beijing has long suffered a shortage of taxis.ernment has limited the number of taxis within beijing to about 60,000, since the 1990s. this made it almost impossible for locals to get a cab, partly due to the traffic jams. but the car dispatch services, which began in 2012, changed that dramatically. now more than 150,000 vehicles are registered with such services within beijing. wang starts working at 7:00 a.m., in line with the morning rush hour. taxi drivers have to know how to get passengers but wang doesn't need to worry about that. wang simply follows instructions from his app. this app detects in advance the customer's point of departure and arrival, and calculates the estimated fare. the actual fare is calculated by the gps that tracks throute taken by the car. upon arrival, passengers settle the payment on their smartphones. they can't get away without paying, because the app company has their personal information. wang gets one request after another, and the passengers are all close to where he is located. he wastes no t

. >> reporter: a wedding fair brings a big crowd in beijing. many are couples preparing to tie the knot. as chinese become wealthier weddings are becoming more extravagant. companies like this wedding dress supplier are benefiting. renting a dress is a cheaper option but more customers are choosing to buy instead. this dress cost about $270000 t rent and about $7,000 to purchase. >> translator: people with high earnings will, of course, have higher expectations regarding all aspects of their weddings. and younger customers are also more demanding when it comes to the quality of their wedding outfits. >> reporter: more couples are marrying overseas in spipite of the high cost. many are turning to production companies for help. they take caree of everything from f floral arrangementnts to cecereny p plaing. ♪ >> repeporr: the alsoreatate pressionon quality video l like this one tt rereco the big event. >> translator: wealt pepele, escially men, want to celeate with big,ancy wedding. real bash. that's every woman's dream. >> reporter: businesses a

tom mackenzie in beijing at those talks. chinese president speaking as we talk about the relationship a true in washington and beijing saying they have made achievements in cyber security and military cooperation as well, talking about the two countries needing to respect each other. it is fairly broad ranging best far. let's see where else he is going with it. years, sinceast the establishment of diplomatic ties, china-u.s. cooperation has grown steadily. it is bringing real benefits to our people. a wini to embrace movepolicy and ahead. we had to make sure the summit delivers positive outcomes. it is important to conclude a mutually beneficial investment at the earliest date to foster a new highlight. it is important that we deep the exchange incorporation in climate change, development, cyber issues, counterterrorism, ,onproliferation military-to-military relations and law enforcement. to step up communication coordination on major international and regional issues as well as issues of global significance. this way, we co

he spoke exclusively to bloomberg in beijing. the pboc action caused an unnecessary nervousness. reiterated its claim on the south china sea. addressing a meeting of defense , they struckgapore a more conciliatory tone. he also warned countries to keep their criticisms to themselves. the philippine central bank is stepping up cyber security and demanding more scrutiny toward off money laundering. manila has been in the spotlight after siphoning $80 million off the bangladesh account. most of it has disappeared. will alsol bank regulate digital currencies including bitcoin. powered by over 400 journalists and 150 bureaus around the world, this is bloomberg news. -- check in on the markets in asia pacific. futures in australia are looking like this waiting to a higher open. check out the aussie dollar at 73 u.s. cents. trading intures chicago, pointing to a lower open. why one of reason six bought 60. it seems that negative rates are getting the job half done in japan with banks cutting government bond holdings in almost three year

there are talks in beijing.he business climate in china is not conducive to foreign companies, underscoring growing international concerns about the tech sector. reporter: how business friendly is china? the u.s. treasury secretary made his opinion quite clear at an annual meeting between representatives of the two countries. >> as we have seen concerns about the business climate in china have risen, candidly foreign businesses wonder if they are welcome and find china's rig a jury environment harder and heart -- regulatory environment harder and harder to navigate. reporter: there is a rise in protectionism. a survey by the american chamber of commerce shows 77% of members feel less welcome in china, citing in particular unclear laws and consistent -- inconsistent interpretation. technology companies are particularly affected. they are faced with regulation proposals that would among other things worse than to store data on chinese soil and assist a court authorities with encryption. the problem.g the u.s. is a

