i have just three months here in the philippines. why i must spend almost my time for study. >> ruby's time here is precious and crucial for achieving her dreams. >> i don't want to be a loser in my life. and my final work is i want to b politician in korea in the future. >> i haven't decided yet, but i'd like to work in a trading company. >> after i weather it here, i want to find a job in singapore, because singapore is very famous for charitable. so i can go there for charitable agency and also for hotel. >> my dream is to go to canada for study and after i want to -- >> i would like to work in the sphere of arts and computer science. something integrated. this is my dream. ♪ >> it's ruby's day off, and she decides to head into town. it's the first time since she arrived that she's been to the local market alone. at a cafe, she suddenly approaches a security guard. >> i want to, i want to meet the staff in here. is that yes? thank you. good evening. i'm ruby from vietnam. i came here in the philippines to study english. so what, i

is not through the philippines, it's a direct route north of the philippines. at the joint chiefs decided on the philippines as part of the strategy after pearl harbor. but how necessary was it really for us to go through the philippines at a humongous cost of men? >> this is a debate that even though it was discussed at honolulu in july of 1944, it really doesn't get resolved until that fall. and one would say it doesn't get resolved until there is a final move toward okinawa. i think in a nutshell you're right. macarthur is fixated on the philippines all through the course of the pacific war there are these two different lines of attack. in the central pacific there really kind of in between both of those fronts. every time the joint chiefs of staff wants to decide on one front or another quite frankly the kick the can down the road. they're still kicking the can down the road in the fall of 1944. macarthur, early on said that the philippines were important to the drive to get into the dutch east indies, cut the lines of communication between the natural reso

dramatic center hand for four years in the philippines.ere is that relationship there. the message is particularly from roosevelt and point, there are a number of times he really could've put macarthur out to dry and there are certainly political implications involved, this whole idea of macarthur and this year is database and everything. i think on all three levels the evidence is that roosevelt, marshall and eisenhower did everything they could spring of 1942. it was a tough job. an impossible job, but they did everything and try to do everything they could in terms of getting rid of getting the boot to the philippines. final quick story and then we'll take some questions. fast-forward to the the summer of 1944. roosevelt is nominated for an unprecedented fourth term. think about that. that is about four months before the election. how long have we been involved in this? 18 months this campaign has going on. a little bit crazy. roosevelt raised almost until the last second to top the nominated forces of the democratic party in chicago th

my question cwainea relates to e philippines. obsession obsession may be too strong a word, but i think studying the literature on macarthur, i come up with the word obsession with the philippines. he had an obsession going way back and i look at a map of the pacific and the most directt route from the early battles of midway and various island chains to japan which were obviously going to evade at some point, it was not through the philippines. it is a a direct route north of the philippines.in you say that the joint chiefs decided on the philippines as part of the strategy after pearl harbor. but how necessary was it really for us to go through the philippines at a humongous cost of men? >> this is a a debate that even though it was discussed at honolulu in july of 1944, itwa really does not get resolved until that fall, and really it really doesn't get resolved until there is a final move toward now. i think it a nutshell you are right, macarthur is fixated on the philippines all through the course of the pacific war therea ar

soldiers had b been killed by philippine police leaving himm alone. he flew to manila to surrender ferdinand marcos. the president honored him as a brave soldiers who kept fighting bravely. the professor from hiroshima university studied post-war history of japan and the philippines. he recently gained access to diplomatic documents from around the time of onoda's return to japan. with an nhk crew he's analyzing the documents that were long kept top secret. >> translator: these documents show that rescuing lieutenant onoda was more than just a soldier's return. both japanese an filipino governments were handling the issue as an political and diplomatic case. >> reporter: the 670 pages of documents contain a detailed record of secret negotiations between the two countries. onoda was confirmed to be alive in the fall of 1972. japanese government officials were considering making a consolation payment to the philippines, especially to the people of lub ong island. they were concerned onoda's return could result in a lawsuit. the documents show that onoda

