here is juliette sally. liette: bhp billiton has reported an 81% slump in full-year underlining profit. however, that beat forecasts. even if the company posted its first loss since 2001. we will be talking to and are mckenzie, the ceo of the world's biggest mining company, on bloomberg . a statement from the bank's chairman says frank van jensen will be replaced by andres proven in immediate effect. shares in the swedish lender have fallen 22% since he took over as ceo in march of last year. frack sir has held merger talks with germany's lender. that is according to people familiar with the matter. the combination of the companies would create the world's largest supplier of industrial gases. berkshire hathaway boosted its thestment in apple when stock flipped. a berkshire raised its stake in maker by 55% to 15.2 million shares. that is your bloomberg business flash. guy: thank you very much, indeed. new policy for a new normal. environment calls for a new approach to banking, says fed president john wil

let's get our bloomberg business flash with juliette sally.'t anywhere close to being a fully convertible currency, even as it prepares to enter the imf's rivers back -- reserve basket in october. that is the view of every economist, strategist, and analyst interviewed by bloomberg. haswhile, j.p. morgan chase produced its still to do list, which includes the need to ease capital controls and cut back on intervention. australia's treasurer has rejected claims that xenophobia and protectionism drove his decision to block the sale of the state owned power grid to chinese bidders. scott morrison says national security was the sole reason for rejecting the bid. the sale could have raised almost 8 billion u.s. dollars. perry clinton has ripped into donald trump's economic plan, saying it will only benefit the wealthiest while increasing the burden on the middle class. >> when it comes to creating jobs, i would argue it's not even close. even conservative experts say trumps agenda will pull our economy back into recession. hong kong's haslinda: rich

let's get out to juliette sally. what's going on? allianz's chief economic adviser says federal reserve officials need to consider the cost of keeping interest rates low. he tells bloomberg there is a risk of "financial instability down the road" because of an extraordinary monetary policy. he says it was the strongest argument for trying to slowly normalize rate, because otherwise the fed would contribute to excessive risk-taking. cleaning up after the first typhoon to make landfall in the area for 11 years. it was classed as a category one storm that brought high wind and heavy rain. the airport was forced to suspend operations with the control tower was evacuated, and japan airlines canceled 337 domestic flights. more than 70,000 passengers are still stranded. all hishte is losing endorsements after he admitted to making up a story about being robbed at gunpoint while at the real olympics. mattresse makers as they are ending their relationship, and speedo says it will donate a portion of his paid to charity that works with four ch

anna: juliette sally in hong kong.et us stick with the top stories in asia, china's central bank is injecting cash into the reverseusing 14-day purchase agreements. for the first time since february, the funds were added as policymakers are looking to increase more expensive, longer-term funding to cool the bond market rally. for more on this story, we are joined by asian fx editor robin ganguly. what kind of signal, amongst all of the policy tools and others that the pc of the has at its disposal, what is the message they are trying to send? robin: this has been rather difficult to predict, more difficult than normal. thought.nct lines of the more ominous suggests that the pcob is trying to send a signal, no leverage to buy funds the logic of that is a 14-day. borrowing rate is far more expensive than a seven-day or overnight rate, so that would make it less profitable to buy bonds and ride the record bond rally we haven't seen. the better interpretation is that the pcob is trying to balance money market rates, but ha

anna: let us stay in hong kong, talking to juliette sally about the trading day.have been waiting for janet yellen all week, at least a week. the market noted for the day. down on the msci asian-pacific. anna, we are, seeing downward pressure mainly due to the pressure we are seeing in japan, as you were saying at the top of the show we did see more deflationary pressure coming through in the japanese economy. cpi fresh food falling below estimates, down 1.5%. meandering during friday's trade, and we are seeing down trading with one hour left the government australia off by 131% and new zealand has closed lower by half of 1%. if you look at the shanghai composite, it is trading higher today. there is the collision that could be more curve into the property market that we have been talking about all week, and also activity in the financial market. but over the course the weekly shanghai composite has not done very well, down by about 7/10 of 1%. that will be the worst weekly decline in around five weeks. keepsay it will short-term liquidity ample and it's a liquidi

let's get you caught up with the bloomberg first word news and juliet sally. juliette: thank you.fed president william dudley says a september rate hike is possible. he warnedn fox, investors that they are underestimating the likelihood of increases in borrowing cost, and we will get more insight at 7:00 p.m. u.k. time when minutes of the july policy meeting released. the bank of england had enough bonds to meet its weekly targets. yesterday they had just 1.1 7 , after an attempt last week fell short of the central banks target. systems is reportedly cutting up to 15,000 jobs worldwide, 20% of its workforce. they will announce the layoff the next few weeks as it shifts its business toward software-based networking and product. a spokesman declined to comment on the report. global news, 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. bloomberg. guy: thank you. a 6% fall in first-half underlying revenue, but there is little sign yet of the brexit impact. the stock is up massively this morning, nearly 10%. the sense was that it was a lo

sally is standing by. global equities are near one-year highs. juliettethe asian regional index has been trying to hang onto that one year high, but really that weakness coming through in japan having quite the adverse impact on the overall sentiment in the region. the gdp now missing expectations. we have seen quite a bit of fluctuation coming through today. you can see a lot of the weakness coming through a lot of the iron ore and also the paper manufacturers. we have seen some increase in terms of some of those other export companies and also in computers. toshiba up. we have seen an increase on the market, it's best gain since may of this year. we had some weak economic data out of china since friday. we are seeing a very solid upside in terms of equities. that is essentially as investors that theyt to bet will be coordinated bank stimulus coming through. in hong kong, stocks at a nine-month high. that has been lifted by the oil story. also, the hong kong government reporting that it's gdp grew at the fastest pace since 2001. some very solid upside. t

sally agent equity session is doing. a little more risk appetite this morning. juliette: yes, that is right. yesterday was very much risk off, but as you say a lot of focus on central banks today. we are seeing a rally come through in the asian markets, japan, leading the way by 1%. that is the first game we have seen in japanese stocks in four sessions. importantly, the regional index, which yesterday fell to the lowest level since june, rising quite significantly. june 24 the day after the brexit vote, that was the weakest we have seen asian markets since then. after the lunch break, we are seeing weakness come through in the shanghai market, down by a quarter of 1%. other regional markets are doing well, hong kong up by 7/10 of 1%. you can see hsbc still doing well, releasing results yesterday, and those oil players driving gains in the region, up by 3.4% as we saw crude rebound. the oil price also helping out australia and new zealand, having a first rise in three sessions as well. we heard from australian prime minister malcolm turnbull the last hour. checking it on the banks after the

sally in hong kong, with details on the trading session. and an eerie call seems to be an apt phrase, apart from chinese equity markets perhaps. juliettethat is right, and. the waiting game continues, all week, a load of analysts saying what happens if janet yellen does not provide the impetus that markets are looking for? but there is little bit of calm, flat movement on the nikkei and in hong kong. shanghai seeing reports that they may actually, or china i should say, may hold meetings to discuss the surging property includinghanghai, restrictions on bank loans for developers. we have seen a bit of weakness coming through following the lunch break, just coming out of that at the moment. 1.1%.market down by as i mentioned in hong kong, things ok. although we have seen some downward pressure and energy pressures, disappointing earnings numbers, listed. and in australia, those are weaker, down by half of 1%. pretty flat though there on the nikkei and original index as well. having a look at some of the movers we are watching today in asian trade, galaxy just came through during the lunch break in hong kong with second-quarter earnings w