. >>> and the apple stock under pressure after reports that the iphone 6 was banned in beijing.e will separate fact from fiction, and next, it is coming up on the halftime report. the economy is growing, with creative new business incentives, the lowest taxes in decades, and new infrastructure for a new generation attracting the talent and companies of tomorrow. like in rochester, with world-class botox. and in buffalo, where medicine meets the future. let us help grow your company's tomorrow - today - at business.ny.gov [phone buzzing] some things are simply impossible to ignore. the strikingly designed lexus nx turbo and hybrid. the suv that dares to go beyond utility. this is the pursuit of perfection. they found out who's been who? cking into our network. guess. i don't know, some kids in a basement? you watch too many movies. who? a small business in china. a business? they work nine to five. they take lunch hours. like a job? like a job. we tracked them. how did we do that? we have some new guys defending our network. new guys? well, they're not that new. they've been defe

beijing said the dispute should be resolved between the parties. he has said he may shelve the dispute if china offers financial aid for infrastructure developments. >>> north korean leader kim jong-un gave himself a new title in pyongyang. the title is yet another top leadership role for kim. and it comes a week after the country successfully tested a ballistic missile raising concerns in the international community. earlier we spoke with an expert on north korea for more insights. >> it is to show off to the world, particularly to the united states and south korea, that they now possess the capability to fire nuclear warhead to south korea, u.s. military targets, and also parts of japan. kim jong-un ordered to continue actions to improve the ability to fire test of re-entry of nuclear warheads through the atmosphere. and its explosion. so they're now putting them into reality. at this supreme peoples assembly, they changed the constitution and gave kim jong-un another important title as the chairman of the state affairs committee. this committee

angela merkel in beijing.ot maker could throw its banner in the works. ♪ >> it's 10:13 in hong kong are these are the stories making headlines around the world. present obama says the gunman who killed 50 people at a florida nightclub was filled with hatred. the massacre is being investigated as an act of terror. another 53 were wounded in the attack on the gay club in orlando. it's the worst mass shooting in u.s. history. the killer has been identified a u.s. citizen born in new york to afghan parents. the fbi says he talked about the so-called islamic state in a 911 call before the attack. >> this massive core is therefore a further -- massacre on howr the reminder easy it is for people to get their hands on a weapon in which they can shoot people in a house of worship, movie theater, or a nightclub. we have to decide if that's the kind of country we want to be. that's anothing, decision, as well. its new oil contracts will need revisions, but it's confident a deal will be signed assumed -- soon. the governm

talk kick off in beijing.anus: you are looking at a little bit of a gray skies line across pictorial harbor in hong kong. harbour. victoria let's talk about china's president, she jinping. he said the country and the u.s. should talk more often in order to reduce tensions and build trust. being at the opening of the annual meeting of top officials of the world's two biggest economies, he went on to say that the pacific should not be a battlefield. tom mackenzie is at the talks. many positive messages from the president. tom: it was conciliatory words xim she jinping -- from jinping. obviously, there are some big economic issues that the u.s. and china want to address. the tension in the south china sea and some of their most heightened levels we have seen in many years. paying --changing president xi saying that peaceful development was key for him. >> china and the u.s. need to increase communication and cooperation over the asia-pacific. the vast pacific should be a stage for inclusive cooperation, not an ar

. -- criticizing beijing and who subsequently banished. his was all the more shocking because he disappeared on hong kong territory. reporter: protesters took to the streets in support of hong kong bookseller, now a hero for many. >> he is the role model for hong kong people. oppression, upholding freedom and democracy. the 61-year-old says he was blind folded and interrogated without a lawyer and detained for eight months after being accused of illegally importing books banned by beijing. on thursday, he broke bailed to reveal details of his month-long ordeal. >> for five months i was locked in a room of about 18 square meters. for 24 hours, six groups of people took turns watching me. i lost my freedom. lam is one of five booksellers who disappeared last year for publishing books critical of the chinese government. the mysterious abductions were seen by many in hong kong as the communist government attempt to silence dissent. lam says he was abducted in hong kong and not the mainland, prompting fears that the mainland is tightening its g