. >>> new philippine president rodrigo duterte has delivered his first state of the nation address. he briefly referred to the ruling but did not present any concrete plans for talks with beijing. >> we strongly affirm and respect the outcome of the case before the permanent court of arbitration. it's an important contribution to the ongoing efforts to pursue a peaceful resolution and management of our disputes. >> the philippines filed the case in 2013 with the arbitration tribunal in the hague. duterte wants to send an envoy to china to start bilateral negotiations, but china stresses it will not accept any talks based on the tribunal ruling. the foreign ministers of china and north korea have held talks on the sidelines of the meeting of the association of southeast asian nations in laos. it was the first bilateral meeting of its kind in nearly two years. chinese foreign minister wang yi met on monday with his north korean counterpart ri yong ho. ri assumed his post in may. the meeting lasted about 50 minutes. china's foreign ministry said wang told yi that beijing remains commit

the philippines filed the case in 2013. it argued that beijing's claim on almost all of the sea is contrary to international law. other countries in the region have their own claims there. they want the ability to exploit resources, including rich fishing grounds and oil and gas fields. china boycotted the proceedings. it argued that disputes should be settled by the parties involved. it has unilaterally declared the so-called nine-dash line and asserts historic rights over the area. the tribunal concluded there was no evidence that china had historically exercised exclusive control over the waters or their resources and it says there's no legal basis for china to claim historic rights over the area. the tribunal also says china breached its obligations to refrain from aggravating disputes. it referred to the country's recent construction of artificial islands. the ruling is legally binding and it cannot be appealed. but there is no penalty if china violates it. china stressed that it will not accept the decision, but sugge

it basically laid out the resources to be exploited in the philippines. i actually point out the spanish were very worried that egg and aldo who is the filipino revolutionary was going to roar into manila with his men and whip the entire city which he was like what to do by the way. but the much more interesting looting expedition was our own. in fact, i don't know if he ever made it to theater roosevelt's oyster bay house but when he was renovating i think a trophy room he ordered a special wood from the philippines to be put in there. i do not know that made it or not but i know it was in the plans. >> ladies and >> ladies and gentlemen, we just scratched the surface of the amazing book. it was a pleasure for me to read and i encourage you to pick up a copy. i conclude by thanking mark for spending time with us and giving insight into his book. i know you would be anxious to talk to him personally. please let him out the door to sign books that people have purchased. and with that, thanks very much for coming here tonight. we appreciate it and please co

the philippines filed the case in 2013. it argued that beijing's claim on almost all of the sea is contrary to international law. vietnam, malaysia, and others in the region have their own claims there. they want the ability to exploit resources including rich fishing grounds and oil and gas fields. china has boycotted the proceedings. it argues that disputes should be settled by the parties involved. beijing has been building up manmade islands in the sea. it has declared the nine dash line and claims historic rights over the area. the tribunal concluded there was no evidence that china had historically exercised control over the waters or their resources. and it says there is no legal basis for china to claim historic rights over the area. the landmark ruling is legally binding and it cannot be appealed. but no penalty is stipulated for violation. japan's foreign minister said in a statement that the parties to the case are required to comply with the ruling. he says japan expects it will eventually lead to the peaceful s

the philippines effectively controls the shoal.nother suggestion was to establish a chinese air defense identification zone in the south china sea. the sources say a senior foreign ministry official expressed concern that other parties including vietnam and indonesia may follow the philippines' example and file for arbitration. an expert on maritime security says there's concern among leaders in beijing. >> translator: if the ruling is unfavorable for china, it is likely to cause fierce repercussions in public opinion. to mitigate such public sentiment, the chinese government may demonstrate that it will strengthen control over the region. >> the chinese government has been stepping up diplomatic efforts since april. foreign minister held a meeting with his counterparts and china's foreign ministry is calling on the philippines to solve the dispute through negotiations and call a halt to the court proceedings. the head of the self-defense force is worried that the chinese military is stepping up activity around the sea of japan. mo

