do not look just at the yuan and are manipulating the one. and the euro, you look at the broader currency, he will see that most of the currencies's fall against —— currencies's fall against —— currencies fall against the us dollar, doesn't mean that all other currencies are manipulated ? dollar, doesn't mean that all other currencies are manipulated? i don't think so, it is a strong dollar phenomenon. so what does it mean donald trump calling china currency manipulator? i do not know what gauges he used, but now we have trade war escalation. on the 23rd of august, we will have another $16 billion of tariffs on china, there isa billion of tariffs on china, there is a trade war escalation on europe, we have emergency market incidents. there are lots of things happening in the market. it is notjust the word manipulated that can explain all this. from the us and china to venezuela, where the south american country has a new currency as it tries to prop up its struggling economy. the new currency is worth 100,000 in the old currency. the inflatio

five which is the market manipulation of this curious exchange act but he did buy a lot with regard to insider trading by simply passing along this information to his son who then gave it to others including his fiance and say fiance's father and the indictment describes about six different coconspirators some named some unnamed now you know look republicans and democrats alike or have been doing this sort of stuff and trading and i thought that the stock act which was i don't know if two thousand and twelve perhaps was going to take care of it but that doesn't seem to have had a significant impact right well i think it's had an impact again trading is down as as we've documented in this report by the rating by members of my managers not just because there was told a congressional research service report that from two thousand and ten or two thousand and eleven that showed that actually members of congress their portfolio beat the market as we wouldn't like that well they had in flight information the report you reference has they seem to do twenty five percent better than the average

that's about more than manipulation.as been persuasive a because china's economy is slowing down -- well, growing at and the u.s., economy has been accelerating. don't expect the yuan to strengthen too much in the coming days and weeks. ramy: garfield reynolds, thank you. don't forget to check out our btv library for some of the charts you saw. it's on btv go on the bloomberg terminal. china's economic rough faced the effects of beijing's deleveraging campaign and trade fiction -- friction. still, the head of china's trade bureau says he still expects it to surpass the target this year. are don't think the data disappointing, although there are some slight fo fluctuations. the fundamentals are sound. is moving steadily was some improvement and that has not changed. >> the data does suggest we are seeing a gradual slowdown. >> the goal we set at the beginning of this year's for china's gdp to grow by around 6.5%. the first half of this year, we have actually realized a growth of 6.8%, which is a lot higher than our origin

behind the manipulation machine is running.s find the people the most engaged, the most emotionally aroused or whatever is going on at the list of people with negative emotions. they are introduced to each other. the cycle to get them excited as more and more emphasized than more and more refined and the result on the road is an that an organization like isis gets more power than the same tools in the arab spring did. or the example close to home, black lives matter starts off in my opinion is a beautiful movement, articulate, generous, forgiving, but the algorithm of the searching those people upset by it because upset impulses captured by consideration and the negative ones for the most part statistically is not perfect. these negative people are introduced to each other. their cycle of negativity's amplified come amplified. and then you have in neo-nazi movements we haven't seen in generations. what starts off as positivity is turned into something i can't say on c-span. like clockwork over and over again. people still say w

the responsibility lies with government to ensure that any state after eager to manipulate -- manipulateand harassment faces consequences. it's not just bots are attacking us and us touches algorithms that must protect us. the efforts of this committee represent a tremendous step forward in what will be a long and challenging process and i commend its leadership, dedication, thoroughness and bipartisan spirit. thank you again for the opportunity to participate today. >> ms. rosenberger. >> thank you, chairman burr, vice chairman warner and distinguished members of the committee. i submit my fault them for the record balint highlight a few key points in steps we need to address to take them. the health and strength of our democracy depends on american civility to engage freely and lyrical speech come to a vibrant debate free from manipulation and to obtain reliable information about the issues of the day. i come at this issue as a national security professional who has watched social media and online platforms the weaponized toda attack these foundations of our democracy. i watched from i