the yuan is back in the spotlight after talks in beijing.also just posted its biggest two-day decline since february. does this mean that the pboc is guiding the currency to the downside again? heidi: that is a concern of some market participants. this is where we are at. has fallen 0.8% against this basket of currencies, the lowest since october when he 14. if you look at this chart, the white line is the bloomberg rebecca of this basket of currencies. fixpboc weakening the daily in a week on tuesday. we are watching for that coming out in about 45 minutes or so. all of this coming in behind that 6.6 declined in the month of may which was the biggest monthly fall since the august evaluation. it was stronger against the dollar and weaker against the basket, allowing it to control outflows. saying, for one, the sweet spot we have seen has faded. the weaker yuan from here on in risks these capital outposts. the other side of the story is weaker currency affect really playing at when it comes to china's foreign exchange reserve. these are the m

we are traveling with the treasury secretary and our joint from beijing -- and are joined from beijing. >> you look at what jack and -- 20 about market reforms, currencies as well. china still has a long way to go, he says. >> where we have challenges that are of the moment are on structural reforms. the question of excess capacity in particular. we are seeing global markets in steel and aluminum being distorted by excess capacity. futurena's own economic to be bright, they are going to have to deal with this question of excess capacity. it has a corrosive effect on future growth if you let the problem linger, but it is a hard transition. the prospect of finding work for millions who would have to get different jobs is a daunting one. is aslocating workers serious problem, politically and socially. you talk to chinese policymakers and they are confident they can retrain people. threading that needle is hard but you did not have a choice. capacity, youcess are down your potential future growth, that is not good for people, so they made the policy commitment to make these changes. they n

we have enabled more than 30,000 children of migrant workers in beijing to have regular music and artganized more than a dozen performing troupes for those young kids so that they can--they--they--they sang to president carter when he was in beijing. lee: oh, wow. lan: they could, you know, get on the stage of national performing center theater. lee: right. lan: so a lot of things are really giving those children voices and also give thehem opportunities to realize their potentials. lee: right, and be more creative. lan: definititely. lee: right. yang lan, thank you so much for your time. really, it was a pleasure talking to you. lan: thank you, may. walterer: we'll be right back with this week's "full frame" close-up. what happepens when you pair one of the most decorated music producers in the world with a traditional mongolian group? well, the hope is the union will put the group hanggai on the international music map. canadian bob ezrin is a musical genius, best known for producing albums with rock legends like alice cooper and kiss. he e even produced pink floyd's ageless mamaste

we have enabled more than 30,000 children of migrant workers in beijing to have regular music and artorganized more than a dozen performing troupes for those young kids so that they can--they--they--they sang to president carter when he was in beijing. lee: oh, wow. lan: they could, you know, get on the stage of national performing center theater. lee: right. lan: so a lot of things are really giving those children voices and also give thehem opportunities to realize their potentials. lee: right, and be more creative. lan: definititely. lee: right. yang lan, thank you so much for your time. really, it was a pleasure talking to you. lan: thank you, may. walterer: we'll be right back with this week's "full frame" close-up. what happepens when you pair one of the most decorated music producers in the world with a traditional mongolian group? well, the hope is the union will put the group hanggai on the international music map. canadian bob ezrin is a musical genius, best known for producing albums with rock legends like alice cooper and kiss. he e even produced pink floyd's ageless mamas

that, markk you for masterson reporting from beijing. in jordan, five employees of an intelligence office near oman have been killed in what a government is calling a terrorist attack. attack took place in the palestinian refugee camp of boaca. no group has immediately claimed responsibility for this attack. ourmore now, let's bring correspondent, gail sunderland. tell us what happened. gail: what we do know is that a on anof men opened fire intelligence center, killing at least five people, including three intelligence agents. one of the largest refugee camps in jordan. it is important to note also kilometers away from the capital, amman. no one has claimed responsibility for this attack. genie: jordin has played a major role in the us-led coalition against the islamic state group. to moreat be open attacks? it was very tense because just a couple of months ago a major terror plot was spoiled new the syrian border. 12 hours in the middle of the streets before it could be neutralized by the police. they had claimed to be long to the isla