the philippines has been in a bull market, indonesia as well, thailand.ade from msci, and vietnam has all guns blazing. and thailand% more will be in that list. 5% more, hong kong, and singapore as well. let me wrap ins up with this. this is a market that has been battered and bruised. daysikkei 225, best three in six years. growths is happening as forecasts have been revised lower, earnings are not expected to improve substantially. , how just funny, angie there is so much joy, love, and glee being tossed around the markets when the world, as we all know, is not in a better place. angie: great point. bernie sanders has endorsed hillary clinton for president, but some of his supporters are less than and pressed, and donald trump is trying to convert them. we are taking a look at what social media has to say. even as bernie sanders spoke with hillary clinton beside him, there were shouts from the crowd, never. >> the two sides have had their issues, and bernie sanders did say they have not seen i to eye on a number of issues. some of the more hard-core ber

correspondent: philippine generals observing and exercise aboard a u.s. navy ship. the u.s. a military treaty with the philippines, which gives them american protection. >> no one wants this to come to conflict. we have concerns over the tensions. there has been activity that has raised concerns. overall, our assessment is that there is no party to this dispute that wants to see open conflict. correspondent: maybe, china is just reacting angrily toward off warnther countries -- to off the other countries from pressing their claims in the south china sea. haps china feels it is so strong it can force its neighbors to do what it wants. bbc news. on the rolling and china's response i'm joined by the former u.s. defense secretary. what does this ruling change? >> it sets forth parameters in terms of what is acceptable, in terms of proof under international law, and what is insufficient. on the ground, it has no mechanism to enforce it. nothing will change in terms of the enforcement procedure -- there is none. what it does mean is that we have to lower the rhetoric. i think you

the philippines is waiting for a u.n.ribunal to roll on a lawsuit and they want it to end its -- evaluate all of bernie sanders will appear with hillary clinton, raising speculation he will endorse her for president. he has not officially ended his run for the democratic nomination. goes to dallas to make with families of five white police officers killed last week by a black man, and .ill meet at a memorial service it is the 11th time in his presidency he has spoken at a memorial from violence. global news 24 hours a day, powered by our 2600 journalists and analysts in more than 120 countries. i am nejra cehic. tom: let's look at our risk on data set. continue to advance. year, change in the 10 call it 10 basis points. oil finallys and catches a bid after a week of saw guinness. the vix -- saw guinness. iness.g 12.92 is pretty done good for the vix. from 76 to 82 basis points, and sterling bid this morning before we hear from governor carney. francine: that is probably the most important news although people are saying b

the philippines is securing its first ever investment-grade rating.pponent see him as the biggest threat to democracy. rodrigo duterte said he will not let lawmakers block his plans. philippines watchers say that winning the election will be in comparison to bringing substance to his promises. for more stories, visit bloomberg.com. ahead, christie's 250 anniversary sale set a new nearly, it sold everything. we will show you the highlights next. this is bloomberg. vonnie: this is "bloomberg markets." mark: this is bloomberg television. this time last week, markets were reeling from the uk's vote to leave the european union. here is a look back at the week that was. jonathan: we are waking up to a new reality. it is brexit. mark: financials are front and center. cameron: the british people have made a clear decision to take a different path and as such i think the country requires fresh leadership to take it in this direction. mark: what we're seeing is the yield.- ten year >> we're meeting after a very painful and regrettable decision of the citizens o

the haig ruling in favor of the philippines.are telling china that there is no legal basis for the territorial claims in the south china sea. here is the author of the coming collapse of china, gordon, we have covered it on the program. china has claimed the spitses of sand and building up a military base, claiming this as land and saying it is their own. and so what is the significance of the haig ruling? >> the ruling undercuts all of china's claims. they say all of the south china sea is international water. that is inconsistent with choina's claim that it is a chinese lake. /beijing must be ruling. everyone knew that the court will rule in favor of the philippines, but not that they would win every single question. that's what happened. >> is china going to pay attention to the guys in the the haig. >> they repudiate the ruling even though they agreed to arbitration when they ratified the convention of the sea. they say the tribunal has no jurisdiction and they will ignore it. that put them in opposition with the philippines

