there is some examples of australia blocking trade.er network in new south wales -- is that a conflicting signal that on one hand, you are promoting free trade but on the other blocking investment by china? steven: there is a very big difference there. we are pro-free-trade and australia is putting forward a number of policies to make sure -- is front and center. we put in place free-trade agreements in the past three years with the north asian powerhouse economies like south korea, japan, china. we've done a great deal recently on a comprehensive strategic partnership with enough for -- with singapore. we have said no to some foreign investment where it is contrary to australia's national interest. since 2001five times and on average, we received about 1000 applications the year. we have said no five times and we've had 15,000 meters and yes. that's when we have said yes. there's a lot of aspiration on our part. i've had a number of conversations with the eu trade commissioner. in very warm and cordial conversation with cecelia. we've

you won't believe how close australia is to putting steve irwin on their money. that's just ahead in the morning juice. 12 today is back in 2 mintues. ###break######break### today.. the european union will meet for the first time without the united kingdom. they'll be discussing how to keep the alliance together and avoid another "brexit" situation. the e-u's 27 remaining nations will focus on issues such as migration.. terrorism and globalization. today oliver stone's "snowden" hits theaters.. the film is based on foer government employee edward snowden -- a man who exposed widespread wiretapping by the national security agency.. and became one of the most wanted fugitives in the world. the film is rated 'r'. television's biggest night is almost here. the 68-th annual emmy awards take place sunday night in los angeles. the red carpet was rolled out yesterday.. and today crews are taking care of any last-minute touches. n-b-c received 41 nominations -- the most of any broadcast emmys start sunday night at 5 o'clock. you've heard about.. and you've seen it -- now

it has a huge effect on how the dollar trades in australia.now this is something that you look at closely. what temperature are you getting ?n the ground in australia we have had some high-profile deals being halted. what are you feeling at the moment? , it has been a very interesting time. earlier in the year, the rejection of the kidman bidding they'reland -- obviously needs to be more discussion about what investing laws should look like in we need to make it clear to the chinese what they can and cannot invest in. the way we are running it has not been good for investing. we need to come to some more clear decision-making. australia is a country that needs foreign capital so we have to make the rules clear-cut. people should know ahead of time with of a have a chance of getting approval or not. haidi: they are vulnerable whether they like it or not. .hank you . next, the tech giant becomes china's most valuable company. ♪ ♪ and --tens becoming china's top company. it is a private company over taking the top spot which has traditionally bee

we are seeing flat top line growth in australia.ocus was a reduction in capital expenditure, and we did not necessarily see a growth and margin next tension, so gold is safety. we are seeing commodities as a whole pickup, and we do believe investors are looking for defensive assets and gold will be strongly represented. angie: you have turned bullish on australian property. strain property, yields are very low in australia. interest rates are at record lows, 1.5%. there is speculation that the reserve bank will have to cut the interest rate by 25 basis points. if they do that, that bodes well for properties. we are bullish on properties, but are expecting upside in some of the defensive stocks as well. angie: they could cut again, but if they do, there is not much further they can go. the issue is that bond yields are low in australia. we are sitting at record low interest rate environment, so caches cheap. are looking for additional yield and return having money in the bank earning basically 0% after-tax and inflation, they are loo

have a look at australia. gdp in 30 minutes.ally a cross mining stocks, especially gold -- a rally across mining stocks, especially gold. slight pullback in the price. 12 out of 15 leading the market higher. japan, theut currency-sensitive sectors, they tend to fall when the yen strengthens. autos down 1.5% for that sector. ,ollar-yen at the moment two-day chart, there is your drop after the ism services number. let me bring up my chart for the day. there we go. big drop as well. stop losses were triggered. let me wrap things up with a look at the bond markets. yields in asia coming down, yields and the u.s. coming back a little bit. little space a between itself and the zero levels angie:. thanks -- zero levels. angie: thanks. hanjin shares reversing the earlier loss. the shippingting container line has been granted protection from creditors. what are the details behind this for hanjin? granted.s. judge has temporary protection for hanjin. this would allow hanjin ships to dock in u.s. ports and not have creditor sees the conten

