what is the next milestone in the history of the karachi stock exchange?demutualization 2012, then integration of the three stock exchanges in january this year. in june, we had msci, now the divestment, so huge, big strategic changes have taken place. i foresee we are going back to 40% of gdp in terms of market cap to gdp ratio, which means 60,000 on the ks 100. tracy: thank you for joining us. coming up, uncertain times. we have been asking young people and korea how they view the future after the current political crisis. hear what they have to say next. this is bloomberg. ♪ thousands ofds of people rallied on the streets of seoul, korea over the weekend, keeping pressure on authorities to remove president park. the constitutional supreme court has six months to approve the recommendation for engagement. we have reported by young koreans and their futures. >> for many people in south korea, the move to impeach president park is the first step in changes they want to see in the country. as you can see, they have come out again to make sure their , holdin

they flew over to karachi pakistan because he wanted to meet with the president.m karachi we flew to rome, italy. wanted to meet with the president of italy. now we get him back on the airplane we earn from and heading for washington but we had to stop at the funeral. it's christmas eve 1967. johnson gets on the plane and puts on his pajamas come he gets into a swede and he goes to bed and he goes sound asleep. jim cross the pilot realized nobody on their plane had a chance to buy anything for any of their families for christmas. he radioed ahead to their commanding officer and asked him to keep the dash of the people on the plane could buy something for their family members. we arrived in the azores and all the people tried getting off the plane and i told them you guys go on i will stay here with johnson. he is sound asleep, don't worry so i'm walking back in worth by the foot of the ramp and i turned around and i hear hey clint where the hell is everybody? i turned around i said mr. president they have all gone to change. it's christmas eve and they want to do

soundbite (urdu) sunaina samson - residente de karachi "what happened to those in the plane accidentcedió a esas personas en el accidente de hoy, puede sucedernos mañana. los que murieron eran amigos y familiares de alguien, también eran parte de nuestra nación, es por eso que estamos tristes. una de las personas que murió era un tesoro nacional que compuso himnos." (--nat (urdu) junaid jamshed--) "our clothes represent pakistan across the world. therefore jazaa foods will become the biggest brand globally in food." track: junaid jamshed era una estrella del pop que se convirtio en un icono religioso de la television y diseÑador de moda y estaba en el vuelo junto a su esposa. ahora los pakistanies lloran su perdida. faisal subzwari - miembro de la asamblea provincial de sindh "certainly, the entirety of pakistan is in tears. "pakistán entero está en lágrimas. todos estamos de duel don más de 40 peonas mueron y nuestro ado cantte y relioso educador junai: segun las autoidades aeronautic problemas con el motor, pero aseguraron que es muy temprano para determinar las causas. los ciudada

from karachi we flew to rome, italy.e wanted to meet with the president of italy, and he wanted to pop in on the pope. [laughter] so that's what we did. and so now we get him back on the airplane, we're in rome, we're going to head for washington, but we have to stop in the be asores to refuel. it's christmas eve, 1967. johnson gets on the plane, he puts on his pajamas, he gets into his suite and he goes to bed, and he gets sound to sleep. nobody on the airplane had had a chance to buy anything for any of their family for christmas. we were going to have to refuel, so he radioed ahead to their commanding officer and asked him to keep the px open so that the people on the plane could at least buy something for their family members. so we arrive, and all the people start getting off the plane, and i tell 'em you guys go on, i'll stay here with johnson, he's sound asleep, don't worry. so i'm going walking back and forth down by the foot of the ramp, and i turn around and i hear, hey, clint! where the hell is everybody? [lau

the karachi stock exchange plans to sell a stake of up to 40% to investors this month and the deadlineor bids was this month. we asked how the process is going. > the market cap to g.d.p. ratio, the metric, is about 30% at this point in time. before the financial crisis it was 40%. in asia, 70%. so we have some way to go there. >> all right. and in tems of foreign investors coming into the market what are you seeing? because clearly the rally has some foreign participation but perhaps not as much as some people might expect. >> yes. actually in a perverse sort of way, year to date you have an outflow from foreign investors of about $230 million but you have an inflow from domestic institutions of about $450 million so it's the domestics that are pushing up the market tip point in time. >> right. but that seems odd because we did just have the index cle -- included in the emerging market index after leaving it some years ago. so why aren't foreigners coming into the market? >> i think it's more a swap going on. i think frontier market players coming in and the emerging players are going