they tried to downplay tensions over potential changes to beijing's special market status in the wto. >> i'm convinced that this will be successful and, in fact, it will be so successful that we can find a solution on the lines of what we promised 15 years ago. reporter: in 2001, in a bid to open up foreign trade to china, avoiding risk that china could flood the market with cheap commodities, damaging global markets. has it been keeping up its part of the deal? many european investors are not so sure. the number of companies looking to expand in china has nosedived over the past few years. foreign -- it is becoming harder and harder to go straight to market. beijing has been accused of dumping, flooding the european market with cheap commodities such as steel and aluminum. it has severely hurt these industries in europe. but china is saying it has stuck to the deal. also, monday, officials praised measures making the china market more welcoming. >> this year's intensity of reform is high. reform of the the initiative system to encourage private capital into the market. we quickened t

charles: beijing demanding apple halt iphone.till selling those funds mean it is appealing that decision. risk and reward host deirdre bolton. >> it is the biggest market outside of the u.s. this is really worrying for apple. i think some of these fears have been building since the first quarter results we spoke about. you remember back in april the company reported its first revenue decline in 13 years. the reason for that was a late iphone sales in china. so this just shows this power struggle between apple who very much wants to be there, what to sell products there in the chinese government may be same time you know what i'm either we have something else in the wings that is ours that's going to be a competing product so we don't really care where we want them to him. charles, last week or the week before last, you and i spoke about apple is one billion-dollar investment in the chinese can editor, which a lot of analysts said in a letter, this doesn't have a lot of crossover with apple's existing businesses. we think apple di

being critical of beijing if it allows the yuan to fluctuate. the u.s. is urging china to cooperate with the white house's efforts to cult off north korea from the global financial system to pressure it on its nuclear program. 99 china's cooperation is seen as critical for these efforts. secretary of state john kerry, also in china for this visit, said that the two sides have made progress on this issue. the high-level discussions continue into tuesday. for "nightly business report," i'm eunice youn in shanghai. >>> vice president biden calls for a public database to help in the fight against cancer. biden said the database would help tailor new treatments for patients. >> shares of data behind breakthroughs so the field as a whole can move forward faster and avoid unnecessary redundancy. >> and at that meeting, the focus was on one type of cancer medicine in particular. meg terrell reports from the american society of clinical oncology's annual meeting. >> reporter: the first in a new class of drugs that harness the immune system to fight cancer was app

even if it was, it would be in beijing and not the rest of china. ramy: bob o'donnell, thank you very much. and tom staying with us for this hour. speaking of apple, regulatory filings shows warren buffet pays $49.40 a share. bershire has $976 million. at the time it slowdown iphone sales. but the rebound has yet to materialize. shares fell another 2% in the friday session. coming up, what does the co-founder oaf the microsoft think of linked in? our exclusive interview with bill gates is next. later, facebook's annual shareholder is on monday. what investors are trying to say about the company's third class of shares. ramy: welcome back. microsoft announced its plan to buy linked in in one of the biggest tech deals ever. wall street acted with mixed reviews but how about bill gates? eric sat down with bill gates for an exclusive interview. take a listen. eric: i think it's a -- a great transaction. linked in brings a lot -- i node reed hoffmann and jeff, the team there built an incredible audience and so combined with what microsoft does, working w

-china strategic dialogue taking place in beijing.ng seemingly concrete is further internationalization of the chinese currency. a little bit of agreement on the front there. they have agreed to give the currency a foothold in america, but spar over steel and aluminum. china said it would like institutions to raise $40 billion in the u.s. to be invested in china. it will also allow an unidentified american bank to clear transactions outside the with the jack lew saying participation in the market opens an important door. at the same time, some hurdles remain. there was mixed progress made when it came to u.s. efforts to get china to cut overcapacity that americans claim is distorting markets. they are disappointed on the lack of consensus on aluminum. are chasing those chinese tourists dollars overseas as the slowdown in china hurts luxury sales hard. million,e fell to $379 which did miss estimates. the world's largest publicly lames a lack of enthusiasm and a decline of tourism. sales grew by 26%. that's for new or markets such as th

the beijing intellectual property office has found that he iphone 6 and 6 plus are too imilar to the chinese baili. d-back. ickly fire are gearing out to roll out the next model. r.b.c. joined j.p. morgan for the stock. so how big a deal is this? really. research president bob o'donnell joins us from fran and with me for the hour. bloomberg news executive editor tom giles. first off, tom, thank you for joining us. i never heard of baili. i lived in hong kong for four years right across from shen -jen. tell me about this. tom: well, they're a tiny company. tarted by a former executive technology. but this whole story really makes you wonder about what's going on. you look at those phones as you look on the screen. they don't look the same. there are plenty of other phones that look very, very similar. withh, by the way, weren't the 6-s and 6-plus included? there's a lot of questions marks about what's going on. there could be some back door political cron yism happening here. and that's the big question here. >> it begs the question is this a real patent dispute or is this a load of b