by the time he has gotten back to the philippines and really gone ahead and moves in to. [inaudible] in 1945, those operations as first natural resources and everything, the lines of supply to japan have already been cut by american submarines. the industries to which they run have been pounded by b-29 a nuth bombers. so the only thing at the end that i would say the nutshell is that, there seems to be good evidence that despite the joint chiefs not able to decide one way or the other that that twin driver across the pacific to keep the japanese off balance him, there is absolutely no question that a both fronts fronts there were some horrific battles.nd it of >> going into macarthur with the savior conflicts, i shall return as opposed to week, is there any discussion as a whole army and navy behind this, who are you? , >> well, i think it goes to the core of douglas macarthur. there was a suggestion a suggestion after he said i shall return. there was a suggestion by fdr marshall, wendy be great if we said we shall return. that sounds a lot more collaborative, but that i

how he works the philippine response.vietnam has a claim to the south china sea and may put its own case over towards this panel. there are a lot of moving parts. , they are bound by international law to abide by the ruling. china has said it will not do it. what kind of enforcement action can we expect, if any, from the international community? tom: that is right. china has said it does not see the panel having any jurisdiction. ever since the case was launched in 2013. the decision cannot be enforced by the panel, by the united nations, but it can damage china's international relations. you can possibly strengthen calls in the region for china to step back. it could solidify any partnership in the region when it comes to confronting china on this. of course, the u.s. response. freedom ofease its navigation exercises to try to drive home these waterways have $5 trillion of trade every year should remain open. the response from beijing and washington will be absolutely crucial. angie: china growing military power and the

the philippines also asked that the tribunal rule the status of eight of the features and the tribunal ruled on most of those and importantly found none of the features are full islands. so none of them get a 200 nautical mile exclusive economic zone, they just get a 12 nautical mile territorial sea if they're a rock, and some of them are underwater and they get no maritime entitlement whatsoever. >> woodruff: let me just stop you there. what was china arguing was the basis for its territorial claim, then? >> well, china has argued as has five other claimants that they own many of the islands. some like china and taiwan claim all of the islands in the south china sea. this particular set of islands is in the spratway, the southern part of the south china sea. some claim the tribunal did not have authority in this and they claim it is not binding on china. but according to the convention on the law of the sea and china is a state party, it is binding on both parties, the philippines and china. >> woodruff: well, what does it mean, then? china is rejecting the ruling, saying it was inval

so, we bring in the philippine coconut authority. they have the mandate to help provide advice--technical advice to farmers and to help prepare them for the changes of climate change. we're also working with a national university, university of the philippines los banos, who's created a number of climate models to predict what the impact will be on smallholder farmers. and so, part of what we're doing is working with those entities who know best how to predict and how to respond. and then, also, looking at how can we diversify livelihoods for those farmers? so, helping them get into additional crops, whether they are for home consumption, so, fruits and vegetables, or whether they're other cash crops like cacao that won't be as susceptible to some of the changes that are coming. may: and how do you find them responding to your program and to what you're suggesting they do to be able to sustain their livelihood? are they responsive? do they get it? are they willing to make some changes? whitney: i think that they are. we've--through t

so, we bring in the philippine coconut authority.ey have the mandate to help provide advice--technical advice to farmers and to help prepare them for the changes of climate change. we're also working with a national university, university of the philippines los banos, who's created a number of climate models to predict what the impact will be on smallholder farmers. and so, part of what we're doing is working with those entities who know best how to predict and how to respond. and then, also, looking at how can we diversify livelihoods for those farmers? so, helping them get into additional crops, whether they are for home consumption, so, fruits and vegetables, or whether they're other cash crops like cacao that won't be as susceptible to some of the changes that are coming. may: and how do you find them responding to your program and to what you're suggesting they do to be able to sustain their livelihood? are they responsive? do they get it? are they willing to make some changes? whitney: i think that they are. we've--through the