. >>> a fire at a hotel in kara i karachi, pack starnkistapakistat least 11 people. karachi's mayor says there were no fire exits or fire alarms going off to alert people inside the hotel. at least 75 people were injured. firefighters rushed to the scene, and officials say the fire has now been contained. they are investigating what could have caused it. >>> at least 33 people are now confirmed dead in oakland, california, after a fire tore through a dance party at a warehouse. these images show the building before friday night's blaze. it was known as the ghost ship and housed artist studios. authorities say, however, it did not have permits for people to live inside. and the building's owners had been notified of hazardous trash and debris violations. >> as officialed combed through what's left of that building, oakland's fire chief described the blaze as among the worst in the city's history. here's what oakland's mayor says is being done to recover victims' remains and comfort their loved ones. >> but it is with so much grief and so much compassion that we as you

for the long time >>> 11 people were killed by a fire in pakistan that broke out on this morning in karachi. some of the victims are guestsd bed sheets together to try to o kitchen. the cause is underhose wildfires in easten. nearlywereestroyed or damaged by theinjured. this wed,elli people to e were lost. >>> jurors will resume deliberations th a former ed friday that they slagr who k north charleston and a witness the northeast. the northern e system could create difficult travel conditions along the northern tier of the country. the first snowstorm of the season in chicago began yesterday morning. over 6 inches fell at o'hare airport. more than any single dayecber s 2005. it was also the first snowfall in wisconsin. most of the state got between 1 today when the tempe iowa recei measurable snowfall of the season. 2 to 4 inches fell up the "mor news." baby on board. a woman gives birth mid flight, forcing la unexpected detour. >>> and the president-elect fires back after "saturday night live" takes aim at his tweets. >> kellyanne, i just retweeted the best tweet. i mean, wow, what a great

the fire broke out this morning in karachi. some of the victims are foreigners and hotel guests tied bed sheets together to try to escape. some had to jump before they reached the ground. 50 others were injured. the fire started in the hotel kitchen. the cause is under investigation. >>> the death toll from those wildfires in east tennessee now stands at 14. nearly 1,700 homes and other buildings were destroyed or damaged by the fires. this weekend, officials said a mass text message telling people to evacuate was never sent because communications were lost. >>> jurors will resume deliberations this morning in the murder trial of a former south carolina police officer. they indicated friday that they might be deadlocked in the case of michael slagr who killed a black motorist last year in north charleston and a witness videotaped the shooting. today from the great lakes to the northeast. the northern edge of a weather system could create difficult travel conditions along the northern tier of the country. the first snowstorm of

on thursday, the prime minister, here was the headline on the front of the international news in karachi. trump says ready to play role in resolution of issues. let me ask you, is he offering to mediate border disputes. pakistan wanted to imply he was offering to mediate border disputes between pakistan an indiana. >> clearly, there's been -- india. >> there's been great tension and resulted in violence along the caregion. and what president-elect trump expressed was the desire for continued u.s. engagement and building a relationship between those countries, two nuclear powers, the president-elect recognizes that and making sure they know when this administration takes office we intend to be fully engaged in the region and fully engaged with both nations to advance peace and security. >> to be a mediator deciding kashmir? >> i think in president-elect donald trump you have someone who is prepared to advance america's interests here at home, rebuild this economy, fight for american jobs. i think you're also going to see an energetic leadership in the world prepared to engage and look for

plus the head of the karachi stock exchange will also be with us in dubai.e here for the start of the trading weekend. >> coming up on bloomberg best, italy's prime minister steps down. the ecb adjusts qe. open a stock markets little lighter. >> we have seen the offshore you lower since these tweets. monthhas been a monster since donald trump's election. investors tell us what they expect when he takes office. >> the consensus will be good for some markets an

plus, the karachi stock exchange. we will be here for the start of the trading week in the gulf.rning at 8:00 and the united arab >> we have an update on the top stories. computers docs in hong kong has lived on a report that at least one bank has talked atm withdrawals. as beijing tightens capital controls. withdrawalerseas limits are unchanged. chinese factory prices had their highest in more than five years. 3.3% in november on the year while consumer prices gained 2.3%.