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a lot of that has started in the science labs across australia. of two dozen or so scientists to create this shrimp. about unlocking the genome of a black tiger shrimp. task,a pretty complicated because that genome is 10 times more complicated than the human genome. it needs approvals. they expect to get them this year, and then catch the first , the mommies and daddies, as soon as this month. rishaad: when you throw your shrimp or prawn on the barbie, tell me what they are trying to achieve with that. >> that's right. this is an animal that is a part of australian culture, isn't it? they are trying to create this super prawn, the size of a man's fist, growing at twice the rate, tasty, and higher levels of omega-3 fats. we will see if they succeed. rishaad: thank you very much indeed. joining us from sydney, the super shrimp or prawns they are developing. we will see what gadgets are creating a buzz. this is bloomberg. ♪ ♪ announcer: from our studios in new york city, this is "charlie rose." charlie: foreign policy. you have been to north korea. t

it recently launched in australia and launched in australia and is available at market stalls at sporting events. its inventor applied for and was granted patents for it in both australia and the u-s. he hopes to launch it in the u-s time for your juicy question of the juicy question of the morning.surveys show this is the most inappropriate place to flirt with someone.most people say you should be focused on other issues at this place... rather than scoring a date ???adlib traffic strong storms have dumped heavy rains across minnesota, leaving businesses swamped and drivers stranded.in maple grove, so much water covered the roads - that people had to "push" their cars through with flash flooding - consuming entire intersections - leaving cars - intersections - leaving cars - stranded. several rounds of heavy rainfall are expected into this morning. the hit nbc show chicago med is back on the big 12 tonight.. for the premiere of its second seasonseasonlast season we saw lots of drama.. romance and even a cross-over with chicago pd and fire. this season.. the shows stars are back.. and tha

very visual storm system a affecting parts of australia. yesterday a cold front moved through the south of australia. statewide power oututage occuru in south australia yesterday. the system is now effecting the southeast coast and there's a low pressure system over the similar area. so we have severe weather warnings widely posted from australia to tasmania and new south wales. gusts could be up to 140 kilometers per hour on thursday. waves up to 10 meters. coastatal flooding is highly likely and heavy rains expected. please w watch out for the seve weather. as we go into sunday and monday, anotother r strong system will likely move through the region. different story across california. weather has been very dry. the whole of california is under drought at this moment. and 20% of the state is under exceptional drought. because of thehe dry weather. some wildfires are occurring. i want to take you to santa clara to show you the situation on wednesday. wilefires that started monday in northern california continued to scorch vegetation. the l

it's surrounded by the wine region of australia. they have some of the best restaurants and food and wine. it's impressive. >> jimmy: that's nice. you turned 30 while you were there. happy birthday. >> i did. thank you yeah. >> jimmy: and so did you have a big thing for it? >> we didn't do a big thing. my wife was there and my daughter, and she was like let's go to dinner and have a date night, the two of us. i was like this sounds great. we'll get a babysitter. i love the idea. we go to a restaurant we love, an indian restaurant, and they take us to the back of the restaurant. and we come around the corner and it's everybody. it's everybody from the cast and the crew. birthday party for me. >> jimmy: was it good? >> it was fantastic. >> jimmy: people i saw all day are here. >> i thought i was going to get laid. now -- like what the hell is going on here. but it was good. it was good fun. maybe too much fun. i don't know. >> jimmy: did you go out after? was it a whole evening? >> we did. we went out -- we were at the restaurant for

coming up next, australia keeps the key interest rate. the final meeting. is bloomberg. ♪ scarlet: i'm scarlet fu. miss?id you australia keeps interest rates steady and waits for further inflation data. this was also the final meeting for the glenn stevens reserve bank of australia governor administration. for more on this, let's bring in betty liu. betty, before we get to glenn stevens, the challenge for australia with all the developed is the struggle to get inflation up. have been dealing with low inflation and even though they have cut rates and a have been on a steady slide from 6% down to 1.5%, inflation still remains stubbornly low. glenn stevens last speech as the reserve bank of australia governor took a chill pill and left. essentially, he said, i'm not going to do anything right now. his speech was the shortest statement in the last year or so. what theyleaving with say is the powder dry. let's see what he's going to do as he needs to cut rates. let him be the one to do that. >> this chart is fascinating. you can see the length of the statement a