matt: what president is doing is not currency manipulation. guy: everybody else is doing currency manipulation, but this is not. matt: i get it. let's move on to stocks. unc mliv team have been really waiting in predicting, let's say, a jump in chinese stock. we are finally starting to see big moves. is this the beginning of something solid? we are very bullish chinese stocks on a long-term basis. we would like to believe it's the start of something solid. it is hard to have confidence. it is too early to be convinced this is the bottom. if you want to look at it positively, really the yuan is the guide. if you believe the pboc have put a floor on the one, they do not want to go through seven, and the u.n. is going to -- the yu an is going to continue strengthening, that is really key. there is a broader risk on message. worry is people to that it is only appreciating until the trade negotiations. it may go back to weakening in a week or so. that is why i do believe we are in a risk on environment. -- i ams you have seen not high conviction th

they manipulated us. they are an adversary.and they provoke us and try to turn us against each other. the russian government came into the house of the american family and manipulated us. and we must take it seriously inry that context that when we debate as we do in 26 who was the leader of our country the russians exploited the discourse to play into the deepest fear. it is incumbent to speak to the american people first we must act urgently to bolster defenses like election infrastructure and cybersecurity. and many of the colleagues with a more secure elections act but we need to make sure the american public recognizes and so that the american public can rightly identify to attempt the exploit our vulnerabilities for the purpose of weakening our country and democracy. and with that i would like to ask, in your written testimony say the russian internet research agency to target americans was unified in its candidacy as secretary clinton andd in those pages targeting the left is included content to depress voter turnout. th

first, russian manipulation did that stop in 2016. after election day the russian government stepped on the gastric accounts operated by the ira trouble for begin more active after the election confirming again the assault on a democratic process is much bigger than the attack on a single election. second, they are targeting both sides of our political spectrum simultaneously, both before the 2016 election and right now. we see from the ira did have the same brush and organizational use sophisticated false persona and automated application on the left and the right in its attempt to exploit out already divided political landscape. our current landscape is vulnerable to these sorts of attacks. enter estimate today the automated accounts at the far left and far right extremes of the american political spectrum produce as many as 25-30 times the number of messages per day on average as genuine political accounts across the mainstream. the extremes are screaming while the majority whispers. third, american media is also being targeted in

david: what is manipulation? every day we are talking about some central banker that is affecting currency. is that manipulation? has a coupleasury of criteria that they define. the reaction in currency markets, you would think this weakness in the dollar would currencies getm off the back foot, but it is the rest of the g10 rallying against the dollar, and maybe those currencies are in need of intervention at some point. david: with all of this presidential talk and action, what is an investor to do? the norway sovereign wealth fund, you can see the returns. it is really miniscule. this is at least in part because they decided to get out of bonds and into equities. they are 70% in equities, sort of betting on global growth. not doing so well this quarter. i find this fascinating. when you have sovereign wealth unds in oil-rich countries, they want to get exposure to other countries around the world. a lot of the trade policies are profoundly attacking the very globalization they are trying to ride. how did they

accuses chinap and the eu of manipulating their currencies.le the ceo of the world's billitoninor, bhp tells bloomberg the increase in protectionism is bad for business after profit misses. >> the concerns we have looking if protectionism does take hold it will have a dampening effect on the global economy. anna: good morning, everybody. let's have a look at futures. of course, the ftse 100 futures up. the cap futures just opening a little while. pointing downwards on the ftse futures. we will see where they end up. that would fly in the face of the asian session. breaking news coming through on the housing sector. we've got numbers hitting the bloomberg. the u.k. housebuilder of course, there revenue number coming in at $1.84 billion. we have the pretax number as well of 516.3 million. this just a few days ago, or a comments ago, we got on the housing sector saying the negativity around house builders has been overdone. they saw the macro backdrop as supportive. brexit headwinds could be one of a host of factors that are negative. we have see

we are facing organized manipulation. attacks are complex and the work to entangle them and expose them such a great example for the country. i am the ceo of a firm that develops techniques for understanding information online. my experience with russian online communities began 10 years ago when i led research for internet and society. in this work, we observe russia's online political discussion involved -- evolve. for the past several years, russian government has been doing to us with a bit home and in eastern europe a decade ago. we know this because of work by journalists, researchers, engineers, grassroots organizations, often conducted at great risk. thesere than a decade, groups have spread chaos and discord online. these techniques include crafting fictitious online personas to infiltrate communities. infiltrating communities on both sides to enhance distrust, targeting both sides of divisive issues and influencing young for inorganicolls -- each one of these features of the russian government's attacks was depl