but he says talks aren't in the philippines' national interest. he told a broadcaster in the philippines he met with wong on the side lines.s. he says china's foreign minister proposed bilateral negotiations that did not touch on the ruling in the hague concerning the dispute between the countries. an arbitration tribunal dismissed claims of the waters. he urged china to follow the decision. lead ners beijing said they won't accept the ruling. they stick to the assertion that china has controlled the water for the past 2,000 years. >>> south korea is on alert for further north korea missiles. pyongyang launch three ballistic missiles. the first two flew 500 to 600 kilometers before dropping into the sea. they're believed to be scud short range missiles. japanese government officials have launched a protest to the country in different diplomatic channels. they say it clearly violates u.n. decisions. >> translator: the japanese government will strengthen cooperation with the u.s. and south korea and insist that north korea controls itself. we will a

. >> the philippines welcomes the issuance today. respectippines affirms for this decision as an important contribution to ongoing efforts in addressing disputes in the south china sea. >> how china responds to the ruling in the case filed by a u.s. ally, it means the philippines could trap the aurse of relations in dangerous hotspot. what do you think beijing is going to do? they have a few choices. it could choose to respect the rolling. not have said they will accept that. they have been clear on that. suggested that is the right course. there are other options. china may choose to underline its rhetoric by taking military sea.n in the south china for example, by building a runway. that would be very aeschylus or a. that would create a situation in which the united states would have to respond because it is in an important location. there are a number of things china can do. it is a pretty wide range. >> do you think washington is interested in a standoff with beijing. >> washington is interested in maintaining liberal order. whet

what china would expect now is a set of negotiations with the philippines.is probably what the philippines, especially under the new government, the president, would like to achieve. detect and -- he does not want to go from china. he made that very clear. he was elected on domestic issues, not international issues. he was elected to help poverty and inequality and criminality. so, he was to diffuse the crisis, but more importantly to convince china there is a need for massive foreign investment to come to the philippines. that could be the tide of the in that situation. erik: coming up, the future of business in the u.k. and europe has taken center stage since the brexit referendum. this week some of the world's top business leaders told us what they see coming and how they are planning to cope. from technology to commercial property, to insurance and investment banking. conversations about change. this is bloomberg. ♪ ♪ erik: you are watching "bloomberg best." i'm erik schatzker. britain has a new prime minister and a new cabinet, but as the u.k. prepares

in the philippines national interest. he met with juan on the sidelines at last week's asia summit meeting. he says chesapeaina's foreign mr conducted bit pral -- tribunal addition missed the claims over almost all of the water, the philippines position urging china to comply with the decision. leaders in beijing have said they won't accept the ruling, they stick to their assertion that historical documents show china has exercised exclusive control over the waters and it's resources over the past 2,000 years. some people in china are expressing anger at the ruling and against the united states for demanding that china comply with it. they're calling for their compatriots to boycott american fast food chains. the woman was urging people not to eat american food. the video was reportedly filmed at a kentucky fried chicken outlet in hubei province. another clip features people calling for kfc and mcdonald's to leave china. online posts are filled with similar pictures from across the country. a chinese communist party newsp

the philippines has also suspended -- the new philippine environment secretary says all mines that failill be closed down. overs will be carried out the next month and could see polluting mines forced out of business. the philippines is the leading source of nickel and supplies almost all of china's imports. prices surged after the investigation was announced. is -- thisthere been is be more important than the lives of our people? i will not allow it to happen. relevance does stock markets have with your people? , the welfarewe do of our people must be paramount. the state department has announced the resumption of its inquiry into hillary clinton's use of private e-mail when she was secretary of state. the news comes after the fbi and wouldey general said she not face any charges. the associated press said the department is opening an investigation now that it is not getting in the way of other inquiries. the u.k. is to get it second female prime minister with the race down to two candidates. conservative party members will choose theresa may or the energy minister as the person who wi

