can mackenzie to become the next chairman of bhp. we will have more detailed as we get them to the now, first word news with courtney collins. courtney: first up, the pressure is building on anbang insurance with local banks being told to cut ties. the chairman is already in detention and authorities are now said to have ordered lenders to suspend some business dealings spirit we are told at least six large banks have stopped selling anbang policies in their branches. their business model sees 90% of its products offered through banks. takataing airbag maker may file for bankruptcy within days. it could seek protection in japan first with its u.s. subsidiary filing for chapter 11 afterwards. takata's potentially lethal products are linked to 17 deaths worldwide. the liabilities exceed $90 billion and it is in the process of replacing 100 million airbags around the world. holdings in u.s. treasuries rose for a third straight month in april. it reached the highest in six stabilizes.e yuan the ownership of bonds, notes, and bills, rose

for bhp. -- poor bhp. bhp of accused destroying $40 billion worth of shareholder value over poor decisions. portfolio manager craig evans didn't hold back. debate there's no because there's no one with substantial technical or operational experience challenging senior management. he says tribeca has enough support to force a vote, but they don't particularly want to do that, but just approached bhp. bhp says no comment. betty: bhp suffered another setback with the restart of the iron ore mine. that's being delayed again. what's going on? paul: a bit of court battle in play here. of particularr interest to the mind that needs to draw water from the river to get operations going. one mayor is the holdout. he has been blocking a state court, ordering him to make a decision in 10 days. the supreme court put an injunction on the decision. tailingsll over the dam. 2015 with those flooding, 19 people lost their lives when the dam gave way. bhp had been working to reopen the samarco mine. it doesn't look like they

putting in increasing pressure on bhp to try to rectify the situation.id poor management decisions have resulted in $40 billion of lost value for the company, so we are seeing immediate pressure on this incoming chairman can mackenzie who was appointed a few hours prior, continuing pressure from elliott management to get bhp to oil or spin off its business and initiate a review of the petroleum business. boj is not expected to surprise, but boe and alarm bells, central-bank policy, a very divisive meeting. rishaad: later, asia's renewables heating up, china's investment in green energy. this is bloomberg. ♪ rishaad: we are back. i am rishaad salamat in hong kong. haidi: i am haidi lun in sydney. sources are telling us that jack tomay team up with softbank invest in ride hailing startup grab. it gets of the firepower to challenge uber in asia. rishaad: japan's biggest bank facing dramatic headcounts, the worst for 20 years. mitsubishi ufj may eliminate 10,000 staff, 7% of the workforce over a decade and comes against the background of low interest rates a

bhp has been criticized by activist investor elliott.a stake in its air carrier -- they declined to comment. the government wanted to buy air india. saw its worst intraday fall in more than a month. local media said another was interested. shares of fell before rebounding. tim cook's take-home pay was rather more than the reported $8.75 million, that puts them in the bottom third of ceos in the s&p. 145 millionally dollars, putting him far ahead of the field. most came from awards granted in 2011. netflix topped $100 million last year. news for three hong kong tycoon two made their fortunes by taking their companies public. they shed more than 90% of their value in a for small cap size. compensations.ng we have a lot more ahead. i think it is interesting, this 20 year anniversary is absolutely a milestone. remember, we have this 50 year agreement from 1997. there is some sense things will stay the same in hong kong. it is really the next 20 years and what happens after the 40 year mark, when people will urgently question what exactly is

elliott management has called bhp billiton to upgrade its board of directors.w chairman. electronic giants have been grabbing headlines at the largest gaming show in the world, e3, not least nintendo, which has introduced a number of new games. all these games are being launched for the iran. but after dominating the industry for decades, japanese and these are now struggling with a petition. earlier, i spoke to david haig about why. struggling with a petition. earlier, i spoke to david haig about whym the 90s, they had the discipline and ha rd the 90s, they had the discipline and hard work, they had the product around the world. —— iran. but now there are several other countries. —— david haigh. there are several other countries. -- david haigh. why have these companies fall behind and koreans and chinese caught up with an? one of the things is culture. —— up with them. in china, india, they argue that they change things and they rapidly change. they fulfilled the lines as they arise. is also possible, david, that there is not enough international talent and c

