest winning streak 1969. overall, a touch weaker in asia even though global stocks are near a record. the big focus for the markets is the 10-year treasury yield. hitose seven basis points, the highest since march. we are slightly higher today, 2.56%. bill gross has already said 2.5%, now we are in a bear market. guggenheim bear call is at 3%. a little bit higher than the year-end consensus call, 2.92%. this is the core of where a lot of markets are going to go. dollar-yen, you just mentioned it. we are seeing a little bit of further reaction. what happened to the 10-year treasury yield to some extent as well. ask, is there some support coming through for dollar-yen? citigroup saying it could go either way from here. finally, taking a look at oil. nowe gone past $63 a barrel on wti after that api data showed u.s. stockpiles dropping. we get the eia data later today. manus: thank you very much. we're going to get all these

deliberate on their own that point and to make a response and i think we this is very welcome in asia pacific because it's not just france or the rest of the e.u. or the rest of the world really that's concerned about about the future of china but very much much much so here in our backyard in the asia pacific in southeast asia we have very similar questions as a lot of hope about what china can do in terms of raising lifting all boats in the region if you like but there's also a lot of questions about china's strategic intentions especially with the protracted issue of the south china sea dispute which is still still ongoing even though it's a slow burn issue and with with france in the picture it's actually a very welcome despite because france is lifting the conversation up you know holding china to account if you like in a sense saying that there are certain rules of the game that one ought to abide by and you would be more respected for it and this is part of an ongoing approach which i think is extremely constructive about socializing and in gauging china at a time when we have you know

rishaad: japan during the 2018 party leading the asia-pacific. the topics has its levels not seen since the early 1990's. until one of the big losers admitting its chips are vulnerable to hackers. the problem is industrywide and is not unique. bitcoin under new pressure in china with some facing power cuts and enormous demand simply draining the system. in hong kong. haidi: in sydney, also coming up, falling out badly. steve bannon attacks his former boss. the president hit back saying ban and not only lost his mind. this is bloomberg markets asia. ♪ rishaad: have a look at one of the biggest shows in town, a fairly benign set at the own see helping to propel the markets in the u.s. to fresh highs. take a look at the bloomberg terminal, telling you how things are relatively calm in the u.s. economy. up, and keeping inflation trying to get to the 2% level over here. this has been hovering about 1.5%. somethingy we have like three interest rate hikes in store for the next 12 months. that is what is giving a little bit of optimism to continue the ra

and australia. new trend of premium chicken, which people crave. people crave. successful in the asia—pacificare struggling at the moment? the moment? traditional fast food, kfc, it is closing down a bit. kfc, it is closing down a bit. and flavours, consumers just like newer things to experience. newer things to experience. what is the overall trend in the industry? the overall trend in the industry? consumers going to stores? do they just order on line? just order on line? definitely more web delivery, overtaking drive—in customers. overtaking drive—in customers. delivery, ubereats, etc, they are delivering more. it makes me hungry. a quick look at the markets. very good day for asian stocks this tuesday. tuesday. territory after us equities pulled back from record highs. back from record highs. had its biggest decline in five months. months. midmorning tuesday trade. so much for investing your time with us. so much for investing your time with us. i am rico hizon. iam rico hizon. i am rico hizon. sport today is coming up next after this. coming up next after this. before that, the main stor

especially for the smaller market and asia-pacific.ght be the front of the firing line when you have these yields pushing up globally. we are are already seeing a lot of decline over in new zealand, maybe a quarter of 1% drop when you look at the cash in japan. a lot of data to get through and we will be following the state of the union address by president trump. a lot of things we are following and earnings coming through. it does seem it will be another session here in the asia-pacific and that is a look at markets early wednesday morning, i am david and less in more from bloomberg technology. hong kong.gles in more from bloomberg technology. >> this is bloomberg technology, i am emily chang. let's return to what our top stories. jeff bezos, warren buffett and jamie dimon are getting into health care. j.p.hire hathaway and morgan are looking to provide tech solutions for health care at a reasonable cost. will eventually be used to challenge long-held industry norms and at the heart of the partnership is a solution to the rising heal