the case was filed in 2013 by the philippines. the first-ever ruling is scheduled for next week and it could have major implications in the region. china claims the majority of the south china sea as a historic right. leaders established what they call the nine-dash line. they argue that they control the area inside those lines. and they've been building runways, control towers, and radar facilities on artificial islands there to bolster their claims. the philippines maintains those claims are groundless under international law. and while they are the first to file a case, they aren't the only ones challenging china. vietnam, malaysia, and others also claim territory in the south china sea. earlier, nhk world's mitsuko nishikawa spoke with daisuke azuma in beijing. >> daisuke, leaders there have refused to take part in the legal proceedings, but that doesn't mean they aren't interested in the case, are they? >> that's right. newspapers like this run articles every day arguing why china's claims are legitimate. and they pay attenti

we've also got the philippines reporting trade data in japan. just quickly, i want to show you.his is a three-month chart. trading beneath the average since april. >> thank you so much. i will take you to some live pictures right now of the breaking solar impulse through -- two. the plane took off from abu dhabi last year. with two pilots taking turns at the controls of the ultralight. there comes now. the 17th leg of the journey. and left cairo to make the trip to abu dhabi. the entire journey was 35,000 kilometers. some more facts. the maximum flight time achieved, 117 hours and 52 minutes. was 28,000 also to feet. an average airspeed of 78 kilometers per hour. what a feat it has achieved as it makes ground there moments away. let's go back to markets now. for yahoosful suitor online apps, verizon. that also includes yahoos one billion users. what now? let's talk first about marissa mayer. a lot of people thought she would logout. didn't thinkeople that, but she is staying signed in, and on a company posting earlier, she said as much. to meid "it is important to see yahoo! int

it is not just the philippines but the others that have surrounded.se who have long observed , this really was not a surprise. themselves, have no part of this tribunal. to address the philippines on this, and they have said no, they will not, so we asked hank greenberg about this, and this is what he said. it upsets many things in that part of the world. there are some serious negotiations. what is the choice? the negotiations. what is the choice? betty quan they should and as you know, they have a strange relationship with china. away from it.ed they have avoided commenting on the situation. they do not want to fall. they do not want to get into hot water here either, so i think hank makes a great point. anchor: the philippines are going to go into bilateral negotiations with china question mark they will say, no, you cannot have it. and of negotiation. betty: and then you are back to square one. i thought if he had an idea to get singapore involved, andected in the region, this is tbd/ this is a complicated issue. immediately, they came out and sai

china is also hoping to hold talks with the philippines but stresses it will not take part if they are based on the tribunal's ruling. the chairman's statement released after the asean regional forum makes no mention of the major sticking point among the member countries, the ruling over china's claim in the south china sea. the statement was issued on wednesday, the day after northern ministers of the association of southeast asian nations," pan, the united states, china, and others, wrapped up their laws in laos. the gathering discussed security and other issues in the asia-pacific region. a focal point at the talks was how to respond to the ruling by the arbitration tribunal in the hague earlier this month. japan and the u.s. were among the countries that urged china to accept the ruling, saying it is legally binding. but china stuck to its refusal to accept the judgment. the released statement expresses concern about the escalation of activities in the south china sea with china's land reclamation projects in mind. it says it reaffirmed the importance of resolving the disputes peac

partners like the philippines. philippines statement was low key it wasn't beating the drums of we are. i think this has been a round rejection of china's arguments over the south china sea. even the u.s. government was tempered in its response. they have been pretty much humiliate on the international stage. charles: we want over 200 billion barrels of oil in the south china sea and they are going to get it by hook or by crook, and i don't think they are intimidated by america or the rest of the world. >> president xi has been the driving force behind china's island-building policy. and he has come under intense criticism because it unified china's southern neighbors against it. so he is in a position where he has to make this policy a success. that means doubling down on the confrontation and the military base building and the creation of air strips on these fake islands in the sea. charles: a top official in the philippines said they were okay with japan rearming. the atrocities japan committed during world war

