this will really set the bar for modi. can win any game this momentum going international elections, then he has a good shot at really consolidating power. it will help him pursue the reform agenda that has all -- stalled in the upper house of parliament. to slidees, he begins down a slippery slope of potentially waning national support. angie: tell us about the big challenges for modi in bihar. is one of india's poorest and most backwards states. this is a place where lawlessness runs rampant. the social infrastructure needed for upward mobility among 100 million people is really lacking. for him to really win this crucial state, he needs to cut across the society, which is based largely on caste. people make their decisions on who to vote for based on who is running from their community. and largely, who has the same last name as them. by their best chance of getting representation in government. to some extent, that has not really worked. what modi needs to do is consolidate power and pursue his development agenda and c

charlie: under modi? justin: under modi. charlie: really?ore, we should lower our expectations of what modi can do? justin: my expectations were never extremely elevated. i understood the restraints, the difficulties, the corruption, the low points of the congress party rule. but i am also a pragmatist. i realize the world is difficult. many of these things take a lot of time. and as an investor, you have to be all about time. charlie: so let's move to russia. st. petersburg, a wonderful city. justin: one of the great european cities. charlie: understandably so. my point is, tell me what you think of vladimir putin and his goals for russia before we consider ukraine and sanctions and all of that. justin: i think most large important countries have a historic narrative. like i explained, the chinese heritage about great civilization that was violated. in the russian context, i suspect probably what motivates putin beyond power and personal interest is related to this narrative of recent russian history, which is the demise of the empire, the

prime minister narendra modi runs a government just down the road and he says he wants to release the potential of the indian people. 2020,xperts say that by india will have the largest middle class in the world, and that is a lot of consumers. it has got all the big names you would expect in any western city, but this is select city, hamill in north delhi. it is where the middle classes like to shop. >> they like change and they want change now. >> i don't think we can compete with china because they are far ahead, but we are catching up. reporter: the yellow diggers of jcb, british-owned and one of india's biggest. toufacturers, they used produce five machines a day at this factory near delhi. now it is over 100. indian manager says that china's troubles could be to his country's advantage. >> it coulput a further sweet spot and after the currency stabilize, we can se the advantage of attracting foreign investment, which the prime and his global outreach program, and also ensure the ease of doing business improves. reporter: this is one of india's biggest global companies, running b

percent sings modi would be another thatcher or reagan. thatcher and reagan wanted smaller government. that's what they worked for their entire lives. smaller government. i don't think smaller government was ever modi's intention. he didn't want smaller government. he want more efficient government. and is there's a very big difference between that. i'll finish with this. a very quick comment on mother russia. i don't know if you have been there since the 1990s. i lived in moscow for 24 months, but it's changed radically since then 1990s. go back if you have a chance. don't tell them you're american. you're canadian or english. they can't tell from the accent. most can't. most of them can't speak english. but even during the '90s the duma, the russia parliament, had power. they almost impeached yeltsin. today they're a rubber stamping for vladimir putin. they have no power. they challenge putin. putin would simply dissolve then duma and jail the leaders. the media in the 1990s, despite the chaos, was relatively free. i'm telling you this,

. >> i'm seema mody. here are your headlines from around the world. >>> stocks fall in europe and asia after the vice chairman says a rebound in inflation will allow the central banks to raise rates gradually. >> we've got a little over two weeks before we make the decision. and you've got time to wait were and see the incoming data and see what exactly -- what is going on now in the economy. >>> the shanghai composite ends a month over 12% down as reports beijing will end large-scale shares approaches in favor of a more cumulative approach. >>> and malaysia, a sea of protesters take to the streets but the country's prime minister said he will not resign after a $700 million donation scandal. >>> okay. so it's the final trading day of august. it has already finished for asian markets, or most of them anyway. china has closed down the best part of 1%. it's certainly pared most of the losses it's facing for the day. overall, the course of the month, it's down 12.5% and of course it is now down for the year

modi's is in a race against machines, his own democracy, and in a race against other countries that arerying to grab a share of that manufacturing pie. he will not be able to stop the adoption of technology. that would make his factories less competitive and able to compete with the rest of the world. forother troubling factor him, he is not only competing against other asian nations. the thing is, automation and robotics is making factories in richer nations, western europe, japan, the u.s. more competitive again. so once again it comes back to a question of is modi going to be able to scale up his workforce to create, to take part in this new economy that is evolving? rishaad: thank you very much for that. foxconn has confirmed plans to invest billions of dollars in india. the $5 billion deal is expected to generate 50,000 jobs by the end of the decade and it is a boost to the government. foxconn chairman says he wants to tie up with local firms as the plan expands. to come here. not just to invest. we are looking for partners. like a marriage. we need step-by-step. friends andecome t

