[applause] ♪ ♪ ♪ :00 in hong seven kong, 8:00 in tokyo. this is first word news.to signs of faltering. after three straight months of 6.7% growth. large and small companies reporting momentum the best since august of 2014. expansion picked up about 7% last month. forced to take a loss of $850 million. the nikkei saying the loss followed the acquisition

♪ ♪ :00 in hong seven kong, 8:00 in tokyo. this is first word news.icate nog to signs of faltering. after three straight months of 6.7% growth. large and small companies reporting momentum the best since august of 2014. expansion picked up about 7% last month. forced to take a loss of $850 million. the nikkei saying the loss followed the acquisition by the westinghouse subsidiary last year. there was a dispute. nikkei says toshiba's loss could come in higher depending on the result of the evaluation process. italy'srning about proposed rescue of ailing banks. the president telling the newspaper government funds should be a last resort and measures should only be offered to lenders that are fundamentally healthy. the e.c.b. saying it may need as much as $9.2 billion based on a recent stress test. the banks already been bailed out twice. is former imf number two urging your to clean up its big banks saying banks cannot lend aggressively when their balance sheet are clogged and they are laboring under heavy fines. he says the real problem is how to boost

hong kong? itu's ipo is the largest in hong kong since 2000 seven. originally had a choice between the u.s. and hong kong. they eventually chose hong kong because they thought of the 460 million users, the majority of them are in this part of the world so investors would be able to understand their story better. the pricing did come in at the lower range of the target. that is because people think of them largely as a mobile phone maker, and for a niche mobile phone maker, oh where does the growth come from? yvonne: last time we talked, you mentioned how much they are focused on making phones. what does the company for see it comes to growth? sectorsere are two bank company will focus on. for advertisement, they do have as a socialunctions networking platform. people upload photos and videos. they are trying to introduce advertisements. something similar to what facebook is doing. for e-commerce, they are targeting mid to high-end luxury, fashion. as the sectors grow, mobile phone revenue contributions are expected to drop below 30% within three year

seven years. ♪ angie: it is 12:30 in hong kong, a: 30 in dubai. we have the first word headlines.west airlines website has crashed, blocking access to booking at the start of the holiday week. noaffects all customers with idea of how it could be fixed. they have to check in using kiosks or the counters. a similar problem happened back in october. the u.k. prime minister theresa may says the country may enter a transition phase to ease its parts are from the european union. she said the government plans to adjust to relationships outside the block. prime minister has set out in 18 months timetable. she may need parliamentary approval. by thick smog, forcing authorities to cancel flights in order vehicles off the roads, and tell people to stay indoors. countries wereer under red alert, the highest warning. almost half a billion people are affected. it is above internationally accepted levels. powered by more than 2600 journalists and analysts in more than 120 countries, this is bloomberg. the world bank has approved a $1 billion loan to egypt's. it is the second portion of a $3 bill

the indictment says he and two others targeted seven major law firms, making $7 million in risk profits. hong kong sued by the fcc for seeking an asset freeze. producer toest zinc cut output. it's planned for february will be adjusted according to market conditions. zinc has rallied. morgan stanley has flagged potentially for production cuts in china due to the lack of materials. raised at the pressure on -- h ofg him for a breec confidentiality. business strategies related to india's biggest conglomerates. he violated his responsibility. toshiba is plunging for a second day after forecasting a loss at t billions ofhhe bigges dollars. arguments over any nuclear projects in the u.s., which are years behind schedule and over budget. determine theto final write-down amount, but it could be as much as billions of dollars. many affect our earnings. we apologize to all of our stakeholders on this matter and i would like to ask your continuous support for us. news, 24 hours a day, powered by more than 2600 journalists and analysts in more than one hundred 20 countries. i'm sophie kamaruddin. this is bloo

hong kong. we were fortunate to have purser on the board of directors seven years. also to thank our sponsors the tightness center, mastercard for funding this program and especially the china center before providing this venue and for those not in person today this morning was overcast. we were worried we would not have a spectacular view but the day turned into a bright blue day and we watched in incredible sunset and we hoped that was the u.s. china relations in the future. may be cloudy now but said he in the future. [applause] and to thank both secretary albright and kissinger to train us today. you have both contributed to world peace in ways to numerous to enumerate. if vice started to list all of your accomplishments we would not have time for any questions so thank you for being here and i will start with a question for secretary kissinger. >> may enter rubbed how happy i am to be here with you. you mentioned today dr. kissinger was the first% to call me when i was named secretary of state he said madeleine you will do great you have taken away my wine uniq