philippines, all of whom have competing claims there. just china claiming for the waters. the philippines have a pretty expansive claim as well. no one else is doing what china is doing which is building thousands of acres of artificial islands there. navy bases, et cetera. >> and you have been to the south china sea, it is already as you said bristling with tension. what could happen in the region. you look at these pictures here of the enormous islands they built. they're not going to tear them up. the question is do they ratchet up? i think it is conceivable that you see more flybys. more sail byes of u.s. ships, and a big test will be to see if china declares and air identification zone, so any plane that flies near here would have to identify itself. that would be a step forward, and do countries comply with that? >> if you could, just explain to the average viewer at home why they should care about the disputed waters in the south china sea? >> the u.s. position is listen, we don't take the philippines or the chinese as right. thes

the taiwan and the philippines inflation do midmorning. >> dave, thank you. continuing to search.e on this let's go to the commodities reporter who joins us. >> what is driving the rally right now, and can't last? say, precious metals continue to be the big winners from a decision in the u.k. to exit european membership. that has driven that flight to save haven. that isriven this point driving the flight to gold and silver. $21aw silver yesterday top an ounce for the first time in two years. gold also rose to a two-year high. we're certainly sing both of those metals profit. the prospects are that this could continue. markets say that continue to price in a lower chance of a fed rate hike in the near term. both of those metals will continue to make advance. >> they were saying it was a matter of time until silverwood overshadow gold. when it comes to the precious metals producers, are the miners just along for the ride? >> he might be surprised. the mining companies themselves are doing even better than the metals. ,f we look at a bloomberg index 14 of the largest goal companies.

that is what okata's philippines partner says. it will be challenging.: we will leave it there. thank you so much for that. we are looking forward to the opening of business in tokyo, where we are seeing the snapping of a six-day streak. we will get the latest on japan's reopening after this short break. ♪ >> top story this is hour, asian stocks pausing for breath. it has not weighed on the market exuberance in hong kong. shares here poised to enter a bull market with property developers and casinos leading the rally. a former d.o.j. chief economist says the central bank should correct, quote, two big lies that -- at its policy meeting next week. he says the d.o.j. should add more stimulus at the meeting and scrap reference to unlimited policy space and achieving its 2% inflation target in about two years he says markets will lose trust in the central bank if it continues to remain bullish. donald trump has promised to go all the way after officially getting the republican presidential nomination. the tycoon's son made the announcement at his home state

countries aretwo south korea and the philippines. the philippines is interesting.re's a lot of outsourcing. donald trump wants to bring those that -- jobs back to america and that would hurt jobs in the philippines. he might also bring down the immigration barrier in america. that would hurt remitted ms. cash remittances. -- remittances. on the security side, if you would follow through with making countries pay for an alliance with america, that would put stress on the south korean balance sheets. that you picked that are the philippines and south korea. angie: thank you so much for that wrap up. let's check in on some other stories we are following. two u.s. chipmakers are joining forces in the hope that greater scale will help compete in the industry, seeking record consolidation. we are talking about analog billion.buying $414.8 both companies are searching on the deal. fiat chrysler has said it will revise the way it reports vehicle sales as it is being investigated for inflating figures. the new method would no longer include reserve figures, and will account

how likely is there to be some sort of diplomatic solution here between the philippines and china?t: the philippines has a new president who has indicated some willingness to negotiate with the chinese. this court decision gives him a bit more leverage to perhaps work out a deal with the chinese. the u.s. is not going to take a position, i imagine. robert: the u.s. position has always been we do not take one side or another in a given claim. we just wanted to be a negotiated process and everybody abide by international norms. as long as china is in dialogue about this, the u.s. is going to be ok. it will be a different story if china decides to openly defy this ruling. i imagine a forum for that dialogue will be at the g20 meeting in china. do you expect it will be on the table there? >> shorebird -- sure. site meetings and back rooms, i'm sure this will come up one way or another. when you are a small country next to a big country, you can have the moral right, but if it -- if thisto power thing gets aggressive, it will be up to the philippines to appeal to the u.s. to have its ba

