icbc up by half a percent, but still a beat. are brushing aside the fact that we are still seeing that bad loan coverage ratio continuing to fall. it is still above the regulatory minimum of 150% come up at regulators will likely have to bring that down, otherwise these banks will not be able to pay a dividend. the stellar out performer of the session, of 20% in premarket, wanda commercial property, on groupws that dalian wanda may take this company private. is down 50% since june last year. we are seeing a pop in that stock. asia listing suggesting that if they get that shanghai listing that will be enough for their financing needs. rishaad: were having a look at china's state owned airlines, suffering combined foreign exchange losses of $2.5 billion less the year, all of this with the surprise yuan depreciation and august. tom mackenzie with me now having a look at these individual carriers. we are talking about the top three players and china's airline sector, air china, china southern, chinese. they don't hedge against oil v

you seeward to today, the shares of icbc, the white line, surging.hanghai composite continues to move lower. this is something investors watch closely. given the national people's congress underway, it is having an impact on asset prices, perceptions of the market, and the trajectory of these markets. this npc is coming to an end, so what are the predictions. realistic trade, more realistic market movement, given the fact that beijing authorities won't intervene in the markets at the pace they have been in recent days. this is something to watch closely. near-term data has been relatively negative in china, the fact that market surged on bad economic data is kind of perverse what is at work? investors trying to get to the bottom of it. this very simple analysis gives you a glimpse into what may be happening in shanghai. rishaad: just getting now to breaking news, the language out of pyongyang grows more bellicose a day after the north said it had the ability to put a nuclear device on a ballistic missile. they have upped the ante when it comes to so,

icbc out of china talking about chinese banks.china net income and little better than expected. billion will go back to chinese banks. a worst-case recall scenario will cost you $4 billion. that is according to a person familiar with the matter. this, let's get to bloomberg's craig trudell. ata portraying this recall? craig: this is a worst-case scenario. that has been something that has really been difficult for outsiders to arrive at any sort of reliable figure. up until recently, there has been little looking into just how many of these airbag inflator's to kind a has made -- takata has made. the material you use to make these airbags go off is not safe. recall them all. that has been put out there as a potential way forward for regulators, particularly in the u.s. you see this figure today as one to somey have provided of its stakeholders according to people -- to a person that we have spoken with about this figure. about $24 billion. francine: very quickly, does this affect other companies share prices. -- share prices? craig

icbc reporting 42 billion and profit for that is their weakest growth in a decade.na construction bank income of just .1% and bank of china profit of just .7%. the percentage of profit paid out by all three dividends is going to be falling. the bank of china president called this the new normal. he says that the era of double-digit profit growth has ended as the chinese economy slows. there could be some more pain for shareholders on the way, long-suffering as they are. this deal is the end of a four-year road. pay $4.5 billion and this deal fell over and it was almost about to be signed and then it leaves the list of potential liabilities. an hour after this deal was announced, sharp told the tokyo stock exchange they will be riding down inventories and reducing sales targets. the prophet was due to be and it looks like it will be a $1.5 billion loss. i am paul allen from bloomberg tv in sydney, australia. tracy: what'd you miss? we have seen emerging markets fall and rally since. is it the 1990's all over again? at the end of 1998, emerging-market equities fell al

icbc reporting that net profit stands at 277.1 billion yuan.verall looking at the fourth quarter net profit of about 54.5 billion yuan according to reuters. that's comparing to a forecast of 53.8 billion yuan. on a quarterly basis, we are seeing earnings come in just ahead of the reuters forecasts there. this comes after yesterday bank of communications got the ball started and also came in just ahead of forecasts as well. what investors will focus in here on icbc will be the nonperforming loans ratio. that is at 1.5%, ticking slightly higher to the 1.44% that was reported at the end of september. >>> meanwhile, china was just one of the concerns that janet yellen flagged yesterday, which continued to weigh on the fed. in her speech at the economic club of new york, janet yellen warned about at uncertainty surrounding china's economic transition. as you can see here, she said there is much uncertainty about how smoothly the transition will proceed and the policy framework in place to manage any financial disruptions that might accompany it. wel

icbc down. whirl worley parsons up by 6%. origin energy up by 3%. electric seeing downside, court ordering they cannot break out those nuclear reactors. rishaad: the bank of japan starts its latest policy meeting today. stimulus, something they're keeping and i on, something to be learned from how that announcement is communicated. what can governor kuroda learn from mario draghi? >> they availed more aggressive stimulus than the market anticipated, but then he made this throwaway remark when he said we were not lower interest rates further. kuroda is watching -- rishaad: look what happened when they went negative. >> he would want to make sure his language this week is precise. signal that want to there is nothing left in the toolbox. governor kuroda won't want to make that same mistake. rishaad: he won't send out a message -- a clear message without sending out a message. that is called fed speak. >> people don't expect him to go , buter negative this week they certainly want a message from him that even though negative interest rates are unpopula