hong kong and shanghai. first trading day of the week. seven minutes from now.singapore's string of default in 2016 could be a bellwether for distress across asia. more companies are expected to face debt problems as the year unfolds. why the dive picture for 2017? we had five companies default thing in the island state. thismillion worth of bonds year. we see the dragnet writing next downturnhe commodities waves. billion in dollar bonds are maturing next year across the region. that's 26% more than this year. that is on the backdrop of rising interest rates. specificomes to countries, indonesia is likely to see restructuring. and china, more distress likely. policymakers not likely to help out companies and let them fail as they seek to control financial risk in the economy. rishaad: it is not looking for -- looking pretty for singapore. what does it mean -- i mean, you hinted about the water region. >> they have the export slump to continuing desk to contend with. authorities certainly have a lot to wrangle with. rishaad: thank you very much. foring at the pro

hong kong. tell us what is going on here. oil has been on a winning streak these last few weeks. >> oil was up, the longest run in seven years. stockpiles, have put the market back into focus. of 4.2showed a gain million barrels. decline is shown in the government data, we could see prices under pressure. at the moment now, we've got the forecast for an actual decline in the stock price. it is something the market recognizes. yvonne: we've got breaking news out of tokyo. stopped trading. roslyn: right now, we see it is falling. now down about ¥30. following on yesterdays drop, which was the most on record. down by 20%. longest since 1974, the time for which we have available data. reporting the main bank discussed financial support. they had lowered credit ratings for toshiba. related to toshiba saying it may need several billion dollars, the westinghouse , projects which are years behind schedule and billions of dollars over budget. again, toshiba falling. down by about 40 and so far. thank you. let's get back to the oil markets. talking about all the euphoria we do see in the oil markets. 2017, what are you going to be focu

hong kong, your top stories. china exports rebounded in november. demand holding up with the weaker you one boosting competitiveness, helping to step a seven-month losing streak. imports also rising, trade shortage -- japan unexpectedly cut its rating of third-quarter growth winning lower.2%, capital spending. meanwhile the government -- new calculations. breakthrough trading, $53 to whether opec will be able to influence cuts. traders fear the cartel me to be able to persuade action. the worst year since 2013 -- collateral damage. global news 24 hours a day powered by more than 22 center journalists and analysts in more than 126 countries, this is bloomberg. a cycle of the markets, afternoon trading getting underway in hong kong and shanghai, you are seeing shares higher after the positive surprise to the option i for china -- tokyo and the rest of the region, as well -- also seeing gains across the region. this is bloomberg. ♪ >> this is blueberry technology. coming up, at&t and time warner grilled on capitol hill over the proposed merger, we put the megadeal under its microscope. plus the unicorn that sword. -- soared. australia's hottest tech compa

hong kong, your top stories. china exports rebounded in november. demand holding up with the weaker you one boosting competitiveness, helping to step a seven-month losingso rising, trade shortage -- japan unexpectedly cut its rating of third-quarter growth winning lower.2%, capital spending. meanwhile the government -- new calculations. breakthrough tra

i spent about seven years probably most of my life in asia, bangkok, singapore, hong kong, japan. >>ust absorb all of the ingredients and when i arrive in new york in '86 i started mixing, you know, not too many people using ginger all the time. >> not at all. >> or lemon grass or chile. >> i read when you came to new york you took a course at hunter college in how to run a small business. >> that's right. i left school at 16 to open a business. it was a crash course. three months. i was sittinit i was like kind of embarrassing but you know? >> amazing! you're a quick study, quite obvious. as i pass you this dish, chef, i must ask you the question ask all of the wonderful culinary minds that come on here. if you could share this meal with any person from the past or the present, who would it be? >> probably my family. i would invite you too! >> merci! >> thank you. you can use your hand, actually. >> oh, okay! >> we have been standing ceremony but no longer. for more, head to our website. >>> ahead, a special holiday edition of our "saturday session" with jon hn batiste. he and his b