. >>> one year ago, indian prime minister narendra modi mace a promise, all boys and girls would haveate toilets. fez jamil reports from hariana. >> they are learning the basic lfns. lessons. it doesn't look like much more than a hole in the ground with walls and plumbing but it's making a world of difference at this school. neha says the old toilet was unusable at times but this new one is even better than the one she has at home. >> translator: the toilet before didn't always have running water. this one does. the old toilet smelled really bad but not this one. it also has a proper wash basin. >> students don't skip class because of the toilets. >> girls had to go home to use the toilet before. that's why we needed one here. so they wouldn't have to leave the school during the day. girls have really benefited from this. >> reporter: it's a different story several kilometers away. at another school in the same district. here there are separate toilets for girls but a lack of maintenance makes them less than ideal to use. many existing toilets are in this kind of condition or worse. w

i'm seema mody. >> and i'm will forget frost. let's get you your headlines from around the world. >> and we're going to start with greece. angela merkel puts investor at a ease after she says the imf will be involved in the greek bailout. ae she says further debt relief for athsens is in the cards. >> we already said so back in july with regard to interest rates. we may have to -- not may have. we doov room to maneuver. >> amazon's ceo jeff bezos dismisses a "new york times" article outlining poor working conditions, saying claim did not represent the company he leads. on our radar, at&t helps spy for internet traffic for years. you'll get that full story in a couple of minutes. >>> and the fourth is the disney ceo confirming the star wars franchise is getting its own theme land in the largest expansion ever at disney parks. >> and you are watching "worldwide exchange" on this monday morning. we're indicating a slightly higher open with the dow up 2.6 points. nasdaq up about 8 and the s&p 500 seeing a marginal gain. some of the b

i'm seema mody. >> and i'm wilfred frost. here are the headlines. >>> china has their best day, but taking a hit as chinese exports tumble in july. >>> and warren buffett and berkshire hathaway in a takeover that could cost $30 billion. >>> and donald trump in the dustup with megyn kelly. he said his comments were quote, appropriate. >>> shots fired in ferguson, after police and protesters attending a rally to mark one year after the fatal shooting of unarmed teenager michael brown. >>> and it was a down week for wall street last week with the dow, the nasdaq, s&p 500 all losing about 1%. the s&p energy sector, the worst performing sector losing by 4%. utilities the best performing sector. we're keeping an eye, of course, on oil prices which continue to move lower. dow about 30 points, nasdaq, tech-heavy nasdaq up by 17. and we do get the sales ahead of a potential fed rate hike still at this point seems to be september. taking a look at the cnbc global index. mixed data we're looking at. trade right now index is seeing a gai

modi bowing to indian farmers ahead of a key election.ssment of china showing banks are losing faith. ♪ rishaad: it is a tough times for china's big banks. was thetruction bank latest to report zero profit growth. jim, i will start off with this tweet we had. china can blame a journalist story for a market crash, but how can he explain zero growth for your big four banks? >> that's exactly right. what is the difference between -1%?rnings growth and windowdressing. the whole sector went up about .9% in the second quarter. this is down from about 1.5% growth in the first quarter. we are heading south. if this is not a negative growth year, i am a monkey's uncle. rishaad: but will it show up in the official figures? >> absolutely. there is only a certain amount of leeway. rate is about 55%. rishaad: when is an npl an npl? >> even worse. from loansching them which are being paid to bonds. -- aren't this is something that when economies are in trouble banks tend to do. it isn't that legitimate. they are still paying out decent dividends and se

modi? explained that calculus in india?a: he is on a collision course with the modi government. the government of modi has been trying to contract -- to attract foreign investments, and low interest rates is an important medium of that. he believes that inflation is a problem in india, and it is not so much corporate interest rates going down. one solution to the government that has not been taken too kindly -- these are two opposing points of view between what modi and his ministers think and what governor roger and that's what governor rajan thinks on interest rates. years, the crisis on the rupee depreciated to nearly 67. the macroeconomic indication on india has improved significantly. is helping prices the economy significantly, and you are seeing the currency wobbling. it is very much within the range where india is able to manage its numbers. tom: harsha subramaniam from mumbai this morning. a boosto give rajan ,his morning, and he teaches iconic there with financial economics. how about a single best chart on what m