an early look across sectors in the asia-pacific, key names we are following.oing to give you details here. session lows on the benchmark. we did get declines overnight across a lot of these chinese tech stocks. down about 3% overnight. key earnings coming through at the moment. as i mentioned, broad-based .ecline we are also looking at shares of renaissance. let's get a three-day look at the chart opening higher. roughly flat at the moment. company is denying earlier reports that it was in massive rights. when you look at shares -- there is the headline. can we get that up so that viewers can see? there we go. all of those gains, 8% down. the function on your bloomberg. other metrics to follow. have a look. in terms of volume, six hundred 60% compared to the 20 day average. shares are roughly unchanged. mention, thisg to is what happened overnight in japan. we are back to zero on the five-year. we might get a on the short end of the curve. a comes ahead of the gdp, which comes out to 30 p.m. asia time. 2:30 p.m. asia- time. for the eurozone, 6:00. according to

still running, asia-pacific markets set for gains on wall street. hit 1700 for the first time. confirmation the fed only wants roger will hikes. optimism u.s. manufacturing is speeding up. betty: from bloomberg's global headquarters i am betty liu. it is just after 7:00 p.m. wednesday. a pr nightmare. they insist the problem is industrywide and not unique. they say it is all going smoothly so far, however, japanese investors are worried. we will be live in tokyo to get the reaction. ♪ yvonne: we are awaiting that japan open, making waves right now. what a year it has been for japanese stocks. a chart that highlights how we ended things in 2017, g #btv 4471. we are looking at live pictures of that open. having a big ceremony to kick off the 2018 year. let's go to the quick chart, g #btv 4471. we ended the year at a 25 year high on the nikkei as well as the topics -- topix. it gained 44%. perhaps what performed better for 2018 is that the nikkei, given how heavy it is on japanese attack. we saw the japanese tech index jumping 36% in 2017. perhaps a gi

that's what were dealing with over in the asia-pacific region right now.y muchan currency unchanged. it was down by .7% in yesterday's session in the peso in mexico also weaker and all of that because the canadians are raising questions about the u.s. and whether the trump administration will walk away from the nafta talks. the seems to be a clampdown in the offing, the government drawn up a bill to outlaw cryptocurrencies. revivalalk about this or this wording of a rebuttal coming from the chinese. we riled the bond market with his story. 2009,ve to go back to talk about the veracity of the bond market. be careful with every story that comes out in terms of the denial. the bond traders are questioning this run-up because if you make it rich enough, they will come. the bond auction that we had yesterday evening, we saw a slight flirtation with the highest level since 2014. this is what we've got, demand for the option came through quite strong. it was $20 billion of notes, it through the strongest ratio since 2016. that is the red line. funds who run mutua

insured to the hilt yet the majority of losses from global disasters last year weren't insured in asia pacific for example fewer than one out of ten losses were covered. and those figures don't include lost lives more than twenty seven hundred people died in floods in south asia but the disaster was less destructive to infrastructure in the us hurricanes. climate change is being blamed for the increasing number of severe storms first up this year the massive snowstorm currently blanketing the us northeast then another active hurricane season is on the horizon insurers are gearing themselves up for more massive payouts. if you have a taste of platinum joe great as a fifty fifty chance it came out of the ground in south africa countries the global market leader in the production also the precious metal prices of for them by sixty percent in the past ten years a drop in demand from coal makers in jewis is putting pressure on the mines. south africa's platinum belt holds the world's richest because of the precious metal. half of the world supply is mind here. but the industry is on a knife age bes

. >> this was the fourth quarter indexhe msci asia-pacific was up.was the first year to see earning upgrades that a yearly level in the last four years. so it accentuates itself. been led by cyclical stocks, which formed the bulk of the index. thisis happening because synchronize global growth is strengthening the world economy and feeding into domestic demand. that in turn is easing the demand for goods, which is reflected into the expectations for earnings, therefore cyclical all of these sectors are leading the upgrade cycle in the msci asia-pacific index. >> what stood out to you? you have been analyzing those valuations. what else would you highlight? >> things look good for asia. we have talked to fund managers. revisions to the upward side are and msci asia is trading 14 times 12 month ford earnings estimates. ard earnings estimates. so asia looks good. upgrades are flowing in. it looks like 2018 so far looks like a good year for asian equities. if you go deeper into which sectors are leading in these earning upgrades, technology ,tocks are to

