is charging rio tinto and two former executives with fraud.he regulator claims the mining giant tried to cover up a multibillion dollar loss of african coal investment. in 2011 rio tinto purchased coal assets in mozambique for $3 billion and sold them for 50 million. rio tinto denies any wrong doing. >>> credit suisse's largest shareholder is considering part of an activist plan to break up the bank harris associates rejects the bulk of the case, but the chief investment officer wants to look at parts of the proposal including sifting the investment unit out of switzerland. >> and shares of cree look to be trading low their morning. the company's earnings and revenues were in line with estimates but the current quarter guidance falls short of forecast >>> let's switch to canadian pacific. a better than expected third quarter results on higher shipments of crude oil and coal. the railroad operator is raising its full-year guidance expecting double digit earnings growth that stock up 2%. >>> select comfort's third quarter earnsings and revenues

rio tinto bought the assets back in 2011 for $3.7 billion.soon afterwards they paid over the odds. there was less coal than anticipated. the quality of the coal wasn't as good as they hoped and they planned to transport it by barge was opposed by the mozambique authorities. they didn't pass on the information to the investors. they lied to cover their own backs. now, the assets were sold on forjust $50 million in 2014. the chief executive and the chief financial officer lost theirjobs, but now the authorities in the us are going after them alleging fraud. now, all the parties involved deny the allegations, rio tinto says it will defend its reputation. the markets. the rally on global markets slowed in asia on wednesday after another record on wall street as eyes turn to a key meeting of china's leadership. the dow and s&p 500 closed at new all—time highs following solid results from big firms including johnson & johnson and goldman sachs which reinforced confidence across trading floors. on currency markets, the dollar was holding its gains a

why does not rio tinto wear and tear. why does not rio ti nto wa nts wear and tear. keep this to themselves? why not rely on their own experience? we are mining company, not a software company. we just want the best practice to solve these problems. there is no reason to reinvent the wheel. if it did not exist, we probably would have done this. and is the savings, another big attraction of using the cloud. it can produce savings multiple times over. you can possibly get up to 40 - 50% times over. you can possibly get up to 40 — 50% more life on a tyre. times over. you can possibly get up to 40 - 50% more life on a tyre. how much money is that for those at home? they cost about 40- $50,000. so, $25,000 more on the life of a tyre is pretty good. now, destiny two was one of the most widely anticipated game releases of the year in sequel to one of the most expensive games ever made. next week it will be available on the pc for the first time ever. as the studio geared up for its release, we we re studio geared up for its release, we were given exclusive behind—the—scenes

so, why doesn't rio tinto monitor this all themselves? why not rely on their own experience?ng company, not a software company. we just want the best practice to solve these problems. there is no reason to reinvent the wheel. if it didn't exist, we probably would have done this. and then there are the savings, another big attraction of using cloud services, because rio tinto reckons it can save than what the system costs multiple times over, yes, in this case, just in rubber. you can possibly get up to 40%—50% more life on a tyre. how much money is that for those at home? so, our tyres cost about $a0,000-$50,000. so, $25,000 more on the life of a tyre‘s pretty good. now, destiny ii was one of the most widely anticipated game releases of the year and sequel to one of the most expensive games ever made. and from next week, it will be available on the pc for the first time ever. as the studio geared up for its release, radio1 newsbeat‘s stephan powell was given exclusive behind—the—scenes access to the team which made the game, bungie studios in seattle. you don't have to be a r

rio tinto denies any wrong doing. they call the s.e.c. case unwarranted. >>> shares of pg&e are rebounding after a man was suspected of arson in the fires that devastated northern california shares of the utility had fallen 18% since october 9th amid concerns it could be found liable for the fires this would make that difference. the cause of the fires remains under investigation, but a newspaper in santa rosa reported that a 29-year-old man was arrested on arson charges after he was seen leaving a creekbed where a fire was burning >>> in political news, nafta renegotiation talks have talled, but a short-term deal on healthcare is gaining traction and may have support of the president. kayla tausche joins us from washington with more >> reporter: that bipartisan health plan that been in the works for more than a month. it would be a narrow short-term fix to stabilize the market it would pay cost sharing reductions to insurers for two more years, extend catastrophic plans for those over age 30 t would preserve coverage for essential health