australia has been growing for 25 years.a recession at some time, so we would like to keep a few bullets and the chamber, so i would like to see 1.5% stare -- they where it is. there's nothing wrong with tolerating low-inflation for a little longer. ,he discussion you just had that we need to talk about trade, investment. economywe need a real to do real things rather than sitting back and waiting for the central bank to spur growth when there are limits have been tested. rishaad: it is interesting. you said in your notes that q3 gdp is likely to come and go on wednesday. why did you say that? stage, we have a lot of partial data to con. we don't know what trade is doing to the sector and we don't know what the government is doing for that particular quarter. we will get that information tomorrow. it growth is .5% quarter on , 3.5% year on year, which is what the rba expected in its august statement, and so i think it should come and go and the rest of the week we will be talking about july that the -- july data. that is far

very few female ceos and australia. is one of 2.5 percent of companies in the asx 200 that do have female representation. i should say, female ceo. rishaad: you have that is core elements and principles, but then how does that translate into how you invest in what should looking at now and how do look at the bank of japan and the fomc? >> we screen negatively and positively, but the company in our view will be dictated by just the same factors that any other fund manager would be looking at. right now we are cautious in our international equity portfolio, 15% cash. we do see risk off now. fomc is positioning potentially to hike interest rates of they can subsequently cut them, which to me is not a , soicularly good sign cautious environment and we are position defensively for those reasons. rishaad: 15% cash. how do you make a play? what are the industry groups you are looking at? >> consumer discretionary, pretty much anything. we are benchmark aware. in the international context, we have flexibility. we want to have 1

let's talk about what is happening in australia.e saw the rba with no change in their interest rate overnight. we were hearing from our reporter in sydney that one of the issues is to move the dollar around. he does not have much ammunition in terms of reducing interest rates and tackling inflation. philip: that is right. we were not expecting a move-in interest rate today. point cute a 25 basis from the rba last month. we are in wait and see mode. we are not totally convinced the rba have to move again. we will be watching the exchange rate but looking to see if investment remains weak particularly as well. looking at the housing market situation too. there is a growing risk that we get another easing from the reserve bank. i would say globally, this is a positioned a lot of central banks find themselves in. if anything, the rba is in a slightly better position to have some room in conventional monetary policy. when we're looking at other economies, we are increasingly talk about fiscal policy as a potential stimulus. that is somet

or australia or north africa. in australia's backyard in southeast asia there are now isil affiliate in indonesia. in the southern philippines this year there have been for small-scale and pretty hopeless terrorist attacks. the willingness is there, the ideology is there. if i can go back to your third question about partnerships, partnerships for us in fact certainly the three of us in southeast asia with law enforcement and intelligence organizations is now and is going to be vital if we are to ensure the sort of terrorism we saw in southeast asia 2002 with the bali bombings, if we are to ensure that does not occur again, working with what is now very capable intelligence and law enforcement agencies in indonesia, malaysia, and the southern philippines will be vital. in the southern philippines there is also in isil affiliate in looking at it through open sources, social media, they seem to be taking all the boxes to lead the proclamation of an isil branch in the philippines. that worries me a lot. i can see tha

but to your question, australia and the united states and australia and the community has always been a partnership that has been vitally important to australia and its national securi security. that remains as true today than at any time in the past 60 years. but things are changing, aren't they? if we look at the number and complexity of the issues confronting our policy makers today, all of them have at their heart a requirement for hard timely intelligence. we can get some of that ourselves. we can get some of that from the five. but increasingly as these issues and problems take on a transnational character, terrorism, proliferation, people smuggling, support for military operations around the world, that partnership -- that vital partnership isn't enough. it's pretty much what you two are saying as well. so for australia, for asis, in afghanistan we have for 10 or 15 years relied very heavily on our relationship, our partnership within. but look across the globe because these are transnational issues. relationships from our backyard, the south pacific, intelligence and security

you go to australia, it's not just a day trip. it's nine hours driving if you don't use a helicopter or some type of flight to get there. >> essentially what you're seeing here is truly the tip of the iceberg. they believe that this r continues below ground for about 16 to 19,000 feet. it's about two miles long, 1140 feet tall and 108 feet shorter than the empire state building just to give you some perspective of this spectacle that's been crafted by wind and water and time. >> that's it. crafted. it does look like it's been painted. it looks like you can see the brush strokes on the side. the fact that you have the vivid things i haven't seen that i want to. >> mother nature at her finest. >> of course this video is asking people to come and visit, if you can't, maybe this will satisfy your curiosity. ? >>> ziggy is happy. this case it happens to be in a stream. >> little tail wagging. >> here is the cool thing about ziggy. he was supposed michg as you can see, this pig is probably the scale of 250 pounds. >> that's a keg pig. >