msci a asia-pacific down 1% and the selloff has accelerated over the last hour.ing led by the asx 200. nikkei coming in weaker. done 1.2%. dollar-yen trade holding steady. overall this is against the backdrop of a slightly stronger u.s. dollar that is weighing in on some of these key foreign-exchange basis. kiwi the only one able to buck that. australian sovereign bonds outperforming their u.s. peers. investors put in those bullish f bets. it is a story affecting alumina. --aluminium. we did have brent crude under pressure. down .06 percent. we are looking ahead to u.s. inventory. it is not only a story of stronger dollar but u.s. inventory expanding. ending a record run of declines. will this mean for the broader opec model tech equation? we are still close to the highest level that were reached. levels we close to early 2014. traders telling us momentum is lower on the trade and the south african rand is the key trade in the emerging market space. the dollar.inst applied volatility rising since the december. first word headlines. deborah: the house of represent

with ten other asia pacific countries who defended free trade in advance of u.s. president trump appearance later in the week the canadians had backed out of the t.t.p. last year after the u.s. pulled out the transpacific every minute is now set to be signed in early march. and let's cross over to the new york stock exchange with our financial correspondent. good to see you i want to talk to you because just asked who was making this announcement donald trump in the u.s. was announcing new protectionist measures. yet the ministration announced tariffs on imports of washing machines. are mostly about not only from asia the idea is to protect the domestic companies but that announcement actually cause quite a debate here on wall street because yes some of the domestic companies could be safe but on the other side it also could mean higher prices for us consumers and from my own experience i can only tell you about a year ago my u.s. made vacuum cleaner caught fire in just the past week and my dishwasher pretty much died so maybe it's not just about price it might al

those said in davos he will sign the resurrected transpacific partnership along with ten other asia pacific countries in march the canadians put the c.p.p. on hold last year after the u.s. pulled out saying they weren't yet ready for tough talks with the u.s. and mexico want to revamp nafta deal of forcing canada to diversify its options. here rypien union has hit us chip maker qualcomm with close to a billion euros in antitrust penalties the use competition commissioner said qualcomm paid key customers apple to exclusively use its chips in i phones and i pads that meant it managed to illegally shut its rivals out of the market for l.t.e. baseband chipsets for over five years qualcomm says it will appeal. more protectionist signals from washington on tuesday the trump administration slapped steel tariffs on imported washing machines and solar product the trump administration believes that south korean washing machines and chinese solar panels have an unfair competitive advantage over u.s. products they could face tariffs of up to fifty percent. niki lauda has his airline back the formula on

let's get more on the story on an boj, joining us is asia-pacific economist.bit surprise we are already having this conversation on the boj, i thought this was a 2019 story. is there economic justification for them to start talking about pulling back? >> that is a really good point. investors have become a little bit nervous because of a series of factors that have happened in the last couple of months, and might have overreacted to a series of news. on one hand, we have global liquidity, the ecb has started to cut the pace at which it buys bonds starting from this month. corona -- governor kuroda did mention reversal rates in zurich last month and that took everyone by surprise. to make anyo early changes in monetary policy for a number of reasons. first of all, nobody wants to risk yen inflation. especially given that the cold and -- the current goldilocks environment still has a few months in recovery in japan is primarily export lead. secondly, with governor kuroda being near the end of his term, it is unlikely he will do anything to jeopardize his legacy.

thes have a look at asia-pacific, jakarta as the session gets underway. along at record highs. when it comes to themes in the equities space, i.t. leading the rise in asia with mining stocks, particularly steel stocks. gauge is bullish driving that space. undercies are coming pressure as investors are assessing recent gains, while of the dollar is sticking around september lows. the won halting a five d advance. the singapore dollar near two-year highs. the yuan snapping ahead of that handle. the pboc strengthened by the most the fix. the dollar bucking the trend. the mood is more dour for base metals as well. copper and aluminum sliding in shanghai, and gold shine still knew the highest level in three months, set for a ninth day of gains. two-year high as political unrest continues in iran, opec's third biggest producer. that ongoing situation with north korea, but korean bond risk is continuing to fall, now the lowest level since june, falling by the most in five weeks on tuesday, so investors might be able to continue to shrug off geopolitics. rishaad:

insured to the hilt yet the majority of losses from global disasters last year weren't insured in asia pacific for example fewer than one out of ten losses were covered and those figures don't include lost lives more than two thousand seven hundred people died in south asian floods but the disaster was less destructive for infrastructure than the u.s. eric and climate change is being blamed for the increasing number of storms. this year opened with the massive snowstorm currently blanketing the u.s. northeast and another active hurricane season is on the horizon insurers are gearing themselves up for more massive payouts. frontal now women in iceland have earned an average one thousand percent less than their male colleagues but those days are over equal pay for equal work has just become law their respective gender ethnicity. sexuality or nationality the new law will cover over one hundred fifty thousand workers. until now women have borne the cost of the gender pay gap that cost is too high and to reach our goal we are all going to have to work hard. now we have the perfect chance to do so.

insured to the hilt yet the majority of losses from global disasters last year were to insured in asia pacific for example fewer than one out of ten losses were covered and those figures don't include lost lives more than twenty seven hundred people died in floods in south asia but that is aster was less destructive to infrastructure in the u.s. hurricanes. climate change is being blamed for the increasing number of severe storms first up this year the massive snowstorm currently blanketing the u.s. northeast then another active hurricane season is on the horizon insurers are gearing themselves up for more massive payouts. i recapping our top stories the discovery of a major flooring computer chips as security experts trying to find a global fix and surge to a three year high i don't business with you. he called out of africa. to move the price of a beauty more intensity of feeling old donkey trade his role in. the recent chinese beauty products extract from their hide and move more needs to be done to stop this world and say from arms to the ground on their back out of ego at africa next on d

manus, the msci asia-pacific, excluding japan, which is out for today, is up by .3%. e strength is coming through from the u.s. session on friday, allowing markets in asia to edge higher. the s&p closed out on its best week since december, 2016, largely putting aside any jobs report.he let's have a look at the dollar. the dollar index is stronger, breaking at 2017. jobsa little strength coming through, with weakness in the emerging-market currencies. we have a host of factors to keep an eye on when it comes to the dollar this week. u.s. politics is ever president, what trump says on twitter, and now the house is back in action. and we have various fed speakers this week, and reporting season kicking off in earnest, which means the banking sector will be in focus in the u.s. we also get inflation reports from china and the u.s., so keep an eye on the dollar in fed conversation. i mentioned the weakness we saw an emerging market currencies, and the poster child for that this morning is around the korean won. we are half a percent stronger against the korean won because t

. ♪ haidi: asia-pacific stocks snap their winning streak after wall street's first fall this year ontronger yen weighing on japan. so much for armageddon. despite attacks from china, growth -- they a major restructure at the airlines after a top shareholder pledges its stake. we're watching japan's real tailors as earnings season kicks off. both beating expectations. we knew it would last forever. not a losst gains, yet for the s&p until this most recent session. down for the first time in 2018. not helped by a report out of china suggesting u.s. treasuries are losing their appeal for chinese investment. all of this creating a little pullback when it comes to the u.s. session. having said that, we see some defending of the lows. correction a steep we are talking about when it comes to these recognized. -- record highs. take a look at the chart. hong kong's benchmark index 12 straight sessions now. the longest run of gains since it was birthed in 1969. tencent has been the biggest heavyweight driving that rally. from december 20. we are verythat, much in over-bought territory. is assi

join us for another exciting addition of asia business report. 11 countries are aiming to form an asia—pacificact. they have all reached a deal and will be signing a final agreement this march in chile. also called the tpp ii, agreement this march in chile. also called the tpp 11, it does not use include the united states after donald trump withdrew. timothy mcdonald is in the newsroom. how significant is the tpp without the united states? the answer is much less significant. given that it is in fact the biggest economy in the world. you are talking about a market of 300 million people. of course, by any objective measure, it is less significant. that said, us wheat growers have expressed concern about not being included. canadian auto workers are worried about being pa rt auto workers are worried about being part of the deal. it is also a very interesting snapshot of where things are at with trade negotiations because on one hand, we have this agreement, which is about come off. we have the president, donald trump, slapping tariffs on chinese solar and large family washing machines and large