activist investor elliott management is calling for bhp to upgrade its board of directors bhp's boardng to select a new chairman this week. shares flat on the day >>> boeing is restructuring its defense space and security division the company will cut about 50 executive positions. no move in the share price >>> inditex seeing stronger sales lift in the q1 profit print. the owner of retailer zara seeing net profit rise 18% from a year ago down 1.4% today. >>> intel planning to invest 8 $178 million to build a new chip design and verification facility in india intel up about a quarter percent this morning >>> the nba finals were a tv hit. the golden state warriors beat the cavaliers in five games. espn said the finals had the highest ratings of any since 1998 when michael jordan and the bulls won their sixth championship game five on monday night averaged 20.8 million viewers. last year's finals which saw the cavs beat the warriors in seven games, averaged 20.5 million viewers on both tv and streaming. what i find interesting about this everyone knew they were going to win. it was 4-1 l

. >>> welcome back to the show let's get you corporate news this morning bhp named its next chairman ken mackenzie the former boss of amcor will replace jac nasser at the start of september this as bhp finds itself under growing pressure to overhaul itself from investor elliott management >>> societe generale has listed its car leasing branch this is the biggest french ipo in almost two years. >>> and nestle is trading at the top of the swiss market after the company announced that it's considering selling its confectionary business, which includes brands like butterfinger and babyruth. however the company said it will push ahead with u.s. investments in other product areas the nestle ceo told cnbc in february that he was open to strategic m&a opportunities. the new ceo is no stranger to m&a based on his previous role at the german healthcare company. >>> greece and creditors reached a deal to release the next round of its bailout the agreement struck in luxembourg will unlock 8.5 billion euros in loans, but a decision on debt relief was put off until next year i want to bring some c

shares of bhp were off more than 1.5% to $30.11. >>> and seaworld shareholders have reportedly voted not to reelect the company's chairman due to concerns over bonus payments that some company executives received. that's according to a reuters report. the report added an official vote count hasn't been completed yet. seaworld shares jumped more than 6% to $17.07. >>> the world's millionaires now own a very large percentage of global wealth. and according to a new report, that share is growing. robert frank has more. >> reporter: the world is getting wealthier. but more and more of that wealth is going to millionaires. millionaire households now own a record 45% of all the personal wealth in the world. that's according to a new report from boston consulting group. and all the millionaires own $75 trillion of the world's wealth. and it will just grow. by 2021, millionaires will own 51% of the world's wealth. technological change and rewards highly skilled workers and growth creation in india and china are driving the growing concentration of wealth. the rich will get richer, of course.

one stock to watch is bhp. will name a new chairman either today or tomorrow to replace jack nasser. other things to watch, the new zealand dollar will be in focus with first-quarter gdp out of new zealand. off will rise to 7/10 of 1% the back of the disappointing balance of payments. more from bloomberg technology, next. emily: this is bloomberg technology. after worst selloff for tech stocks the market is trying to find its footing. the companies that solve the biggest losses fell once again after the federal reserve meeting but after the $176 billion wipeout we have seen since friday, our tech stocks too expensive? james,, whoing in covers these stories. >> i don't think you can make the argument right now. they are more expensive than valuations we have seen but the growth rates we are seeing are superior to the growth rates we have seen previously. you can't make the argument that the valuations are justified. if you look at facebook and google they are 10% higher. >> what is behind the sellout? -- i doe s

also, bhp, keep an eye out. they are seeing the smoothing out of prices there.lso, they are planning to develop a new replacement mine that may cost $3 billion. da because it is one of the automakers that might not get the payments back from to ta and the recall of their products. francisco, that san philadelphia's poverty speaking. -- harper is speaking. david: you have the bank of canada in there. shery: it is a lot to keep track. first, let's check in with the first word headlines. >> the chinese khmer has warned the world economic forum that global growth is weak and geopolitical risks are on the rise. ofoffered a robust defense globalization and a him a failed rebuttal of the narrative coming from washington. the offices china remains on track to meet its main economic goals for 2017 and will open up even more. >> geopolitical risks are on the rise. structural challenges abound. as long as we stand committed, we will be able to respond and prevail. >> early indicators from china suggest manufacturing a have peaked for the year, with signs factories are star