first of a russian manipulation did not stop in 2016. after election day the russian government stepped on the gas. accounts operated became more active after the election confirming the assault of the democratic process is much bigger than the attack on the single election. second, they are targeting both sides of political spectrum simultaneously before the 2016 election in right now. the same russian organization will use sophisticated personas and automated amplification on the left in the right in an attempt to an already divided landscape you're darker landscape is vulnerable to these sorts of attacks. an arrest may come in the automated accounts, the far left and far right extremes produces 25 to 30 times the number of messages perer day on average a genuine political accounts across the mainstream. ..na american journalist has a responsibility to harden itself to this manipulation. the platform's proactive transparency will be critical to informing public debate how to strengthen our democracy in face of threats. there are signif

first, russian manipulative did not stop in 2016. after election day, the russian government stepped on the gas. accounts operated by the ira form became more active, confirming again the assault on our democratic process is much bigger than the attack on a single election. second, they are targeted both sides of our political spectrum simultaneously. both before the 2016 election and right now. we see from the ira data have the same organization will use sophisticated false personas and automated application in an attempt to exploit an already divided political landscape. in our estimate, today the automated accounts of the far left and far right extremes of the american political spectrum produces as many as 25-30 times the amount of messages per day on average as genuine accounts across the mainstream. the extremes are screaming while the majority whispers. third, american media has also been targeted. the ira persona jenna abrams which had accounts on multiple platforms was cited by over 40 u.s. journalists before being unmasked.

potentially manipulating the currency. we have more coming up.loomberg. ♪ i'm all about my bed. this mattress is dangerously comfortable. when i get in, i literally say ahh. introducing the leesa mattress. a better place to sleep. this bed hugs my body. i'm now a morning person. the leesa mattress is designed to provide strong support, relieve pressure and optimize air flow to keep you cool. hello bed of my dreams. order online we'll build it, box it and ship it to your door for you to enjoy. sleep on it for up to one hundred nights and love it! or you'll get a full refund. returns are free and easy. i love my leesa. today is gonna be great. read our reviews then try the leesa mattress in your own home. order now and get $150 off, and free shipping, too. go to buyleesa.com today. you need this bed. yvonne: we are live from bloomberg headquarters. welcome to "daybreak: asia." ahead to now look jackson. the lowest estimate when underlying profit hit a four year high. it is just past 8:00 p.m. on a monday. mecolm turnbull narrow survived a leadershi

ten minutes that school it takes him to hack the app now he can manipulate any bank transaction luckily this is just a demonstration of the chaos communication congress. has hacked thirty one apps using the same piece of software he targets apps that generate the transaction authentication number on the same device what's why on the concept of a few years ago we proved it was fundamentally risky but the banks dismissed it saying it was only possible under certain controlled conditions that's what we wanted to address we wanted to prove it could be automated and that it could realistically be exploited on a large scale as you. can see that the banks made his head. easy they all use the same security software called prime on shield developed by a norwegian i.t. company with the help of a colleague vincent created software able to subvert it. yes all this understand understand this is work you go to the official app store and download of demo it looks like a real like a picture gallery to scroll through but really it's malware that deactivates promo and enters codes that enable us to manip

an interest coach that enable us to manipulate bank transactions. then the way to tax the unprotected banking up. around its corresponding time number whenever the user authorizes a transaction it's secretly being manipulated the software can change the amount transferred and divert it to a new recipient first name the problem is that all apps integrate the same security measures it's called a single point of failure meaning you can attack them all the same on the. banking it is already widely used in society british market research firm juniper research expects online banking users to reach two billion worldwide by twenty twenty one and many of them will be using small friends to access accounts with such sensitive data it's a risky business. software producer primum reacted immediately to vincents hoc by adding more security functions so for the time being no longer. the business and how it is convinced is only a matter of time before the next new call appears. how can smartphone users protect themselves when making online transactions. i.t. secur

same thing with the judiciary and political manipulation. i can understand that but keeping the electorate divided and manipulating the old electoral system gave them the edge than that has not gone over, back in 2002 managing the election, we don't know who was managing. the general in charge of counterterrorism at the isi, named the name, there were people going out. >> let me try to reduce this, what you are saying is in pakistan, once the establishment, military and intelligence services make a decision about how domestic politics has to move, then the courts give judgment that enable that agenda to move forward so a person can be described as corrupt or whatever and the media jumps in into creating the image of their corruption. for example, mister con himself and his associates have offshore companies. that didn't become the same issue sharif became and if you look at pakistani papers you will be told there are $200 billion in foreign banks. the figure didn't come out of a hat because there's no study that indicates that. the property