australia. >> yes. you can't miss this. now, this video essentially one of a kind never before done legally, at ast, drone footage. this all done on permit from the indigenous people agreeing to let the drone get up there and fly and give us this very unique perspective of approximately 600 million year old rock. >> here is the interesting thing. it's in the middle of nowhere. you go to australia, it's not just a day trip. it's nine hours driving if you >> essentially what you're seeing here is truly the tip of the iceberg. they believe that this rock continues below ground for about 16 to 19,000 feet. it's about two miles long, 1140 feet tall and 108 feet shorter than the empire state building just to give you some perspective of this spectacle that's been crafted by wind and water and time. >> that's it. crafted. it does look like it's painted. it looks like you can see the brush strokes on the side. th tt you have the vivid red color. the sunsets, it's one of the things i haven't seen that i want to. >> mother nature at

australia looking good.ormer in the as you would expect, with a rebound in the energy sector. some other stocks we are watching in the region, particularly and australia. antos up 5%. commonwealth bank trading higher. the banks will meet to discuss financial regulations in october. qantas airlines under pressure, although it has announced a new to japan aselbourne it sees more demand for japanese services. a quick look, some more japanese stocks. yesterday, a strong loss -- a strong gain, coming off a little, down by 1%, lawson. generally we are seeing some good lying coming through across the region today, so finally some relief after what has been a tough week for asian markets. remain: japan does attractive for the second biggest share sale for kyushu rail. is drawing interest for its property and retail operations. the sale would free it from state control. why is the government selling this company? well, the original plan for this all goes back about 30 years. all the train makers owned by the governme

in australia a man is under arrest for stabbing another man just outside sydney. police are calling it an isis inspired attack. this arrest comes days after isis urged followers to stab, shoot, poison and run over australians at iconic locations, including the opera house. and a british sniper took out an isis executioner from a mile he took out the terrorist right before he was about to use a flame thrower to kill 12 people. it hit the flame thrower's fuel tank killing the executioner and three others who were filming it. >>> the trump campaign quickly struck back on hillary clinton's comments on trump supporters in a new ad. >> wealthy donors, hillary clinton calls tens of millions >> clinton made that comment late friday. the spots which claim clinton is demonizing hard working people will air in florida, north carolina, ohio and pennsylvania. battleground states. tim kaine has this new ride, a boeing 737. it says clinton kaine on the side. an aide said kaine wanted to jokingly call the plane sweater vest because someone called h clinton's running mate. that id

you go to australia, it's not just a day trip. it's nine hours driving if you don't use a helicopter or some type of flight to get there. >> essentially what you're seeing here is truly the tip of the iceberg. they believe that this rock 16 to 19,000 feet. it's about two miles long, 1140 feet tall and 108 feet shorter than the empire state building just to give you some perspective of this spectacle that's been crafted by wind and water and time. >> that's it. crafted. it does look like it's been painted. it looks like you can see the brush strokes on the side. the fact that you have the vivid red color. the sunsets, it's one of the things i haven't seen that i want >> of course this video is asking people to come and visit, if you can't, maybe this will satisfy your curiosity. ?? >>> ziggy is happy. this case it happens to be in a stream. >> little tail wagging. >> here is the cool thing about ziggy. he was supposed to be a teacup is probably the scale of 250 pounds. >> that's a keg pig. >> but kristen and ziggy's dad decides, we

mining, competing for the bidding in australia.timate that it is near $400ween -- billion. >> we have improved safety and reduce costs by about 30%. improve production by 20%. we know the asset and understand it well. we welcome the process as they go through and we like to participate in it. we would want to acquire it for a good value. indonesia is asking singapore for assurances it is not trying to impede other countries tax forgiveness campaigns. bloomberg analysts andy is -- has the story. it might appear that singapore is actively trying to sing -- sabotage the amnesty program. especially after reports came out last week that the singapore police were being notified by the banks whether their clients were participating in the amnesty. to me, it looks like a conspiracy theory is not really the right explanation. a simple standard operating procedure is what it looks like. remember that singapore is answerable to the financial action task force, which in 2012 declared tax offenses to be a predicate offense for money laundering