i'm seema mody. >> and i'm wilfred frost. here are your headlines from around the world. >>> currency curveball. china devalues the yuan in a bid to boost the country's flagging economy, but the surprise move sending some of europe's luxury and auto blue chips lower. >>> greece reaches a tentative bailout deal, but the agreement fails to lift sentiment in stock markets. the dow and s&p also pointed to a lower open, despite yesterday's energy-led rally on wall street. >>> easy as abc. google creates a new umbrella company, alphabet, in order to simplify its structure, sending shares in the tech giant sharply higher in after-hours trade. >>> shake shack also sizzling in extended trade. the burger chain posting stronger than expected 13% rise in same-store sales, thanks to the return of customer favorite crinkle fries. >>> let's bring you the german zedd aug zew numbers, august is up from 63.9 in july, ahead of the forecast which was 64.7. we also have the economic expectations, which has come in below. it's come in at 25.0, dow

we'll talk about modi. the first year there was a lot of doubt of the intention of the administration. evaluating modi's first year, if i had to, i would give him a gentleman's c. to be fair, in india right now, most economic indicators over the past 18 months, even before he took office, had been improving. inflation is falling. the fiscal deficit is shrinking, a lot of it is because he scrapped the planning commission which was a relic of socialism and central planning. that was good. he gets some credit there. the bottom line is -- there have been no really what we call big bank reforms which india so sorely needs. india is getting incredible growth. india has to create 12 million jobs a year and other current conditions they are not going to do it. not 12 million. so far the only economic policy they required -- guts to undertake with the world of the law that makes it very hard to acquire land. this is critical. as his need to acquire land and the government needs to require land to build infrastructur

i'm seema mody. next up is squawk box. have a great day. >>> good morning.t's been quite a week on wall street. it's not over yet. now u.s. equity futures are pointing to a drop at our open. i don't know if you saw it yesterday. up 350 all the way down to just up 50 and then a surge at the end. crazy. and take the money and run. new numbers show investors pulled nearly $19 million from stock funds in the latest week. the biggest outflows in a year and 1 billion people like it on the same day. a lot of people with no lives in this world. facebook hit a big user milestone. it's something even mark zuckerberg didn't see coming when he first launched that site back in 2004 and we have the video to prove it. friday august 28th, 2015 and squawk box begins right now. >> live from new york where business never sleeps this is squawk box. ♪ >> welcome in. i'm andrew ross sorkin with joe kernen and sarah is with us this morning. becky will be back next week. it's a pronunciation issue for me. a lot to discuss. >> it's a hard g. >> i know. >> we have a lot to discuss wi

i'm seema mody. >> i'm will fred frost. here are your headlines from around the world. >> china devals it's currency for the second day in a row despite claims yesterday's move was a one off. >> european markets see red. luxury groups and stocks fall sharply amid fears about their china exposure after the likes of them suffer the same fate on wall street yesterday. >> shares wave bye bye to baba ahead of quarterly results. stocks hitting a new all time low on heavy volume in new york. >> crude prices bounce back after world demand for oil is growing at the fastest pace in five years but also warns that the supply overhang will persist. >> and welcome to the second hour of the show. the overnight devaluations of the chinese yuan spooking markets not just here in europe but in the u.s. as well. the dow gaining 230 points on monday but quickly reversed the losses on tuesday. the dow down by 190 points in premarket trade so we could be in for another day of selling here on wall street. the s&p 500 lower by 24 points. this as oi

i'm seema mody. >> i'm wilfred frost. here's your headlines from around the world. >> greece moves one step further of securing a bailout after the country moves further. he has fears rebels in his own party could weaken the government. >> stabilization in the chinese market after the central bank holds the currency steady with shanghai composite with the biggest weekly gain since early june. >> german and italian gdp disappoint in the second quarter as france grinds to a complete halt. the data not voting well for euro zone member which is are due imminently. >> deals galore from goldmans. the invest ment bank selling its mines. and in-turn buying deposits from ge capital. so that has come out. we have gdp from the second quarter at 1.3%. that's in line with expectation and an improvement from 1% the previous quarter. that's the year on year number. the quarter on quarter number has come in at 0.3% against a forecast of plus 0.4. so fractionally below expectation which is some what in line with germany and italy earlier.