obviously beijing a big city. you say only beijing, that's like saying only california.t ruling and they don't expect any interruptions. >> and on the record, no interruption in sales? >> on the record. >> talk about a big head fake on this. jim, i'm glad it's cleared up but it does, again, highlight concerns about doing business in a country where something like this even gets to this level. >> yeah. and remember again the chinese court system is controlled by the communist party. so in other words, it's not like the u.s. court system. that's a communist party ruling. you are not going to get a lower court to take a look at the facts and take each side. the communist party controls the courts there, so that's a communist party ruling. so let's not forget -- we make things up. we say was apple represented, fifth amendment, fifth amendment. communist party made its ruling bu it's selling. >> you mentioned other estimate cuts -- you don't call them soft downgrade. >> the cuts were real. is it a value trap? a lot of my best guys are saying, jim, come on, it's like an airlin

for "nightly business report," i'm julia chatterly in bru >>> finally, reaction overnight in beijing. eunice yun reports. >> reporter: investors in asia were caught off guard by the brexit outcome. tokyo was the biggest casualty, the nikkei dropped by nearly 8% as investors scrambled into safe haven assets, pushing up the yen, which in turn hurt exporter stocks. shanghai suffered less because it's a largely isolated market. throughout the region policymakers are trying to calm the markets. in japan the finance minister said the government would make sure the jittery yen movements don't continue, though he stopped short of talking about an intervention. in china, where the yuan hit a five-year low, concerns are growing that the yuan could face further pressure from a stronger dollar. the stroll bank said it aimed to stabilize the exchange rate what they called a reasonable and balanced level. beijing officials said they were hoping for calmer times. >> we hope that the uk and europe can reach a consensus after relevant negotiaib >> reporter: also in china i caught up with the indian fi

live from beijing.ther headlines for you, the imf is urging china to tackle its ballooning corporate debt. isid lipton says the problem serious and growing and must be addressed immediately. bloomberg intelligence estimates that china has accumulated debt faster than any other g-20 nation over the past decade climbing to 250% of gdp. former vice governor of the pboc says china needs proper transparentforms, bodies to reduce its systematic risk. , if poorly economy handled, small problem's could assume far greater importance. it should be the goal of future reforms to let financial products returned to the role of serving the real economy in a trance ford -- straightforward and transparent way. it means constantly adapting to the needs of the market. chancellor angela merkel has called for investors to have the same rights as local shareholders in china. meeting the premier at the beginning of her visit to at it is she said th crucial and important to relations with the two countries. she said no one wan

and is beijing banning the iphone? we will separate fact from fiction.greenfield is with us, and he is going all in on viacom as the company's soap opera takes another turn. carl, jon, we will see you in 15. >> we will both see you. okay. we go to the santelli group as rick santelli has the santelli group. >> i love what the judge wapner just said. he is going to have jeff gundlach on and even is looking at him as a seasoned trader running a big fund, and they are going to be talking about credibility, and loss of credibility, and i am wondering what exactly does a loss of credibility look like? i think that we have been living through it a little bit, but it is hard, you know, the boiling frog analogy to understand it as you are going through it, but as we are more through it and look ing in the rear-view mirror, we will get it. let's put together some is of the piece, shall we? programs and policies, and believe me, i'm not saying that there are any easy answers. ira and i years ago talked about the experimentation of the policies of the central bank,

choking smog has returned to beijing.ty index this morning, described a severely polluted. reading top 230 and parts of the city. the president says air and water pollution poses significant threat to the authority of the communist party. shut up shop and hong kong as demonstrators protested the decision to cancel a concert under pressure from chinese web users. they abandoned an event that was to feature pro-democracy singer who sparked an angry internet campaign on the mainland, triggering protests in hong kong. if this practice continues, they will not individualsth any who have disagreement with the chinese government, even though they're not involved in chinese politics. powered by over 2400 journalists and 150 bureaus around the world, this is bloomberg news. i am yvonne man. up,aad: well, coming greater china is off. which markets enjoyed the most downtime in the year. this is "trending business". ♪ rishaad: welcome back. today.ot in action nikkei 225 down nine tens of 1%. a lot of factors weighing on that. in sydn