>> that was about six months our family spent in australia after i was governor. we picked the place because we had two teenagers and a seven year old. we lived in sydney and the kids went to school and that was our six months off. i had a friend peter jenkins who encouraged me about writing a book about being governor. i went to random house and the publisher said to me and meter what do you want to write about and he said lamar wants to write about what a great governor he has been and the publisher said your mother might read it. and he said what else are you doing and i said moving to australia sfr six months and he gave me an advance and out came the book. it was it was read in its entirety on national public radio. i thought about writing a memoir and i will probably call it what my grandfather used to say which is same for the top. there is nor reward there. but i am enjoying what i am doing now. >> a lot of your colleagues have written books. have you had a chance to read them? >> i just read mitch mcconnell's the long game and interviewed him for c-span f

and australia over their precautions against chinese investment in their countries.ut thering tensions and relations being frosty between china and its neighbors over a territorial dispute in the south and east china's seas, not to mention a u.s. missile defense system on south korean soil. will feature high on the agenda of bilateral summits that kickoff this weekend as leaders start arriving here in hangzhou. rishaad: coming up later this , a rare interview with the russian president vladimir putin speaking with our editor in chief. tune in today for that exclusive conversation. right. i look at what is going on elsewhere. we have a look at something called passporting and what it could mean for the u.k. in the future and what it may not mean for the u.k.. few details still on how and when brexit will happen. sources say the world's biggest banks are putting pressure on theresa may to come to an interim deal to preserve something called passporting, the bank's ability to sell services across the eu. big namesreement, the could move out of the u.k. as soon as the go

provides credit services in australia. a record high coming to there.king pretty good on the market front, just having a quick look at the japanese yen. we did see that strong finish coming from the yen during our monday session. it is still strengthening, up by a quarter of 1%. morgan stanley saying it could get to 99 by years end. we are going to get back to samsung. really on the headlines for the wrong reasons. biggest loss of value pickup a scene in years. they're trying to take care of the note seven phone. what is the master plan here? >> right now they're thinking if partung could be of their -- a bigger part of the decision process. we are seeing the stock , more thanstrongly 4% today. that is after plunging on the biggest two-day decline since 2008. remember, samsung has been declining since the release of the new iphone. on friday, it plunged as we got more information about the problems with the note seven. now we're hearing from u.s. authorities and samsung itself that the note seven, the battery, it could catch fire. than 2recall of more m

he said a lower exchange rate would be helpful or australia, but in terms of broader policy options,n though the cash rate is 1.5 percent, he said the rba is not running out of policy options and we are unlikely to see unconventional measures. that testimony due to run for another 90 minutes yet. we appreciate you taking a look at that for us. paul allen in sydney. let's look at some other stories. no surprise from the rbnz either. juliette: no, preparing the markets for further rate cuts despite leaving the cash rate on hold at 2%. governor graham willis says easing will be needed to boost inflation in new zealand even as the economy grows at one of the fastest paces in the developed world. record low borrowing costs have fueled a housing boom with growth rising 3.6% to june. the strong kiwi is keeping inflation at the bottom end of the rbnz target band. they key we fell flatly sense they announced they would leave a rates on hold, but has climbed steadily since january. speaking of the stubbornly high fronterra is patting itself on the back with an earnings climb of 65%. revenue ho

the tortoise was born at the san diego zoo- but moved to australia in 2005. according to the zoo, there are about 20-thousand galapagos in the world and can live past one hundred years old. a new chance at a fresh start... in the next half hour- tarhonda thomas has the story of how hundreds of women are getting a big gift to help them >>> pray for those families and hope that everybody is okay and that everybody gets that closure and that healing that they need. >> some families have nothing left this morning after a large apartment fire. what it took to put out the fire while some neighbors say it could have been a lot worse. >>> a web of cameras watching everything in new york city. on the suspect bomber and what it took to track him down. >>> and program to give women a second chance at success. how a big gift helps hundreds get new jobs and a fresh start. >> very nice. >>> good morning. happy tuesday. belen de leon joining us. holding on to summer just a while longer? >> temperatures today are still above normal. we will be close to 77 degrees this time o

at the end of an era when it comes to australia.evens hosting his final policy meeting. everyone expects the bank to leave the cash rate unchanged at a record low. paul allen is in sydney. we can inflation, underemployment, no changes expected. the last time us joy was in jason donovan was number one in the u.k. back.s all come flooding thank you for that. a whole generation in all straw you that has never had any experience of a recession so if one does come about, god forbid there will be a nasty shock in australia but as you say, everyone thinks there will be no change to the cash rate today and it will stay at a record low 1.5%. the consensus remains through the october meeting as well. the two cuts that were seen so far this year had both in in response to weak inflation data. the next bit of inflation data isn't out until after the october meeting. here is what he had to say. >> the past three years or so, every rate cut has followed an inflation rating and an all-star you, we only see inflation once a quarter so the next read