prime minister narendra modi wants to increase that by 100 gigawatts by 2022.erloop, the project to revolutionize the way we travel, has unveiled heavyweight partners as they prepare to build a test track for a capsule that might one day carry 7 >>ngers at speeds of >> miles per hour. they have partnered with aecom and oerlikon. they are both working in exchange for equity. a team of 400 people are working on a test track in the central valley. has hyperloop is taken a big step closer to a reality? i'm's he can now with hyperloop ceo dirk ahlborn. us.ks so much for joining until today, i was not clear whether hyperloop was an actual possibility or just a pipe dream . it seems like a lot of people are still skeptical it can ever happen. do you have all of the realistic components to genuinely make this work? we finished our feasibility study the end of last year. right after basically we went ahead and look at the different solutions to problems. we did the final decision to move forward and announced we would start to build in the central valley of california t

i'm seema mody. >> i'm will fred frost. here are your headlines from around the world. >> china devals it's currency for the second day in a row despite claims yesterday's move was a one off. >> european markets see red. luxury groups and stocks fall sharply amid fears about their china exposure after the likes of them suffer the same fate on wall street yesterday. >> shares wave bye bye to baba

i'm seema mody. >> i'm wilfred frost. here are your headlines from around the world. >> let's talk about greece. 60 lawmakers are expected to say no to the greek bailout. >> on the hawk fences, clues for a september rate hike. investors asking in problems in china might change their thinking. >> mastercard sets it's sights on a settlement with target. this after the retailer agrees on a similar deal with visa. >> yum brand appoints a new leader for its china business in an effort to turn around four straight quarters in it's biggest revenue market. >>> coming up on the show, guess which stock is up 1,500% on its ipo price. here's the clue, it went public 11 years ago. >> did hackers make good on their promise to expose members of the ashley madison website. a fire rips through shooting flames as much as 100 foot in the air. >>> and you're watching the second hour of worldwide exchange. let's get a check on u.s. futures. stocks have been up down and all around but keep in mind s&p 500 still within 1.8% of the all time intr

. >> i'm seema mody. here's your headlines from around the world. >> greece moves one step closer to securing a bailout after the country's parliament votes in favor of the package. >> alexis tsipras has fears rebels in his own party could weaken the government. >> german gdp, euro zone numbers due in an hours time. >> beijing falls out of the spotlight after the central bank holds the market steady. they grab investor's attention after they post the biggest weekly gain since early june. >> the german car maker speeds away from a long running probe into the failed take over of volkswagen in 2008. >>> welcome to the show. french gdp disappointing earlier coming in flat for the quarter. german gdp in line, a little below expectations. italian gdp has just come in as well and that has disappointed too. the expectation year on year was for plus 0.5 and has come in for the year but the expectation quarter on quarter was for plus 0.3% and we have 0.2% gdp. so a little disappointing. not as disappointing as the

i'm seema mody. >> i'm wilfred frost. >> chinese stocks are down. shedding over 6%. more stimulus amid fears of a sharp slow down. >> an explosion rips through a shrine in bangkok killing 22 people in what is called the worst ever attack. the perpetrator is still unknown. >> drill baby drill. the united states gives royal dutch shell the go ahead for exploration in the arctic. the oil major will be monitored around the clock. >> american apparel seals a $90 million deal with creditors to avoid default. this after they warned about operating cash flow amid operating sales. >>> coming up on the show, we reveal why bill gates is staying behind at the office. plus starbucks are filling up it's cups with something a little different than coffee. we take the lid off the plans. and snapchated at jury duty. one gop candidate takes a day off campaigning to perform his civic duty. stay tuned for the details. >> welcome to the show. u.s. futures pointing to a lower open. the dow down 28 points. mixed set of housing data out yesterday. that manufacturing number that killed the m

i'm seema mody. >> and i'm wilfred profifrost. >>> stocks fall in europe and asia after vice chairman stanley fischer says a rebound will allow the central bank to raise rates gradually. >> we've got a little over two weeks before we make the decision, and we've got time to wait and see the incoming data and see what exactly -- what is going on in the economy. >> the shanghai composite ends the month over 12% lower as china injects over 140 billion yuan into the money markets. >>> berkshire hathaway has more than a 10% stake in phillips 66 despite the slide in crude prices. >> hitting the motherlode, shares in any rally after the eni discovers the mediterranean's biggest gas field. >>> some numbers just hitting the tape. eurozone, august inflation is unchanged from july. cpi year on year, plus 0.2% is what it is estimated for july. the core cpi year on year is plus 0.9% which again is pretty much unchanged july, where it was. plus 1%. overall, the cpi number coming in fractionally ahead the same number for july. let's look at the euro, 1.12, that's what it was around the open, changed

i'm seema mody. >> these are your headlines from around the world. >> the dow poised to open higher after yesterday's wild swings. this as we're seeing a dramatic come back in europe with all major indices in the green. >> the picture remains bleak in china. the shanghai composite falling below 3,000 for the first time in 8 months. >> dennis lockhart indicates it could delay the hike as they forecast the lift off to march of next year. >> and china's economy bottomed out. brent and wti climb back gains after settling at the lowest level in 2009. >> it was a rough session overnight. housing a big part of the story. we're just hearing from one of the luxury home builders reporting q-3 earnings of 36 cents. that's well below the analyst expectations of 49 cents. revenue was to come in around $1.03 billion and revenue coming in line with expectations. we should point out the stock closing lower yesterday following the broader market sell off losing about 4.7% but year to date up about 5.7%. responding to the housing data over the past couple of months but back to the market sell off. the dow