we were stationed a green island and then we went into the philippines. >> what was your first aircraft we as dive bomber known as a scud bomber. >> what kind of bombs are you dropping. >> thousand-pound bombs. i wanted to sank carrier. that was my goal zblou flew how many combat missions. >> 57. i hated the sector search, nothing around but water and you had to fly a couple of feet off the water. i hated that. i really did. ♪ >> as coleman battled the japanese from the sky, bob feller continued to face them on the philippine sea. >> when you're in these engagements with did you have a sense of being a part of something absolutely extraordinary? >> not really. when you're that age in your tos, you think you're immortal. of course we were aware we would be hurt. we had to bury men at sea. that's how war is. >> you road out a couple of really big typhoons as well? >> we had 180-mile-per-hour sustained winds. >> there are no typhoons in europe but in the winter of '44 there was snow, lots of it, and bone-chilling cold. >> cold as could be. maybe, you know, six below zero it was so cold. an

jobs back toring america, philippines is a base.the asian economy. it is protectionism, isolationism, this is the concern, isn't it? >> absolutely. and particular is china. china is the world's biggest trading partner with the u.s.. we just had a g-20 where the chinese currency was not remotely concerned that donald trump would call china a currency manipulator. what would china do in response? that is a big question. that could spark trade wars and have a ripple effect around the rest of the world, not just asia. rishaad: thank you very much indeed. let's have a look at equities. we have seen a bit of a climb this week. our next guest says that he is lowering his year and target due to slow reform and less than anticipated monetary easing. of china strategy for ubs securities. you are very concerned here. you are saying the structural reform process is moving at the speed of tech tonic draft. not to say nothing has happened. we have heard a lot of talk from different levels of government. we are also seeing ambitious plans from loc

is achina would expect now set of questions for the philippines.y what the of.ippines got a lot did tear tape not want to go very clear. on diplomatic issues. he was elected to address poverty, inequality, and criminality. is to defuse the .risis in the first place they need massive foreign investment in the philippines. that could be the trade-off for the situation. erik: coming up on "bloomberg best" -- the future of business in the u.k. and europe has taken center stage since the brexit referendum. some of the world's top business leaders told us what they see coming and how they plan to cope . from technology, personal property, insurance, investment thinking. conversations about change. this is bloomberg. ♪ ♪ erik: you are watching "bloomberg best." i'm erik schatzker. britain has a new prime minister and cabinet. as the u.k. negotiates its exit from the european union, it is unclear how businesses will be affected. we spoke with high profile business leaders about their grexit concerns -- brexit concerns, and their plan to deal with the chang

so, they did not give the statement they wanted, the philippines.upport the case years ago, and what they wanted from asean was confirmation in backing the ruling. at the end of the day, no surprise they ducked this. how much of that was down from beijing on these countries? >> absolutely. the way it works, they need kansas since -- consensus and it is right difficult to corral all of these numbers. you ties between kumbaya do -- cambodia are very tight and effectively divide and conquer, beijing giving cambodia $6 million in aid in some say that was seen as a gift, a thank you to cambodia for denying that. ahead, the unity pledge, bernie sanders calling for his supporters to back hillary clinton. ♪ ?c+sv rishaad: asia-pacific stocks following after meeting records. is putting out a fiscal stimulus package. or is in confirming it to buy young's what assets for $4.8 billion. in some intellectual property. will become a new publicly traded investment company which mercer mayer will stay on to oversee. shares on the way down and south korea. -- the app

the philippines strongly affirms its respectct for this milestone decision as an important contribution to ongoing efforts in addressing disputes in itself china cecil. reporter: the decision increases pressure on china to ease pressure in the region by ruling out certain outcrops do not have t territory endowing davavis, it punches aa series of holes in the demarcation line and declares beijing's efforts to build artificial islands illegal. the judgment has repercussions for the adnan syed taiwan who asserts territorial rights s in the south chinaa sea. but it makes restraint look increasingly unlikely. brent: authorities in italy say 22 people have been killed and dozens injured in a train crash. two commuter train collided head on. emergency services are outside and transport ministers have an dispatched, though there is no immediate indication of what caused the crash. reporter: the mangled wreckage of this morning's horrific crash. but the workers race to save those injured in the head-on collision. the force of the crash sent carriages flying off the tracks. survivors described a