the karachi stock exchange plans to sell a stake of up to 40% to investors this month and the deadlineor bids was this week. we asked the ceo how the process is going. >> the market has kept to a gdp , which is about 30% at this point in time. for the financial crisis, it was 40%. in asia, it is 70%, so i think we have some major growth. >> in terms of foreign investors coming into the market, what are you seeing? clearly the rally has some foreign participation, but perhaps not as much as people might expect. anyear to date, you have outflow from foreign institutional investors of about $230 million, but you have an inflow from domestic institutions of about $450 million, so it is the domestic pushing up the market at this point. >> right, but that seems odd because we did just have the index included in the emerging market index after leaving it some years ago, so why are foreigners not coming into the market? of a swap it is more going on. i think frontier market players are going out and in the new year, the emerging market players will start to come in. also because of a bit of a

. >>> at least 11 people are dead after a hotel fire in karachi, pakistan.ls say the blaze at the regent hotel has been contained. 75 people are also injured. >>> beijing appears to be taking a wait and see approach to president-elect donald trump. on sunday he slammed china for allegedly devaluing its currency and what he called a massive military complex in the middle of the south china sea. >>> let's return to our story in italy and the leader of france's far right party said followers must take a cue from the referendum results. he tweeted the italians have rejected the eu and renzi. we must listen for the thirst for the freedom of nations and for protection. >> i want to bring in a senior eu reporter at politico. he joins us life from brussels. give us the european perspective. there were two elections seen as the bellwether for the populist movements across the european continent. >> brussels let out a sigh of relief, but for the center of politics here that didn't last long. i think people are really trying to keep the italian result in perspective. t

and let me jump to pakistani president, and this is the headlines of the international newspaper in karachi. "trump ready to play role in resolution of issues. "" let me ask you, is he offering to mediate border disputes -- i guess pakistan wanted to imply that, that he was offering to mediate border disputes between pakistan and india. >> there has been great tension between india and pakistan in recent days. it's resulted in violee along the kaz mir are region. i think what the president-elect expressed in conversation with leaders from both countries was a desire for continued u.s. engagement and building the relationship with both those countries. these are two nuclear powers. the president-elect recognizes that. and making sure that they know that when this administration takes office, that we intend to be fully engaged in the region and fully engaged with both nations to advance peace and security. >> to be a mediator in deciding cashmere? >> i think in president-elect donald trump you have someone who is prepared to advance america's interests here at home, to rebuild the economy, to

there's another technique that is fast gaining traction and that the hypothetical proper and in the karachi case in southern district case where the judge approved it, it's turned out, if you were to ask, so-and-so, he might say this. i expect that you might say this if you were to interview someone and at least in the southern district in that particular judge, that was not a waiver and that was actually basically the judge said that was a brilliant strategy by the lawyer to both communicate to the government that the government needed to know and not waive privilege on the connecting point. >> so bill, should the company be concerned about leaving privilege? >> i think that there are concerns about leaving privilege and we are going to get to the way around that in a second but certainly if you waive privilege in a subject matter waiver then you have everything, a surge of your files and everything going over and this would come up in particular if an employee is charged or if an employee is the subject of an investigation or the employees lawyer is now asking the company to look over all

we will be joined by the ceo of the karachi stock exchange next. >> thank you for that.: the asia-pacific benchmark he gets up early gains . shenzhen stocks fall most since september. oil surges to its highest in 17 months after opec's historic agreement with independent producers. >> donald trump saying the one china policy should be tied to trade. >>