i'm seema mody. >> i'm wilfred frost. here are your headlines from around the world. >> despite a blockbuster performance from its movie division with hits hike the avengers. >> pretax profits nose dive. investors remain cool and collected as the global banking giant promises to simplify the business. >> there's no stopping the dollar. the green back scaling the heights not seen in three months after the fed president says the central bank is on course for lift off in september. >> the stage is set for thursday's show down. the line-up for the first debate is revealed. >> coming up on the show, is apple becoming a roten stock. we'll explain next. >> we'll take a look at a luxury retailer looking to go public for the second time. >> also coming up on the show, putting your money where your mouth is. a leading investor from index ventures explains why food delivery apps make for a good investment. >> welcome to the show. yes, this is worldwide exchange. those comments really sending shockwaves across wall street yesterday.

. >>> hi, everyone, i'm seema mody. coming up, guess which stock is up over 1,500% from the ipo price. here's a clue, the company went public 11 years ago. infidelity confidentiality. and a fire nado whips through shooting flames up to 100 feet in the air. >>> german lawmakers prepare to cast their vote on a greek package presented on friday. this after 60 lawmakers in the conservative block voted against or sustained in a test vote. that's according to reuters. >> fitch upgraded greek debt one notch. they say risk to the deal's success remain high. i suppose all eyes on the german vote. it's the key one in terms of significance although other votes still take place around europe as well and, in fact, the dutch one most likely to be that way. >> people said this is going to be a test for angela merkel's conservative blog. it's not. this vote is going to go through. it could be a little bit hairy if we're seeing more than 60 people vote against it but according to the test vote and routers around 60 people have done that

. >> hi, i'm seema mody. here's your headlines from around the world. >> the fomc maintains we're still approaching higher rates. they get caught in the headlights with wiping out three days of gains. >> oil slides to a six year low after a surprising increase in stock piles. energy shares leading the decline as the bears at city forecast another $10 drop in oil. >> more losses in beijing as the yuan takes another leg lower. this after china is not ready for reserve status just yet. meanwhile, it floats it's currency sending it lower. >> supermarket sweep. profits rise amid stronger online sales. a merger looks more likely. >> all right, good morning everyone. it is coming. minutes from last month's fed meeting show, most officials believe they're approaching the first rate hike in nearly a decade. steve breaks down the market reaction to the news. >> a controversial and even confusing set of minutes from the july fed meeting in which the markets clearly saw them as dovish recommending the best chance of a fi

i'm seema mody. here are your headlines from around the world. >> angela merkel puts investors at ease after she says the imf will be involved in the greek bailout. the german chancellor says further debt relief for athens is on the cards. >> translator: back in july with regards to extending the charities and with regards to interest rates. we may have to -- no, not may have. we do have room to maneuver. >> another notch back for abe nomics. consumers feel the tension. the market shakes off the action and the -- is closing higher. >>> good news for airbus as it confirms 270 planes to india. >>> and outlining poor working conditions, besoz says the claims do not represent the company he lead. >> some flashes coming from iran. ayatollah khomeini says the nuclear deal won't open iran to u.s. political economic influence. he says it's not clear if iran nuclear deal will be ratified in iran and the united states. those late flashes on this, so he's saying if the nuclear deal does happen, it won't open ir

i'm seema mody. >> and i'm wilfred frost.ere are the headlines. >>> china has their best day, but taking a hit as chinese exports tumble in july. >>> and warren buffett and berkshire hathaway in a takeover that could cost $30

i'm seem na modi. >> i'm louisa. these are your headlines for around the world. >>> no reprieve for investors. another ugly day on wall street. in europe every sector is in the red as basic resources lead the declines. >>> now this happening after another selloff seen in china with the shanghai composite hosting its biggest one day percentage fall since 2007. investors have been reacting negatively after beijing holds back on rate cuts. >>> oil hitting a fresh low and wti below $40. the slide puts renewed pressure on gulf markets where the losses of benchmark indexes across the region. >>> fixing up financials. we delve into the world of distressed assets with j.c. flowers. that's in half an hour's time. >>> if you're just joining us in the u.s. good morning to you. take a look at futures. we could be in for a rough ride on wall street. the dow indicating a 300 point move. nasdaq significant nagle a 441 point move. this as the dow lost about 520 points on friday. that was the biggest one day decline in four years. ju