do you see anyone manipulate their currency?uropean central bank certainly is not manipulating the euro. point is based on ,he economic outlook of europe growth, employment, and achieving our price ability target. we do not usually comment on other central banks, other currencies. my reading of the china situation is that the chinese have weakened because of the threat of escalation of the trade war, not because of manipulation of any central bank. expect the trade war to cause risk to the european economic outlook as well? see a directot impact, and they are unfortunately so far -- on the other hand, we have seen confidence. it is potentially damaging for growth and employment. on the other hand, the cease-fire between the eu and the u.s. achieved by president uecker and trump in late july -- president [indiscernible] we think they would not escalate the trade war's because that would damage the world economically. what you think about the possibility of going the other direction? it was suggested in parliament that not only co

there are very similar they're similar both sides both sides they tend to generalize they are manipulating guy caught some nice between them and us between being a muslim and being a secure a list we've seen muslims and jews and muslims and and christians and all of these manipulate the dichotomies you will find it on both sides and this is actually what i try to fight against or what we try to fight against or challenge we try to deconstruct all of these manipulated by cuts and nice showing the world that islam is a religion and it's a peaceful religion and it's possible to be a practicing muslims who believe that the koran is the word of god and at the same time be here a member of secular society. it is possible all right sure and we're going to take a short break right now while we're back we'll continue talking about cher rain on con denmark's first female a mom discussing her fight against islam also be out in europe stay with us. luke. that's geysers fine it will survive until they say money that the relatives love to be using it is so central banks the poor diet the elements of the

multiple times and attempts to manipulate it went on hundreds of times over the years and i was part of the investigation of my old commissioner job at the commodity futures trading commission it started while i was there and we did a lot of good in a bad circumstance to getting it stopped but some has questioned why banks all over the planet need to be held essentially hostage to this hope this one interest rate the benchmark from one to well now u.s. mid-sized banks are no longer in that category discusses dr richard sandor who's been a great historian or in all of these things financial invented financial derivatives financial products back over the years and he started what's called a merab or richard thank you so much for being with us bart you know weeds great to be with you now tell us about america for it you're working it out of chicago how are you doing so far we're doing very well we started with six banks were up to ninety five members with the combined essence of one point three trade in bart you're always a charm for me we're having a record we trading about nine hundre

and mexico sending a signal about currency manipulation. we talk fx.eph: and later -- ramy: and later, what a new trade deal could mean for some of the world's biggest automakers. this is bloomberg. ♪ yvonne: this is daybreak asia. i am yvonne man in hong kong. ramy: i am ramy inocencio in new york. the proposed deal did not only lift up wall street, but is boosting emerging markets as investors hope a successful outcome might pave the way for a resolution with china. kathleen hays is looking at this. em currencies up for the third day in a row, but volatility has to be attached to this, every time you say em currencies. kathleen: maybe it's because em currencies have been so beaten up, starting with fed rate hikes. so many things. argentine inflation, the turkish lira, erdogan's problems. but now you have a situation where the u.s.-mexico trade deal looks like it might go through. there is something on the table, canada rushing in to see what they can get to maintain the nafta relationship, if not the agreement. but three straight days they have been

act and harvey would know dealt with market manipulation. they had a whole thing about this this is very, very well developed securities law right now. >> we will ask him now gentlemen thank you very much. on the news line former s.e.c. chairman and the ceo of. good to have you with us bob pisani asking about section 9 we will get to that. but do you see anything problematic in elon musk saying he is considering taking the company private at $420 a share. >> i do see a few things problematic. but to just respond first going back, in 30u the s.e.c. made it clear that people could use social media to disclose significant information in 2013 about their companies. but they had a caveat, which is people had to know where to look so that's point number one that his mere statement about something on social media is not per se a violation of s.e.c. rules. but could be a violation of s.e.c. rules, just as was suggested, is if it is designed to boost the market price of the stock. musk has complained about the market price he has complained about sho

