this is the plant that rio tinto jointly operates.is signaled and intention to restart the agreement when sanctions are lifted. rio tinto is trying to do the same with similar agreements. for russia, aluminum supply continues to be a growing problem. aluminum is not officially sanctioned, but it is another economic pressure point for russia. supplies from the refinery in ukraine are severely impacted by the war. prices hit $4000 per ton last month. they are still hovering around record highs and australia is making it as difficult as possible for russia to replace the lost supply. >> paul allen joining us from sydney. the next hour, we are speaking to former australian senator about the state of equality in the country and what needs to be done to empower more women in politics. here's a quick check of the latest business flash headlines. tencent is shutting down its game streaming service. the platform will terminate all services on june 7. tencent has proposed a combination of two streaming services in 2020. regulators rejected the

rio tinto's iron ore shipments slumped 15% in the first quarter. drop is due to challenging operating conditions. total shipments of 72 million tons of about 73 million tons. -- short of estimates of about 73 million tons. asset management has said that they are against backing musk's unsolicited offer. it would be one of the largest leveraged buyout on record if it goes ahead. 8000 employees have backed the tesla factory in shanghai after it close for three weeks as part of the covid lockdown. it is expected to take all day to ramp up production. they have started along with a few assembly lines. coming up next, china provinces support the economy but the promises are failing to impress. why they are not buying the governments bullish rhetoric. this is bloomberg. ♪ vonnie: this is daybreak: asia. the imf is slashing its global growth forecast while projecting faster inflation it sees economic expansion slowing in 2022, 4.4% in january. >> inflation has become a clear and present danger for many countries. even prior to the war, it surged on the ba

rio tinto, just one of the miners we talked about, down 4%.oncerns about a dropping demand from china as omicron continues to spread and it is beijing that is in focus for us today. francine: in france, emmanuel macron has defeated marine le pen in the presidential election. while macron took 58% of the vote, making him the first incumbent in two decades to win the election. >> a majority among us made the choice of it and trusting in the presidency where the public in the five years to come. we have to consider the difficulties of everyday lives and respond effectively to the anger that has been expressed. francine: joining us now is maurice levy, chairman of publicis. thank you so much for making it smarter on the french and how they look on society. there is a parliamentary election. will macron have enough power to push through his reforms? maurice: with such a margin, he can govern. now we have to have a third run. what this election will give him the power or not to govern. we have the power to vote and now we have to work for the best.

rio tinto owns a 20% of the joint venture but has been unable to access production since last month whentralia banned aluminum exports to russia. canada is taking steps to rein in one of the world's most expensive housing markets. the government announced taxes on speculators and a ban on blind bidding wars. canada has sold on record mortgage rates and a pre-existing shortage of homes. toshiba shares again after it considers strategic alternatives, including bids to take the company private. the japanese firm has been struggling to regain its footing after years of scandals and management missteps. dani: thank you very much. the world is stepping up sanctions on russia for the war in ukraine. the european union agreed to ban coal imports, part of the fifth round of sanctions. it is the first round targeting russia's energy. the u.s. seeks further action, stripping russia of its normal trade status. let's focus on the eu and germany's response with our german government reporter. michael, germany has been one of the countries against sanctions on russian energy so how significant is this

haidi: let's take a look at some of these numbers coming in from rio tinto.t is shy of the 73 point one million tons that we were expecting. we were expecting shipment's between 320 million tons at 335 million tons. still to come on daybreak australia, this is bloomberg. ♪ haidi: let's get a quick look at the business headlines. a johnson & johnson sighting currency exchange headwinds. they shaved $2.5 billion of anticipated stories of the year. johnson & johnson dropped guidance. the pandemic waning in recent months. the financial times is reporting that blackstone has provided -- decided against elon musk and his twitter bid. it comes after sources say a group is helping muska take the social media company private. coming up next, cutting the outlook from china. this is vonnie: you are watching daybreak australia. the imf is cutting the global growth forecast while projecting even faster inflation in china's renewed virus lockdown. it now sees economic expansion slowing to 6.3% in 2022, down from a forecast of 4.4% in january. fund also -- the fund also see

companies we like cf industry, great margins there as far as the miners we like them all really, i like rio tintoer on the group and we also have outright exposure to oil in uso still, oil has higher to go and we own chevron as far as those energy plays go, i think they thought a good ways still to go. charles: and you can imagine once the shanghai reopens, you'll probably get a pop just on this whole demand equation. shah, great stuff we covered a lot thank you so much my friend. >> thank you. charles: folks i've got an interesting e-mail from a viewer over the weekend i wanted to share with you. it goes hey, charles i love your show and your daily commentaries a few days ago one of the subjects of one of your segments had to do with when to sell a loser stock, one that's under water. about 40 years ago i picked up a gem of a suggestion from one of my investment gurus bob brinker, if you remember. i remember bob, and you know charles you're also one of my investment gurus. he said in order to determine whether or not you should hold on to a stock, you should ask yourself, would i buy this partic