i'm seem na modi. >> i'm louisa. these are your headlines for around the world. >>> no reprieve for investors. another ugly day on wall street. in europe every sector is in the red as basic resources lead the declines. >>> now this happening after another selloff seen in china with the shanghai composite hosting its biggest one day percentage fall since 2007. investors have been reacting negatively after beijing holds back on rate cuts. >>> oil hitting a fresh low and

perhaps the momentum has been repealed following the discussions between the prime minister narendra modi in july. >> apologizapologies for the len perfect sound quality. >>> 600,000 have been affected by the heavy rains, houses and crops have been submerged and locals are having to wade through high water levels to get about. some villagers have been rescued but hundreds of others have been stranded as boats are in short supply. >>> britain and iran are about to reopen embassies in each other's countries. in a little over an hour. the compound was closed after it was tomorrow by protesters in 2011. the nations have improved since world powers struck a nuclear deal with iran in july. >>> at least 14 members of one of el salvador's most notorious street gangs have been killed in prison. the violence happened in the city of kazaltapek. state of emergency was declared for 14 hours, after fights broke out between the members of two gangs called barrio 18. >>> rallies against planned parenthood were planned, videos showing members of planned parenthood negotiating prices for portion he of abor

i'm seema mody. >> i'm wilfred frost.ere are your headlines from around the world. >> despite a blockbuster performance from its movie division with hits hike the avengers. >> pretax profits nose dive. investors remain cool and collected as the global banking giant promises to simplify the business. >> there's no stopping the dollar. the green back scaling the heights not seen in three months after the fed president says the central bank is on c

prime minister narendra modi wants to increase that by 100 gigawatts in 2022.date -- hyperloop, the project to revolutionize the way we travel, has unveiled some heavyweight partners as it repairs to build a test track for a superfast capsule that might one day carry passengers at speeds of 760 miles per hour. they have partnered with a pioneer in vacuum technology, oerlikon, as well as the world's largest engineering construction company, aecom, in exchange for equity. a team of 400 people are working on a test track in the central valley. has hyperloop is taken a big step closer to a reality? i'm speaking now with hyperloop ceo dirk ahlborn. dirk, thanks for joining us. i have to admit, until today, i was not clear whether hyperloop was an actual possibility or just a pipe dream. it seems like a lot of people are still skeptical it can ever happen. do you have all of the realistic components to genuinely make this work? dirk: of course. we finished our feasibility study at the end of the year. right after basically we went ahead -- there's different solutions

. >> marking 68 years of independence, prime minister narendra modi told the crowd of his accomplishmentsn his 15-month-old government. he won elections last year largely on the promise to revive india's lagging economy, but so far he has achieved little. >>> activists in the philippines are calling on the government to save historic buildings that are under threat. in our preserving heritage series we have reports from manila. >> the famous monday new testament in the country. the shrine marks an area where hundreds of filipinos were killed during the spanish period. it is also where roman catholic popes gather to meet the congregation an the monument is one of the world's threatened heritage sites. and it's all because of this. a commercial building that many hearsay have disrespected what many consider to be an important part of the nation's identity. there are many heritage sites like this one. >> manila has a rich architectural legacy. unfortunately, a lot of it was lost in the war. even that--even that loss is tempered by the fact that there are clusters of buildings. >> dilapidated

. >>> one year ago indian prime minister narenda modi made a promise - all schools would have separate toilets for boys and scirls. this one simple thing will be a huge thing to keeping girls in place. we have a report from the northern district. >> reporter: they are learning the bark lessons -- basic lessons, now the students can take care of basic needs at school, thanks to this newly built toilet courtesy of the indian government. it doesn't look like more than a hole in the ground, but it's making a world of difference at this school. the old toilet was unusable at times. this new one is better than the one she has at home. >> translation: the toilet before this didn't always have running water. this one does. the old toilet smells bad. not this one. it has the proper wash basin, unlike the old toilet. >> school officials say the grant from the government to build a toilet means students don't leave class. >> girls had to go home to use the toilet. that's why we needed one here, so they wouldn't have to leave school during the day. girls benefitted from this >>> it's a different s

asig challenge for modi well.un through the challenges. >> the biggest undoubtedly is the electoral system. for decades, centuries, india has been electing its leaders based on the caste system. people with the same last name so the people they vote for. this is a problem for the state because development has largely lacked as a result to a large extent and modi needs to cut through this caste politics to really succeed. that is the battle. he is fighting against parties that have controlled these communities for a very long time and they have a stranglehold. for him to succeed, he needs to cut through the baseline. rishaad: absolutely. easier said than done, i am sure. how does he go about it? to straddle the fence a little bit. he needs to play the game and he needs to pursue his own development agenda. that, if he persuades the communities to lean on the development side, he can succeed. we have seen a little bit of this in our reporting. there is a community next to the capital city, it is an island, and has b