we have icbc reporting $42 billion. the weakest growth in a decade.construction net income up just .1%. bank of china up .7%. this is going to see a weakening dividend payout as well. all to do with bad loans rising and a slowing economy. bank of china president saying the era of double-digit profit growth has ended. a brief word on steel out of indiana. they may be looking to sell their u.k. assets bought a decade ago for $10 billion. the book value now worth close to zero. that's, again, thanks to cheap chinese steel exports. the u.k. government saying it may look to intervene to save some jobs in the british steel industry. that's just some of what we're watching around the asia pacific today. i'm paul allen for bloomberg trs -- tv. ♪ >> streaming music business, teaser, the most popular music stream hg service in france, that's the beginning of their market ambitions. company hoped to fuel international growth. those plans were scotched. we sat down with their c.e.o. and asked about the current prospects for public offering. >> we decided athe tim

. >>> the chief china economist from icbc standard bank joins us. i think eunice's last point that she was making is they're focusing more on growth than reform is a key takeaway message from this weekend. would you agree? >> i would agree. this time what we need to be quite reminded of is the fact that this is the first ranged target that we've seen. so, by doing that, effectively it's a subtle sign that the government is willing to accept a slower pace of growth. usually around 7% which was last year. this time the bottom line is 6.5%. absolutely right, the bottom line is still 6.5, that's the growth necessary to double gdp from 2010 to 2020. that's why that's the bottom. >> we had the pboc vice governor saying how china's fx reserves are stable. that's one thing the international community is looking closely at, also looking at the interest environment globally. how does that fit in with the growth story out of china? >> i think economists on the ground and international i will have one voice, that capital outflows has been hurtful for the econom

and you throw in stakes, of china's biggest, like icbc, european insurers and also under their umbrellaasset managers, you name it. this company is only 12 years old. and it was started by chairm chairman wey with $60 million back then. getting an insurance license is not easy, a heavily state regulated sector. and i should point out that he is married to the revered chinese leader's granddaughter. so there you go. that's the new bidder for starwood. back to you, scott. >> all right. thanks so much. weise, what's the deal here? >> first of all, that makes it a lot easier to get a license. so there are two trades here. >> meaning there were connections. >> right. the first trade is, this is part of the devaluation you want. which the people's congress came out and said, it's not happening. that came out of there. so put that trade off, one of the most trades out there. this is a legal way to get money out of the country. buying assets, buying oil. so expect to see many more m & as. as a matter of fact, buying part of pbr, petrobras, one of their sub acid areas. >> on the cheap. >> exactl

we are getting another rate from the bank of china, icbc.ut we are seeing a very strong session for financials here in hong kong and also in shanghai. a chinesede, pharmaceutical company is said to be bidding on the french pharma group. so it is the most on record without close to 30% in the session. guys? anna: haidi lun joining us from hong kong. thank you. back to jenna yellen, she has insisted that interest rates will be raised at a cautious pace. and one of her most detailed policy discussions, the fed chair gave investors a list of conditions they need to watch for future rate hikes. manus: stabilization of foreign economies, and the financial market, and no further appreciation of the dollar. janet: given the risk to the outlook, i consider it appropriate for the committee to proceed cautiously in adjusting policy. this caution is especially warranted because with the federal fund rates so low, the ability to use conventional monetary policy to respond to the economic disturbances is asymmetric. one must be careful, however, not to ov

icbc cut its dividend payout ratio for 2015.he profit growth is stalling in light of rising bad loans; net income beat estimates. for the very latest, we are joined by enda in hong kong. give us a sense of how bad these bad loans are. enda: good morning, francine. i think that's the story right now -- when you step back, it is quite bearish against the backdrop of the slowing economy -- bad loans are at a 10 year high, the government had to roll out a debt for equity stock, which is not particularly popular. they don't want to talk bad debt for bad equity. it's something of a concern for investors, and i don't think it's just the top for banks. in the rural areas, the regional lenders who are funding the the zombies, that's the bad debt. as long as there are bad debts on balance sheets, there won't be lending. tom: and i can report to you that there is a shift in dialogue in new york. people are really focused on china. i haven't seen that in ages. it's the same shift in analysis going on in hong kong. a new urgency about the ma