hong kong. we have been fortunate to have secretary albright serve on the board of directors for seven years. before beginning, you want to thank our sponsors, the chinese center, mastercard, and sidney austin for funding this program. i would especially like to thank the china center for providing this incredible center. for those must not in person with us -- for those not in person with us today, this morning in new york it was overcast and drizzly. we worried that we would not have this spectacular view. but the day turned into a bright blue sunny day and we watched this incredible sunset and my hope, as corny as it may sound, is that that will be relations in the future. it may be cloudy now but it will clear up and be sunny in the coming years. [applause] but certainly not least i want to thank both secretarial bright and secretary kissinger for joining us today. you have both contributed to world peace in ways too numerous to enumerate. if i started to list all of your accomplishments we would not have time for any questions. so i just thank you for being here. let me start with the qu

hong kong hang seng up a quarter of 1%. chris coffee at 2%. lauren: european central bank meeting for the last time this year. the ftse in monday done seven points. cac down to an dax in an dax and germany had 16 points ahead of that meeting. nicole: u.s. stock market futures after a record day of the stock hundred points. down three, s&p down one. the nasdaq is the only one that didn't break the record. lauren: do think the delicate 21,000 this year? oil back at 50th a quarter right now. $1177 an ounce. nicole: antitrust panel of the proposed merger of at&t time warner senators are questioning the logic of the 85 billion-dollar deal and weather would improve competition reduced prices for the consumer's as the company say it will. >> the benefits of the transaction are significant, being able to offer directv nationwide is a game changer in terms of economics for broadband. it will allow us to expand and enhance to at least 15 million locations across 48 different state and those are mostly in underserved rural areas. >> president-elect donald trump is also come out against the proposed merger. lauren: t-mobile wants to free the phone nu

hong kong markets. singapore, taiwan, malaysia, all coming online. let's go to the markets. >> it is interesting really. seventh the note, by the end of next year. the drop will be slowed by china coming in with capital controls to win outflow. that said, one month forward, we are already at seven. it is not up yen weakness. dow jones within striking distance of 20,000. have a look at some of these indices. japan off its highs today's, 4/10th of 1%. australia's asx 200 -- let me get that short, because we blew past the top of a few months ago. it takes us back to august 2016, a 17 month high for this index. not bad. the nikkei 225, have a look at this. that is scary, isn't it? that is when the election took place. that is 11 out of the last 12 days or so. the nikkei is not as high as the dow jones, roughly around 81 and 82. we are pushing 81 last i checked. signal to some. raises a rally giving the in dollar yen. jeffries was out with an interesting note -- if you want outlook, ifjob, it pans out, they are saying rule of thumb low pe with companies with very high fixed costs that percentage. the thinking, whe

seven-year low. betty: your watching daybreak asia. news get to the first word at this hour with courtney collins. willney: saudi oil continue to explore and ipo. it is looking at markets from hong kongw york for what could be one of the biggest share sales in history. the foreign minister has downplayed tensions after congress passed a law allowing totims of the 2011 attacks attacks to sueta their government. he fights his abrupt dismissal. -- they have returned to take control. it holds more than 18% of the group. the carrier is based in bolivia and the government said it and the pilot are to blame for the disaster. he died in a crash that came when his playing ran out of fuel. many of those who died came from the brazilian football team. organizers of the tokyo olympics have announced a budget of between 15 and $17 billion. toallocates 6 billion construction and 7 billion for services and up to 3 billion for contingencies. the prime minister stepped into the discussion when costs soared. there were original -- the above $12esign blend billion. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am courtney collins. this is b

hong kong. we have been fortunate to have secretary albright serve on the board of directors for seven years.efore beginning, i want to thank our sponsors, the china center, mastercard, new york and sidney austin for funding this program. i would especially like to thank the china center for providing this incredible venue. for those not with us in person who are watching on the internet or television, this morning in new york, it was overcast and drizzly. we worried that we would not have this spectacular view. but the day turned into a bright blue sunny day and we watched this incredible sunset and my hope, as corny as it may sound, is that it will be u.s.-chinese relations in the future. it may be cloudy now but it will clear up and be sunny in the coming years. [applause] mr. orlins: last, but certainly not least, i want to thank both secretarial bright and secretary -- secretary kissinger and secretary albright for joining us today. you have both contributed to world peace in ways too numerous to enumerate. if i started to list all of your accomplishments, we would not have time for any