rio tinto reported improving numbers.in on that stop this morning after iron ore shipments beat estimates in the third quarter after a week start this year -- a weak start this year. trading at the highest level since february, 2013. keep in mind, rio tinto cut its copper guidance for the second time in 2017, and we have news lines from the financial times is sellinghat rio its aluminum assets. although going on for the commodity space. we have commodities getting to a six-month -- to a high, i believe. much,: thank you so sophie kamaruddin, looking at the commodities and how they are trading right now. the chinese communist party is gathering in beijing for it five yearly national congress. this brings together the ruling elite to chart a course for china's future and more importantly, replace seniors. now.e seeing moving tom mackenzie explain the path to china. tom: there are four steps to china's leadership. to read first, you have the party congress made up of about 270 delegates. these -- 2270 delegates. the leadersh

the us securities and exchange commission formed a complaint against rio tinto was no former ceo, onays that they failed to follow accounting standards and inflated the value of coal assets that were bought for $3.7 billion and sold a few years later for $15 $3.7 billion and sold a few years laterfor $15 million us. corbert still says it is quite ready with the justice department still says it is quite ready with thejustice department in their investigation into the leaked data scandal. the japanese company has announced that 500 customers were affected, more than twice as many as we re affected, more than twice as many as were initially thought. —— mr yu. in delhi, it is one of the most polluted cities in the world, and every diwali, it gets worse. smog covers the city. this year, the supreme court has banned the sale of fireworks in central delhi, leading fireworks in central delhi, leading fireworks manufacturers and vendor is scrambling. we got this report from tamil naidu to find out more. 100 years ago, there was nothing but farmland here. today, it is home to a thriving indust

the world's biggest mining companies is in hot water with the securities and exchange commission rio tintoand two of its executives stand accused of lying about the value of a mine purchased in africa back in two thousand and eleven it paid three point seven billion dollars for the mine in mozambique and then received a rude awakening less than a year later when it realized its investment was worth significantly less than the purchase price that c.c. says the mine contained not only less coal than previously thought but also had coal of a much lower quality this meant it could only sell about five percent of it rio tinto kept those findings from shareholders until two thousand and thirteen that's fraud the company says it will now vigorously defend itself in that case they ultimately sold the mozambique mine for just fifty million dollars in two thousand and fourteen rio tinto already paid the u.k.'s financial conduct authority thirty six billion dollars for failing to carry out an impairment test on that mine and failing to recognise the loss in asset value. under obamacare insurance comp

firms like antofagasta — and rio tinto were boosted by numbers which showed improving manufacturing profits braces itself for storm ophelia, by strange coincidence it is exactly thirty years since the great storm of 1987. 18 people died and 15 million trees were flattened as winds reached speeds of 115mph. sarah keith lucas has been looking back at that and is in sevenoaks for us. todayit today it is western part of the british isles which are feeling the force of storm of delia with winds gusting to near 100 mph. on this very day 30 years ago it was southern and south—eastern parts of britain that really felt the force of the great storm which are certainly lived up to thing. we have not seen a storm across this region that strong since that day 30 years ago. and here in kent, this is one of the highest points in kent. and it was really badly by the storm. so much so that 95% of the ancient woodland surrounding the side here was completely flattened and i've been talking to some of the locals here about what it looks like. people have described it as a bit like a matchbox that had been sha