how asia-pacific stocks extend all-time highs. how long can this continue? next from ig markets. this is bloomberg. ♪ betty: this is "bloomberg daybreak: asia." i'm betty liu in new york. yvonne: i meet on man in hong kong. asian stocks getting a strong start to the year. optimism on earnings. also, the u.s. government shutdown appears to be about to finish. seems like all signs point to green. let's bring in a market strategist from ig asia. it is hard to be a contrarian these days, but if you look at the pace of the stock market rallies this year, the consensus is enjoyed the party while it lasts. are the alarm bells ringing for you yet? >> the mining. i -- good morning. i think we have a general consensus in the market that nobody wants to be too optimistic, but at the same time this trend is one that nobody is fighting. onceng at the s&p 500, again on monday, it went up. if you look at the market internals, the core ratio is something we see hanging onto subdued levels. , there has market been various doses of optimism from growth or earnings feeding into

there is a context within the russian and united states presidents on the sidelines of the asia-pacific summit in vietnam, in a joint statement of syria that our countries need each other. they are coordinating their efforts to defeat isis and achieve a stable political settlement in syria. we are united in necessity to address the challenge of nonproliferation of weapons of mass distraction. the fact that we have not reduced our efforts to resolve the iranian nuclear program and to destroy syria's chemical weapons despite our strong disagreements over the ukrainian crisis speaks volumes. today, developments surrounding north korean nuclear program are quite serious. in this regard, i would like to emphasize that russia, as well as the united states, does not accept the nuclear state of north korea. we have consistently advocated the denuclearization of the korean peninsula, but this issue can only be settled through a negotiated solution by diplomatic means. it would be inadvisable to test the strength of the north korean leadership and provoke a rash countermeasure. russia is committe

david: we are at records already here in the asia-pacific.oint, a very good morning to you from hong kong, it looks like we will be building on gains from where you are. new zealand is open at the moment. that's an all-time high for the new zealand top 50. the story of course will be the theening over in tokyo, cash market trading for the first time in 2018. we are looking at about a 2% pop at the open. through,ata to get coming out across the region. india, japan, hong kong, to name a few. the tenure yield in australia is down about three basis points. the dollar rebounding -- the 10 year yield in australia is down about three basis points. the dollar rebounding. watching oil prices as we push towards $68 on brent, the highest level in about 24 months. that's markets early. more from "bloomberg technology." ♪ emily: welcome back to "bloomberg technology." i'm emily chang. as we start the new year, washington is preparing for a new set of challenges but according to the m.i.t. president,, one major threat is being ignored and that is china. i

msci asia-pacific by 0.4%. neral picture in asia continues a positive one, continuing the best start since 2006. the dollar against the again -- , we saw the again being pushed up. have halted five days of advances in the japanese currency partly because of what we heard from the japanese finance minister. moves in fx markets are a problem. price, over $70 a barrel, even though it is retreating. fx is going to be a focus , what happens next with the pboc, that bank of japan, and the bank of korea. traders have been spun into a whole new momentum. record long positions on the euro. , two is a counterbalance sides to this market. the long positions are the longest we have seen. it is estonia focusing on bond purchases, they could end after september. dramatize theover situation. the dollar has managed to turn it around for the first time in five days. it is coming back to that magical level of 120. are we to bullish on the euro? we will discuss currencies in the next hour. we have the chairman of well pay.-- anna:

with their asia—pacific head waters here in singapore, this was the ideal location and they saw the singaporethe singapore open as a very premier sporting event, not just the open as a very premier sporting event, notjust the premier golf event, notjust the premier golf event, what a sporting event, and it ticks a lot of boxes for them because of the location, the venue, the ability to promote themselves in the ability to promote themselves in the region and globally. but the prizemoney used to be some $6 million with barclays and it is now down to $1 million. is the money drying up in the industry?” down to $1 million. is the money drying up in the industry? i don't think so. we are still seeing corporations investing in golf. the prizemoney isn't really a reflection of the quality of the tournament. that's what we feel. it's really about the delivery of the event, the spectator experience, the sponsor experience, the amount of exposure it get and obviously we have the top layer is still coming and playing, so layer is still coming and playing, so they recognise the event as a premium golf t