so, i don't think currency manipulation is going to be easy to determine. would mention that, as the currency weakens further, that is going to be criticism probably from mr. light heiser and united states and from president trump himself. that is not going to stop the chinese from going ahead. so, the answer to your question is, you're going to have many manipulation in the downward direction, or the weakening direction, and for several months to about april we have it until the upward direction. i think this is a trend that is going to continue for more time. ramy: going back to donald trump's interview with us at the oval office, he said, of jerome powell. "i put a man in there who i like and respect." he vacillates between praise as confirmationmuch but saying, i am not liking what he is doing here. with regards to that, that surprises me because he is also saying are you are saying that you think that we might be seeing some global synchronized easing. you think the fed is going to do that? >> i'll answer you in two parts. when i wrote that for bloombe

manipulate. maybe just need a few lines human dictionary to understand us a bit better after all we only know for humans. that's why i'm going to see marina today she's a researcher who could interpret that. brought a couple of samples on video. because she recognizes a lot in our voices things like volume and pitch this isn't one that's arrived it was recorded during feeding then we do a lot of math calculation number of things what are the basic frequencies and here we can see the areas in purple that is the area of maximum energy what we call frequency. those are the parameters we used to describe the vocalizations. that should be easy enough when i sit in front of my. eyes cuts and visits and i can actually pass and it would probably say that's a feed me. and forget you have to remember there's a context to the me out when you can't sit in front of its bow miaowing then you'll probably go to your cache and see the bowl. and then i look cool you'll interpret that behavior and no right it wants

more manipulation on social media.ke down hundreds of a counseling to russia and iran. as elon musk faces scrutiny, investors and the public, is he still the right person for the tesla ceo job?

the manipulation he sees, and around here, dominating as well.ve potentially the next one if it comes along? let's also talk about currencies. the yuan had its strongest since july. it has played out on currency markets with dollar weakness. the dollar is making itself felt. where the trade politics and earnings in the mix of asian stocks. we are seeing the dollar decline continue on trump's rhetoric. keyeuro breakthrough that 115 level. rally for chinese stocks. health care sectors are being gains with several earnings to digest. draggingydney, bhp is after its results. it is set to snap a today rise .n 0.5% checking on korean assets. the korean won gaining ground. a near 5% drop in june. seeing the big at nine basis points. look at the commodities space. metals are looking fixed. steel futures extending at a seven-year high. there will be more output. .il is climbing >> thank you so much. this get to first word news. >> president trump has complained that jay powell has not been the policymaker he expected. he spoke at a public -- at a republic

judiciary and the political manipulation. so, yes, i can understand that there can be the youth vote, but keeping the electorate divided and manipulating the old electoral system is what gave ppi the edge and that was not possible without as she put it back in 2002, we don't know who is managing at this time. the general who's in charge of the counterterrorism at the isi named the name so there are people going out and actually -- >> let me try and reduce this into a sort of abbreviated form the basically what you're saying is that in pakistan was the establishment, the military and intelligence services make a decision about how domestic politics has to move, then the the courts give judgments that enable that particular agenda to be moved forward as a person can be described as corrupt or whatever. and the media then jumps in into creating the image of their corruption. for example, mr. khan himself and some of his associates had offshore companies. that didn't become the same level issue that shehbaz sharif offshore holdin

multiple times and attempts to manipulate it went on hundreds of times over the years and i was part of the investigation of my own commissioner job at the commodity futures trading commission it started while i was there and we did a lot of good in a bad circumstance to getting it stopped but some has questioned why banks all over the planet need to be held essentially hostage to this oh this one interest rate the benchmark from london well now us mid-size. banks are no longer in that category discusses dr richard sandor who's been a great historian or all of these things financial invented financial derivatives financial products back over the years and he started what's called a merab or richard thank you so much for being with us part you know we great to be with you tell us about america for it you're working it out of chicago how are you doing so far we're doing very well we started with six banks were up to ninety five members with the combined essence of one point three trillion bark you're always a charm for me we're having a record week trading about nine hundred million do