overvaluing coal assets in mozambique the company says it rejects those accusations it's another blow to rio tinto reputation and july u.k. authorities find it thirty five million dollars over the same issue. catalonia as president carlos puts them on has walked out of a cabinet meeting in protest against the arrest of two separatist leaders but later said the cattle on national assembly and a minium a group dedicated to promoting the cattle on culture and language were arrested on monday for the sanchez from joining a shark being investigated for alleged the dition for organizing demonstrations they are being held without bail. britain's most prestigious literary award has been won by an american writer george saunders received the man booker prize for fiction for his novel lincoln in the bardo he's a second u.s. author of when that prize happenstance of reports from london. lincoln in the bar. it was a book on the afterlife such in a washington graveyard during the american civil war that was bestowed with britain's top literary honor lincoln in the bardo sees u.s. president abraham lincoln tryi

rio tinto under pressure because of that problem in the us. trump has denied making insensitive remarks to the widow of a us soldier killed by islamist militants in niger earlier this month. the allegations came from democrat congresswoman, frederica wilson, who was with the widow when she received a telephone call from the president. here is a little of what she said. he was a young man who gave his life four our country. he was a hero. i was in the car when president trump called. he never said the word hero. he said to the wife, well i guess he knew what he was getting into. how insensitive can you be? donald trump hit back at the claims on twitter. he said "democrat congresswoman totally fabricated what i said to the wife of a soldier who died in action (and i have proof) sad!" the american writer, george saunders, has won the man booker prize with his first novel lincoln in the bardo. the book is about abraham lincoln's grief, following the death of his 11—year—old son in 1862. tim allman reports. the winner for the 2017 man booker prize

overvaluing coal assets in mozambique the company says it rejects the accusations it's another blow to rio tinto its reputation though in july u.k. authorities find it thirty five million dollars over at the same issue. a u.s. judge has blocked president donald trump's latest bid to impose restrictions on citizens from several countries entering the united states the restrictions which would have taken effect this week targeted people from iran syria libya yemen somalia chad and north korea legal experts expect a final ruling more ultimately go before the u.s. supreme court. hundreds of thousands of women have been using the social media hashtags need to to post about their experiences of sexual abuse policy revelations about the abusive behavior of top hollywood producer harvey weinstein properness reports. in the wake of hollywood's harvey weinstein sexual harassment and assault scandal women and some men around the world are coming forward on social media under the hashtag me to they've posted on instagram and the hashtag has been tweeted hundreds of thousands of times on twitter on facebook

rio tinto's deal comes back to hoanunt them. u.s.uthorities have filed four charges against them, claiming they inflated the value of the coal assets acquired in 2011. elliott is standing down due to the proceedings. to vigorouslylans defend itself against these allegations." doom wroteboom and that "the u.s. would look like zimbabwe if it had unsettled by black people instead of white." he is known for bearish and what he calls contrarian views. that's the bloomberg business flash. reporter: president trump said his tax reforms would save the average u.s. household $4000 a year. he said he hoped to give the country the best christmas present of all. >> our business tax rate is 60% higher than our average economic competitor. this is a giant, self-inflicted economic wound. francine: meanwhile, senators from both political parties say they have reached an agreement to stabilize obamacare just two weeks before americans start signing up for 2018 coverage. for more on this, stephanie baker joints us now. stephanie, what do we know about

rio tinto is on track for shipment of iron ore from western australia will hit about 330 million metricons. it will top the amount exported last year. that is your bloomberg business flash. thank you. let's stay with the commodity theme. speaking exclusively to bloomberg, iaea inspector said conflict in the region won't have a major impact on markets. say whattoo early to , what thee result implications on the markets. for the time being, we don't note a major impact on oil markets. let's get another take on this. is he right? the oil market looks the same . they are pretty much flat. they are slightly down. in terms of what's going on on 200,000nd, you've got barrels off-line. know, there's no action going on in the fields. you had some casualties, but you are also seeing negotiating between the kurds. it could be worse than we have seen. matt: couldn't to get much worse? haven't the peshmerga been really emboldened by their success in the fight against isis? gain?they have a lot to >> they do. they have been emboldened by that. you have to remember to cook -- k has been a disputed are