i'm seema mody. >> and i'm wilfred frost.ere are your headlines from around the world. >>> currency curveball. china devalues the yuan in a bid to boost the country's flagging economy, but the surprise move sending some of europe's luxury and auto blue chips lower. >>> greece reaches a tentative bailout deal, but the agreement fails to lift sentiment in stock markets. the dow and s&p also pointed to a lower open, despite yesterday's energy-led rally on wall street. >>> easy as abc. google creates a new umbrella company, alphabet, in order to simplify its structure, sending shares in the

. >> although the indian prime minister narenda modi and the pakistani prime minister agreed to talks would move forward, but the pakistani prime minister analysed a statement by india's prime minister, butting conditions, and india says it cannot but conditions for the talks, they should be unconditional, should discuss the kashmir issue, kashmir is not opposed to discussing terrorism, but couldn't stick to this alone. the pakistanis are objecting to the second point that the pakistanis would not be allowed to meet the kashmiri leaders likely to attend the talks, and india would not accept a third party. pakistan coming to the conclusion that the talks are not productive. the fear is that with the breakdown of talks, tensions along the line of control in the disputed region of kashmir was likely to get worse before things got better >>> india described pakistan's decision to back out of the national security advisor's talks as unfortunate. the stalling boils down to what was going to be on the agenda in terms of what the leaders were going to talk about. india says talks were going f

this is good news for prime minister modi, who campaigned on the promise of kickstarting the economy.g to push through reforms to do just that. there could be a special session of parliament after the current session. meanwhile, a word on the ruppe. it has been volatile the past few sessions. india has tried to ensure that even with volatility, the central bank would have enough to stop it. while crude prices may have an , yout on most economies can see india on the whole having a good run. let's quickly check on some of the stories making headlines. digital testing a messaging assistant to rival sir i and cortana. it can carry out a series of tasks like purchasing gifts. it is being tested in san francisco. samsung has been responding to complaints about the stylus for its new note 5. it can damage the device if inserted the runway. -- incorrectly. samsung says it is not defective. that is it for "trending ."siness and tuned for "asia edge" more on the growing pressure on currency. that is next. ♪ mark: i'm mark halperin. john: and i'm john heilemann. and "with all due respect," mr.

next, primeg up driveer modi's investment yields results in the middle east.e in mumbai. ♪ you are watching "trending business." the indian prime minister wrapped up his meeting to the emirites by announcing in investment fund. reporter: a multimillion dollar fund to invest in infrastructure projects. india is eager for foreign capital and technology to develop its economy. once investments to diversify its economy beyond oil. railways, ports, and other projects in india. it does not give a timeframe. or describe how the fund would be structured. a joint statement said the uae strategic develop petroleum reserves in addition to upstream as well as downstream petroleum sectors. between both countries is $60 billion, and india is the second largest trade partner for uae. they want to increase that over the next five years. they pledged cooperation developing and launching satellites as well as the peaceful use of youth their energy. nuclear energy. in conflictave been against islamic militants ended they will increase corporation in the region. shery: makes a lo

is that simplest answer the free market economists would be shuddering, but what modi has down is doubleff. now makes economic sense to manufacture in india. with smartphones being so cheap, worthwhile makes it to make it locally. that is the first thing, that is foxcmpotent --reason for onn to get involved. economy, also a giant more than a billion people. india is stil growing and it is a large company. on the flip side is labor itself. cheap labor, not so much as a very large pool of labor. those are the two major reasons. it is untapped for my market side and a labor side. yvonne: will we see iphones made in india? will happent eventually. i think they are holding their , they will not have a good pair of long does it will not happen soon. yvonne: thanks so much. we have more from india coming up next. the company'ss largest phone carrier. we're live in mumbai after the short break. ♪ you are watching "trending business," welcome back. again, adding to the billion dollars of deals they have already done. they bought space and operations in papua new guinea. china's lack of large indi

modi backtracks on a land plan after a backlash from indian farmers. plus, mixed messages. china plans to display growing military might while proclaiming commitment to peace. all of that and much more in the monday edition of "asia edge." i am zeb eckert keeping an eye on the asian markets, stocks are down broadly. china, concern about the u.s. interest rate hikes, all factoring in and certainly profitability of the companies affected. check out shanghai, a 3% moved to the downside, quite a reversal from friday where you saw the 5% gain and we saw that on thursday as well. on investor concern that the government will not arrest the falling markets. continued declines, bank of america with a new analysis saying we will need to see a 30% drop in the asian sharemarket to make it attractive to investors. in southeast asia, not a lot action with the philippines and malaysia shot. australia, closely watching that country ahead of the rba decision. the u.s. session because futures are not pointing to a strong open. take a look at the index futures. earlier we had daw a -- dow and