haidi: bhp opening a of credit for its joint venture in brazil.ll have access to more than $150 million with plans -- funds released as needed. the mine has been closed since november 2015 after an accident that killed people and polluted waterways. the reopening process has been delayed due to a water rights dispute. china, theght, in reference rate. >> strongest level since november. 6.7744 is your fix. ,t is not entirely surprising but especially the move overnight and adjustments in the majors. have a look at futures right now. not that given the drop we are seeing across equity markets. an adjustment lower here in that so a stronger fix from the pboc, strongest since november. rishaad: thank you very much indeed. joshua wong joining us next after his release. this is bloomberg. ♪ our next guest is a joshua wong, one of the key leaders of the occupy protest, now the joiningy general of -- us here. you were released from jail 30 hours ago. what happened and how are you feeling right now? ago,sterday, to bring days the dayized the action before

here in australia, futures are also looking pretty strong, up .4%, and we will be watching bhp personally world's biggest miner and we'll be announcing a new chairman at the close of today. this spiked briefly above 76 $.76 u.s. cents on thursday, but we saw some growth to contend with in australia. iron ore prices are weighing on the currency. i am paul allen in sydney, with bloomberg technology. ♪ emily: this is bloomberg technology, i am emily chang. and now, the tax selloff. u.s. -- tech selloff. this slide continued, weighing on the overall market. for further analysis, oliver analyst james wang. using tech is undervalued. where and why? james: facebook is growing the bottom line, it is only 70%. ,t is only priced just under 40 so adjusted for growth is actual peg is .5. the markets are 2.5. -- 20% theone point price of the markets s&p, so that is a bit controversial but i am not afraid to be controversial. you disagree.ver, why? oliver: i think overall, when you take it from a sector or macro level, it is hard to say that tech is not overvalued in the sector. as i jump in to the ter

bhp saw huge demand for steel in the future as china's belt and road projects begin to ramp up.ve data out of japan today as well. monetary base and consumer confidence numbers, and nikkei futures pointing up. some other data to watch out for, south korea, first quarter gdp is expected to remain steady at 0.9%, 2.7% on the year. more from "bloomberg technology" next. emily: this is "bloomberg technology." i'm emily chang. president trump has decided to pull the u.s. out of the paris climate accord. the move has huge implications across the globe and throughout several industries, and ceos are already speaking out. google's ceo just responded, "disappointed with today's decision. google will keep working hard for a cleaner, more prosperous future for all." ge's ceo tweeted -- earlier on bloomberg television, we heard from richard branson. here is his reaction. richard: i have been to the antarctic and the arctic. i live on an island. the effects are just beginning. it in slightly --her tides, slightly less quite a lot less ice in the arctic. it's just a start. and that's what's s

. >>> bhp appointing ken mackenzie as the new chairman.ackenzie will take up his post in september at a time when the miner is being challenged by investors to revamp its structure and improve returns. elliott management says it supports the move. >>> takata is preparing to file for bankruptcy the japanese air bag manufacturer is working towards a deal for financial backing from u.s. auto partsmaker key safety systems keeping our eye on shares of nike after 3% slide yesterday. stock taking a hit further on a downgrade from jpmorgan. this comes after the sneaker maker announced changes yesterday saying it will cut 1400 jobs, 2% of the work force, focusing on a few key styles and key markets. think it was a reminder for investors that growth is slowing down earnings are set for two weeks people were looking forward to earnings as an inflection point. saw this release as a sign they have more work to do >> this downgrade, i think wall street is cool to the stock even after the decline. at some point maybe sentiment gets negative. >>> still to

congressman scalise was medevac'd here on a helicopter landing on a helipad just a few feet from where we are bhp also members of congress coming in and out all morning long here, as well. congressman flake was able to grab scalise's cell phone right after the shooting on the field while congressman scalise laid there motionless. he was able to call congressman's wife on the phone as he was being transported off the field. we were told by congressman scalise's staff he is in stable condition. he was in good spirits when he was here just before he went into surgery and was able to contact his wife on the phone. we've been hearing all morning from senator flake, from congressman mo brooks and others about the heroism of two u.s. capitol police officers who were with congressman scalise at the time. probably providing security to him since he's in the line of succession for the presidency as majority whip. he would have security with him. we're told those two officers engaged the shooter and took him down. those two officers took the shooter down. the shooter is dead right now. and congressman mo br