also in the programme: president trump accuses beijing of currency manipulation to combat us tariffs on some chinese products, as a further $16 billion worth are due to come into force. markets europe looking better. also, in the programme, markets in europe are looking better. and, the art of crockery, these british designs are proving particularly popular, especially across the pond. we'll find out why and how portmeirion plans to expand further. a new survey shows the traditional nine—to—five job is now far from the norm. we want to know, do you still work nine—to—five? are those set hours outdated? let us know, just use the hashtag #bbcbizlive. hello and welcome to business live. the commodities industry is not a happy place at the moment. the world's largest mining company has reported a 37% drop in its full year net profits. bhp billiton was hurt by costs related to costs associated with the samarco mine disaster in brazil. it also didn't too well from the sale of its us shale oil and gas assets. injuly bhp sold them for $10.8 billion to bp, bowing to shareholder pressure to di

multiple times and attempts to manipulate it went on hundreds of times over the years and i was part of the investigation of my own commissioner job at the commodity futures trading commission it started while i was there and we did a lot of good in a bad circumstance to getting it stopped but some has questioned why banks all over the planet need to be held essentially hostage to this oh this one interest rate the benchmark from london well now us mid-size. banks are no longer in that category discusses dr richard sandor who's been a great historian or all of these things financial invented financial derivatives financial products back over the years and he started what's called a merab or richard thank you so much for being with us part you know we great. tell us about america for it you're working it out of chicago how are you doing so far we're doing very well we started with six banks were up to ninety five members with the combined essence of one point three trillion bark you're always a charm for me we're having a record week trading about nine hundred million dollars a day fr

the results in america and certainly try to manipulate results and breaks it so you know to say it's only russia that tries to meddle tries to to manipulate election results is naive at best all other countries do it. pleasure is always to speak to many thanks for your opinions on a five intelligence officer former intelligence officer. now for six years the wiki leaks chief's been stuck in the ecuadorian embassy in london over fears that he'll be extradited to the u.s. if he leaves the building some u.s. politicians have even called for him to.

that you are being manipulated by russian intelligence. all this guy has got. this is why, if he wants to be this idiotic in public, if he wants to be just another obscure msnbc pundit, he should do it without a security clearance. one other thing, when they say this is the action of dictatorships, you can say a lot of things about dictatorships but one of the things you can sayng with certainty is when the dictator removes you as head of the intelligence security apparatus, actually you lose your security clearance. in dictatorships and almost all other countries, the idea of these security clearances is bad enough. one of the ridiculous things about this country is you have viscount's and duke's somebody who's the senator from 1972-1978 gets called senator from the day heti dies. now were saying aside from that he should also have a security clearance until he dies. ex officio security clearances are a stupid idea and they should be abolished across the board. >> tucker: in real dictatorships former intel heads windup like that. it's stu

at a time when you have not yet labeled china a currency manipulator. wanting to get some leverage in the trade talks with china. it seems kind of a plausible supposition there. but again, a bit of a surprise because most of the focus has been on these very complex negotiations. particularly around autos. and joined in the mix, don't know if it makes it easier or tougher to get a deal any time soon. david: yeah. maybe. kathleen, thank you so much. kathleen hayes live for us. out of new york, let's -- in the meantime, we heard from the u.s. commerce secretary, wilbur ross. he reiterated here that president trump and his stance here that now is actually not the best time to open these negotiations with china. and with additional $200 billion worth of tariffs in the work, ross said that a president would prefer to wait. >> the united states is scheduled to impose tariffs on quite a lot more product from china coming in here. and i think the president is interested to see the impact that those moves have on the potential negotiations. haidi: and meanwhile p

it is different, and it comes back to the manipulation point. a disclosable risk in a prospectus, and there are plenty of other etf's in the market that have that disclosure, that the underlying market could be prone to some form of manipulation. clearly we have one of the largest markets in the world, being oil, being at some level influenced by opec, a cartel. these are important factors. julie: they are. will ryan, thank you so much. founder and c.e.o. of granite shares. coming up, hurricane harvey made land fall about this time last season. we will see if l and g terminals are prepared. this is "bloomberg commodities edge." ♪ ♪ julie: i am julie hyman. this is "bloomberg commodities edge." now it is time for the bnef brief, which you need. just one year ago hurricane harvey brought destruction in the houston area. the relentless storm shut down 22% of the nation's refining capacity, 25% of oil production in the gulf of mexico, and half of natural gas production. as we settle in for another hurricane season, is the energy industry prepared? w