.%, below the tos adds pressure on modi press ahead with changes to the economy.arlier this week he backed off from land reform. macau's economy shrank more than 20% last quarter, with a prolonged slump in the casinos. it is the weakest growth since 2011. gambling in macau makes up 80% of economic output. this is largely because of the chinese crackdown on corruption. concern is rising over default risks in southeast asia with investors growing parallels with the asian financial crisis. debt at the leading 100 firms has increased -- get this -- sixfold, clement to levels not seen since the 1998 meltdown -- climbing to levels not seen since the 1998 meltdown. also there is the devaluation of and the prospect of a rate rise in the u.s.. china is intensifying investigations into insider trading and malicious shortselling and spreading rumors and the probe has ensnared one of china's most well-known female executives, the chairwoman of the hedge fund. stephen engle is joining us with more. what do we know? someone you know well. stephen: i have known her for many year

. >> i'm seema mody. next up is squawk box. have a great day.l see you tomorrow. >>> china's central bank with a possible 10% drop in the currency. also cisco rising. beating the street with a boost for strong u.s. demand for its product and caught in the rough, authorities want to know whether the former chairman leaked information to a professional gambler suspected of tipping off phil mickelson. it's thursday august 13th, 2015 and squawk box begins right now. ♪ >> good morning, everyone. welcome to squawk box here on cnbc. i'm becky quick with andrew ross sorkin and scott. >> joe is on vacation this week. let's get you up to speed on the markets. take a look at the u.s. equity futures. yesterday the dow ended upturning around. 277 point early decline. ended up unchanged by the end of the day. you can see there's moderate advance with the dow futures up by 38 points. s&p futures up by 5.5 and the nasdaq up by close to 20. more on the overseas action and china central bank in a moment. but first as you are just waking up check out these picture

prime minister narendra modi told the crowd of his accomplishments and his 15-month-old government.sai but he has achieved little of his economic reform agenda. >>> a rebel group fighting to gain indians for the province and brought an end to 30 years of conflict, but much of what was agreed has failed to be delivered. and many of the former fighters are now threatening to pick up arms again. >> a grieving mother who has lost her son fighting with indonesian soldiers. she was angry that a peace deal signed ten years ago had not improved his life. so he joined a rebel group. his commander said that they're fighting the leadership of that now controls ache. >> the peace agreement was signed in finland shortly after a tsunami destroyed much of ache. many of the rebels turned in their weapons and agreed to a new deal. but the money has yet to reach many. some wonder why they risked their lives fighting in the jungle. now he's struggling to survive as a farmer. promises of land and a proper house has not been kept. >> i'm worried that fighters have to live like this, a new and bigger con

seema modi standing by in london. let's start with sri. >> they're calling it black monday.s coming from the official chinese state media beijing isn't even putting a gloss on all of this. 8.5% at the settle am. this is the biggest one day percentage loss since the global financial crisis, since february 27th, 2007 to be exact. what fueled the selloff was disappointment among investors that we did not see a policy response from beijing over the weekend. remember, we saw some very digs appointing factory data last week. the market broadly was off by 11%. hopes were running high that we would see some sort of response, some sort of policy response from beijing. we didn't see that. we could yet see it but a lot of people are telling me it has to be bold in order to make an impact. that's the damage report over here in asia. let me hand it over to seema modi in london. >> sri, european stocks under a significant amount of pressure. the stock's seven-month index, a sea of red. there was an overwhelming majority of economic shock related to greece and the european economy. there i

. >> what is this inability, the infectiveness of modi to pass through reforms. it affects most. in parliaments, institution of parliament, the ability of government to get things down. all of this happens. it is whether to invest in india. we appreciate your time with us on al jazeera. thank you very much. >> u.s. aircraft - first manned strikes on i.s.i.l. from turkey's air base. they agreed to open the air bags to coalition planes, the coalition has flown unmanned missions. iran's foreign minister met the syrian president bashar al-assad in damascus. mohammad javad zarif did not go into detail on what was discussed, but described the exchange as good. there has been no let up in fighting in syria. zeina khodr reports. >> reporter: the rebel stronghold of duma was one of several opposition-held areas targeted by air strikes. many were killed and injured. the military regularly attacked the region in retaliation for assault on the government seat of power. casualties were caused as rockets landed. rebels fire mortar into the capital, the countryside. the barrage was intense and