bhp billiton and rio tinto not only in correlation with the energy space but iron ore and hase has beenews that rio -- we had a little bit of weakness from qbe, falling the most in ten-month. fourth time lucky for the inclusion of a shares. showing that what we've seen in terms of these shenzhen and outperforming the overall dow jones index which is the clean line and the purple line which is the shanghai composite. but a lotbolic move of analysts say it's just the start and were expecting to see more inclusion of the age shares in coming years. thanks very much, juliette saly bear from hong kong on the asian markets. our top story is in china where the msci is designed to take the countries equities global including them in its indexes. it gives the market a bigger role in the world stage than it already has. 222 a shares will be included next year comprising .7% of the global emerging markets gauge. fernandez saidy it would be focused on expanding the inclusion of mid-caps. >> the next inclusion is probably going to have a larger inclusion factor. and potentially as well be mid-caps,

i believe that they learned a lesson, the hp will learn a hard way -- bhp will learn the hard way.s that our our clients agree very well, it is very important that we do not sell to each one, but to each one we sell to, they are doing very good >>. >>-- good. >> we want to do another look out to the rest of 2017. do you see some growth or slowing in the second half? enormousn 232 would be ly positive for the united states. will mills -- steel mills produce more, be able to sell more and produce better margins, and that will have a positive repercussion. i am extremely optimistic about the second half. >> so are you relying on 232 to reduce -- used this demand? >> no, that is a good point. i'm not relying on section 232. -- expecting it will calm, come, and it will be positive. that is a very stable demand situation. as long as we do not have --airly treated stale steel, we should do fine. was cliffs natural resources ceo and chairman. let's check on the first word news with mark crumpton. day after putting in a republican vote for a bill to place the republican help your bill on ho

, falling on reports the tse will demote it to the second section, gainers in leading sydney, while bhpiners. telstra rising even after it reported cutting 1500 jobs. >> thank you. attention is shifting to china now that the fed is done and dusted you'd the pboc boosted borrowing costs hours after the fed raised to rates, but this time analysts are skeptical it would do the same thing. let's bring in malcolm scott and kathleen hays in new york. malcolm, a different situation right now. we are seeing june already a month of tight liquidity, a bit more stressed markets comes so the pboc may not move. >> that's right. was int time they did february, i delayed reaction to the december fed hike. time around, analysts lest sure there will be a knee-jerk follow-on move from the pboc because much of the work has already been done. rate,s a seven-day repo climbing already. last time they raised the asking 7.45, now higher than where we were in march, so this is part of the deleveraging campaign to stop the shadow banks from getting cheap funds in the repo market and making a quick fast, turnarou

some of the headline names would be bhp billiton, the mining company, but has seen a big pickup in mining commodity prices mainly driven by china. we've seen a few oil companies p paying back a little bit more. so wood side in australia. we're seeing companies like bank of america, citigroup, some really big increases year on year there that go unmentioned by the market. they're big parts of the index and make a big difference when they start increasing them. >> and your number one has held that spot a number of different times. you also, as you mentioned, have some oil companies, exxon mobil and shell. now you are in london, ben. so if we could just get you to turn your focus a bit on what's going on in the markets. we had yet another terror attack in london but the markets are somewhat shrugging it off. they don't seem to be afraid or worried about what that means for investors. why? what would it take to rattle that market? >> what you see he with terror attacks, they affect sectors and stocks. if you look closely within the uk market you'll see companies in transport, hotel, airways a

bhp on the radar in sydney as the worldwe are watching sony sn against miner could have a new chairmans next week. a brief look what we are watching when trading gets underway in australia, japan, korea, just moments from now. yvonne: disappointing news from japan. economic growth slowed in the first quarter, coming in at less than half expectations. betty: asia-pacific shares set for a mixed open. investors are waiting for this huge market moving super thursday. yvonne: that's right, the next 24 hours brings us james comey's testimony, u.k. election, and the decision from the ecb. betty: paying a price. bill gross says u.s. markets are at their highest risk level since the 2008 financial crisis. yvonne: this is the second hour of "daybreak: asia," coming to you live from bloomberg's u.s. and asian headquarters. i'm yvonne man in hong kong. it is just after 8:00 a.m. betty: just after 8:00 p.m. in new york. i am betty little. the gdp -- i am betty liu. the gdp numbers from japan are a bit of a shock. yvonne: a bit of a reaction in dollar-yen. it turned negative at first with north kore