he met with xi wednesday in beijing. north korea's state-run news agency quoted ri as saying last month party leaders addressed the issue. they made it clear that pyongyang's two-track policy of developing nuclear weapons, and the economy, will remain in place. the repoport also saysys ri tol that north korea will work to boost friendly ties with china. china's state run xinhua news agency repororted that xi reiterated china's position of seeking to denuclearize the korean peninsula. he told ri that beijing's stance is consistent and clear. >>> more than a month after powerful earthquakes hit central japan, airports are finally getting back to business as usual. all domestic flights resumed service thursday at kamomoto airport. >> translator: this is very good news. i hope we can r return to our normal lives as soon as possible. >> the quake damaged the terminal building and caused the ceiling to collapse. all airplanes were grounded for three days. since then, domestic flights have gradually resumed. international servi

we are live from beijing. vonnie: the ecb program is --ching on and the portugal the finance minister mario centeno is here to explain. mark: the referendum vote in the u.k. is just 16 days away. we are talking to one of the most vocal supporters of the brexit. is 90 minutes into the trading day and we have seen the dow across 18,000. julie hyman has been watching the dow. julie: i was getting excited about the 16 days. above butow did cross it is below that level and a nasdaq is in the red. stocks have come down just a touch from where they were earlier. it has to do with what is going on with oil prices. crude still up a half a percent, below $50 a barrel. it looks like $50 has been difficult to sustain, and conoco phillips says they were resuming production in canada. it looks like oil make have -- may have taken a little hit. blue is says that jet raising domestic fares and other competitors have followed suit and matched those increases. jetblue is leading some of the gains we have seen within the airline

are $.25 -- pray 5% in beijing or do you see a different balance? i think it'sl, probably more 6040 in my view. but certain sectors is more toward here. emily: what about some of the other hubs guest: he mentioned? india is growing fast and israel has always been very strong but they are lacking a big home market, so they are a little bit handicapped. if a lot of his startups to go global from day one. what advice would you give to a company like you are trying to expand in china? are taking ak they different approach to china. i think eventually in this market, they need to figure out how to partner with a local company. airbnb is looking for a china-based ceo. do you think that's the better call? more localization of the service? i think the businesses global by nature. it's all about outgoing traffic. the increment growth is going to come from chinese travelers. for them, it's about helping chinese travelers have a better global travel experience. they can do this on a global basis where i think uber is more about local markets. chairman and ceo

let's head live to beijing where -- thank you so much.now you just wrapped up a news conference. the thrust of what you are saying is china's near-term economic outlook is being reported on the government, but medium-term prospects look very uncertain. talk to us about the main risks facing china. david: china's growth continues and what is important is that it be not at the fastest rate but at the fastest sustainable rate. it is important that china deal with its own vulnerabilities in order to keep growth going and we focused during these discussions in recent days on the growing corporate debt. corporate debt is now at 1.5 times gdp which is high for a country in -- country of china's income level. the composition of that debt is largely stayed on enterprises to have more debt relative to gdp them their conservation -- to gdp than their contribution. we are concerned with the present rapid rising credit in the economy, it will go to companies who do not have a basis for repayment. debt that we think is manageable could become unmanagea

if not, beijing may make a miscalculation to use military force. we need to pay attention to the risk. >> reporter: the japananese governnt is showowing it's paying attention by beefing up patrols and monitoring around its southwestern islands. what comes next would depend on military moves in and around the region. seigi ishikawa, nhk world, naha. >>> an exhibition that features artificial intelligence is on in tokyo. some people are welcoming the benefits the technology could bring to humans while others aren't so sure. nhk world's nakamura reports. >> there are coffee shops and restaurants here. which one would you prefer? >> reporter: if developers get their wish, technology like this could soon be a common sight. hundreds of people came to check out this three-day exhibition in tokyo. designers from around the world are showcasing their latest, most innovative artificial intelligence. >> reporter: for example, this company is developing artificial consciousness. the image on the screen reacts with its own emotion. >> translator: the program is