watching stocks and rio tinto is one of those. this is bloomberg. ♪ is this a phone? internet machine? it makes you wonder: shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. guy: good morning and welcome. you are watching bloomberg markets, this is the european open. your first trade when it comes to cash equity. we will bring you the first trade of the day. i johnson in london. matt miller is in berlin. what are we watching this morning? focuses on reform. how should we read it? the sec is said to be

rio tinto held talks with indonesian groups about a potential exit from its copper mine. int venture. there is no guarantee that talks will advance or culminate in any deal here at freeport is in separate talks to reduce its holding in the mind. up next, the latest from the communist party congress in beijing, including potential changes on the politburo and that the pboc. stay tuned. this is bloomberg. ♪ who knew that phones would start doing everything? entertaining us, getting us back on track, and finding us dates. phones really have changed. so why hasn't the way we pay for them? introducing xfinity mobile. you only pay for data and can easily switch between pay per gig and unlimited. no one else lets you do that. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit or go to xfinitymobile.com. yvonne: 9:30 in tokyo this morning. m before the cal storm, waiting for the typhoon to make landfall. heavy rain and wind gusts last night. things looking better this morning. so far, so good. i

rio tinto has held talks with indonesian groups about a potential exits from its interest in the goldenis key to sell its heart of the joint venture. no are also told there is guarantee talks will culminate in the deal. coming up next, shinzo abe's next move after the election gamble pays off. more analysis. this is bloomberg. ♪ ♪ it is almost 1:00 p.m. here in sydney. rishaad: coming to you from bloomberg's asia headquarters in hong kong, this is bloomberg markets. ♪ haidi: voters handing shinzo abe a landslide victory. are watchingets that result -- are liking that result. the yen is on the slide. haidi: noble falling again on its return to trade. sees a quarterly loss. rishaad: other companies in the spotlight. haidi: we are the japanese elections, how the markets are passing these expectations and the bank of japan, kuroda sticking around as well. i want to talk about china, because the congress is still underway in beijing. this we have been keenly watching. environment has such a key thing for resident xi jinping in his keynote address. much more focused on environment as opposed

regulations have charged rio tinto with fraud. the former ceo and cfo were also accused.s to do with allegedly inflation. rigorously defend themselves. world's largest hedge fund is adding to a billion dollar short against italy's economy. $3 milliondisposed a bet against oil and gas companies. ,he firm, headed by ray dalio shorted six italian financial institutions. claudioday we speak to gsalli. still with us, stephen parker of j.p. morgan. do your put your money with buffet or ray dalio? stephen: we are more on mr. buffett's side. clearly there are structural issues in italy, challenges with the banking sector, but when you look at what is happening in europe more broadly you are seeing a positive economic growth story. that is supportive of markets. when you look at how markets are reacting, whether it is stocks or currency, to the situation in spain, the fact that we are not seeing this sort of selloff that fiver years ago may have been a 10% to 15% correction, tells me the fundamental story is being fixed alix:. alix:we see stress in the italian bond market, not the

also in the programme, the anglo—australian mining giant rio tinto and two former executives are charged

tinto says it has completed the first semi autonomous real journey -- rail journey. the trip was carried out with no driver on board. ips are inof rio'sl now there have been drivers in the cab. global news 24 hours a day powered by over 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ rashaad: checking in on the market action. markets closed. the ones open include tokyo. the jci in jakarta hitting a record high. looking back at the chinese api or pmi numbers coming out over the weekend. better than expected than the official ones. tankan survey. business confidence highest level in a decade in japan. the reserve bank of india and then janet yellen talk payroll numbers in the united states on friday. let's look at the market. sophie: it is quite a bit for investors to digest to kick off this trading weekend. asian stocks could be looking at a second day of gains. volumes are looking somewhat subdued in that share market. malaysian stock, losses. markets, indonesian stock are trading at a record high. the indonesian bonds are one of the outliers in the bond space of the asian perspective. we do have the dol