hong kong. slight declines in shanghai. >> what is adding fuel to the rally is the rising price of oil. let's check out the broader market picture. oil has risen for the last sevenessions in a row. we're trading at the highest levels of the year for wti and brent. 54.19. it's up another half percent. brent 56.44. up 0.6%. nat gas under pressure after a nice pop yesterday. the idea here, we'll start to get production cuts out of the opec and nonopec members in january. the more comments on the wire suggest that the countries will go through with them. now we have to see the proof in the pudding next year. especially as oil prices rise. rigs have been building as well. back online. but so far oil prices have rebounded nicely. it's been a huge comeback story of 2016 when they started off the year dipping below $30 a barrel. as for the dollar, it has been strong. strengthen again yesterday on the back of strong consumer confidence numbers. that's the dollar/yen reaction. it's stronger again this morning. 117.66. dollar stronger against the euro 104.41. and the dollar stronger against the pound as well by a quarter percent this morning. 122.39. dollar continues to ho

seven days a week, he dug clay pits. he wrote letters to international construction jobanies hoping to find a josh that would take him back to hong kong. ther he mailed them out, season started which would help keep him on the east side through the winter. got his girlfriend pregnant, which would keep him on the east side forever. back fromt gotten vietnam, had big plans of traveling the world. been planning for father. married now, with a daughter, he needed a career like his father, put in 39 years at u.s. open before retiring after heart surgery. in the 1970's, he began a pipefitter's apprenticeship. nobody knew then but he could worstve hired in at a time. and now, wisconsin steel had international by harvester in 1902. fearing price gouging by u.s. equipment manufacturer wanted the mill to itsuce plate still for tractor assembly plants. a labor dispute finally killed steel.consin's on november 1, 1979, workers at the tractor plants went on after the company demanded they accept compulsory limits onnd seniority. international harvester was biggestsconsin mill's customer. when stanley showed up for work, news crews were gathered ou

in 1997 transfer of sovereignty over hong kong we have been fortunate to have secretary albright serve on the board of directors on the national committee for sevenyears. before beginning i want to thank our sponsors, the china center, new york, mastercard, for funding this program. i'd like to especially thank the china center for providing this incredible venue. for those not with us in person today, who are watching on the internet or on television, this morning in new york was overcast and drizzling. we worried we wouldn't have this spectacular view. but the day turned into a bright blue, sunny day. and we watched this incredible sunset. and my hope, as corny as it may sound, was that with u.s.-china relations in the future, may be cloudy but it is going to clear up and be bright and sunny in the coming years. [applause] >> last but certainly not least i want to thank both secretary kissinger and secretary albright for joining us today. you have both contributed to world peace in ways to numerous to enumerate. if i started to list all your accomplishments, we wouldn't have time for any questions. so i should thank you for being here, and mayb

hong kong. also in manila. looking to follow the lead we are seeing across asia. yousef: -- mentioned, the aussie has fallen steeply after the economy posted its worst ddp contraction in sevenears. rishaad: let's go to sydney. the week was expected, but not this bad. reporter: it was pretty awful, rish. half a percent of a contraction for the third quarter. the market was expecting a 10th of 1%, so you have a big decline , catching the economists surveyed by bloomberg by surprise. and in the second quarter, we saw a revised growth of 6/10 of 1%, so that gives us on and relies number of 1.8% growth on year. -- an annualized number of 1.8% growth on year. you are looking back to the dark days after the financial crisis. the aussie dollar really stemming off the cliff after the release of these numbers. to be fair, though, the parity does expand after the tight election result. and resource experts failed to lift in that period as well. that was also a time when the iron ore price was not really going on either. there were a number of one-off factors dragging on the number, but still, half a percent contraction for the quarter really caught everybody by surprise. we have seenw

seven tens of 1%. also in jakarta. haidi: up ahead, angie will be with us to update us on the big stories. a big day for us. angie: the big story in hong kong be talking to the man of the hour. everybody wants to talk to him. what -- one of the chief ceo, charles lee, joining us about what it means to oversee investors and how mainland investors are given the opportunity to trade more hong kong shares. what does this mean long-term for hong kong's jumping off point for mainland china? the italian prime minister has quit. the italy referendum has deepened, the euro has dropped. what does it mean? to john woods. india money laundering. the cash been having an opposite effect on money laundering. ♪ >> it is 11:00 in hong kong. we are in the middle of your asian trading day. welcome to "bloomberg markets: asia." making connections. the long-awaited stock link is finally underway. political upheaval moves the markets. the euro slides to a 20 month low as renzi loses his referendum. asian-pacific stocks are also hit. uh,we have got two, leaders resigning. we have that referendum in italy failing. we have to check on the markets now because the ri