one of our design teams is out of beijing. they work along the teams in bangalore.how mobile phones are made. >> last time we were talking you were going to the assembly phase. what about i.g. becoming a smartphone maker, proper, as apple may be forced to do? >> it's not only about manufacturing, it's about owning the entire project. getting the teams up in bangalore and beijing has allowed us -- assembly is already on. the phase manufacturing plant we've agreed with the government, we are looking at moving to the last level by 2020. every year there is a phase that is implemented. >> how many phones are you selling a year? >> it is about 3 million a month now. what about this unicorn handset? is this in your hand? >> that's micromax right now. the way we look at the ecosystem of the market in india as we're talking about setting up -- micromax will always be on a more horizontal, trying to move people from a segment to the other segment. micromax might have 40 mobile phones in a year getting there in the market, and you will have probably six or seven models. you w

joan amy from beijing is the nigerian oil minister. thank you for joining us this afternoon.o raisehere in china a profile here as well, to raise money to invest in nigerian oil projects. what sort of interest are you getting? interest.sitive there is a positive response. we just came out of signing an in the austrian business in nigeria. looking to raise money to cover infrastructure cuts. fallen by a has half in the last two years. the thing here is, how do you then actually make money? what is your break even? why do you need to come to different countries to raise money when you could invest in yourselves? well, given the country of nigeria has not invest in property in terms of the oil the refineries themselves are challenged. those in power are aware that there is a need for more investment. the need for resources is key. going to places like china has shown a huge capacity to put money in the oil sector is very helpful. as much as i do agree to the challenge, the a cost of barrels -- what we need costs -- focusin government attention on gains and encourage investors. i

technology, there was a ruling in beijing against apple same the company in france on a patent of the chinese phone maker -- saying the company infringed on a patent of the chinese phone maker. it just applies in the city of beijing, not elsewhere in china, but could set a precedent for other cities and regions. are also and alphabet taking a hit today. we are watching these and mastercard. these the saying yesterday -- visa saying yesterday they are going to help merchants with technology. that per -- that might perhaps increase cost. mastercard shares are also down. we have a commodity rally, a bounceback, a rebound commodities. crude oil rising for the first session and seven. copper futures coming back and natural gas as well. that is causing an increase, a rebound in some of these commodity producers. if you look at the shares and we saw that through the imap, energy stocks are on the rise. chesapeake energy, freeport, and energy energies are all higher. mark: stocks are rising. the stoxx 600 is gaining 1.6% gaining for the second day in three. we have dropped six days out of eig

an exclusive interview with jack lew in beijing. is moving in the right direction but still has a way to go in performing its economy. that is next. ♪ betty: i am betty liu. vonnie: i am vonnie quinn. betty: you can see that we continue the rally, with the leg lower your in the markets. we are now looking at janet yellen''s remarks today that may be a bit dovish. vonnie: getting ready for the round in about 15 minutes. indeed. u.s. treasury secretary jack lew and secretary of state john kerry are in beijing this week meeting with their counterparts in the chinese government. territorial disputes. david talks exclusively with treasury secretary was about -- treasury secretary jack lew about what he wants to a college. challenges that are quite of the moment on structural reforms in china. the ownthe good news is economic future to be bright, they would have to deal with capacity that has a corrosive effect on future growth if you let the problem wenger. but it is a hard transition. -- problem wenger. but it is a hard transition. ling

lawsuiteard about a against apple in beijing.is exceptional to see these companies exerting the patent rights in a way that we have not seen them do before. the government, in this particular case, is trying to make a judgment about the facts in front of them and the question is, will this have broader repercussions? beijing, thein iphones are on sale and apple has appealed this ruling and they will continue to be on sale , until the ruling is decided. emily: all right. the managing editor for technology, thank you for joining us. thank you for stopping by today. speaking of the smartphone wars in asia, a handset maker in the is advertising big-time here. finals, -ched the nba we asked how they plan to set themselves apart from huawei. >> this is designed in california and we have local calln centers, local centers, distribution, sales, and marketing. we are very close to our customers. >> where do you see the growth? in china, the smart phone market has come to a halt. will that rebound? what will kickstart that. >> there is a l