let's talk about the severe spring storm in australia.eally want to mention this because this has been causing problems. actually, here, you saw upwards of 20,000 lightning strike there is across southern australia. widespread power outages reported here on wednesday evening. the threat of more power outages is still there. they're slowly restoring across this region. the big thing is, that occurred with our cold front ahead of the storm system. behind it, though, we still have this tight pressure gradient that's going to continue to kick up. this has been bringing winds in excess of 100 kilometers per hour. higher elevations it's continuing to kick up as well. we could see gusts upwards of 140 k here. frequent lightning is also possible plus flooding rains. flood warnings are in place and ten meter high waves. this is going to be a continued ongoing situation as it tracks toward the east across parts of victoria and tasmania, going to be seeing wet and windy conditions through thursday into friday. all right. i'll leave you now with your

but i operate coal mines in australia and in the south pacific as we speak. we have clearly, a good understanding of the coal business. our view is very simple. >> still. >> 20 years down the road, 30 years down the road. i've got no doubt in my mind that coal has a future. i going to use the example of china which is the largest coal consumer at this point in time and if you take a 20 year perspective and you assume pretty aggressive assumptions in terms of energy sources from the hydro, gas, especially on the back with the deal with russia, nuclear. to balance the book you still need a lot of coal. in the medium and long-term. now what is important is to produce the best coal we can, alright. and that's why as far as rio is concerned we've got we believe some of the best coal deposits in australia, i know it's far away from here but it's part of this global discussion and therefore we see a bright future for coal. >> coal burning plants you need scrubbers to clean what is coming out of the stack. developed scrubbers that pretty much neutralized this. >> i t

we don't carry enough fuel to australia. land in nairobi, refuel and then we'll go to australia. >> the hijackers refused to allow the captain to refuel at cities along his route. they want him to fly out over the water towards australia. and the pilot knows that's a losing proposition. so he hugs the coast. >> they said why are you flying over the coast? australia is somewhere in this direction. and i told them, okay, and i started heading. and now the message came, low fuel. >> almost out of fuel, the plane approaches the comoros islands off africa's east coast. as the plane descends, the hijackers flight the pilot for control of the plane. >> i said this is all finished now. we are all dead people. let me do it my way. i don't know how they did it. >> they disengaged the autopilot. >> disengaged it? >> yeah. they did. and then i had to start flying it myself. >> in the cabin, passengers start to panic. >> when the pilot first made the announcement that the plane was out of fuel in one engine and running out in the other,

the researchers found the calf off the west coast of australia. they captured this while taking drone footage of the whales for a research project -- to better understand whales' breeding methods. they say babies who are born white don't stay white forever though -- within a year or so they start losing that color and become the same color as their mothers. it's that time of year -- the season that apple lovers always wait for. and no, we're not talking about fall or the fruit... the tech giant apple is making an announcement today as they do nearly every time this season. we'll tell you what experts are speculating, coming up. but first, lets check in with marty and amelia. hours away from a look at the new i- apple is making a major announcement in san francisco today -- speculation is that the tech giant will introduce an i- phone seven and updated apple watches. experts say the i- phone seven will likely have a greatly enhanced camera and many software upgrades the enisdulefor 2 this afternoon denver time. and anticipation for the event has ma

for bloomberg tv in sit, australia.mily: i'm emily chang and this west."omberg apple rolling out the other eight to its iphone line today including a faster processor and a dust resistant body in a bid to reignite global iphone sales growth. drag ons been a performance as local rivals introduce cheaper hands that's with color functionality. the company is making a huge base,r the consumer extending the subscription plan to asia. economy. alex webb was at the event today and joins us now in the studio. -- this upgrade program is only in the u.s. than will only be available in china and the u.k. for we know the iphone has been struggling in china up what do you make of this? guest: iphone sales fell off the cliff in china this year. manages tooes, if it achieve any great rate of pickup is that it can help stabilize their revenue. you might pay a base level of $32 a month depending on what model you have and that allows you to up rate your iphone every single year quite a smart way of retaining customers. emily: how big of