. ♪ back to that breaking news out of the central bank in beijing.g the yuan they do it every day around this time. this is the first time it is being done to this level, six against the europea u.s. dollar. are also watching these things as china opens up. david is all over this. david: absolutely. can we just get up the two currencies we have? i want to see that side-by-side. 6.60 was the first time since 2011 for the yuan fixing. you are looking at dollar it too may being 6.59 in recent weeks. this decision from msci not to s nudging thate beyond 6.60. perhaps that's why we are seeing a weaker fix there. onshore spot, 6.5970. some other breaking lines here. you could call it the china response. we are looking at the csrc, the commercial decision, they respected, to support that decision, it won't affect capital market reform. we are looking at declines in the futures market in hong kong and when the mainland markets open up in a few minutes. rishaad: it is the market open in shanghai. hong kong also coming on stream. the open is coming up. ♪ ?c+sv

reporter: iphone sales slowing and apple has now been told to stop selling their mobiles in beijing,s is because of a dispute on policy. the company's shares have fallen 2%, which has dragged down u.s. industry. apple says they will appeal the ruling. and in the big apple, covering the story -- what has the reaction been in the u.s.? reporter: there has been a lot of confusion, because first we had reports from the wall street journal that apple already is not selling iphones anymore in beijing, but that obviously was not your, because there are orders, but so far apple can still sell products. they are reacting negatively, losing by more than 2% in the friday session. and a lot is going on between the chinese regulators and apple that is not just for the iphone 6 but also with itunes, and as china is the second most important market, the company knows this is not a good development and this is causing concern. reporter: it is the end of the friday session, so what else has moved markets this week? does the brexit referendum have an effect? reporter: yes, that is also the top on the

we are live in beijing. ♪ welcome to "countdown

meanwhile in beijing. thunderstorms out there for those of you and cloudy skies that will start to change-up as we look ahead showers coming back by thursday and in fact, by thursday we have a little low spinning up along the frontal area in southeastern china bringing problems there. that will pull towards the northeast. taipei showers, kyoto, showers, tokyo by thursday afternoon we'll look at rain moving in. high of 23, cloudy skies, definitely cooling off at least here on tuesday. sunny skies. weather is not too bad or fairly descent out there. a little break from the raining season. let's see what is going on across the americas. actually, thunderstorms still flaring up here along the eastern side of the rocky mountains extending through wyoming down through colorado, places like cheyenne, denver, potent bringing the threat of large hail and tornados and super cells with plenty of rotation in them. a tornado threat is definitely increased. not just here on monday evening, though. we take a look through

officials kicked off talks in beijing. the u.s. is urging choir no to find diplomatic solutions in the south china sea. chinese president in an opening speech stressed the importance of refraining from confrontational attitudes. >> translator: even members of a family may not always agree with each other if there are differences of opinion that cannot be resolved immediately, the two sides should deal with it in a prague mat tick and constructive manner. >> china built three runways in the separately islands which can be used by military aircraft washington is also alarmed about beijing's new surveying activities on scarborough shoal west of the philippines. these sites form a large triangle that encompasses international sea lanes and underwater communication cables. u.s. secretary of state john kerry said disputes must be resolved by rule of law, diplomacy, and negotiation. >> the only position we've taken is, let's not resolve this by unilateral action. let's resolve this through rule of law. >> the court of arbitration in the h

be seen ascan beijing's advocate in the european union.orum in china, and with him is the finance minister of that country. yes, good morning. our guest is here, pierre gramega, the finance minister of luxembourg. small country, but a pivotal position in this brexit debate and the internationalization of the renminbi. let's first get your initial reaction to the referendum and the spell out so far. pierre: i would like to say that the brexit is sad news for europe. it will make our life more difficult. it is also bad news for the united kingdom, because it will make its life very difficult. we regret it, but have to respect the democratic vote of the u.k. citizens. >> there will be profound implications on the u.k., whether there's going to be another scottish referendum, whether there will be a vote in northern ireland, but what about the implications to the european union and the other 27 member nations? would you say you are at a crossroads? of all i would like to say it was a shock, but definitely not a crisis. a was a shock that will